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Villanova magazine of the villanova school of business

Business

spring 2010 

Making Sense of the Meltdown Preparing students for a changing global economy

John O’Hurley Celebrates Innovation, Creativity, and Entrepreneurship VSB’s New Curriculum: A Case Study Comes to Life


Villanova Business

Dean James M. Danko Associate Dean for External Relations Madonna Marion-Landais MA ’81 Editor Liz H. Field Director of Communication Contributors Andrea Carter MA ’09 BRendan e. cummings a&s ’13 Timothy Hoffman VSB ’04, MBA ’06 Kit Gray Wolverton Design & Production Moiré Marketing Partners Cover Illustration Cathy gendron

Villanova Business magazine is published twice a year by the Villanova School of Business. Villanova Business welcomes inquiries, opinions, and comments

28 Walk a Mile in Her Shoes Quinetta M. Roberson talks about the many different roles that women are expected to play.

Liz Field Villanova Business 800 Lancaster Avenue Villanova, Pennsylvania 19085-1678 Tel: 610-519-5424 Fax: 610-519-7864 Email: liz.field@villanova.edu www.villanova.edu/business

Cert no. SW-COC-1551

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villanova business  |  spring 2010


36

22

contents SPRING 2010

from the dean

46

02

Creativity, Innovation, and the Entrepreneurial Spirit

FEATURES

09 VSB Welcomes New Faculty 22

Making Sense of the Meltdown

28

If the Shoe Fits

33

A Case Study Comes to Life

46

Living an Extraordinary Life

Donor Spotlight

18

Elizabeth and Leonard LoBiondo

20

Frank J. Ryan

Departments

03

Momentum

08

VSB in the News

14

Faculty Achievements

16

Student Achievements

34

Global Experience

36

Lessons Learned

38

Real Estate

40

Alumni Spotlight: Brad Ingelsby

42

Faculty Research

48

In Closing: The Villanova MBA spring 2010  |  villanova business

1


MESSAGE FROM THE DEAN

Creativity, Innovation, and the Entrepreneurial Spirit

James M. Danko The Helen and William O’Toole Dean Villanova School of Business

2

villanova business  |  spring 2010

“A strong sense of creativity is demonstrated by our talented students, who have undertaken initiatives, such as Business Without Borders.

PHOTO: keith weller

As financial and economic issues continue to dominate the business news, questions certainly arise about how future generations will be affected by the shift of global economic power, the massive debt inherited by our children, and the impact of significant technological changes. Many of us at the Villanova School of Business (VSB) believe that creativity, innovation, and an entrepreneurial spirit are more important than ever in meeting the challenges that lie ahead, especially for our students. As a result, there is considerable discussion at VSB about how our business school can be on the leading edge of change and support a spirit of creativity and innovation. That spirit of innovation is reflected in the curricular changes occurring within our undergraduate and graduate programs—changes designed to keep VSB students well-prepared for the fast pace of change within a complex economy. It is reflected in the energy and ability of our faculty, who discover new business concepts, advance the connection between theory and practice, and respond to current issues by developing new courses, integrating disciplines, and inviting business leaders into the classrooms. A strong sense of creativity is demonstrated by our talented students, who have undertaken initiatives, such as Business Without Borders—which focuses on service to the global community—and have utilized outstanding problem-solving skills at many business school competitions. The entrepreneurial spirit of our successful alumni has helped VSB in countless ways. The careers and business ventures of these alumni have allowed them to support us with their time, talent, and treasure. I hope you sense the creativity, innovation, and entrepreneurial spirit in the many stories contained in this edition of Villanova Business magazine—and in the publication itself, which has undergone a creative change under the leadership of Liz Field, our new Director of Communication. I welcome your comments and suggestions as the Villanova School of Business continues its momentum in being recognized as a premier global business school.


momentum The Villanova School of Business is ranked consistently among the country’s best business schools by publications like BusinessWeek, U.S. News & World Report, and the Financial Times. We strive to deliver a world-class education that prepares students for the social, environmental, and ethical complexities of modern-day business.

VSB 2009 Rankings BusinessWeek

Aspen Institute Global 100

Best Undergraduate Business Schools

The Villanova MBA

• #11 in the nation

• #55 worldwide in the Aspen

• #5 in the nation for “Overall Academic Quality” • #8 for “Overall Student Satisfaction” • A+ in the Teaching Quality and Job Placement categories

Institute’s prestigious Global 100 list of business schools, which recognizes schools that have demonstrated significant leadership in integrating social, environmental, and ethical issues into their MBA programs

Financial Times Executive MBA • #18 among U.S.-Based Executive MBA

• #13 worldwide in the Faculty Research category • #19 in the Student Exposure category

Programs and #55 in the world • #5 in the Work Experience category among U.S.-Based Programs • #14 in the Salary Today and Career Programs categories • #11 in the International Course Experience category among U.S.-Based Programs

Princeton Review The Villanova MBA • #9 in the nation for “Quality of Campus Environment”

BusinessWeek The Villanova MBA • Top 10 in academic quality • 3rd highest completion rate in the nation • A+ in caliber of classmates

U.S. News & World Report • Villanova University is ranked #1 Master’s University in the North region

spring 2010  |  villanova business

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momentum

Chelsea Manowczak VSB ’11, Bloomingdale’s Deborah Weatherbee, Magdalena Adamczuk VSB ’10, Bloomingdale’s Emily Rickel, and Kayla Englot VSB ’10.

Stephanie Adey VSB ’12 and Salvatore Ferragamo Marketing Manager Pierre Goyenetche

Fashion Marketing Day in New York City More than 50 undergraduate students recently

Salvatore Ferragamo, Bloomingdale’s, Ann Taylor, and IMG.

traveled to New York City to participate in VSB’s third annual

Presentations by and discussions with marketing and human

Fashion Marketing Day.

resource professionals at these companies provided students

The participants received a firsthand look at the fashion

with a glimpse of internal operations, recruiting processes, an

industry and heard advice from executives working in the field.

understanding of diverse work environments, and many new

While in New York, students visited with representatives from

networking connections.

Beta Gamma Sigma Business Honors Society Inducts New Members The Villanova School

Advance Collegiate Schools

Advisory Council. Currently

of Business community cele-

of Business (AACSB).

she serves on VSB’s advisory

brated the achievements of students and alumni during

graduate, 17 graduate,

Marketing and Public Policy

the induction ceremony for

and six Executive MBA

Research. For more than

Beta Gamma Sigma (BGS),

students in 2009. Denise L.

10 years she has served as

the international business

Devine, a 1977 Department

honor society created to

of Accountancy graduate,

recognize and promote busi-

also was recognized as

ness excellence. BGS was the

the 2009 distinguished

University and to the school

its subsidiary, Devine Foods,

first national honor society in

honoree during the annual

of business.”

Inc. Before starting her own

business, founded in 1913, and

celebration banquet.

president and chief executive Denise L. Devine

officer of her own businesses, Nutripharm Inc., and

A charter member of

businesses, Devine worked

the Villanova chapter of

in management positions in

businessperson who exem-

Beta Gamma Sigma, Devine

taxation and accounting with

plifies the ideals of BGS,

is a Villanova University

Campbell Soup Company and

most elite honor a business

honor, wisdom, and earnest-

trustee, former president

Arthur Anderson LLP. The

student can receive in a

ness,” says Dean James

of the university’s Alumni

BGS award was first given

business program accred-

Danko. “I am grateful for her

Association, and former

in 1976, and Devine is the

ited by the Association to

commitment to Villanova

member of VSB’s Dean’s

45th recipient.

has a worldwide membership of more than 560,000. Induction into BGS is the

4

council for the Center for

VSB inducted 54 under-

villanova business  |  spring 2010

“Denise is a successful


Dean’s Advisory Council The Villanova School of Business is pleased to welcome eight new members to the Dean’s Advisory Council (DAC). Composed of representatives from the regional and national business communities, members of the DAC provide professional expertise, advice, and feedback to the dean in an effort to enhance the educational mission of VSB. Members serve three-year terms and visit campus each semester to meet with the dean. The council helps develop corporate relationships on behalf of VSB, assist with corporate recruitment and internships for students, and provide support for VSB students, alumni, and strategic initiatives.

Lynn L. Elsenhaus Chairman, CEO & President Sunoco, Inc. Philadelphia, PA

Andrew DiLoreto VSB ’80, PA ’10 Chairman & CEO ICS Group New York, NY

John J. Coneys VSB ’73 Vice Chairman PricewaterhouseCoopers New York, NY

David E. Rutter VSB ’84 CEO ICAP Electronic Broking, LLC Jersey City, NJ

Arthur F. Tully PA ’10 ’13 Partner, Global Financial Services Ernst & Young New York, NY

VahAN GureghiaN VSB ’76, PA ’09 CEO Charter School Management Chester, PA

Robert F. Moran VSB ’72 President & COO PetSmart, Inc Phoenix, AZ

Thomas F. Gilman VSB ’73 Chairman & CEO Chrysler Financial Farmington Hill, MI

Keynote speaker Ariane de Bonvoisin

Breaking Through the Glass Ceiling: Villanova Women in Business Conference The Women in Business

encouraged participants

Society and the Clay Center

to pay attention to their

at VSB hosted the third

dreams when making

annual Villanova Women in

life changes.

Business: Breaking Through

sessions included “Campus

Bloomberg, KPMG, Morgan

to Corporate: A Program

Stanley, Ernst & Young,

for Students to Create

PricewaterhouseCoopers,

a Confident Personal

Verizon, and Wolverine World

Image,” “Smart Is Cool &

Wide provided corporate

You Can Rule: Women in

sponsorship for the event.

Entrepreneurship,” “¿Estás

More than 100 undergrad-

PHOTO: courtesy of Ariane de Bonvoisin

Conference breakout

the Glass Ceiling Conference.

Lista?: Preparing for an

uate and graduate students,

International Career,”

faculty, alumnae, and busi-

and “Doing Good in Your

nesswomen discussed the

Neighborhood: Bringing

challenges facing women

Philanthropy to Your Work &

in the current work envi-

Life.” A networking recep-

ronment. Keynote speaker

tion was held after the

Ariane de Bonvoisin, CEO

conference where attendees

and founder of First30Days,

and speakers were joined by

a New York–based media

businesswomen (many of

company focused on guiding

whom are alumnae) repre-

individuals through personal

senting various professions

and professional changes,

and industries.

* PA - Parent

spring 2010  |  villanova business

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momentum

Executive Education at VSB Villanova Executive

Schedule of Programs

Education has a series of world-class open enrollment programs that will address

MARCH

topics including leadership, strategy, risk, international business, finance, accounting,

March 18 & 19

and systems thinking.

Finance for the Non-Finance Manager 9:00 a.m.–5:00 p.m.

Managers and executives gain exposure to cross-industry perspectives and will benefit

APRIL

from access to current content that allows them to

April 19

maximize their impacts in today’s chaotic environment. The unique program combines

individuals looking to build

faculty and business leaders

their knowledge bases across

who are recognized for their

multiple functional areas.

deep industry experiences, as

For complete details on the

well as for their excellence in

mini-MBA and other Villanova

teaching and research.

Executive Education open

VSB also has launched

enrollment programs and to

9:00 a.m.–5:00 p.m.

April 27–June 15 The Mini–MBA Eight Evening Sessions

MAY

the Mini-MBA—a multi-

register, please visit:

session executive education

www.villanova.edu/

program designed to

business/graduate/execed.

May 3 & 4

provide a broad overview of

Villanova alumni receive a

management essentials for

10 percent discount.

Managing Risk Strategically: Fundamentals of Business Risk Assessment 9:00 a.m.–5:00 p.m.

VSB and Career Services Host Career Planners Conference The Clay Center at the

services professionals.

Villanova School of Business

Father Peter Donohue, OSA,

and the staff of the University

PhD, Villanova University

Career Services Office hosted

President, attended the

more than 95 career services

conference and officially

professionals from 30 area

welcomed the attendees.

colleges, universities, and

Sessions included “The

related organizations for a

Dilemma of the Decade: Are

one-day conference.

You a Scanner?” and “Mental

The Delaware-Valley

6

International Business Strategy in the Face of Global Uncertainty

Health Issues 101: How

May 11 & 12 Technology Trends That Matter: The Effective Use of New Media for Marketing 9:00 a.m.–5:00 p.m.

JUNE June 8 & 9 Re-Thinking your Business Strategy—A Systems Thinking Perspective 9:00 a.m.–5:00 p.m.

June 14 & 15 Creating and Leading High-Performance Teams 9:00 a.m.–5:00 p.m.

Career Planners is an informal

Career Counselors Can Help”

association initiated more

(presented by Joan Whitney,

than 20 years ago as a forum

PhD, Executive Director of

for information-sharing and

the University Counseling

To find out more information about Villanova

networking among Delaware

Center), as well as presenta-

Executive Education, please visit

Valley-based college career

tions by the Philly Ad Club.

www.villanova.edu/business/graduate/execed

villanova business  |  spring 2010


March 10

events

Executive MBA Open House

March 15

Analytics Panel Discussion

March 16

Commercial Real Estate Conferences, sponsored by the Daniel M. DiLella Center for Real Estate

March 26 Wanda J. Herndon, former Starbucks Vice President, with Robert Mulhall VSB ’80, Partner at Ernst & Young

Former Starbucks Executive Visits The Villanova School of Business Wanda J. Herndon,

four pillars of the under-

former Senior Vice President

graduate curriculum—

of Global Communications

innovation, ethics, globaliza-

for Starbucks, recently

tion, and technology.

visited VSB to share her

Herndon, who remains

experiences and advice with

a confidant of Schultz, was

students. Herndon, who is

instrumental in the global

now President and CEO of

expansion of Starbucks into

strategic consulting firm

Asian markets. During her

W Communications, was

visit here, Herndon shared

featured in Pour Your Heart

her advice on how to achieve

Into It: How Starbucks Built

professional goals and

a Company One Cup at a

succeed in an ever-more-

Time, by Starbucks CEO and

competitive business world.

Chairman Howard Schultz. For the second year in

VSB extends its appreciation to consulting firm Ernst

a row, Schultz’s book was

& Young for supporting the

chosen for VSB’s Read to

Read to Lead program.

Lead program. VSB faculty

Gary Loveman, CEO and President, Harrah’s Entertainment

April 7

The Villanova MBA Open House

April 8 & 9

Real Estate Case Competition

April 19

Business of Sports Conference

April 23

Executive MBA Alumni Annual Conference

May 15

Villanova School of Business Commencement Recognition Ceremony

May 16

Villanova University Commencement Ceremony

introduced the Read to Lead program, which aims to provide students with a real-

May 24 – July 28

world context for learning,

Summer Business Institute

as part of the undergraduate curriculum completely redesigned two years ago.

June 11–13

Through the shared experience of reading the same book, VSB freshmen connect with one another and find a common inspiration. Pour

Pour Your Heart Into It by Howard Schultz

Villanova University Alumni Reunion Weekend For additional details on these and other events, please visit www.business.villanova.edu

Your Heart Into It captures the

spring 2010  |  villanova business

7


VSB in the News Faculty, students, and staff at VSB are frequently called upon by national and international news media to serve as experts and to provide insight on current issues. The following is a list of print, broadcast, and online media featuring our experts.

BusinessBecause

New York Post

MediaPost

CNNMoney.com

January 12, 2010

November 27, 2009

November 6, 2009

October 8, 2009

“Villanova Students Put

“After Black Friday: Where’s

“Social Credit For CSR

“Entrepreneurs Create Their

People Before Profit”

the Deal?”

Purchases Key To Consumers”

Own Recovery”

Featuring: The Villanova

Featuring: Eric Karson,

Authored by: Aronté

Featuring: John Pearce II,

School of Business

Department of Marketing and

Bennett, Department of

Department of Management

Business Law

Marketing and Business Law

and Operations

January 8, 2010

DailyFinance

HealthDay

“Looming Layoffs Can Impact

October 30, 2009

August 27, 2009

Employees’ Mental Health

“Self-checkout Machines

“Get Ready for Gruesome

and Productivity”

Cause ‘Stage Fright’

Cigarette Warnings”

Featuring: Ronald Hill,

in Shoppers”

Featuring: Jeremy Kees,

WHYY Radio

Department of Marketing and

ABCNews.com

Featuring: Michael Capella,

Department of Marketing and

Business Law

November 18, 2009

Department of Marketing and

Business Law

“Unions Get Snarky With

Business Law

Big Banks”

AdvertisingAge

Featuring: Dennis Kuhn,

BusinessWeek.com

Department of Marketing and

October 29, 2009

Business Law

“Are Investors Ready for

Wall Street Journal

Higher Interest Rates?”

August 20, 2009

December 21, 2009 “The Chief Marketing Officer’s

Financial Times

Featuring: Victor Li,

“Lessons That Fit the Times”

Role in Curtailing Black-

November 18, 2009

Department of Economics

Featuring: The Villanova

Market Counterfeits”

“The Future of Business

and Statistics

School of Business

Authored by: Peggy

Schools 2009”

Chaudhry and Stephen A.

Featuring: Dean James M.

Stumpf, Department of

Danko, VSB

National Catholic Reporter August 5, 2009 The Chronicle of

“How Parishes Can Cope With

Higher Education

the ‘Great Recession’”

ABCNews.com

October 12, 2009

Authored by: Charles Zech,

December 4, 2009

“GMAT® vs. GRE®:

Department of Economics

“Ten Ways to Create Jobs and

A New Question for

and Statistics

Put America Back to Work as

Business Schools”

Management and Operations

Unemployment Rate Drops

Philadelphia Business Journal

Authored by: Dean James

BusinessWeek

to 10%”

November 13, 2009

M. Danko, VSB

July 27, 2009

Featuring: Cheryl Carleton,

“Under Dean Danko, Biz

“Why Business Schools Should

Department of Economics

School Has Improved

Focus on Emerging Markets”

and Statistics

its Faculty, Admissions,

Authored by: Jonathan Doh, Department of

and Rank” CFO Magazine

Featuring: Dean James M.

WHYY Radio

December 1, 2009

Danko, VSB

October 12, 2009 “PA Businesses Unhappy With

“A Tax Credit? No Thanks” Featuring: Peter Zaleski,

Campus Technology

Tax Increase”

Department of Economics

November 11, 2009

Featuring: Greg Bonner,

and Statistics

“AV Tech Powers Financial

Department of Marketing and

Simulations at Villanova’s

Business Law

Applied Finance Lab” Featuring: David Nawrocki, Department of Finance

8

villanova business  |  spring 2010

Management and Operations


welcome VSB’s four new faculty members

Aronté Bennett

Stephen Liedtka

Sue Metzger

Tina Yang

Villanova School of Business faculty are leaders in global business education who develop and refine their ideas through meaningful interactions with their students and colleagues. It is this collegiality that helps make VSB one of the best business schools in the nation.

PHOTOs: keith weller

Faculty members routinely partner with local, national, and international businesses to test, refine, and implement new ideas. They capitalize on extensive experience in the corporate world to develop course content that addresses the conditions and challenges of today’s business environment while also anticipating tomorrow’s business needs. Knowledge gained through research, classroom experiences, and the business world continually impact and enrich VSB’s undergraduate and graduate experiences, as well as our executive education programs.

VSB’s commitment to research and academic rigor is exhibited through the school’s five Centers of Excellence: the Center for Innovation, Creativity, and Entrepreneurship; the Center for Marketing and Public Policy Research; the Center for Global Leadership; the Center for the Study of Church Management; and the Daniel M. DiLella Center for Real Estate. These centers focus attention on critical business issues and leverage the expertise of VSB faculty in a cross-disciplinary way. Each center makes a significant contribution to VSB curricula.

VSB faculty members are widely recognized for excellence in both teaching and research. More than 90 percent of faculty members hold the highest degree in their respective disciplines. Ours is a multidimensional faculty that holds a wealth of realworld experience from careers in finance, banking, sales, management, marketing, accounting, consulting, and other fields. spring 2010  |  villanova business

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Aronté Bennett, PhD Assistant Professor, Marketing

Doing Better By Doing Good The Augustinian mission of Villanova University—which centers on the values of truth, unity, and love merged with the guiding principle of leading through service—aligns perfectly with Aronté Bennett’s interest in determining what motivates altruism. As a professor of marketing with interest in consumer behavior as it relates to prosocial behavior, Bennett’s academic studies and research help businesses adopt strategies that are good not only for the bottom line, but also good for society as a whole. For example, she examines the aspects of product design and retail environment that influence consumer responses to products that support charitable causes. Bennett received her PhD in marketing from the Leonard N. Stern

School of Business at New York University in December 2009. Prior to joining the Villanova School of Business, Bennett served as an instructor at the Stern School of Business, where she also completed a Master of Philosophy and a pre-doctoral program in marketing. Before completing graduate study, Bennett earned a BSBA and an MBA with a concentration in marketing from the Florida Agricultural and Mechanical University (FAMU).

>> To learn more about VSB’s Marketing and Business Law Department, go to: www.villanova.edu/business/facultyareas/marketing

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villanova business  |  spring 2010


Stephen L. Liedtka, PhD, CPA Assistant Professor, Accounting and Information Systems

Helping Corporations Keep Score In basketball, the team ahead at halftime does not always win the game. The same is true in the business world—companies that report short-term profits can fail in the long term if they do not satisfy customers, attract and retain good employees, and continuously work to stay ahead. Stephen Liedtka researches the ways various accounting and other performance indicators influence management decisions and longterm business performance. He has applied his expertise to a diverse set of topics, including information technology outsourcing, option trading, and Balanced Scorecard design. His work has been published in leading academic journals, including Behavioral Research in Accounting, Communications of the ACM, Computers & Operations

Research, Journal of Business Finance & Accounting, and Journal of Management Information Systems. He also serves as editor-in-chief of the Journal of the Northeastern Association of Business, Economics and Technology. Liedtka earned his PhD from the University of Maryland, where he received the Allan  N.  Nash Award for the Outstanding Doctoral Student.

>> To learn more about VSB’s Accounting & Information Systems Department, go to: www.villanova.edu/business/facultyareas/accounting

spring 2010  |  villanova business

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Sue McFarland Metzger Instructor, Management Information Systems

Wireless Solutions to Complex Business Problems The Villanova School of Business emphasizes a personalized business education and teaching excellence by world-class faculty who have spent substantial time actively engaged in the business world. Professor Sue Metzger continues this tradition, bringing a wealth of business experience and knowledge directly into the classroom. Prior to coming to Villanova, Metzger spent eight years with SAP America as director of global support, five years at the University of Pennsylvania’s Wharton School implementing client/server technologies, and four years in programming and database consulting. Since 2003, she has served as Villanova University’s program

director of information systems. Her areas of expertise cover a range of issues at the forefront of business technology, including enterprise systems, cloud computing, social media, and distance learning. Metzger received her MS in Engineering from the University of Pennsylvania and a BS in Mathematics from Bucknell University.

>> To learn more about VSB’s Management Information Systems Department, go to: www.villanova.edu/business/facultyareas/accounting

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villanova business  |  spirng 2010


Tina Yang, PhD Assistant Professor, Finance

Trading Tips Under the Buttonwood Tree In the six years prior to 2003, the Wall Street Journal mentioned the term “corporate governance” 575 times. In 2003 alone, “corporate governance” appeared in 575 articles. Tina Yang cites this and other historical turning points, such as the Sarbanes-Oxley legislative reform, as the root of her interest in corporate governance, global shareholder activism, and corporate social responsibility—all concepts that only recently entered the public awareness. A native of Beijing, China, Yang received her PhD in finance from the University of Georgia and an MBA and MS from the University

of Miami. She earned her BA from the University of International Business and Economics in Beijing. Yang comes to VSB from Clemson University, where in 2008 she received an award for faculty excellence. While at VSB, Yang intends to continue studying corporate governance with the objective of producing research analyses for use by policymakers, financial managers, and business practitioners.

>> To learn more about VSB’s Finance Department, go to: www.villanova.edu/business/facultyareas/finance

spring 2010  |  villanova business

13


Faculty Achievements

VSB Honors Excellence in Innovation, Creativity, and Entrepreneurship Conceived and endowed by Patrick Meyer VSB ’74, the Meyer Innovation and Creative Excellence (ICE) Award highlights the importance of innovation and creativity in the field of business and recognizes members of the VSB community who exemplify these traits. The recipients of this year’s inaugural award, Assistant Professor of Management James Klingler and student Joseph Mancari VSB ’09, each demonstrate the

Assistant Professor of Management James Klingler

Joseph Mancari VSB ’09

knack for creativity and passion for innovation, which are the hallmarks of successful business.

committed to his students and spends countless hours helping

In his more than 30 years at the school, Professor Klingler has

The 2009 student recipient combined his passion for Villanova

Danko said at the 2009 VSB Graduates’ Recognition Ceremony,

with an innovative spirit in his creation of “Wildpants”—a pair

“entrepreneurship, at its core, demands creativity and innova-

of medical scrub pants emblazoned with Villanova Wildcat

tion,” and Professor Klingler consistently thinks “outside of the

stripes. Despite a number of setbacks, Joseph Mancari VSB ’09,

box” to forge partnerships. He has developed unique programs,

secured a market for his product through aggressive publicity

such as the entrepreneurship minor, initiated VSB’s annual

and marketing tactics. “If you’ve ever seen a gorilla dressed in

“Beyond Ideas” entrepreneurial education program, served as

Wildcat striped pants at ‘The Oreo,’ you’ve witnessed his innova-

faculty advisor to the Villanova Entrepreneurial Society, and is

tive guerilla marketing techniques,” Dean Danko quipped during

the assistant director of the newly formed Innovation, Creativity,

the award ceremony.

and Entrepreneurship Center.

The Meyer Innovation and Creative Excellence award will be

Professor Klinger also has been an advisor for Business

given each year to one faculty member and one student who

Without Borders, a student group modeled after Doctors

have demonstrated innovation, creativity, and entrepreneurship

Without Borders, which allows VSB students to use the skills they

in their academic and professional endeavors. Dean Danko and

acquire in the classroom while helping businesses and entrepre-

the VSB community greatly appreciate the generosity of Patrick

neurs in developing regions throughout the world. “Despite his

Meyer VSB ’74, who created the award in honor of his father,

many undertakings, in true Villanova spirit, he remains highly

C. Paul Meyer VU ’29, and his brother, Edward Meyer VSB ’86.

Accounting Professor Awarded Fellowship in Applied Ethics

practices and transparency by highlighting the importance of ethical accounting to legislators, the media, and the big four accounting firms.

Associate Professor of Accounting Anthony H. Catanach Jr. was awarded the first-ever Cary M. Maguire Fellowship in Applied Ethics by the American College Center for Ethics in Financial Services. The fellowship is a two-year academic research position focused on examining disclosure practices in financial markets.

14

young entrepreneurs,” says Dean Danko.

been synonymous with the entrepreneurial spirit. As Dean James

villanova business  |  spring 2010

Through the support of the fellowship, Professor Catanach will analyze which types of disclosures are useful, and how these forms of disclosure can be promoted and implemented. Professor Catanach plans to focus his research on accounting practices with the specific goal of enhancing ethical accounting

Professor Hanouna Serving Nation’s Capitol as Member of FDIC Paul Hanouna, Assistant

Professor of Finance, served the Federal Deposit Insurance Corporation (FDIC) in Washington, D.C.,

as a visiting research scholar in the Center for Financial Research. The federal organization has asked Professor Hanouna to conduct extensive research on credit risk and capital requirements. Professor Hanouna also is reporting to the FDIC on the impact of CEO compensation on corporate risk-taking.


The Center for Financial Research helps fulfill the FDIC’s role as deposit insurer and bank industry overseer through sponsored research, forums, seminars, conferences, and workshops. Professor Hanouna is actively involved in developing and implementing these programs during his time at the FDIC.

Dean Danko Elected to GMAC® Board of Directors

Dean James Danko has

been elected to serve a three-year term on the Board of Directors of the Graduate Management Admission Council® (GMAC®). This nonprofit organization of graduate business schools is recognized worldwide and administers the GMAT® exam used as part of the graduate business school admissions process. As a member of the board, Dean Danko will develop policies to ensure effective and strategic operation of the organization and monitor GMAC’s activities, projects, and programs to ensure its mission is present throughout each of them.

Professor Pagano Appointed to FINRA

represent the broker-dealer, investment management, and securities law industries.

Maggitti Awarded Best Paper by the Academy of Management

Associate Professor of Finance Michael Pagano has been appointed a member of the Financial Industry Regulatory Authority’s (FINRA) Market Regulation Committee. Professor Pagano is the first financial academician appointed to the 10-person committee, which oversees regulatory activity in major U.S. equities markets. FINRA is the largest non-governmental regulator, managing nearly 5,000 brokerage firms, 172,000 branch offices, and approximately 665,000 registered securities representatives. During his three-year appointment, Professor Pagano will help

Patrick Maggitti, Assistant

Professor of Management, recently received the 2009 Academy of Management IDEA Award in the category of “Thought Leadership” for best paper published in the field of entrepreneurship in 2008. Professor Maggitti and his coauthors, Tim Pollock (Penn State University) and Violina Rindova (University of Texas at Austin) were recognized at the

2009 meeting of the Academy of Management, the leading professional organization for scholars in the field of management and organization. Their paper, “Market Watch: Information and Availability Cascades Among the Media and Investors in the U.S. IPO market,” examines how the media and investors evaluate newly public firms in the days following their initial public offerings (IPOs).
“Beyond being an acknowledgement of my research, the award is an indication that entrepreneurship as a scholarly discipline is receiving more traction,” said Maggitti. “I also am thrilled because the award highlights a successful joint effort between the Villanova School of Business and top research schools like Penn State and Texas at Austin. This recognition contributes to VSB’s growing status among the top management and entrepreneurship research schools in the world.”

Professor Taylor Recognized as Villanova University’s 2009 Most Outstanding Scholar VSB congratulates Professor Charles Taylor, John A. Murphy Professor of Marketing, who received the 2009 Villanova University Outstanding Faculty Research Award. This award is the highest honor awarded by the University to those professors who demonstrate excellence in academic research. In October, Professor Taylor was presented with an Outstanding Faculty Research certificate and $3,000 honorarium by University President Rev. Peter Donohue, OSA, PhD, and Vice President for Academic Affairs John Johannes. Professor Taylor joins a distinguished list of VSB professors who previously have been honored with this award, including Professor Wayne Bremser (Accounting), Professor Matthew Liberatore (Management Information Systems), Professor John Pearce II (Management), and Professor Charles Zech (Economics).

spring 2010  |  villanova business

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STUDENT Achievements

MBA Candidates Receive Top Honors in National Business Competitions VSB’s MBA team of Rachel Buck, Joel Faircloth, and Alison Sawyer scored well against top MBA talent in national business competitions. VSB’s team won first place and a $5,000 prize during LaSalle University’s first annual Delaware Valley Nonprofit Case Competition. At the third annual Association for Corporate Growth (ACG) Philadelphia Cup, the three finished in third place with a $4,000

Assistant Professor of Management James Klingler

Joseph Mancari, VSB ‘09

prize. The Wharton School of Business and Haub School of Business won first and second places respectively. VSB’s students were recognized for their outstanding presentation and unique approach to the legal, ethical, and financial issues facing a local

Alison Sawyer VSB ’09, Joel Faircloth VSB ’09, and Rachel Buck VSB ’09

non-profit organization. Members of the team cited their MBA coursework as relevant

Joel Faircloth agrees that the competitions were challenging.

training for these competitions. “To ensure we were success-

“We had to draw on our collective experiences to develop a

fully prepared for these exercises, we studied relevant financial,

coherent strategy,” he says. “It was not until the case work was

business, and ethical concepts, which supplemented our course-

complete that I could recognize how much I have learned in the

work,” says Alison Sawyer.

MBA program.”

David Reddy VSB ’10, Katherine Forney VSB ’10, Christina Brenner VSB ’11, Melissa Schierl VSB ’10, and Carly King VSB ’10.

VSB Students Advance to Finals of the PwC Extreme Accounting Challenge A team of five Villonova School of Business (VSB) students won first place and were awarded a $10,000 prize in the PricewaterhouseCoopers xACT Competition, otherwise known as the xTREME Accounting Challenge, hosted on campus. The team also represented VSB by participating in PwC’s 16

villanova business  |  spring 2010

national case competition in New York City. Team members included students Christina Brenner, Melissa Schierl, David Reddy, Katherine Forney, Carly King, and faculty advisor Kenneth Hiltebeitel.

The Extreme Accounting Challenge is a case competition that tests critical thinking, teambuilding, presentation skills, and using time wisely in hundreds of the best undergraduate accounting students from colleges across the country. VSB’s team was one of 418 to participate from 42 colleges and universities across the country. Finalists were required to present their case solutions to a real-world accounting issue, which focused on evaluating two financial options for a fictional U.S.-based energy company. Teams from five schools— Villanova University, Hampton University, LaSalle University Louisiana State University and the University of Illinois—made it to the national finals by winning the xACT challenge on their respective campuses.

Students Excel in Capsim Foundation Challenge Sophomore students Kevin Desmond and Haris Chaudhry took second place

in an international business planning simulation competition hosted by Capsim Management Simulations, Inc. The two students were the only Villanova team in the Spring 2009 Capsim Foundation Challenge. The two competed against 250 student teams worldwide in a web-based simulation challenge that required management of an electronic sensor company’s strategic, operating, and financing decisions over the course of 16 simulated years.


VSB Students Win First Place in the RISE Portfolio Competition Student members of the Villanova Equity Society Christopher Duderich, Andrew Milano, Patrick O’Connell, Sean Whipkey, and Thomas O’Connor were awarded first place in the undergraduate division, growth-style category of the Dayton University RISE (Redefining Investment Strategy Education) Portfolio Competition. The team received top honors for their management of the Haley Group

Mid-Cap Fund, a student-run, socially responsible investment Fund at VSB. The Haley Group Mid-Cap Fund not only outperformed the other student-managed funds at Villanova and other schools across the nation, but the greater market as well. Fifty universities submitted portfolios for the competition. Each school could submit two portfolios—one for undergraduate students and one for graduate students.

David Sauer, Director of University of Dayton Investment Management Center, Andrew Milano VSB ’09, Christopher Duderich VSB ’09, and Bob Froehlich, Deutsche Asset Management and RISE Master of Ceremonies.

Katie Neugold VSB ’09, Jamie Crimaldi VSB ’09, Justyna Niezgoda VSB ’09, Veronica Santos VSB ’09, Colleen Kelly VSB ’09, and Catherine Peterson VSB ’09.

Undergraduates Win Top Prize in Business Ethics Case Competition Finance students Jamie Crimaldi, Colleen Kelly, and Dartmouth’s Tuck School of Business and New York University’s Catherine Peterson, as well as marketing students Katie

Stern School of Business. The group placed second in the sepa-

Neugold and Justyna Niezgoda, and accounting student

rate “ethics-only” portion of the competition.

Veronica Santos, competed against 27 other teams winning

The team examined the ethical, legal, and financial impli-

first in their division in the 2009 Loyola Marymount University

cations for restaurant personnel as they consider providing

Business Ethics Case Competition. The team finished ahead of

consumers with nutritional information on menus.

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donor spotlight

Gateway to Success

Elizabeth LoBiondo NUR ’80

BSN College of Nursing

Leonard LoBiondo VSB ’80

BS accounting

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villanova business  |  spring 2010

As an undergraduate student in the late 1970s, Leonard LoBiondo spent three years living on the ground floor of Sullivan Hall East, near the heart of the Villanova School of Business. Many mornings he looked out his window, wondering what path his life would take. After spending more than 25 years helping to turn around distressed companies and providing other corporate leadership advice, he decided to leave a special mark on the business school that helped shape him. His former dormitory room today overlooks what is now The LoBiondo Atrium at Bartley Hall, renamed last year in appreciation for a $1 million gift from him and his wife.

PHOTO: Jim Roese

For Elizabeth and Leonard LoBiondo, atrium gift demonstrates belief in VSB


“The neat thing is the Atrium would have been right outside my door. For business students it’s the first thing they see on the way in, and the last thing they see on the way out,” Mr. LoBiondo says today. “I really look at it as the gateway to the business school.” We caught up with Leonard LoBiondo, who also is a member of the Villanova University Board of Trustees, to discuss his views on the business school, the university’s leadership, and why he and his wife have made VSB a priority in their philanthropy.

A: We have the right professors in place to motivate the students. And we have the right curriculum to train them. I think the final piece of the puzzle is to get the business community to seek out VSB graduates in each discipline more aggressively. Another issue is: How can we help our students become leaders in the business world? Having our graduates in executive level positions and involved in the outside world in a significant way is key. This is promoted through having

Q: How did your Villanova experience help shape

the right students, wonderful facilities, attracting top

your career?

faculty, and building the endowment. In today’s market-

A: To be honest, I wasn’t a particularly great student coming

place, there’s a lot to be said for having the capital.

out of high school, and I didn’t know what I wanted to pursue as a career. Villanova really helped me get focused. My experi-

Q: Why is the value of VSB so great?

ence at Villanova ultimately shaped both my personal and

A: As a parent or potential student, you’re really looking at

professional life.

what do my dollars buy me? What is the value equation? When you look at the value equation for Villanova in today’s

Q: What big differences do you see in VSB now compared

market, it’s great; Villanova is a special place.

to your experience? A: The biggest difference I see is how much sooner students

Q: How has your philanthropic support of Villanova

study business dynamics and learn how everything fits

changed over the years, and what do you attribute it to?

together. One of my final classes was business policy, where

A: My wife and I met at Villanova, and when we graduated

we took our four years of learning and related it

we started with nothing, so we gave a little here and there.

to case studies of various companies. The new curric-

We didn’t have a big connection back to the university

ulum actually starts with this exercise as a required core

for many years because of our life situations–raising kids,

freshman class.

focusing on building our careers, and paying the mortgage.

Over the years, I’ve worked with many companies in the

As our careers prospered, Villanova became a very impor-

business world and participated in case studies at various

tant part of our philanthropic giving program–both annually

business schools. This approach is more typical for advanced

and then ultimately for estate planning purposes.

classes and graduate programs. Students starting right off

We’re very pleased with the administration of the

with Business Dynamics in their freshman year shows that

school. Father Peter [M. Donohue, OSA, PhD] is a

the curriculum is very progressive. Accounting, finance, and

tremendous leader and spokesman in promoting the

economics are hard concepts to appreciate unless you under-

Villanova community.

stand how they fit into the real world. Q: Your two brothers and sister also went to Villanova. But Q: What do you think about the direction of VSB?

of your four children, your fourth was the first to attend

A: I really do applaud Dean [James M.] Danko. He’s gotten the

the university. What took so long?

word out. VSB was always a great school, but it didn’t have

A: I stayed out of the college decision process. My first three

the national recognition it deserved. Dean Danko has done a

sons were interested in degree programs that Villanova

commendable job working with the business and academic

University did not offer. Nick [a freshman at VSB] was the

communities to position VSB as a premier business school.

first one who wanted to go to business school, so for him the

The interdisciplinary approach they’ve taken across the

decision was easy.

curriculum has helped prepare students to secure jobs during a really difficult time.

Q: Did that disappoint you? A: No, I was pleased with the schools my other children

Q: How can VSB continue to remain relevant to students as

attended, but naturally I would have liked to have three

the business world changes?

more Wildcats in the LoBiondo family. V

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donor spotlight

Embracing a Culture of Change

FRANK J. RYAN ENG ’53

SCHOOL OF ENGINEERING

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villanova business  |  spring 2010

Frank J. Ryan was an engineer by training who possessed an innovative and creative spirit that touched the lives of many people. A 1953 graduate of the Villanova School of Engineering, he spent three decades inspiring colleagues, family, and friends as an engineer and top executive at Air Products and Chemicals, which he helped build into a global conglomerate that today serves the technology, energy, healthcare, and industrial markets.

PHOTO: Courtesy of the Ryan Family

The Ryan FAMILY describes their father’s commitment to innovation


He and his wife Jane raised four children, all of whom graduated from Villanova: Laurene Ryan VSB ’80, Christopher Ryan C.E. ’83, Carolyn R. Healey A&S ’83, and William Ryan A&S ’88. Jane and Frank Ryan, who were married for 51 years and enjoyed a strong and happy partnership, died within 10 weeks of each other in 2007. But through the Ryan Family Foundation, which the couple’s children oversee today, Jane and Frank remain important figures in the university. The Villanova School of Business has benefited greatly from the family’s generosity. This year the Ryan Family Foundation committed $1 million to create the Frank J. and Jane E. Ryan Family Endowed Chair in Strategy and Innovation. The position will help advance the business school as a leading center for the study of innovation. All four of Jane and Frank Ryan’s children have achieved success in their own careers, assuming leadership positions in human-resources management, business management, business development, retail, and other fields at such companies as Procter & Gamble, General Electric, Aetna, Rohm and Haas, and L.L.Bean. Each family member attributes much of their successes to their father’s guidance. “Whatever we’re doing now ties back to my father,” says Carolyn R. Healey, a philosophy major at Villanova, who went on to get an MBA from the Fuqua School of Business at Duke University. The siblings recall sitting around the family’s home in Allentown, Pa., listening to their father tell stories about his frequent recruiting visits to Villanova’s campus. “He was very excited about learning and was a continuous learner, which meant having open conversations, whether it was with someone right out of college or a peer in the industry,” says Bill Ryan, who now works with L.L.Bean. Throughout their lives, their father clipped articles on topics he had discussed with each of them. “He shared his love for learning not only through many meaningful conversations, but through these insightful pieces of reading that would arrive in the mail,” says Laurie Ryan, a senior human-resources specialist who has worked for various Fortune 500 companies. “It also showed us he was listening and engaged with us on the topics.” Frank Ryan attributed his career success in part to the discipline he learned in the Villanova School of Engineering. But he also had a keen entrepreneurial mind and underlying innovative spirit that set him apart. He started at Air Products and Chemicals in 1957, eventually rising to president and chief operating officer. Along the way, he helped create and lead the company’s chemicals division, building it into a $1 billion business. During his tenure, the company’s business increased three-fold; today it has annual revenues of more than $8 billion, with operations in more than 40 countries. Just as important, he helped instill an innovative culture at the company, which it is known for today. “Our father had an insatiable

“The status quo is the domain of the unimaginative.” – frank J. Ryan ENG ’53 intellectual curiosity and was someone who really invited diverse thinking and debate to get solutions,” Laurie Ryan says. “He made connections between diverse ideas, which is something we watched and learned from.” One of the things that drew people to their father was his ability to embrace change. “He understood that there are natural ebbs and flows in life and business, and to not be afraid of that,” Carolyn Healey says. “You plan for it and look forward to the opportunities around it.” Of the many boards and individuals he advised, Frank Ryan did some of his most important community work with the Lehigh Valley Hospital and Health Network. He served for many years on the hospital’s board of directors, and as head of its finance and audit committees. A strong believer in the value of education and nurturing young talent, he also was actively involved in creating a leadership program at DeSales University’s Salesian Center. The program, still in place today, offers top students a chance to hone their skills as ethical leaders. Mr. Ryan’s unique combination of interpersonal skills and ethical qualities put him in a category by himself, his children say. “During my career, I have worked with many talented people, but my father was my mentor,” says Christopher Ryan, a chemical engineer who received his MBA from the University of Chicago and is now a senior executive at W. L. Gore & Associates. “He was able to teach and practice the rare combinations of strategic thinking, personal relationships, and motivating others while operating with rock-solid Catholic ethics and great modesty. Not many men possess this combination of capabilities. It is the reason he was so successful, and why he was so loved and admired.” In fact, Frank Ryan would have thrived in today’s fast-changing business environment, his children believe. “It’s a huge time of change, and our Dad would have understood how to navigate that,” Healey says. Christopher Ryan agrees: “Really smart executives are taking advantage of this time to position their businesses for even stronger growth, investing in assets and people that are strategically important and less expensive than they have been in a long time. Our Dad was all about value and growth. He would have loved to put his money to work in this economic downturn.” Thanks to the family’s gift, the next generation of VSB students will have an opportunity to learn from the lessons their father shared so freely. “Over the years, our family has received so much from Villanova,” Healey says. “It’s our wish that with these gifts, future Villanova faculty and students have the same experiences.” V spring 2010  |  villanova business

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villanova business  |  spring 2010


e s n e S

g n i k a M he of t Meltdown

by Kit Gra

y Wolverton Reorganizing fac ulty and revampin g its curriculum h VSB respo elped nd quickly t Illustr o the finan ation b cial crisis. y Cath y Ge ndron

spring 2010  |  villanova business

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hen the financial crisis struck, many business schools were caught off-guard. Some scrambled to add seminars and symposiums to help explain the economic downturn, which has since led to a wave of corporate layoffs, declining portfolios, and one of the most significant government bailouts in the history of American finance. Thanks to sweeping changes the Villanova School of Business (VSB) put in place just before the stock market collapsed, the school was in a position to do far more than offer its students a few passing thoughts on the forces reshaping global business. Since 2005, the business school has been on the move, reorganizing its faculty, overhauling its curriculum, and attracting high-caliber students. The changes have helped Villanova move into the ranks of elite business schools. The revamped curriculum—which emphasizes a holistic, multidisciplinary approach that is responsive to the fast-changing world of business—is better preparing students to compete in a global marketplace. Even with all those improvements, VSB’s leaders recognize that they need to do more to help students land on their feet in this uncertain economy. In addition to continuing to build strong ties to Wall Street and corporate America, school officials are reaching out to government and nonprofit agencies to pave the way for students to get different kinds of jobs. Perhaps most importantly, VSB is positioning itself as one of the country’s most dynamic business schools, not only willing to make broad changes to better equip its faculty and its students for a changed business environment—but to recognize that it must continually reinvent itself to stay relevant. 24

villanova business  |  spring 2010

“Innovation is what will lead us out of this crisis and is critical for our students to learn,” says James M. Danko, The Helen and William O’Toole Dean, who has led the school through this unprecedented period. “Regardless of what takes place externally, the foundation we are building will better prepare students and help us respond quickly to change how we deliver education.” Soon after Danko was hired in 2005, he established a faculty-led committee to consider updating the school’s curriculum, which had remained largely unchanged since it was established in the 1950s. The group, which included students, alumni, and corporate recruiters, came back with a bold plan that re-imagined the undergraduate business education. Gone were stand-alone freshman courses on accounting and business law. In their place: “Business Dynamics,” a six-credit, yearlong course that highlights the overarching purpose of business within society. The class—which incorporates guest lectures with well-known CEOs and includes case studies that are as likely to come from an episode of “60 Minutes,” as well as a worn textbook—teaches innovation and openness to change as fundamental skills.


The Philadelphia Business Journal profiled VSB’s Bailout course as part of its business education news coverage.

The new first-year curriculum has given students a better framework for understanding fundamental aspects of the field, says Ronald Hill, The Richard J. and Barbara Naclerio Chair and Senior Associate Dean, Intellectual Strategy. “I see students coming out of their freshman year now with a much more sophisticated view of business than perhaps they had before because they see how things are fitting together better,” he says. Accounting and business law didn’t go away, but were blended into new courses—Financial Management and Reporting, and Corporate Responsibility and Regulation. Those classes are offered during the sophomore and junior years, when students have a better grounding in broad business principles. One of the most dramatic changes to the undergraduate curriculum is the integration of concepts and disciplines. For students who enrolled after fall 2008, at least one course each year is team-taught by two instructors, who come from varied academic backgrounds, integrating different teaching methods into each classroom. “So many programs teach in silos, but that isn’t how the business world works,” Dean Danko says. Now, for example, students are exposed to finance and accounting principles in the same class. In another, they learn about marketing and management simultaneously. The new curriculum is not etched in stone, either. Faculty members realized the importance of keeping the curriculum permeable to prepare students not just for the world they will enter upon graduation, but for what they may encounter a decade or more down the road. VSB also is making big changes in its graduate business

curriculum. In spring 2010, it will offer one “hot topics” course that will change each semester depending on trends or activities occurring in different industries. The class will build on an undergraduate course VSB first offered in spring 2009 that examined what the government bailout of various industries means for the U.S. economy. That course, one of the first in the country to discuss the government’s role in the crisis, went from concept to approval within one week, thanks to the forward thinking of associate dean, undergraduate business programs, Melinda German and department chairs. It will be offered again in spring 2010, this time examining the impact of regulatory reform in the United States compared to regulatory efforts in Europe, China, and India. (See Q&A with John Kozup, the associate professor who cocreated the class.) This past fall, VSB hosted symposiums focusing on how the financial crisis and the government’s response to it affected economic growth. These seminars highlighted the firms with the best chance of coming out ahead, and discussed how the regulatory changes here and overseas impacted international investment opportunities. On the one-year anniversary of the Lehman Brothers banking collapse, VSB held a seminar called “Lessons Learned: The Financial Crisis and Its Long-Term Impact,” which provided students with insights into the 2008 financial situation, and offered a venue for business and government leaders to share their perspectives. It was also a way for students to connect their classroom experiences with real life—a growing need in a business education, Dean Danko says. spring 2010  |  villanova business

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“The economic crisis exposed us to a number of things we haven’t seen before,” he says. “Our job is to provide frameworks for how students solve problems in the new environment in which we live.” Faculty members also have infused more real-time business situations into their classes. Students now tackle live case studies in their sophomore year, working for leaders from such companies as Rolls-Royce, Tasty Baking Company, and American Eagle Outfitters, whose CEO, James V. O’Donnell, is a 1963 VSB graduate. For one class this semester, students created a marketing campaign for American Eagle Outfitters, which they presented to company executives who provided real-time feedback. For the most part, the new curriculum has gone over well. Although some students initially were concerned about certain changes—for example, taking one six-credit course instead of two three-credit courses—many say they like the integration of class topics and appreciate how agile VSB has been in addressing the shifting business landscape. Michael Cali, who graduated in May with a double major in finance and marketing, took away many valuable lessons from Professor Kozup’s post-bailout course, which he says examined the “bigger picture” by approaching current issues from different angles and placing them in historical context. “Perhaps most importantly, the course stressed the importance of developing my own perspective,” says Cali, who now works as an assistant buyer for American Eagle Outfitters’ headquarters in Pittsburgh, Pa. “Having a perspective on the economy that was shaped by seasoned and influential lecturers helped me during job interviews. And as an aspiring entrepreneur, it has shown me the importance of finding opportunities in a down economy.” Despite the gloomy hiring climate, VSB has maintained a 90-percent 26

villanova business  |  spring 2010

job placement rate. Incoming class sizes remain strong, at about 400 students per class. And the quality of students continues to improve. All of that has helped the school make a big jump in the national rankings, and inspired an increase in private donations. Gifts to VSB have climbed from $2.1 million in 2005 to $10.5 million in 2008. And the undergraduate program, unranked just four years ago, is currently the 11th best business school in the nation, two spots higher than it was a year ago, according to BusinessWeek’s annual rankings. Villanova’s Executive MBA program is No. 25. (The rankings are based on faculty and educational quality, professional development, business relevance, and student satisfaction.) “Our rankings success has revealed many opportunities, and helped us push aggressively on the curricular changes,” Dean Danko says. “We’re making changes other schools wish they could make right now.” The increased attention also has helped faculty recruitment. VSB’s new faculty members come to the school with national reputations and have received teaching or research awards that help distinguish them as some of the best in their fields. “People are starting to come here who we wouldn’t have been in a position to hire five, eight years ago,” Dean Danko says. These moves have given the school another boost and have VSB leaders excited about the future. “We began offering open enrollment executive education in February 2010 and the Center City Philadelphia campus—open in April 2009—are two important and strategic moves in that direction,” Dean Danko says. But for now, he and other VSB leaders plan to push harder to find jobs for students and keep making changes to improve the school’s reputation. “We want everyone in the country to be aware of the Villanova School of Business,” Dean Danko says. “We’ve got a lot to be proud of.”  V

PHOTO: Jim Roese

Guest speakers from government and industry spoke to students to offer insight and clarity into challenges resulting from the current economic climate.


Q&A

A Real-Time Take on the Financial Crisis As the financial markets were unraveling in fall 2008, John

A: Our students need to pursue opportunities in Washington,

Kozup, Associate Professor of Marketing and Director of VSB’s

D.C. There is a need for business students on Capitol Hill.

Center for Marketing and Public Policy Research, created a

Companies and industry groups are beefing up their D.C.

course exploring the economic crisis and the government’s

operations. Regulatory agencies need students to analyze the

response to it. The class came together in a matter of days

massive amounts of data being collected on our most pressing

and would become one of the first in the country to respond

issues. While New York is showing signs of recovery, students

to the evolving financial crisis. We caught up with Professor

redirecting their careers to Washington, D.C., in the near term

Kozup to find out how the class went, and what it has led to.

would differentiate themselves from their peers in valuable ways.

Q: Do you think academe has traditionally been too slow to

Q: In what ways have you helped your graduates think about

respond to forces in the real world? How has that changed

those new opportunities and move into areas of employment

with this economic crisis?

that might not be part of the traditional path for business-

A: That’s a very interesting question that should be answered in

school graduates?

two parts. First, as researchers, we need to take time to analyze

A: At the Center for Marketing and Public Policy Research,

a crisis situation, uncover the root causes, and provide data

we’ve instituted a field experience program that gives students

for business and government leaders to make research-based

an opportunity to work on Capitol Hill or at government-

policy and strategic solutions.

relations firms in Washington, D.C. We’ve conducted in-class

From a teaching and curricular standpoint, I would say that

consultancies at the graduate level in the area of grassroots

traditionally, business education has lagged behind the market-

governmental relations. At the Executive MBA level, we recently

place in delivering innovative curricular initiatives that address

brought in former Congressman Michael Oxley (coauthor of

timely issues.

Sarbanes-Oxley legislation) to speak about upcoming financial regulatory activity.

Q: How did you come up with the idea for the post-bailout course, and how long did it take to create it? How does

Q: Describe how you’ve reached out to government leaders to

that compare to the normal amount of time it takes to add

help blaze a trail for your students to get jobs in government?

a class?

A: Congressman Jim Gerlach is an honorary member of our

A: Joseph DelRaso, Esq. VSB ’74, the center’s advisory board

advisory board. He and his staff have been very supportive of

chairman, and center executive board member Mark

VSB’s D.C. efforts. Board members Mark Valente, John Marino,

Valente III VSB ’78, advised me in October 2008 to offer a

Angelina Mondavi VU ’04, and Brett Loper VU ’95 have been

course that dealt with the crisis from a real-time perspective.

instrumental in developing a formal Capitol Hill internship

They offered their help and encouraged me to bring represen-

program. Internationally, I would like to announce a formal

tatives from key stakeholder groups (business, government,

cooperative program with offices in the Italian Parliament

and academics) into the course to provide a broad set

thanks to the generous support of Amato and Carmine Berardi

of viewpoints.

VSB ’09. They offered a unique prespective on how the financial crisis was received from an Italian and European Union

Q: What were some of the highlights of that course? How will

perspective. Two VSB students will have the opportunity to

the next version be different?

spend two to three months in Rome at the Parliament working

A: Several key highlights come to mind. Finance Professor

on Italian public policy initiatives.

Michael Pagano’s overview of the root causes of the financial crisis was a great kickoff to the course content. Mr. Valente’s breakdown of the stimulus bill as it was being debated in the Congress really brought the issues home for students. Professor John Pearce’s sessions were particularly well-received. One highlight for me was our special guest, the Honorable Amato Berardi of the Italian Parliament. The questions our students asked made this one of the best classroom sessions I’ve seen over the course of my tenure at Villanova. Q: How do you see the job prospects of business-school graduates broadening in this new economy?

Q: What role has the center played in examining the crisis? A: In addition to the Bailout class, center faculty are national leaders in research on marketing, business law, finance, corporate social responsibility, management, and policy issues. Recently, we have been very active in examining the consequences of proposed regulations in the financial services, pharmaceutical and food sectors; paying close attention to potential unintended consequences of regulation on businesses and consumers. While we have been examining policies related to risk management in the marketplace, center faculty also have actively been engaged in helping businesses to grow. An example of this is our research on corporate sustainability.

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villanova business  |  spring 2010


Eleanor Roosevelt, Rosalynn Carter, and Hillary Clinton were, in the view of some political scientists, virtual partners with their presidential husbands in terms of professionalization, activism on issues, and integration into the political agenda. Michelle Obama showed similar traits on the campaign trail in 2008 with her husband, Democratic presidential candidate Barack Obama. But a Villanova School of Business professor who has studied Mrs. Obama’s role believes it is too soon to tell whether the First Lady will step into the shoes worn by Mrs. Roosevelt, Mrs. Carter, and Mrs. Clinton as activists with the ear of the president.

Quinetta M. Roberson talks about first ladies, gender roles, and attitudes about women in the workplace.

by Mark Walsh photography by Keith Weller

spring 2010  |  villanova business

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– Quinetta M. Roberson, professor of management

After the president’s milestone of 100 days in office, Roberson believes, the First Lady has settled into a somewhat less prominent role. Quinetta Roberson often is quoted in the media on her areas of expertise: organizational behavior and human-resource management. In 2008, however, interest in her views skyrocketed. “There was a two-week period where I was doing several interviews a day,” says Roberson. “All I had to say was that I wrote a paper on Michelle Obama and people said, ‘Really? What was it about?’” Roberson and a colleague had just published a law review article that took a provocative look at Mrs. Obama—then still just a presidential candidate’s wife and the potential First Lady—under the lens of the public’s attitudes about race and gender. In the article published in the Hastings Women’s Law Journal, Quinetta Roberson and Gregory S. Parks suggested that the oftencited comparison of candidate elections to hiring decisions could be analyzed under employment-discrimination law, particularly Title VII of the Civil Rights Act of 1964, the federal law that prohibits discrimination in the workplace based on race and gender (among other factors). “In essence, the Title VII framework provides a template for how certain aspects of the 2008 Presidential Election can be understood,” the Hastings article reads. The authors’ main conclusion: “Michelle Obama’s presence during Senator Obama’s run for the White House and her future role as First Lady has and will go a long way toward undermining stereotypes about black women.” For Roberson, who joined VSB in 2008 from a tenured position at Cornell University’s School of Industrial and Labor Relations, 2008’s presidential campaign presented a unique opportunity to apply her analytical expertise. 30

villanova business  |  spring 2010

Having an African-American as a major party nominee for the first time, and one whose wife was a close political confidant of his and an experienced professional woman in her own right “presented a very new situation, and people didn’t know what to expect,” Roberson said in an interview. “Of course there was a lot of attention on the possibility of Barack Obama being elected president, but there also was the potential for so many ways in which Michelle Obama was going to be a different kind of First Lady,” the professor added. “It wasn’t just about race. But it was a woman who had had a career and was willing to put that career on hold and support her husband’s candidacy. What could working women take away from that?” Roberson had been planning to collaborate with Parks, whom she met while he was attending Cornell Law School. He currently is a law clerk to a federal judge in Baltimore. She has published her scholarship previously in such academic journals as Group & Organization Management and the Journal of Applied Psychology. “Maybe 1 percent of the population reads these journals,” Roberson said. “Managers don’t like to read those very dense journals. So unless there is a research translation, there is no exposure. This was an opportunity to do something in my research area that was really current and really relevant.” One new perspective for the professor came in submitting an article for publication in a law journal for the first time. “For the journals in which I typically publish, you write a complete manuscript, and you submit it to one journal,” Roberson said. “You hear back within 90 days, and they either reject or invite you to revise it. For law reviews, you submit your manuscript to a number of journals simultaneously. It’s almost like a bidding war. Hastings got back to us within 48 hours.”


First Ladies Obama, Roosevelt, Carter, and Clinton were viewed by some as virtual partners with their husband’s political agenda.

The Hastings Women’s Law Journal, a product of the University of California’s Hastings College of the Law in San Francisco, is noted for publishing scholarship on feminism, race theory, multiculturalism, and other provocative issues. The title of the piece by Roberson and Parks, published in the Winter 2009 edition is, “Michelle Obama: A Contemporary Analysis of Race and Gender Discrimination Through the Lens of Title VII.” In the article, the authors noted the historic nature of the 2008 election: In Senators Barack Obama of Illinois and Hillary Rodham Clinton of New York, the electorate had its first minority and female candidates with a serious chance of winning the Democratic presidential nomination. And while Michelle Obama, herself, was not a candidate, voters tend to evaluate the spouse of a presidential contender almost as much as the candidate himself, the authors noted. Active First Ladies such as Mrs. Roosevelt, Mrs. Carter, and Mrs. Clinton were the most acclaimed for their roles in policy-making and as advisers to their husbands, but they also were subject to criticisms for it, the paper noted. Michelle Obama, however, “contravenes conventional stereotypes of presidential candidates’ wives,” the paper stated. She has been direct

and plainspoken; she has stressed a work-family balance; and she has not shied away from expressing her views on race, the authors added. “On the campaign trail, she has noted her awareness that some voters were concerned about Senator Obama’s electability due to his race. In response, she was more than willing to draw parallels between Senator Obama’s candidacy and black freedom fighters of the past,” the article said. The heart of the 43-page article draws parallels between voter attitudes and biases, and those same dynamics in the workplace. One conclusion was that despite the ultimate victory for Barack Obama in the 2008 general election, “blatant and express racial attitudes played a significant role in the 2008 presidential race,” as Roberson and Parks put it. For example, whites in 28 out of 37 primaries/caucuses for which exit-poll data were available voted for Senator Clinton in higher numbers than for Senator Obama. That data showed gender was less of a factor. Men in 26 out of 37 primaries/caucuses for which exit poll data were available voted for Senator Obama in higher numbers than Senator Clinton, according to the article. “Race was more of a driving force,” than gender in the primary election, the authors said. spring 2010  |  villanova business

31


– KATHIE De Chirico, Director OF Commerce and Business Development, Dow Jones

Amid a discussion of various employment-discrimination cases under Title VII, and academic theories about race and gender, Roberson and Parks concluded that “the intersection of Michelle Obama’s racial and gender identity and politics—discussing issues of race, critiquing her husband openly and honestly, and discussing workfamily balance for women—could ultimately leave voters fearing that she is an ‘angry black woman,’ or both wondering and critiquing, ‘Why is she so womanish?’” The article also discusses the role of implicit race and gender biases, both among voters and employers, and how such attitudes manifest themselves at the ballot box or in the workplace. So while Mrs. Obama was not subject to (much) explicit racism and sexism in 2008, the article said, “implicit-bias research findings, however, suggest that voters’ negative attitudes about her likely arise from unconscious attitudes about race and gender.” Thus, a comparison made by a writer on The Huffington Post of Mrs. Obama to the character Zira from The Planet of the Apes is, “if not a blatantly racial attack, which it did not seem to be,” something that could be explained by “research on whites’ unconscious association of blacks with apes,” the authors wrote. For centuries, the authors said, black women have been subject to stereotypes, such as that of the mammy, the sexual siren, the welfare queen, or the angry black woman. But workplace research has shown that hiring or promoting people to positions that run contrary to such stereotypes forces people to confront their implicit biases. The 2008 primary and general elections served the same purpose for voters, and Michelle Obama’s ascension to the role of First Lady, the authors conclude, “will work to undermine both non-black and black peoples’ stereotypes of black women.” Nearly a year after the historic election, as Roberson reflected on the research and the interest it stirred, she recalled that she got some press calls looking for comment generally about the issue of race in the campaign and race relations in the country. “When people would call me, I would ask what the piece was about,” she said. “If it was about race and gender in workplace, yes. But if it was about questions such as ‘Are we in a post-racial America?’—about race relations generally—I wouldn’t take that. That’s not my area. It kind of 32

villanova business  |  spring 2010

discredits the research. Also some people tried to stretch it into areas that weren’t relevant, like affirmative action.” Still, the race question was significant in the Presidential Election, and in the publishing process. Roberson and Parks also wrote and submitted a paper analyzing the roles of Mrs. Clinton and Alaska Gov. Sarah Palin, the Republican nominee for vice president. “That was accepted [for publication], too, but there wasn’t as much fervor,” the professor said. “Hastings put the Michelle piece at the top of the queue.” Roberson’s article resonated with many working women, regardless of race. Kathie De Chirico, a VSB Executive MBA alumna, and a businesswoman in Princeton, N.J., said the article made her think about perceptions of the role of the First Lady. “We’ve got an Ivy League-educated woman who is a lawyer in this role,” said De Chirico, who is the Director, Commerce and Business Development at Dow Jones, a leading provider of global business news and information services. “You’ve got two things going on here. [Mrs. Obama] was brought up through Princeton [University], and she has opinions. And now you have this professional woman taking on the role of First Lady.” “I think Michelle Obama has given me a new light on the total role of women in this age,” added De Chirico, who didn’t support Barack Obama in the Democratic primary but voted for him in the general election. “I am extremely impressed with the abilities that our First Lady has in maintaining a value-focused perspective on family life for her husband, while recognizing his responsibility to lead the United States through these critical times of change.” Roberson hasn’t ruled out revisiting attitudes about Mrs. Obama in future research. “What we used for the article was primarily archival or theoretical” studies and ideas, she said about her work with Parks. “What we’ve talked about is collecting our own empirical research on attitudes. So we hope to follow-up.” But for the time being, it’s back to organizational behavior and human-resource management. “I have to get back to my bread and butter for a while,” the professor said.  V


Competitive Effectiveness

A Case Study Comes to Life

A

s soon as students saw the syllabus for the newly established

Competitive Effectiveness course this past fall, they knew it was a different kind of class—but few understood how innovative and challenging it would be. The required sophomore-level course, a foundation of the business school’s new curriculum, presents students with a real-world marketing challenge and a chance to work closely with senior executives from leading companies to overcome a business

LEFT: Sophomores Lindsay Mullen VSB ’12 and Christine Liberatore VSB ’12 display their group’s American Eagle Denim Campaign artwork. Right: VSB Professor James Glasgow; American Eagle representatives Marissa Morris, Michael Dubis, Cathy McCarthy, Arnie Cohen, and VSB Professor Julie Pirsch.

problem. In the fall semester the companies included American Eagle Outfitters (American Eagle), Tasty Baking

a VSB graduate, says he has been

(Marketing)—organized each of their

Company, and McNeil (J&J).

consistently impressed by the insight

two classes into five teams of approxi-

Working in self-managed teams,

and intellect of Villanova students over

mately nine students.

VSB students created marketing plans

the years. “The students performed to

to help the firms improve their market

Villanova’s high standards of academic

in their Competitive Effectiveness

penetration and market share. Like any

excellence, not to mention their enthu-

classes visited American Eagle stores

class, students would be graded on their

siasm and entrepreneurial spirit,” he

and food and drug retailers to study

performances. But in this class—a live

says. “American Eagle Outfitters is

display and design ideas, meet with

case study—they also would present

excited for the opportunity to help such

store managers, and analyze the

their final reports to, and be evaluated

talented young people prepare for their

competition—some teams even orga-

by, executives from their client firms.

own future careers, and at the same

nized Facebook surveys and conducted

time, potentially make a difference in

focus groups to understand better what

our business.”

consumers liked and disliked about

VSB faculty developed the Competitive Effectiveness class, which is team-taught by a marketing and a

Charles Pizzi, president of the Tasty

As part of their coursework, students

the brands.

management professor, as part of a

Baking Company, expressed his appre-

revamped curriculum. They believe that

ciation to students by email. “I was

more Christine Liberatore, who worked

combining different fields of study in the

encouraged by the quality of work, as

on the American Eagle project. “I

same classroom—and exposing students

well as by the opportunities that exist

actually think I worked more hours

to realistic business situations early

for Tastykake. Your concepts will no

for this class than my other three

in their undergraduate experiences—

doubt assist our New Product Team

classes combined.”

helps them make connections between

to think beyond our core products

broader business principles that they

and toward the innovations needed to

real business issues they explored made

might not otherwise have made, which

succeed for another 95 years.”

the course’s difficult concepts easier to

ultimately gives them a leg up on

“It was really intense,” says sopho-

She and her fellow students say the

The goal of the six-credit course,

grasp. “I liked having a real client and a

which meets three times a week for two

real product rather than a hypothetical

hours at a time, is to provide students

case study to learn from,” says Lindsay

impression on the firms’ executives, said

with a framework for understanding

Mullen, another sophomore in the class.

Cathy McCarthy, the Marketing Director

how organizational management and

at American Eagle who helped judge the

marketing enhance the competitive

the real world, but it was more so than

presentations. “We were very impressed

effectiveness of organizations.

just learning the concepts in a book.” In

students from other schools. Villanova’s students made a strong

with the comprehensive level of plans

The professors for the sections

“I know it wasn’t an exact replica of

the end, Villanova’s students performed

and strategies we received from the

that worked with American Eagle and

well, with one group developing a

Villanova students.”

Tasty Baking Company—James M.

marketing approach that American

Glasgow (Management) and Julie Pirsch

Eagle is considering implementing.  V

American Eagle CEO Jim O’Donnell,

spring 2010  |  villanova business

33


Global Experience

Burj al Arab, the world’s first and only “seven star” hotel. This is the centerpiece of Jumeirah Beach.

Abras, aka “water taxis,” that take residents across the creek. It costs 1 dirham (about 30 cents) to ride this each way.

Immersed in an Emerging Economy

Pradera an up close view of one of the world’s largest trading centers.

with an independent study on free-

summer, Carlos Pradera lived, studied,

trade zones. The overall experience fit

and worked in Dubai, a fast-emerging

well with the objectives of the Center

global city in the United Arab Emirates,

for Global Leadership and VSB more

where he gained a valuable career and

broadly,” says Jonathan P. Doh, the

research experience to complement his

Herbert G. Rammrath Endowed Chair

business education. The opportunity

in International Business, the center’s

arose following a chance encounter

founding director and VSB professor of

with Ronald S. Cruse A&S ’77, who

management and operations.

came to campus in February 2009 to

graduate business students participate

Peril: Lessons for the Real Challenges

in a study-abroad program or an inter-

of International Business (IUniverse,

national internship. But too few of

2008). Cruse serves as the President &

our students—or those at other busi-

CEO of Logenix International, a logistics

ness schools in North America and

company that has, among other jobs,

Europe—take advantage of opportunities

supplied many of the goods to help

to experience the emerging markets

rebuild Iraq.

of the world,” Professor Doh says. He

After the lecture ended, Pradera

villanova business  |  spring 2010

is hoping to create more opportunities

spoke to Cruse who suggested the

for students to study and work abroad,

senior marketing major visit Dubai. A

especially in developing areas like China

short while later, in coordination with

and Latin America. So is Cruse, who was

Villanova’s Center for Global Leadership,

so happy with Pradera’s work that he

Cruse offered to pay Pradera’s way to

is creating a scholarship fund that will

work for his company’s Dubai office for

pay for one or two qualified students a

the summer and also undertake an inde-

year to gain international experiences in

pendent research project.

emerging or culturally diverse markets

“The internship gave Pradera an up

34

“More than half of Villanova’s under-

lecture about his book, “Lies, Bribes &

around the world. He is considering

close view of one of the world’s largest

locations in St. Petersburg or Moscow,

trading centers, which he combined

Mumbai, and Hong Kong.

PHOTOS: Carlos Pradera

“ The internship gave

For two months this past


What I Learned in Dubai We are rarely reminded of the world’s interconnectivity AND the power of certain individuals to transcend both national and international borders. However, I received such a stark reminder while being whisked across Dubai by my Pakistani expatriate taxi driver during a two-month internship there this past summer. I struck up a conversation with my driver, who began asking me about Michael Jackson and his recent death. He had assumed that, being from the United States, I knew all about Jackson, when in fact I did not. As our conversation carried on along Sheikh Zayed Road, I came to realize, quite surprisingly, that this Pakistani man, living and driving a taxi in Dubai, knew more about Jackson’s biography, music, and songs than I have ever known. I never would have been able to come to this realization if it were not for the generous support of Ron Cruse A&S ’77, who sponsored me for a trip to Dubai for the purpose of working, researching, and experiencing a completely different culture than my own. When I first met Ron, during his on-campus presentation, he had suggested that I visit Dubai as my first trip to the region, but I never imagined he would offer to send me there a few months later. While Dubai is widely known as a luxury-goods capital, many people do not consider the city to be an integral hub of global trade and commerce. In fact, had I never been able to experience the city for myself, I would still For Cruse, this initiative represents

view Dubai through the lens of The Discovery Channel, showcasing the latest

an initial commitment to support

architecture and high-rolling lifestyle. However, by the time my trip had

Villanova students’ international experi-

ended, I came to realize three things: Flexibility and adaptability are essential

ences, a program which Cruse intends to

characteristics; you never stop learning things outside of the classroom; and

formalize as the Kuzminykh scholarship

open-mindedness is vital.

in memory of a close Russian friend and colleague of Cruse. Cruse sees emerging markets as key

Being in an entirely new country, it would have been easy for me to simply stay in the apartment and seclude myself. Instead, each day I identified a part of the city or building to explore. I also joined a running club, where I met

to the future success of this country’s

numerous expatriates and learned the “insider’s” perspective on Dubai and

business graduates. He cites a recent

international business. Without being flexible and adaptable to my environ-

report by The Goldman Sachs Group,

ment I would never have come to know the “real” Dubai—the middle-class life of

Inc., showing that within the next two

weekly grocery shopping and hanging out at the creek side by night.

decades, the developing countries

While VSB provided a firm foundation, my project management work and

of the world, including China, India,

research on free-trade zones in the region taught me more about international

Russia, and others will have a combined

logistics than I could ever learn in a classroom. In fact, after reading Ron’s book,

gross domestic product exceeding

listening to his presentation and stories; and living and working in Dubai, an

that of the world’s seven current

entire industry, one that I had never really considered or known much about,

leading economies.

presented me with a host of opportunities previously unavailable.

He also believes that the cultural

Being relatively well-traveled for my age and the son of a foreign national, I

understanding gained from immersion

have never really had much trouble dealing with people from different countries

experiences in developing countries will

and cultures, but my time in Dubai really solidified this notion for me. Whether

be increasingly important to future busi-

it was striking up a conversation with a taxi driver, dealing with an expatriate

ness leaders. In addition to Logenix, he

waiter, or engaging in a business setting, I found that I must always be open

has built two other successful businesses

to dealing with people from different cultures, languages, and creeds, perhaps

while traveling to more than 80 coun-

even those radically different than my own. In an increasingly globalized world,

tries, “My Villanova experience was

this lesson is best learned early on. I’m grateful to Ron and Villanova for helping

critical to my success,” Cruse says, “and

to make this happen. — Carlos Pradera VSB ’10

I believe augmenting current students’ studies with a scholarship such as this will help prepare them for the rapidly changing business world of which they will be a part.” — Kit Gray Wolverton

spring 2010  |  villanova business

35


Lessons Learned

The Financial Crisis— One Year Later The September 2008 collapse of Lehman Brothers has been widely viewed as a key event in the descent of the U.S. economy into the most complex financial crisis since the Great Depression. One year later, at a panel discussion hosted by the Villanova School of Business, students, faculty, and alumni gathered to discuss what went wrong and how the global financial system might avoid similar problems in the future. The discussion, moderated by Economics and Statistics Department Chair Wen Mao, featured several industry experts and provided an opportunity for the VSB community to pose questions, seek advice, and listen to the personal experiences of those at the forefront of the crisis. Panelists John J. Brennan, Charles R. Ellinwood A&S ’73, and Terence M. O’Toole VSB ’80 spoke to a

John J. Brennan speaks to a standing-room only crowd at the Villanova School of Business about lessons he has learned during the financial crisis.

standing-room-only audience eager for the global experiences of the past few

individual investors and corporate

years, however, Mr. Brennan believes

bankers to plan for the worst in order

at The Vanguard Group, believes the

we should not lose faith in the future

to insulate themselves from future

collapse of the financial industry can be

potential of the market. “It would be

market downturns.

encapsulated in six central points. He

devastating,” he said, “to lose an entire

Charles Ellinwood, Managing Director

identified the importance of firm-wide

generation of investors and employees

of Barclays Capital, explained the ‘client-

leadership in long-term success, noting

because of the rough times the financial

centric’ nature of the finance industry.

that “the companies that are surviving

sector has seen recently.”

A firm’s problems, he said, should never

John Brennan, Chairman of the Board

and doing well today almost invariably

36

Terence O’Toole, Co-Managing

become the client’s problems, and

have strong, consistent leadership, while

Member at Tinicum Capital Partners II,

clients’ interests should always remain

those with weak leaders” tend to fail. Mr.

blames excessive leverage at many

the primary concern of the entire firm.

Brennan also addressed the importance

levels within the financial system for a

Mr. Ellinwood urged humility during

of understanding investor leverage, the

large part of fall 2008’s catastrophe.

good and bad times, and reminded

disastrous effects of over-borrowing,

Large corporations and individuals alike

the audience about the importance

and the importance of liquidity for banks

were too dependent on borrowing, he

of balance and perspective in one’s

and corporations. In addition, he said,

said, and were living well outside of

personal and professional lives. As Mr.

overly complicated investments and

their means. When these individuals

Ellinwood reminded the students in the

strategies can hide the risks inherent in

and corporations were unable to get

audience, “when you leave this blue and

certain investments. Mr. Brennan also

further credit, the resulting spike in

white bubble you’re in, the fine educa-

discussed the importance of regulators

home foreclosures and corporate

tion you are receiving here, as well as

in preventing companies from getting

bankruptcies had effects felt throughout

the support of the Villanova community,

into serious trouble in the future. Despite

the financial system. Mr. O’Toole advised

will serve you well.”  — Liz Field

villanova business  |  spring 2010

PHOTO: Keith Weller

information, perspective, and foresight.


Q&A Business leaders shared their experiences and knowledge with audience members during a question-and-answer session. Q: What does knowledgeable regulation look like? A: (Brennan) Being knowledgeable about regulation means individuals are wellinformed. Being well-informed doesn’t necessarily mean that one has all the answers, but it does mean one has the contacts, the connections, the expertise, and the willingness to pick up the phone and call the right people to find out what is going on in the markets from the people who know best. Q: Do you think deregulation is possible? A: (O’Toole) That’s a complex question. The pure free-market view believes the markets themselves would have taken care of everything. Individuals who believe in deregulation say that capitalism is all about winning and losing by rewarding winners and punishing losers—‘economic Darwinism.’ But society doesn’t function that way. In our society people care about people; people care about jobs; and people care about people losing homes to foreclosure. It is for these reasons we chose not to let free-market occur unregulated. Q: Was it a mistake to let Lehman fail? A: (O’Toole) If Lehman didn’t fail, who would have? The question becomes whether the Fed was going to let the market work, and when they were going to stop bailing out the banks. It was just a matter of time until one of the banks was going to be unsalvageable. Q: How are you operating your business differently today? A: (Ellinwood) In the past few years, derivatives, other short-term investment instruments, and bond insurance have disappeared. Things have become a lot simpler and a lot more traditional, which is a good thing. Q: Out of all the decisions you have made over the past few years, which one are you most proud of? A: (Brennan) I am most pleased with my behavior. I feel good about counseling people and organizations through the storm and being the voice of calm during Charles Ellinwood A&S ’73, Economics and Statistics Department Chair Wen Mao, Terence O’Toole VSB ’80, Dean James Danko, and John J. Brennan.

the crisis. Patience, calmness, and keeping a reasonable perspective are extremely important in times of crisis. A: (O’Toole) I am most proud of patience, which is correlated with prudence. Because of patience, we have allowed the markets to come back. I heard from many people a desire to liquidate their funds, but by believing in the markets, we will be rewarded in the long term. You have to have patience and keep an eye on the long-term goal.

spring 2010  |  villanova business

37


REAL ESTATE

Professor Shawn Howton, Director of the DiLella Center for Real Estate, welcomed attendees and discussed the center’s thought leadership initiatives.

Crosscurrents in Real Estate Markets

and opinions offered by the panelists were both enlightening and relevant to the conversations we are having in my classes as we seek to make sense of the market.

38

villanova business  |  spring 2010

The discussion, attended by more than 150 real estate professionals and members of the Villanova community, was moderated by David Hartzell, PhD, Director of the Center for Real Estate Development at UNC Kenan-Flagler Business School, and featured the expertise of several leading real estate professionals. Brian DiDonato EGR ’88, Managing Director of Sorin Capital Management, discussed capital market trends; Daniel DiLella VSB ’73, President and CEO of BPG Properties, Ltd., commented on private equity markets; Brent Morris, Senior Vice President of Capmark Investments LP, explored changes in the commercial mortgage market; Richard Parkus, Head of Commercial Mortgage-Backed Securities (CMBS) Research for Deutsche Bank

PHOTOs: Jim Roese

“ The information

As the global economy continues to recover from the recession, there is broad agreement that the real estate and credit markets not only played a crucial role in the development of the current crisis, but also that they are key players in its eventual resolution. Although uncertainty persists, an increasingly optimistic sense of opportunity pervades the current marketplace. This past October, the Daniel M. DiLella Center for Real Estate hosted “Crosscurrents in Real Estate Markets: The Economy, Fundamentals, and Capital Markets,” a panel discussion exploring the current economic and capital market environment for real estate and how recent and future trends will impact participants in the public debt, private debt, and equity markets.


Securities, Inc., provided his assessment of the CMBS market; and Joel Rassman, Chief Financial Officer & Executive Vice President of Toll Brothers, spoke about the home building industry. The panel addressed several areas of market uncertainty and featured lively commentary about the level and timing of asset distress and the potential triggers that might bring money back into the marketplace. As more than $2 trillion in commercial real estate loans come due during the next several years, there is likely to be as

Daniel DiLella VSB ’73, President and CEO of BPG Properties, Ltd., (right), commented on private equity markets while Joel Rassman, Chief Financial Officer & Executive Vice President of Toll Brothers (left), shared his outlook for the home building industry.

much as $500 billion in lost value, and widespread concern exists about how the market will absorb these losses. On the market opportunity side of the equation, there is $10 trillion in cash potentially available to be invested in riskier assets, and public Real Estate Investment Trusts and other smart and aggressive participants are strongly positioned to benefit. These conditions should lead to new leaders in the industry and a changed—but still important—CMBS industry. Student attendees, including Charles Placek MBA ’11, were impressed by the relevance of the discussion. “The information and opinions offered by the panelists,” said Placek, “were both enlightening and relevant to the conversations we are having in my classes as we seek to make

Professor David Hartzell, Director of the Center for Real Estate Development at UNC Kenan-Flagler Business School, moderated the panel and posed questions addressing the uncertainty in commercial real estate markets.

sense of the market.” The event also provided students with the opportunity to network with industry leaders.

The Daniel M. DiLella Center for Real Estate was established TO

Maria Pento VSB ’10, co-president

provide academic and professional development opportunities to Villanova students

of the Villanova Real Estate Society,

in the field of real estate. The center supports faculty research and teaching, ensuring

commented that “in a difficult job

relevance in the curriculum through the incorporation of site visits, an experiential

market, this was an excellent opportu-

learning development project, and the perspectives of industry experts. Students

nity to meet and talk with professionals

can graduate with a minor in real estate or a specialization in real estate as part of

from more than 70 companies. This will

the Villanova MBA. Learn more or watch the panel at www.business.villanova.edu/

work to our advantage, both now and

excellence/realestate.

in the future.”  — Timothy Hoffman

spring 2010  |  villanova business

39


alumni spotlight

A Screenwriter’s Star Turn 29-year-old Villanova School of Business alumnus enjoys time in Hollywood spotlight

40

villanova business  |  spring 2010

that his instructor, Sloan Seale, discov-

ex-con who returns to his rural Indiana

ered—and encouraged—his natural gift

roots to start a new life. After the

for storytelling.

character’s brother is murdered over a

“I was passionate about films and

gambling debt, he seeks to avenge his

writing, and I think Sloan saw that in

death. “What he encounters is far worse

me,” Ingelsby says. “She was really the

than anything he could have imagined,”

first person to think that maybe I had

Ingelsby says. “It’s a story about never

some talent.” Soon after, he started

really being able to escape your past.”

looking into graduate film programs,

Ingelsby currently is rewriting “The

eventually landing at the American Film

Low Dweller” for Relativity Media, the

Institute Conservatory in Los Angeles.

motion picture company that bought

“I figured, ‘Hey, if I’m gonna try this

the script. If the story makes it to the big

thing, I may as well go to L.A.,’  ” he

screen, the 29-year-old writer will earn

says now.

another $450,000.

For his film-school thesis, he penned “The Low Dweller,” a thriller about an

A native of Berwyn, Pa., Ingelsby has strong ties to Villanova. His father Tom

PHOTO: Brad ingelsby

Brad Ingelsby vsb ’02 was selling insurance in 2008 when he got the call that would change his life. A screenplay written by the 2002 Villanova graduate had just sold for $650,000, and Leonardo DiCaprio was signed up to play the leading role. Not bad for an aspiring screenwriter who had hired a Hollywood agent only months earlier. Unlike a lot of wannabe Quentin Tarantinos, Ingelsby’s Tinseltown dreams didn’t form until his third year in college, when he took a screenwriting class to complement his business administration degree in marketing. It was there


He Was Just on His Own Level Ingelsby’s breakthrough talent was evident early, says his Villanova University instructor. Even as a 20-year-old undergraduate with no screenwriting experience, Brad Ingelsby was a cut above his peers, recalls Sloan Seale, a former adjunct faculty member at Villanova, who taught the budding writer during his junior year. had his number retired by the univer-

Ingelsby is currently working on an

sity after starring on the 1971 basketball

action movie for Warner Brothers, in

team that reached the NCAA Finals. Ed

the vein of the “Bourne Trilogy” and

Hastings, another player on that team, is

“Mission: Impossible” genre.

his godfather. Coming from a large family—he

In 2008 Warner Brothers hired him to adapt the WildStorm comic book,

has two brothers and two sisters—has

“Sleeper,” for producer Sam Raimi,

helped him develop as a writer, he says.

known for the critically acclaimed

“Everyone can relate to having a father,

crime thriller “A Simple Plan” and the

a son, a sister, a brother—and I’ve seen

“Spider-Man” series.

all the relationships,” he says. “I’ve been able to poach things that are relatable.” Ingelsby himself is a student of film,

Although that assignment eventually fell through, it gave Ingelsby a chance to meet Tom Cruise, who has been

favoring dark comedies and thrillers.

attached to the project. “Honestly, he

One of his favorite movies of all-time is

could not have been a nicer guy—a total

“The 400 Blows,” a 1959 coming-of-age

gentleman, totally committed,” he says.

tale, which helped teach him the impor-

Encounters like that—and an early

tance of creating characters that the

streak of success—have left Ingelsby

audience can identify with.

with a pretty positive impression of

“You have to be able to hit the key parts a studio needs, like having a trailer that gets people excited,” he says. “But

Hollywood. But he admits that life along the red carpet has its ups and downs. “I wouldn’t consider myself a fan of

the best movies allow people to see

the movie business. It can be a strange,

something in themselves.”

tough business, and it requires a thick

Another of his favorites is “In the

skin,” he says. “That said, you’re given

Bedroom,” a 2001 tragedy starring

a chance to tell stories and have those

Sissy Spacek, about a young man

stories brought to life visually. To me,

who falls in love with an older woman

the highs outweigh the lows.”

and is later killed by her ex-husband.

He also appreciates his good

The film, produced and directed by

fortune. “In film school, you’re told if

Todd Field, earned five Academy

you make it within 10 years, if at all,

Award nominations.

you’re lucky,” he says. “I feel blessed

Earlier this year Ingelsby wrote a

to have been given this opportunity.

script for Field, whom he describes as

The trick now is to prove you’re not a

“one of the smartest guys I’ve ever met.”

one-hit wonder.”  — Kit Gray Wolverton

Of the 40 to 60 students a year she taught in a screenwriting class in the university’s communication department, Ingelsby stood out as an “extraordinarily talented” writer who was “just on his own level.” “His script was just different than everyone else’s,” she says. “It was very character-driven and at a level of maturity that you usually don’t see in students.” His first script was so good, in fact, that fellow students had trouble offering constructive criticism, Seale says. “You want people to tell you how to improve it,” she says. But when he presented his work, “students just fell silent.” When Seale offered the young screenwriter feedback, he took it in stride, using it to improve his writing. That showed her that he had the temperament to make it in the business. “He understood that it’s not about you; it’s about the work,” she says. “You’re not going to get strokes from anyone.”

spring 2010  |  villanova business

41


faculty Research

Why Pink and Yellow Are En Vogue verywhere you turn these days, people are wearing pink and yellow bracelets and sports gear to support cancer research and other charitable causes. Why have these corporate social responsibility (CSR) products become so popular, and what makes people actually purchase them? New research by Aronté Bennett, assistant professor of marketing and business law, and Amitav Chakravarti of New York University shows that for consumers it’s important to wear their charity on their sleeve–literally. The researchers found that the “social signaling” potential of a product factors widely into consumers’ purchasing decisions. Consumers clamor for CSR products that send out highly visible, social signals to their friends, family, peers, and co-workers regarding their kindness and charitable nature. But pink and yellow devotees aren’t just showing off, the researchers found. Consumers also like the more private “self-signaling”—a reminder of their 42

villanova business  |  spring 2010

benevolence—potential associated with these products, even when a strong public social signal is absent. The research was composed of three studies. The results across all three studies indicate that when products had a CSR-association, like donating a portion of proceeds to LIVESTRONGSM, the cancerresearch charity, the products with high “social signaling” potential were evaluated more favorably. “Embedding a CSR-associated product with high visibility, such as color (yellow headphones on iPods for LIVESTRONG, or pink products for breast cancer) is key because consumers derive greater self and social-signaling benefits from more visible CSR-associated products,” Bennett says. Marketers heeding Bennett’s and Chakravarti’s findings, who are eager to tap consumers willing to pay a premium for CSR-branded products, would be wise to include larger graphics, brighter colors, and emphatic reminders that purchasing a CSR product is to “do good.”

“ Embedding a CSRassociated product with high visibility, such as color, is key because consumers derive greater self-signaling benefits.

illustration: dan page

E


Do Terror Alerts Cause Turbulence in the Stock Market?

Think Globally for Corporate Social Responsibility

I

A

n the first report to look at how the U.S. Department of Homeland Security’s “terror alerts” affect the U.S. equity markets, Finance Professor Michael Pagano found that increases in the threat level increased volatility in the stock market, but that the magnitude of these effects decreased over time. Pagano, who previously worked in the financial-services industry with Citibank and Reuters America, attributes these findings to two possible causes: that investors and traders began to ignore the warnings because they thought the Department of Homeland Security was “crying wolf,” or that the terror threats became less informative about the nature of the threat, warranting a collective shrug from the markets. Overall, Pagano found that the U.S. stock markets responded fairly well to the threat of sudden terrorist activity. Terror alerts negatively affected the returns of airline stocks, he found,

while the alerts positively affected defense contractor stocks. There was evidence that informed traders are more active when there is an increased threat of an attack, as investors quickly try to alter their portfolios based on any information they can glean from the alert. In an analysis of daily equity returns from 2002 to 2006, Pagano’s research showed increased volatility lasted about 10 trading days following the announcement of a terror alert. In that time frame, which included 1,200 trading days, 16 days had alert changes. Using data from seven indexes including the S&P 500, NASDAQ and Russell 2000, Pagano compared the alert days to the non-alert days against the Options Exchange Volatility Index (VIX or “fear index”). If a major terrorist strike occurs in the future, the professor recommends that investors use “put” options or “hedging” techniques.

SEC’s Changes to Proxy Access Rules for Naught?

J

ust as the SEC is set to make historical changes to shareholder proxy access rules that would give U.S. shareholders more power and similar rights as shareholders in the United Kingdom, Assistant Professor of Finance Tina Yang released new research indicating that the current U.S. system is better than the U.K. system. Professor Yang and coauthors Bonnie Buchanan, Albers School of Business, Seattle University, and Jeffry M. Netter, Terry College of Business, University of Georgia, discovered that U.S. shareholder proposals have more significant and positive impact on firms than those in the United Kingdom. In fact, U.S. shareholder proposals have a significant positive impact on long-term stock performance, CEO turnover, and restructuring company boards.

The findings call into question the SEC’s decision on proxy rules, and if proposed changes to give investors more power will really make a difference. The SEC’s changes would allow certain shareholders to use a company’s board-election process to nominate directors who are opposed to management. Currently, United Kingdom law permits investors to propose resolutions directly at shareholder meetings and to nominate candidates, which is not allowed in the United States, but is under consideration by the SEC. Professor Yang’s research investigated the possible outcomes of the most significant changes to proxy rules by the SEC since 1942 by analyzing 3,793 shareholder proposals for 757 U.S. firms between 2000 and 2006, and comparing them to 496 shareholder proposals from 85 U.K. firms.

research study by Professors Charles R. Taylor and Ronald Paul Hill with Karen Becker Olsen of the College of New Jersey demonstrates that global, corporate social responsibility (CSR) programs can reap positive consumer perceptions for companies. The study examined the reactions of consumers in both the United States and Mexico to Nokia’s global CSR initiative, “Make a Connection,” which is run with the International Youth Foundation and promotes positive youth development by improving educational opportunities. Results of the study indicate that generally both the Mexican and U.S. consumers report favorable attitudes toward company involvement in CSR programs, with Mexicans responding even more favorably than their U.S. counterparts. However, U.S. consumers were significantly more likely to expect firms to engage in CSR efforts. Notably, the source of the message (company vs. nonprofit organization) made no difference in customers’ attitudes toward the sponsoring company, or their likelihood of purchasing. In other words, promotional messages related to corporate social responsibility programs can be communicated effectively by the nonprofit organization, the company, or both. Another major finding of the study: In both countries, consumers had more positive reactions in terms of attitude enhancement, brand identification, and perception of a firm’s reputation when they were exposed to a message indicating the program had global reach. “This means that global programs actually enhance company reputation more than local programs,” Professor Hill says. “And it suggests that it may be possible for large multinationals to standardize the use of global reach in communications about CSR programs.”

spring 2010  |  villanova business

43


faculty Research

Marketers vs. Counterfeiters ith revenues hovering in the $1 trillion range, it’s clear the counterfeit market is thriving. What can marketers do as counterfeiters move beyond high-fashion merchandise to include health and safety products, automobile parts, cigarettes, and even pharmaceutical drugs? To protect consumers against deceptive purchases and to do their part to curb black-market consumption, marketers must understand what drives people to “go fake.” Once consumers’ motivations are clear, marketing strategists can serve as change agents to prevent the flow of counterfeit goods. Research by Professors Peggy Chaudhry and Stephen Stumpf have identified five tactics that industry professionals can institute to develop more educated and savvy consumers.

2. Identify Successful

4. Commit Resources to

‘De-Marketing’ Techniques

Eradicate Pirates

Learning from successful “de-marketing” campaigns that have decreased alcohol and cigarette consumption, marketers can implement similar strategies to address consumer complicity with imitation products. Successful tactics center on messages that use fear, rewards, and role models in antipiracy advertisements. For example, Pfizer launched a “regurgitated rat” campaign to build consumer awareness on the potential harm of fake drugs purchased over the Internet. The Motion Picture Association’s “You Can Click But You Can’t Hide” advertisement also honed in on a “fear of prosecution” theme.

The intent to defraud consumers through the imitative packaging of counterfeit products is forgery, a felony crime of the federal government in all 50 states. The government should commit resources to eradicate pirates, as well as remove bogus goods from retail shelves. Brand managers also should aggressively pursue this type of litigation against pirates. Companies cannot rely solely on enforcement through government and police intervention.

3. Create Credible Links to 1. Develop Better Measures

Organized Crime and Terrorists

of Involvement

There is evidence by governments around the world and brand managers that many counterfeit products are the work of organized crime, and profits earned are used to fund terrorism. Some agencies, such as the Federation Against Copyright Theft, have run advertisements using the slogan, “Terrorist Groups Sell Pirate DVDs to Raise Funds,” to inform complicit consumers that supporting counterfeit markets is not as harmless as they suppose. The most difficult task for marketing managers is to prove the connection to terrorist-linked suppliers is valid. As consumers, we know very little about these suppliers and some media glorify the pirates as heroes who redistribute wealth to the needy.

When evaluating consumer behavior and counterfeit products, it is important to understand the behaviors involved. The researchers developed a “composite index of complicity” that provides insight into consumer behavior and includes variables such as the role of peer buyers, whether consumers would give or take fake merchandise from a friend, and the shopping environment where consumers had either a positive or negative experience obtaining a fake product.

44

villanova business  |  spring 2010

5. Empower the Consumer and Arm Them With Product Education

Companies can empower consumers to confirm the authenticity of their purchases. For example, Provalidate, a software firm, is developing an electronic warranty card for many companies that enables the consumer to authenticate their purchase at the brand owner’s website by using a sophisticated system of verification codes that also allows marketers to collect consumer data. Using an electronic warranty card for both physical and virtual purchases to ensure authenticity can empower consumers to buy legitimate products and encourage them to steer clear of the danger of underground merchants.

Peggy Chaudhry is an Associate Professor of Management and Operations. Stephen A. Stumpf is a Professor of Management and the Fred J. Springer Chair in Business Leadership. Their research was originally published in both the Wall Street Journal and MIT’s Sloan Management Review. Please visit www. villanova.edu/business/newsmedia to read from these publications.

illustration: dan page

W


Innovation, Creativity, and Entrepreneurship

VSB Launches ICE Center

T

he ability to create fresh new ideas, concepts, and opportuni-

ties is a highly desirable commodity in the workplace. Companies of all sizes

Dean James Danko; Ken G. Smith, president of the Academy of Management; ICE Center Director Patrick Maggitti; and Associate Dean Ronald Hill.

ICE Center Hosts Mini-Conference and Research Retreat

value individuals who can think creatively

The Center for Innovation, Creativity, and Entrepreneurship

about ways to improve outcomes.

at the Villanova School of Business held its inaugural Mini-Conference and

It is with this paradigm in mind that

Research Retreat at the Villanova Conference Center in May 2009.

the Villanova School of Business (VSB)

A number of internationally known researchers from Stanford University, the

is launching the Center for Innovation,

University of Maryland, Temple University, Penn State University, and the University

Creativity, and Entrepreneurship (ICE

of Texas at Austin, along with faculty from VSB, discussed ongoing research in

Center). Under the leadership of Patrick

management strategy, entrepreneurship, and innovation.

Maggitti, PhD, the ICE Center will

Attendees of the event examined several papers based on how individuals and

serve as a driver of scholastic, educa-

groups search for information, as well as the effect that group processes and team

tional, and professional development

conflict can have on innovation and financial success. The meeting also served as

opportunities to promote innovation,

an opportunity to discuss scholarly work and research in the areas of innovation

creativity, and entrepreneurship within

and entrepreneurship,

VSB. Professor Maggitti and Associate Director James Klingler, PhD, who has been heavily invested in developing entrepreneurial programs at VSB, hope

opportunities in both existing and new

know firsthand the value of having a

the new center will help translate the

organizations,” says Dean James M.

strong network of support. Ideally, we

inherently creative nature of college-age

Danko, The Helen and William O’Toole

can provide this for Villanova students

students into innovative productivity in

Dean. Dean Danko believes the new

thinking about starting their own busi-

the business world. “Villanova students

center will add to VSB’s strengths in

nesses. For example, this presents a

must learn to be entrepreneurial

world-class research and add to its

tremendous opportunity to link our

whether they are small cogs in a big

reputation for innovative curricula. “As

alumni as mentors to these students.”

machine, or they choose to start their

a former businessman who relied on

own companies,” says Maggitti, who

innovation as a foundation of my own

director of the center, Patrick Maggitti

adds that helping students develop the

success, I have always been an advocate

also becomes the Carmen and Sharon

ability to help others think creatively

for entrepreneurial programs. I see great

Danella ICE Center Director. The

also is an important part of the

potential for the ICE Center at VSB.”

Carmen and Sharon Danella Endowed

center’s mission.

Professor Maggitti agrees, and adds

In addition to serving as the faculty

Chair in Business Innovation was estab-

that the ICE Center will provide a similar

lished to support the director position

highlights the emphasis VSB places on

foundation for VSB students who

and to provide resources to advance

developing decision-makers who are

are just launching their own business

innovation, creativity, and entrepre-

capable of assessing and recognizing

careers. “As an entrepreneur myself, I

neurship initiatives at VSB.

“The creation of the ICE Center

spring 2010  |  villanova business

45


Innovation, Creativity, and Entrepreneurship

Living an Extraordinary Life According to Actor and Businessman John O’Hurley

of us have woken up today saying, ‘I want an ordinary life.’

t is no coincidence that

Center seeks to provide opportunities

Patrick Maggitti asked entertainer

to develop and highlight their entrepre-

and businessman John O’Hurley to serve as the inaugural speaker for the

villanova business  |  spring 2010

While many schools have created

newly formed ICE Center. In addition

centers for entrepreneurship, the ICE

to his television success on the shows

Center at VSB does more than serve as a

Seinfeld, Dancing with the Stars, and

support mechanism for students wishing

Family Feud, O’Hurley has been entre-

to start their own businesses. The ICE

preneurial in leveraging his talent into a

Center addresses trends that could have

second career as an innovator, performer,

a large impact on the general population

and businessman.

and in our changing world.

“The ICE Center has been created

46

neurial spirit as well.”

In order to illustrate VSB’s commit-

to foster a culture of creative, innova-

ment to the ICE Center’s mission and to

tive, and entrepreneurial thinking within

celebrate its launch, on November 16,

the Villanova community,” according to

2009, John O’Hurley spoke to more than

Center Director Maggitti. “Our students

250 attendees in the Villanova Room of

already are known for being among the

the Connelly Center about how to live an

best and most well-rounded. The ICE

extraordinary life.

PHOTO: Jim Roese

“ I don’t think any

I


Innovation, Creativity, and Entrepreneurship

Commitment to Innovation, Creativity, and Entrepreneurship In an excerpt from his lively address, John O’Hurley provided instructions on how to live the J. Peterman Guide to the Extraordinary Life “I don’t think any of us have woken up today saying, ‘I want an ordinary life.’ No one has said, ‘I want to swing from the middle rung of a ladder.’ In each one of us there is a desire to have an extraordinary life. What is an extraordinary life? It is not an extreme lifestyle. It is a quality that has nothing to do with power or money, and I present it as an idea for those who are trying to find a more meaningful life. “An extraordinary life has three characteristics—accomplishment, balance, and meaning. And you have to have all three. How do we get there? We get there by imagination, contemplation, and appreciation. “What you imagine has value. It is the seed of all things extraordinary. Everything has to begin with a good idea—that way, if you fail to execute, you are still left with that good idea. I put value on my imagination. The greatest tragedy is that people believe that other people’s ideas are better than their own. Unlock your imagination by daydreaming as much as you can. Why? Your daydreams do not lie. The hard part of imagination is taking your dreams and turning them into accomplishments. The daydreams will make you want to take a leap of faith. If you leap, the net will appear, but you have to commit to the leap. How often do we hear about great ideas that are dropped? I invite you to make a promise that you will daydream more and that you will commit to plan that daydream, and you will commit to imagine it. “Balanced people are fascinating. They are still. They are unshakable and seem to move in and out of time undisturbed. They listen when engaged in conversation. Balance is achieved by contemplation. Contemplation teaches us to be still and to listen. Contemplation leads us away from the past and future and takes us right to the present. If we live in the past and the future, we are filled with regret and worry. The only place there is true meaning is by living in the present, because that is where the richness and stillness is found. Find a way to be still and to listen. “The final element is appreciation—our ability to give back. Appreciation is what gives our lives meaning. Showing gratitude is the best way to give back, not just for the big things, but for the small, too.”

T

he excitement of faculty, students, and staff about the development of the ICE Center confirmed not only a need for this center but also the need to prepare VSB students for a business world where these types of skills are important. From the onset, alumni and key supporters wanted to shape the center, says Dean James Danko. “It is support from our alumni that has helped to make the ICE Center a reality. VSB is grateful to alumni Patrick F. Meyer VSB ’74, Daniel J. Hogarty VSB ’61, and Kevin M. Curley VSB ’80 for providing initial support, guidance, and great interest for VSB to focus in this area. The school also recognizes Carmen, Sharon, and James Danella, who have provided the support necessary for an endowed Chair in Business Innovation to support the director position. VSB has established Centers of Excellence designed to focus attention on critical business issues and to leverage the expertise of faculty, often in a cross-disciplinary way. Centers support faculty research, teaching excellence, curriculum development, and the intersection of research and business practice.

spring 2010  |  villanova business

47


In Closing

The Villanova MBA Type V Personality: The V Factor In each of the past two cycles, the Villanova MBA has been ranked top ten in the nation by BusinessWeek for academics. Students at the Villanova School of Business all share several common traits— commitment, curiosity, and responsible citizenship— which set them apart as “Type V” students. With the needs of the “Type V” student in mind, faculty and staff of the Villanova School of Business recently redesigned its curriculum to ensure that the experience in the classroom translates to professional impact in the workplace. The new curriculum, launched in the summer of 2009, was developed based on feedback from alumni, current

Students pursuing their MBA at the Center City location have access to a first-class learning environment in contemporary state-of-the-art classrooms.

students, corporate leaders, and subject-matter experts.

schedule. Both tracks support

The program emphasizes

students’ careers and work

a business education that

schedules, so they continue

blends theory and practice.

to progress professionally,

The Villanova MBA is

build their network, and add

offered in two locations, on

value to their organizations.

the main campus of Villanova

48

The first course devel-

University and in Center City

oped as part of the new

Philadelphia, and features

curriculum, “Managing in

two distinct tracks—the Flex

a Post-Bailout Economy,”

Track and the Fast Track.

was profiled in the Wall

Both options allow students

Street Journal. The program

to pursue their degrees

features two embedded

part time and on a timeline

consulting projects (one

that will allow them to best

global and one working for a

balance their lives, careers,

local nonprofit organization),

and education. The Flex

cross-functional courses

finance, marketing, sustain-

management, operations, and

Track is a self-paced option

that challenge students to

ability, talent management,

supply chain.

that allows maximum flex-

approach problem solving

innovation, creativity, entre-

ibility, while the Fast Track

in a systemic way, and an

preneurship, management,

programs and find out if you

allows working professionals

increased number of elective

leadership, accounting, real

are a “Type V” student at

a predictable, two-year

offerings including courses in

estate, healthcare, change

www.mba.villanova.edu. V

villanova business  |  spring 2010

The “Type-V” campaign appeared in area SEPTA stations, regional rail lines, busses, and billboards to bring greater visibility to the top-ranked Villanova MBA and to the opening of the Center City Philadelphia location.

Learn more about these


ARE YOU A

TYPE V PERSONALITY? You know strategy matters. So do we. THE TOP RANKED VILLANOVA MBA Now in Center City. Are you a Type V?

FIND OuT mba.villanova.edu


Nonprofit U.S. Postage

PAID

Villanova, PA Permit No. 5

VILLANOVA SCHOOL OF BUSINESS 800 Lancaster Avenue Villanova PA 19085

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