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THEBIZ Staff Newsletter Issue 4 November 2010



CONTENTS Head of School Round Up




School News


New Staff






Advisory Board Article


Corporate Development


School News


Marketing / PR


Undergraduate News


Staff News




THE BIZ - Issue 4


HEAD OF SCHOOL ROUND UP Dear Colleagues, As I write this we are most of the way through the first semester of 2010. I hope that things are going well for you. The move into the new building and associated commissioning of equipment was accomplished just in time for the start of the semester. This impacted on us all in different ways, but placed particular load on our colleagues in IT and those connected with facilities – it was a great achievement to have all our essential systems operational for the arrival of the students. The completion of the building, snagging and sorting out furniture, fixtures and fittings is continuing. Getting the heating system stable seems to be a particular challenge at the moment - over the last few days we’ve moved from a situation where a number of rooms were too warm to having a number of cold areas in the building. Colleagues from Interserve continue to work on this and other snags. The landscaping work outside also continues, though this has been delayed by quality issues with many of the slabs (which also mean that many of the slabs already laid may have to be taken up and replaced). If you spot issues with the building, don’t forget that you can log these on the fault reporting system on School Biz at: building-feedback?category_id=4 Now that we have been in the building for three months we have learned a lot about how people use the available spaces. The syndicate rooms in particular have proved very popular and matching demand and supply has sometimes been a challenge. We are looking at a number measures to address this. These include the possible conversion of a couple of rooms on the 4th floor for use as staff meeting rooms, the provision of tables in the breakout space on the lower ground floor (outside LT3 & 4) to provide more group working space and a number of other measures. We have also acquired 16 and 17 Buccleuch Place, directly opposite the Buccleuch Place entrance of the main building. Number 16 has just been refurbished, and 17 will be refurbished in the course of this year. This will give us extra space for a number of purposes, including the new Undergraduate Resource Centre which will move from its current temporary location in 4

Buccleuch Place. The UG Resource Centre opened in September and provides study and group working space for honours students and is proving to be popular with the students. At the end of October our 2010 intake across all our programmes stood at 656, against our target of 661, after accounting for transfers and early attrition. This comprises 358 MSc students, 53 full-time MBAs, including the international MBA, 14 part-time MBAs, 207 undergraduates and 24 PhDs. We were a little below our target for the MScs and the MBA due to higherthan-anticipated attrition at the last minute but ahead for undergraduates, with international undergraduate recruitment being particularly strong this year. The two new Marketing MScs, Marketing and Marketing and Business Analysis performed particularly well. The part-time MBA was significantly short of target this year, a pattern which is common across the sector in the present climate, but something we will have to consider carefully. We have had a very strong start to postgraduate recruitment for 2011 entry. As of mid November, we have received over 1,800 applications, a 64% increase on the same time last year. We continue to pursue a strategy of pricing and positioning at the upper end of the market, whilst keeping to MSc cohort sizes of around 70. We finished the 2009-10 financial year with a healthy surplus, although we will see a significant rise in our salary bill in 2010-11 due to the substantial recruitment of new colleagues over the last few months. We had budgeted for a significant growth income this year, which we should still achieve, although due to the slight shortfall in PGT recruitment against target, we estimate that this be about £250K less than originally forecast. Because of our quite aggressive growth targets, this shortfall means slower-thananticipated growth not retrenchment. The University as a whole is preparing for the fallout from the Public Spending Review, and there is not yet a clear picture of how this will pan out in Edinburgh, or indeed in the Scottish higher education sector as a whole. The University is planning for reductions in the state funding for teaching for next year, but the exact amounts are still under discussion, with figures in the 4%9% range being mentioned. Less than 20% of the Business School’s teaching

income is from government, so in theory we should be able to weather a reduction to this without too much pain, but we need to be aware that other forces are at work also. Everyone is likely to be scrambling for post graduate students and international undergraduates in order to compensate for reductions in state funding and this may unleash some interesting market dynamics. Audrey Healy has organized a series of regular Friday morning ‘coffee and cake’ sessions which are a chance for colleagues to meet informally in the Staff Common Staff every other Friday. We had the first of these on 12 November which was a great success – do come along to future ones if you can. I’m conscious that we have not yet had a School Plenary Meeting this semester - we will get a date in the diary for one before Christmas. (For new arrivals, School Plenary Meetings are held approximately three times a year and are open to all staff. Plenaries provide a chance for people to raise issues of general interest and to discuss and exchange of views in open forum). In previous years, plenaries have usually taken a whole afternoon – this year we are going to experiment with a ‘plenary-light’ model of shorter, but more frequent plenaries). From the start of this academic year, minutes of meetings of the Heads of Groups Forum and of the Executive Team have been posted on School Biz, the School’s intranet. You can find these in the ‘Committees and Boards’ section of School Biz, along with the schedule of meetings for the year. Don’t forget about the School’s Christmas Party on 17 December, a bargain at just £10 per head including wine – please book your place with Ailsa Morrison in Accounts. Best Wishes,

Feel free to contact Head of School Nick Oliver, on 503811.

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WHAT’S IN A RANKING? Hotly disputed, eagerly anticipated, loved and hated rankings are an important reputational factor and a key recruitment tool for Business Schools. There are four key rankings that the School features in – The FT MBA rankings, The Economist Rankings, The Research Excellence Framework and the National Student Survey. While the Business School participates in rankings, we acknowledge it’s an imperfect system. Results can only ever be a measure of the market at a particular point in time. Student rankings often reflect the prevailing conditions such as salaries, jobs available and the situation at the school at the time the survey was carried out. All rankings use different criteria and a School should never be measured based on ranking alone. However whilst rankings are far from the only thing that matter in terms of reputation, they are often the first port of call for students and certainly are the most debated topic amongst our alumni. The latest Financial Times ranking of fullTime MBA programmes was published in January. Our MBA is ranked 15th in the UK, 24th in Europe, and 89th in the world. This ranking represents an improvement on last year’s performance across all geographies. This is the 10th consecutive year that Edinburgh features in the global top 100. LBS topped the ranking with US Schools occupying the next 3 places (Wharton, Harvard and Stanford). There are 16 UK schools in the top 100, with 9 in the top 50. The School retains a long term average ranking of 73. The School also features in the European Business School rankings and is exploring entering the Masters in Management rankings. The Economist rankings were published in October with Edinburgh ranked 75th in the world, 30th in Europe and 14th in the UK representing falls of 8, 8 and 4 places compared to last year. Chicago-Booth topped the ranking with US Schools occupying the top 3 places (Dartmouth – Tuck and UCAL BerkleyHass). Cranfield is the leading UK school in 15th position. There are 17 UK schools in the top 100, with 6 in the top 50. If you look at the rolling average of the School over the past seven years we rank at a relatively solid 49.

At a macro level the Economist’s results caused a major upset for European Schools with American schools surging to the top of the list. Economic factors played their part with average salaries in Europe falling this year - a reliance on high paid financial roles had inflated average salaries in the past. Fluctuating currency rates also factored with salaries listed in dollars for comparison purposes. We’ve seen similar challenges with the FT rankings year on year where incremental changes in for example no. of PhD students, nationality of board members or female faculty can lead to significant moves up and down the in the rankings.


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To date the Business School has not actively ‘played the rankings’ so we have not tried to influence our alumni in how they respond to rankings nor have we made strategic school-wide decisions with rankings as a particular driver. When you review the performance of some peers Schools however we cannot help but wonder how level the playing field is in terms of approach. Certainly for 2011 we will be increasing communications with students on programme to communicate the importance of the rankings. At the undergraduate level the main ranking mechanism is the National Student Survey (NSS). January sees the launch of the 2011 NSS. Entering its seventh year, the NSS is a UK-wide census of students in the final year of a course leading to undergraduate credits or qualifications. In 2010 the Business School scored a score of 82% overall student satisfaction. This was a slight drop on the score of of 85% satisfied in 2009. Results of the NSS also feed into other surveys such as The Sunday Times University Guide.

The Research Assessment Exercise was introduced in 1986 as an explicit and formalised assessment process of the quality of research across all higher education institutes. This has evolved to become the Research Excellence Framework (REF) which will next be conducted in 2012. In 2008 Edinburgh had an overall score of 2.45 and of its research 10% was ranked world-leading 4* and 40% internationally excellent 3*. If we looked at overall UK scores 17% of research was world-leading and 37% internationally recognised. Unlike peer Schools the 2008 results did not result in significant improvement over previous RAE scores. Following the release of the RAE 2008 results, research performance has been analysed by Subject Groups and the School is working hard to ensure that each Subject Group turns in a good performance in the forthcoming REF. A new Research Committee was also formed in 2009 to oversee the School’s research activities. In the area of research, major initiatives for 2010 include a review of the PhD programme, the inclusion of research activity in the resource allocation model, and strengthening of monitoring and mentoring of research activity. All of these initiatives are heavily focused on preparation for the next REF. In addition research contributes to performance in the FT rankings. Any drop in any ranking is unwelcome news but we would caution rankings are but one amongst many measures that influence the reputation of a School and its graduates. We are working on many things to ensure that any dips are transient including an ongoing review of the MBA programme (we recently introduced leadership courses, new specialisation pathways and certificates), investment in student projects, as well as increased consultation with students on programme, a revamped programme of alumni communications, and of course the new building. For the undergraduate students we have introduced new Year Heads and new initiatives such as the

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RANKINGS ‘Insight into Management’ programme. Career development is always of great importance for our students and we are undertaking a strategic review of the School’s career provision. Early indicators from the School’s submission to the 2011 FT rankings are generally positive but all scores are relative and there are many variables beyond our control so we will have to wait to find out in January. We are acutely aware of the importance of the rankings to all staff and students and are working hard to improve our performance in 2011. We remind you all however that rankings are not everything – they do not measure innovation, School ethos, atmosphere, faculty, location and relevance to industry sectors – many areas in which Edinburgh is much differentiated from other schools. Methodology – FT Rankings – Global MBA - published January The ranking methodology uses information from two main sources. A survey completed by the School covers issues such as composition of faculty, research output and gender mix. Secondly, surveys are completed by full-time MBA alumni from three, four and five years ago, covering factors such as current salary, change in salary after completing the MBA and ratings of a number of features. The ranking is based on about 20 criteria which fall into three main categories. The first one is how well alumni do after they graduate. The second one is the international perspective of the course which is measured through internships and faculty and the international


complexion of the students. And then the third one is the ideas generation looking to identify which schools are producing the big new ideas in management looking at research, PhD programs etc. The measures are weighted differentially; salary-related indicators contribute 40 per cent of the overall score. The alumni surveys are also weighted - the survey from three years ago is weighted as 50 per cent, and those from four and five years ago 25 per cent each. The FT rankings are fully audited. Methodology – Economist Rankings – published September / October There are two surveys, one completed by school and the other completed by current students and alumni who graduated within the last 3 years. The School data contributes to 80% of the ranking and the student data 20%. Rankings are weighted with 35% focused on the school opening new job opportunities for students 35% focused on education and personal development, (including rating of staff, no. of faculty with PhDs and ratio of faculty to students), 20% on salary increase and 10% on potential to network. Memory has been built into the rankings by taking a weighted average of 2010 (50%), 2009 (30%) and 2008 (20%) data to provide a rounded picture of the school. Sudden movements in data, which might not produce an immediate increase in quality, are thus reflected gradually, much as the improvement would affect students. The Economist rankings are not audited.

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Methodology Research Excellence Framework (REF) The Research Excellence Framework (REF) is the new system for assessing the quality of research in UK higher education institutions. It will replace the research assessment exercise (RAE) and will next be completed in 2014. The REF will be a process of expert review, informed by indicators where appropriate. Expert sub-panels for each of 36 units of assessment (UOAs) will carry out the assessment, working under the guidance of four broad main panels. Institutions will be invited to make submissions to each UOA, to be assessed in terms of quality of research outputs, wider impact of research and the vitality of the research environment. As the process is new for 2014 there is still some uncertainty as to what it will look like. Methodology National Student Survey (NSS) – published July NSS is our undergraduate students’ opportunity to give their opinions on what they like about their time at the institution as well as things they feel could be improved. Their answers are anonymous. The survey is administered by Ipsos Mori an independent market research agency. Eligible students complete the survey online between early January and the end of April. Students receive an e-mail inviting them to complete the survey online. There are 22 questions, relating to the following aspects of the student learning experience: teaching on my course, assessment and feedback, academic support, organisation and management, learning resources, personal development and overall satisfaction.

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SCHOOL NEWS BUILDING PHOTOGRAPHY In August Rob Brady photographer came along to take some photograph of the new building. Thanks very much to those staff and students who very kindly agreed to be photographed. See below some of the images from the day’s shoot. These pictures of the new building can be used for marketing and promotional uses. To use imagery please speak to Audrey Healy

BUILDING SNAGGING You’ll have noticed that contractors are still working away through the building. If you have any problems with your office space or spot anything that needs attention please remember to use the online log:

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NEW STAFF KENNETH AMAESHI, SENIOR LECTURER IN STRATEGY & INTERNATIONAL BUSINESS - (ROOM 2.16) Kenneth Amaeshi is a Senior Lecturer in Strategy & International Business. His research interests are sustainable business; corporate governance; business self regulation; corporate social responsibility and firms in developing economies. DAN BLACK, LECTURER IN MANAGEMENT SCIENCE - (ROOM 3.32) Dan Black is a Lecturer in Management Science. You may remember him from his time as a postdoc here a few years ago (he has since been at Lancaster). His research looks at modelling real world problems and how these models can affect the decision making process. Problems he has worked on include stochastic inventory problems and green logistics problems. ADAM BOCK, LECTURER IN ENTREPRENEURSHIP - (ROOM 3.19)

business development and relationship management. Douglas completed an honours degree in Law and French from the University of Glasgow, and a Masters in International Comparative Law from Universiteit Maastricht.

has founded and worked in various multinational firms in 22 different countries in Africa, Europe and the USA. Omaima has a BSc in Engineering and an MSc in Management from the American University in Cairo.



Ian Gregory-Smith is a lecturer in management science and business economics. He has a BA in Industrial Economics and an MSc Economics PhD Corporate Governance and Executive Remuneration (Nottingham). Prior to his PhD Ian worked in the corporate governance industry providing research for institutional shareholders. Ian has taught several courses in the field of microeconomics and quantitative methods at the University of Nottingham and in Ningbo (China).

Dimos Kambouroudis joined the Business School in August 2010 as a Teaching Fellow in Finance. Prior to this he was a Teaching Fellow in Finance at Durham Business School. He is a PhD candidate at the University of St. Andrews School of Management and is also studying for the PG Certificate in Academic Practice at Durham University School of Education. He holds an MSc in Finance and Investment from Durham University, an MSc in Computer Based Information Systems and a BA (Hons) in Business Administration from the University of Sunderland.



Adam Bock joined the School as Lecturer in Entrepreneurship in 2010. Also this year he completed his doctoral studies at University College London. He has an MBA in Entrepreneurship from the University of WisconsinMadison School of Business. Adam’s research has focused on business models and organisational change at innovative entrepreneurial firms. Prior to his academic studies, Adam co-founded two university spin-off companies in the medical device sector and served as interim CEO of a third.

Ufuk Gucbilmez joined the Business School in August 2010 as an accounting and finance lecturer. He is working towards the completion of his doctoral studies in finance at Lancaster University. His research interests lie in the area of corporate finance. He is particularly interested in applying real options approach to investment problems when there is information asymmetry and moral hazard.


Jens Hagendorff joined the School in 2010 as a senior lecturer. Before that, he was a lecturer at The University of Leeds (since 2007). He holds a PhD (Finance), MA (Economics) and BA (Economics and Management) from The University of Leeds. Jens is also a Research Fellow at the Financial Stability Department of the Spanish central bank (Bank of Spain) and a visiting scholar at the Research Department of the Federal Reserve Bank of Atlanta.

Iain Black joined the Business School in September 2010 as a marketing lecturer. Prior to that he worked at the University of Sydney. He has also held a lectureship at Strathclyde University, where he completed his PhD. His research and teaching interests are sustainable consumption. DOUGLAS GRAHAM, STUDENT PROJECTS MANAGER - (ROOM G.12) Douglas Graham is the Student Projects Manager for the Business School. This is a new role with a remit to build contacts with the business community and securing projects and placements for MBA and MSc students. He joins us from the Edinburgh office of Thomson Reuters, where he worked on



Lucia Lavric, Carbon Business Development Fellow is an energy and environmental economist with eight years experience in more than 10 countries for clients including the European Commission, EuropeAid, the World Bank, US AID, UN Development Programme, DECC, National Audit Office, DfT, DEFRA, Environment Agency, numerous private companies and NGOs. In her most recent role she was Principal Consultant at Entec UK where she specialised in emissions trading policy design and implementation as well as energy sector modelling and managed numerous consultancy projects. GEORGIOS VOULGARIS, POSTDOCTORAL RESEARCH FELLOW - (ROOM 3.01) Georgios Voulgaris joined the Business School as a Postdoctoral Research Fellow in Accounting & Finance in September 2010. He holds a BSc(Accounting & Finance) and an MSc(Applied Economics & Finance) degree from the Athens University of Economics & Business (AUEB). He is in the process of completing his PhD in Accounting & Finance from Manchester Business School.

Omaima Hatem joined the Business School in 2008 and engaged in PhD research on entrepreneurship, strategy and international business with specific interest in emerging markets. Over the last 25 years she THE BIZ - Issue 4


RESEARCH RSE/SCOTTISH ENTERPRISE FELLOW STARTS AT THE BUSINESS SCHOOL Spyridon Tsakas, a graduate of the Business School, has been awarded an Enterprise Fellowship to develop his medical device company Eulysis Ltd. The aim of the programme is to increase the commercialisation of the Scottish academic research base, raise understanding of commercialisation in Scottish universities and research institutes, and to create sustainable companies with high-value jobs. The programme is funded by Scottish Enterprise and delivered by the Royal Society of Edinburgh. Enterprise Fellowships offer: • A year’s salary to develop a commercial proposition and product, hosted at a university or HEI • Business training to prepare a viable business plan • Access to networks of mentors, business experts and professional advisors • A “once in a lifetime” opportunity Eulysis Ltd. is a device development company that has successfully developed and patented an innovative single

vial system device to help companies in the pharmaceutical, nutritional, diagnostic and cosmetic industries cut costs and create simpler products. The company plans to develop and manufacture these devices in Scotland. Spyridon’s goal during the 12 month Fellowship is to collaborate with local diagnostic companies that can benefit from the use of the single vial system proposed. He hopes to secure a contract with an SME which will enable expansion and profit generation in the first year, with minimal costs due to licensing and low investment requirements. Beyond the first year, the company plans to distribute more widely, becoming recognised as a local Scottish start-up that has created a significant innovation in the life sciences sector. Spyridon has recently graduated from the Business School’s MSc in International Business and Emerging Markets, and his dissertation covered the market feasibility and profitability of this project. He believes Scotland is the best location for developing the company, since it is so heavily invested in the life sciences and has a so much expertise locally.

ESRC ANNOUNCES LATEST KNOWLEDGE EXCHANGE SCHEMES Collaborations between academic researchers, the public sector, business and the third sector is one of the most effective mechanisms for knowledge exchange. The ESRC funds and manages a wide range of schemes that encourage knowledge exchange and greater interaction between the social science research community and research users. The ESRC is issuing a call for a number of schemes providing funding to undertake knowledge exchange and activities that can demonstrate the potential for economic, social, policy and/or practice benefit(s). Please note, the schemes are not designed to fund new research. The next call for applications to the schemes will be open between the 5 November 2010 and 13 January 2011. All applications should demonstrate links to the ESRC Strategic Plan 2009 - 2014 and the relevant sector engagement strategy (Business Engagement Strategy and/or Third Sector Engagement Strategy) where possible. applications are particularly encouraged in the areas of financial services, health and well being and newt technology, innovation and skills. The following schemes will be calling for applications until early January 2011. Please visit the website for further information

Follow-on funding scheme: provides follow-on funding to undertake additional knowledge transfer and impact generation activities that can demonstrate the potential for significant economic, social, policy and/or practice benefit(s). The original research that the project is based on does not have to have been funded by ESRC. Maximum award is £100,000 (80% of FEC).

Knowledge exchange small grants scheme: provides funding for social science PhD students, researchers and knowledge transfer professionals to undertake knowledge exchange and impact generating activity. Maximum award is £10,000 (non-FEC)

Business, public sector and third sector placement Fellowships. Placements allow social science researchers to spend time in an organisation to undertake practice-relevant research and work with practitioners on specific projects. It also provides opportunities for a practitioner in an organisation to work on a relevant project in a setting where they have access to academic resources.

Further information on all these schemes is available at

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RESEARCH ESRC RESEARCH SEMINARS COMPETITION Wendy Loretto and Stephen Osborne have both been successful in applications to the ESRC Research Seminars competition. Stephen Osborne is the principal investigator for a new seminar series to run during 2011-2012 and which will focus upon ‘innovation in public services’. With seminars planned for Bath, Edinburgh, Belfast and Cardiff, the series brings together an exciting network of researchers, senior policy makers and practitioners from across the UK. The first forum considers what we know, and what we need to know about, about promoting and sustaining innovation in public services. This is an especially important topic for the next few years as the UK has to consider creative initiatives for public services in response to the global recession. The seminar series is one of three new projects being led by Stephen in this field. Alongside the ESRC seminar series he is also coordinating a special interest group within the International Research Society for Public Management (IRSPM) on ‘innovation in public services’ which will be the focus for a global research network, linked both to an application to the Leverhulme Trust and to the production of a special issue of ‘Public Management Review’ on this topic. He is also editing a ‘Handbook of Innovation and Change

Corporate Responsibility and Governance Research Network Dr Kenneth Amaeshi who joined us this summer is keen to set up a Corporate Responsibility & Governance research network in response to growing interest in this area and the absence of such a network in the University. This will be an informal network of staff and research students across all Schools and Colleges who have research interests in this area. It will be mainly a knowledge sharing network, with the eventual aim of generating interdisciplinary research grants and joint publications as the opportunities arise. It will also support teaching and student-led activities in this area, where and when necessary. If anyone wishes to know more please contact Charis Stewart or Kenneth

in Public Services’ for Edward Elgar, for publication in 2012. Wendy Loretto submitted a proposal entitled ‘Rethinking Retirement’ Population changes and workforce ageing are prompting a rethink of retirement by individuals, employers, governments and researchers. Increasing life expectancy and delays in the onset of ill health create potential opportunities for many of those who want to continue in employment or perform voluntary work. At the same time, due to financial pressures on pensions and public services, resulting from population ageing, in the future older people will have a greater need to work than at present. Final salary pensions, an important route to early retirement in the past, are in steep decline. Government reforms mean that in future people will have to wait until after 65 for a state pension. In this context of a government agenda to extend the working life, there is already evidence of people delaying labour market exit. Those over state pension age are the fastest growing group in the UK labour market, and research suggests that this group blurs the divide between work and retirement by typically working part-time whilst drawing on a state pension. This seminar series explores the extent to which retirement is changing, and likely to change,

in future. Recognising that retirement changes are likely to be influenced by a multitude of factors, and have a number of consequences, the series is innovative in bringing together researchers from a range of disciplines and fields of study. Seminars will explore the changing context of retirement (seminar 1), retirement incomes (seminar 2), employment (seminar 3), active ageing (seminar 4), and the future of retirement (seminar 5). At the seminars established researchers will explore these issues alongside early career researchers, PhD students, policy makers and NGO practitioners. In order to develop this broad community around the retirement issue, and gain insights from different disciplines throughout the series, funding is organised to allow researchers to attend multiple sessions. The findings uncovered by the participants are likely to be relevant and important to a great number of academic and non-academic audiences. Wendy and colleagues will produce an edited collection of papers, a themed journal, research summaries for businesses and NGOs, press releases, a webpage and a blog. For more on either of these series

SPARKING THE DEBATE – SEMINARS AND BROWN BAG LUNCHES While many subject groups and research centres have a thriving programme of specialist guest speakers the School has some central funds to support research seminars of a more general nature, designed to appeal across groups. This school-wide series of events deals with issues impacting on the future of business and business education. So far this semester we’ve welcomed Professor Jane Broadbent, Deputy Vice-Chancellor of Roehampton University, and Professor Richard Laughlin, King’s College, who gave a joint presentation on ‘Performance management systems: a conceptual and empirical analysis’. Still to come in 2010 are: Professor Richard Thorpe, Head of the Management Division at Leeds University Business School, talking about the relevance of “Impact” within business schools on 16th November. Dr Nicholas Phillipson is an Honorary Research Fellow in the School of History, Classics and Archaeology and will be discussing ‘Adam Smith: Philosopher and Economist,’ the subject of his recently published biography on 2nd of December. The schedule for Semester 2 is being planned and Bill Rees would love to hear from staff members with suggestions for speakers next year and beyond. The internal Brown Bag series – (so called as you can bring your lunch) - is a chance to hear about your colleagues’ latest research and to present your own work for informal review and advice. Brown bags are open to all staff and research students and are usually held every other Friday at luncthime. We’re looking for volunteers to present during Semester 2, so please drop Bill or Isobel Speedman a note if you are interested. Event listings and more information - THE BIZ - Issue 4




Congratulations to staff members who have been awarded funds for research projects in (or in collaborations with) Iberio-American countries and academics from the Santander research fund.

The School welcomed 24 new PhD students to the programme in September. We are delighted to have a diverse range of students from countries such as Bulgaria, China, Colombia, Germany, Guatemala, Iran, Ireland, Kazakhstan, Pakistan, Romania, South Korea and the USA.



Dr Galina Andreeva “Profit Scoring Modelling For Colombia” With Prof Jake Ansell and – collaboration with Cesar Corredor, Luis Sanchez Barrios (PhD Student) Universidad del Norte, Colombia Mr Francisco Ascui

“The implications of the indirect imposition of European standards on developing country firms via Clean Development Mechanism (CDM) carbon accounting methodologies” – collaboration with Carlos Larrinaga, Professor of Financial Economics and Accounting, the University of Burgos, Spain

Dr Geoff Gregson

“Examining a National Innovation System (NIS) in Transition: The Case of Colombia” – fieldwork in Colombia

Prof Stephen Osborne

“The role of social enterprise in the delivery of public services” – collaboration with Prof Isobel Vidal at the University of Barcelona

FOCUS ON ... THE ROYAL SOCIETY OF EDINBURGH As Scotland’s national academy, the RSE is an educational charity, registered in Scotland. The RSE was created in 1783 by Royal Charter for “the advancement of learning and useful knowledge”. It conducts a wide range of activities, such as: • lectures, debates and conferences • Conducting independent inquiries • Distributing over £2 million to top researchers and entrepreneurs working in Scotland • Showcasing the best of Scotland’s research and development capabilities • Facilitating two-way international research exchanges • Providing expert information on Scientific issues to MSPs & Researchers through the Scottish Parliament Science Information Service. Independent and non-party-political, the RSE works towards providing public benefit throughout Scotland and by means of a growing international programme. The RSE has a peer-elected, multidisciplinary Fellowship of 1500 men and women who are experts within their fields. By forging effective partnerships with equivalent national academies overseas, the RSE is helping to: • Facilitate two-way international exchange programmes, enabling top Scottish- based researchers, in any field, to collaborate with the best of their counterparts anywhere in the world

Neil Pollock will take over as director of the programme from January 2011 and in the meantime a major review of the PhD programme is being led by Bill Rees. More information and a consultation will be circulated to the whole School in due course. The move to the new building has been embraced by the whole cohort with an update below from Desne Masie – PhD Student ‘PhD students have enjoyed a rejuvenated social programme facilitated by the new building, whereas the school’s atomisation across campus in the past inhibited this. The move to 29 Buccleuch has been met with enthusiasm from most students, who have cited its positive effect on the cohesion and dynamism of the school. Gathering together socially in a supportive, collegiate atmosphere has been a natural progression, because we now get to know our fellow research students much better on a dayto-day basis. In addition to our usual drinks at Teviot on Friday evenings, we have also enjoyed two special events, to mark the beginning and the middle of term. We enjoyed homeprepared dishes from countries as diverse as Mauritius, Ukraine, Thailand, Egypt, Morocco, the United States, New Zealand, Greece, Iran, Scotland, Mainland China, and South Africa for our international potluck dinner - reflecting the cultural smorgasbord of the school’s doctoral programme. Halloween movie night was also a hit with many of those who attended. Please look out for our Christmas party invitation, which will be extended to both students and supervisors, we look forward to ringing in the Festive season together, and marking the end of a busy first semester’. Desné Masie PhD Student

• Raise awareness overseas of some of the best of the research and innovation being undertaken in Scotland • Stimulate collaboration between centres of excellence through joint international events • Provide a forum for discussion of international issues in science, the arts and letters, technology, industry and commerce Bilateral agreements exist with the national academies of China, Czech Republic, Hungary, Malaysia, New Zealand, Poland, Slovakia, Slovenia, Taiwan, India, and Pakistan and informal agreements exist with those in Cuba, Denmark, Norway and Sweden. There is also an Open Programme covering those countries where there is no existing agreement. This is an excellent scheme for funding research and sabbatical visits to overseas institutions or to fund visiting academics from overseas that will be hosted by the School. In addition to the bilateral agreements there is the CRF European Visiting Research Fellowship scheme. Spyridon (Ross) Tsakas, a graduate of the MSc in IBEM, has recently joined the School funded through an RSE/ Scottish Enterprise Fellowship. These fellowships are for researchers who want to develop a spin-out business around a technological idea and within which they will be expected to play a leading role. Find out more about Ross’s company Eulysis Ltd on page 7. Fellows of the Royal Society include Pauline Weetman and Jonathan Crook. Also Wendy Loretto and Gavin Kretzschmar have both chaired RSE conferences. For more information on the Royal Society

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EVENTS INDUCTION 2010 Keen to maximise the Buccleuch Place building to its full potential this year we hosted a School wide welcome party as part of induction week. All new PG students were invited along with all PhD students and all staff. In total we expected 400-500 people on the night. This necessitated running the event across many levels including the Concourse, Ground Floor and into the student area alongside LT3 and LT4. Formalities were kept to a minimum with a short welcome speech from Nick and the rest of the time given over to food, drink and entertainment. Student feedback was positive and a huge thanks to all the staff members who helped out on the evening to make the event such a success.

PG OPEN DAY – NOVEMBER 12, 2010 Each year the university hosts an annual whereby potential students visit the University but also have the opportunity to visit the individual schools they with to attend. In an increasingly competitive PG market this is a great opportunity for the school to differentiate itself. This is the third year the Business School has participated in the event. Potential business students were collected from McEwan Hall at lunchtime and escorted to the School where they had a presentation and Q&A session with Nick Oliver and Simon Earp. After this lunch was provided and potential students had an opportunity to meet with programme teams and current students to hear all about the programmes they were interested in. Students attending were very positive about the School and in particular the opportunity to meet with programme directors and students.

THE BIZ - Issue 4


ADVISORY BOARD Did you know the Business School has an external advisory Board? Best in class Business Schools benefit from the expertise of an involved advisory board who provide appropriate and constructive challenges to the assumptions and operating routines of the School. Edinburgh’s board was reformed in late 2004 with a view to strengthening corporate connections and offering external advice on the strategy and direction of the School. The remit of the Board is to advise on research, corporate engagement, executive education, external image, identity and positioning. Equally the members help establish and develop the School’s position within networks of practice, locally, nationally and internationally. The board advises on fund raising activities, and acts as a sounding board for new ideas and developments in the School. It also assists the Executive Team to build and deliver cases for change where required. The Board meets three times a year. In November 2010 two new members joined the Advisory Board Stephen Halliday – Chief Executive Wood Mackenzie Stephen Halliday is the CEO of international energy & metals consultancy organisation Wood Mackenzie. He has CEO since 2007, previously Halliday was Executive Director for Energy before he stepped up as CEO. Stephen is a graduate of The University of Edinburgh and has a BSC HONS in Chemical Engineering. Wood Mackenzie is the most comprehensive source of knowledge about the world’s energy and metals industries. Headquartered in Edinburgh with more than 600 professionals in over 20 offices worldwide, they analyse the assets, markets and companies operating upstream and downstream; in oil, gas, coal, carbon, metals and power generation. Jack Perry – Wiseman Dairies Jack is a non-executive director of East Kilbride-based Robert Wiseman Dairies and a consultant to Ken McCulloch’s McCulloch Unique Hotels. Jack was previously Chief Executive of Scottish Enterprise until retiring from that post on 3 November 2009. He has also been Managing Partner of Ernst & Young’s Glasgow office and was Chairman of CBI Scotland. He is a Chartered Accountant and is a member of the Institute of Chartered Accountants of Scotland. Jack was born in the states but is now settled in the UK Existing Members include: •

John Campbell, Chair Senior Managing Director, State Street Investment Manager Services Europe

Melanie A Czarra Managing Director, Head of Primary Debt Markets, Mizuho International plc

Olive Darragh (visiting professor) Founder/CEO Darragh, Inc

Sir John Elvidge Former Permanent Secretary, Scottish Government

Alison Loudon Chairman Cogentium Corporation Ltd and Micorstencil; and Non-Executive Director, Consolidated Carriers Ltd; Capital for Fund Enterprise Limited,; Caledonia Contracts and SECC. Governor of Merchiston Castle School

David Milne Non-executive Director, Wolfson Microelectronics plc

Christopher Montgomery (visiting professor) CEO, The Seamont Group, and Global VP NAMEX & Consumer Digital with EMI Music North America

Isobel Sharp CBE (visiting professor) Partner, Deloitte LLP

Ronald O’Hanley (visiting professor) President, Asset Management and Corporate Services Fidelity Investments

Otto Thoresen CEO, AEGON UK

Judy Wagner Director, FWB Ltd

THE BIZ - Issue 4


CORPORATE DEVELOPMENT EXECUTIVE EDUCATION UPDATE The executive education team have experienced a particularly busy period: Support for senior academics Eddie Cochrane and Merri Scotney undertook a piece of work for the central University HR team to provide feedback on management awareness for promoted academic staff. This revenue generating work is now complete schools-departments/leadershipdevelopment/development/self/opq Consultancy Ongoing consultancy projects for CPD Bytes (an online learning provider) via an Interface grant award looking at best practice in continuous professional development in on-line learning. Work on behalf of the Wellness and Health Innovation Project which supports innovation in healthcare services across Scotland.

INDUSTRY SECTOR SERIES One of the many services that the Alumni office provides is facilitating contact between current postgraduate students and the School’s alumni community. Students often find alumni invaluable in sourcing information and contacts that may benefit them when making decisions about their future career choice and progression. With this aim the Alumni Office arranges a series of events knows as Industry Sector Sessions. Alumni from a particular sector, return to the school to share their personal experiences and provide insights into their chosen career path. The sector focus is generally driven by the students’ career intentions and last year’s series focused on energy, finance, consultancy and starting your own business.

Previous contributors includes an alumnus from Wood Mackenzie, now an Upstream Consultant, whose role involves overseeing gas field exploration and ensuring sustainability of future supplies, an alumnus who made the unusual career switch from British army officer to senior manager at Deloitte, and a third who is the Legal and Commercial Director of one of the UK’s leading renewable energy developers. This year’s series will also include a new session which brings together School alumni who work in the field of marketing. In particular this benefits students enrolled on the two new MSc programmes in Marketing and Marketing and Business Analysis.

NEW COPRORATE BROCHURE Watch out for the Business

School’s new corporate brochure Nucleus Financial New work with Nucleus Financial available in December. The (one of Scotland’s faster growing Opportunities brochure outlines wrap fund providers), looking at company culture as the company the consulting, research, grows. This work uses an emotional recruitment and educational management model developed opportunities for businesses by Eddie Cochrane in partnership with Dr Martin Peddie of Emotional engaging with the University Sciences. This is phase two of this of Edinburgh Business School. project and the client said of the first phase ‘They provided a highly Copies will be available for all instructive insight into some of the staff engaging with the external people issues that Nucleus needs to business community. confront as it grows from an early stage company into a more mature organisation. I was immensely impressed with the Schools expertise, appreciation of our business model and the extent to which they seemed able to get inside my head.’ David Ferguson, CEO, Nucleus Financial CPD for lawyers Meeting convened of organisational development professionals and the WS Society looking at the needs of the legal profession for a more comprehensive CPD programme for the non legal elements of practice. Discussions continue. Russia Link The School is in negotiations to supply a week-long study programme for participants in the Moscow State University of Civil Engineering, MBA in Construction. This programme, focused on EU construction, will be delivered in association with the School of Engineering. Geneva Work signed off with The United Nations and CERN on the topics of coaching and emotional management as well as a number of other bids outstanding. Ongoing high level contractual discussions with HSBC, WIPO - World intellectual property organisations EFTA - European Free Trade Association, IOM International Office of Migration and ILO International Labour Organisation among others. For more information on executive education please speak to Eddie Cochrane

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SCHOOL NEWS NEW ENTREPRENEURIAL AND BUSINESS DEVELOPMENT CENTRE IN SWAZILAND Professor Peter Rosa and Dr Sarah Cooper of the Entrepreneurship and Innovation Group have been funded by the Commonwealth Secretariat to help establish a new Entrepreneurship and Business Development Centre (EBDC) at the Faculty of Commerce, University of Swaziland. Peter Rosa spent three weeks in September on the first phase of this project carrying out a situation analysis of small business support in the country. Interviews of representatives from support organisations, government departments, the banks and the University were undertaken, culminating in a consultative workshop of leading stakeholders.

attract significant levels of foreign direct investment, but this is declining as many companies are relocating, and recent free trade agreements have tended to favour more aggressive African competitors rather than local companies.

Swaziland is a paradox in Africa. On the one hand it is a small landlocked country, facing challenges of persistent rural poverty, high youth unemployment, and

There is a feeling that though business opportunities exist, and the environment is favourable in many respects, few Swazis have the entrepreneurial

one of the highest incidences of HIV/ Aids in the world. On the other however, it has a well developed infrastructure of roads, power, education and institutions, it is peaceful, not having suffered the upheavals of many other African countries, and it has orderly systems of government both national and local. In the last three decades it has managed to

motivation or capacity to exploit them. Not only that, but the lack of access to finance for start-ups and the burden of regulations are significant de-motivators of potential entrepreneurs. Although small business support has been growing since the 1970s, and there are now many providers of support for entrepreneurs and small businesses, most interviewers

thought it was too basic, out of date, and incapable of upgrading the capacity of entrepreneurs to a level that will meet national aspirations and needs. As one respondent put it, the support network ‘teaches businesses to survive, but not to thrive’.


UPDATE ON THE HUB Most staff will know that the Business School library is now known as the Hub and is open to all staff and postgraduate students. It is accessible by swipe card, Monday-Friday from 07.00-24.00 and Saturday-Sunday from 09.00-24.00. Librarian Deborah Morrison is typically in attendance from 08.00 to 15.00 Tuesday to Thursday but can answer enquiries at any time. The library website is now called BizInfo which fits in with the rebranding of the other School websites. The url is This provides staff and students with electronic access to a vast array of specialist research databases, online journals and many leading financial information services. Printed material is for reference only, but can be photocopied as appropriate. Deborah would really like to see more staff in the Hub from time to time, whether to look at books, browse current journals or to get some help with finding research information. All staff are very welcome.

MBA ORGANISATIONAL STUDIES In November MBA Students co-opted the conference room for a strategy game as part of their organisational studies module. The students were broken into groups and tasked with making greeting cards. They had to write a strategy, manage operations, make cards and fulfil

orders all under extreme time pressure. Organisation was key to success in this game which was facilitated by Nick Oliver, Inger Seiferheld and Ian Graham. It is good to see the new facilities enhancing the student experience.

THE BIZ - Issue 4


MARKETING / PR FAIRS 2010 The Business School is well represented at International Fairs this Autumn.


Esther Sum from the International Office represented the School at the QS Fairs in Beijing on 6 November and Shanghai on the 8 November. Esther was assisted by a number of Business School alumni.

01/6/2010 – 01/11/2010 Total Visits 123,483 versus

01/6/2009 – 01/11/2009 88,299

Also this month Aidan Hetherington will travel to India where he will attend the QS MBA Fair in New Delhi 27 November, Mumbai 29 November and Bangalore 4 December.

Increase (+39.85%)

The QS World MBA Tour provides an outstanding opportunity for candidates to meet representatives of the world’s leading business schools face to face. Each fair is typically attended by around 40 peer Schools.

SOCIAL MEDIA The School’s Facebook ‘fans’ have almost doubled since July. When we last reported the School had 679 fans – that figure now stands at 1, 117. The School now has 687 followers on Twitter (In March we had 346). What these stats clearly demonstrate is that social media is fast becoming a vital channel for the Business School to communicate with our potential students. To this end the marketing and web team are working closely together to devise a social media plan for the next twelve months that will allow the Business School to engage in even more dialogue with students both as they make the decision to join us but also after they accept their offer and before they join us.

Over the last six months top ten countries of origin of visitors 1. 2. 3. 4. 5. 6. 7. 8. 9. 10.

United Kingdom China India United States Germany Greece Canada Pakistan Thailand Nigeria

Top five most popular pages site home page /mba /msc /mba/full-time /about


Press releases can generate tremendous coverage. If you have piece of research you’d like to promote please contact Audrey Healy to see if she can help. October Guardian Unlimited, Evening News - Launch 48 – Survival of the startups, Scottish Business Insider – Round table Panel Discussion – Bill Rees – The evolving role of the Finance Director November The Times, The Herald, Evening News, Carbon Finance Magazine, Business Green, Holyrood Magazine,, WiWi online - World’s first carbon finance masters degree launched

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UNDERGRADUATE NEWS INSIGHT INTO MANAGEMENT This October the school ran an ‘Insight into Management’ event for undergraduate students. The event was a joint venture between the Business School and the Careers Service, offering a unique opportunity for students to build employability skills in group work, project management and networking. Skills developed included communication, personal effectiveness and ability to work under extreme pressure. This scheme was two years in the planning and is a unique joint venture between the Business School undergraduate team and the Careers Service. Student teams were asked to identify with one of six causes to see which they most closely identified with homelessness, refugees, teenage pregnancy, runaways, urban conservation, recycling. They were then put into teams and each team was tasked to create a not-for-profit venture which would raise the profile of their own organisation and communicate aspirations of the organisations They had to devise a business plan and pitch for a grant from the Pressley foundation (a fictional foundation which was composed of represntatives from our employers).

Visiting employers acted as mentors from the following companies working with our Honours students: Accenture, PwC, KPMG, Deloitte, Centrica, Standard Life, Proctor& Gamble, FDM Group, BT Openreach, and Enterprise Rent-A-Car. The winning team as voted by peers and the Pressley Foundation was focused on Teenage Pregnancy.


Networking Lunch

Gemma Cove from P&G (a Business Studies alumnus) announces the winner on behalf of ‘The Pressley Foundation’

The Winning Team

‘I thought the event was extremely well runn and cannot stress how much I was impressed by the studetns’ Hugh Harvie, KPMG.

UNDERGRADUATE POSTER COMPETITION Each year students from business students 1 (first year) are tasked with a competition to present a strategic analysis of a businesss, product or service and then present their findings at a poster fair. Students vote for the winning presentation and this year Facebook and Ryanair were the winning brands. The Facebook team analysed the Business Model of Facebook using PESTLE, Porters 5 Forces and Porters Value Chain. The team had two weeks to pull the project together. The amazing thing about Facebook is that

Winning Facebook Team – Khalid Tebe, Aneeqa Yusaf, Sasha Li and Zheng Lihui

it only started in 2004 and yet today it is so prevalent. It has quickly become a market leader whilst remaining relevant and topical in the social media space. The team cleverly presented the findings of their project graphically as a Facebook page and were voted a winner by their peers each team – member receiving a £15 voucher. The Ryanair team examined the marketing strategy and business model of the company. They were impressed with the business strategy of the firm which drives down costs

Fair at Adam House, Chamber Street

through innovations which were quickly internationally adopted such as online check-in, reduced boarding times, security instructions printed onto seats, combative advertising etc. They also enjoyed the flamboyancy of Chief Executive Michael O’Leary who makes the most of the adage that there is no such thing as bad publicity. They too made use of Porters 5 Forces, Value Chain, Swot Analysis and PESTLTE.

Winning Ryanair team - Kristian Nilsson, Jurielle Eco, Julius Gunnemann and Mari Glesne

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STAFF NEWS Congratulations to Dr. Sarah Cooper who has been appointed as the Independent Committee Member on The Queen’s Award for Enterprise Promotion (QAEP) – Enterprise Promotion Assessment Committee, Department for Business Innovation & Skills. The QAEP is aimed at people who play a significant role in promoting enterprise skills and encourage entrepreneurial attitudes in others in the UK. The Committee review nominations and make recommendations for the Lifetime and Standard Achievement Awards. Sarah’s appointment is for three years from 2010 to 2013.

On 19th -21st October Professor Sandra Nutley contributed to a series of seminars in Ireland on ‘Developing evidence-informed practice for children and young people’ organised by the Centre for Effective Services, an independent, not-for-profit centre funded jointly by philanthropy and the Irish Government. The seminars took place in Dublin, Cork and Galway.

Sarah is the only representative on the committee from the Higher Education sector.

CARBON FINANCE – RE-INVESTING IN CLIMATE CAPITAL Ever-increasing consumption of fossil fuels has driven global economic growth since the start of the industrial revolution. We now know that this cannot continue: the costs of climate change, if unabated, could devastate the global economy and environment. We need a new path of economic development in which financial capital is re-invested in climate capital. The challenge of responding and adapting to climate change will demand trillions of dollars of new investment over the coming decades. Major changes are required across the economy, in energy production and consumption, industry, buildings, transport, infrastructure, forests and agriculture. Delivering this investment will require greatly enhanced capacity in all aspects of carbon finance.

This 12 month postgraduate programme starts in 2011 and focuses on the business opportunities and financial flows driven by society’s response to climate change. Graduates will be equipped for a career in carbon markets, climate change investment, consulting, or related policy and regulatory roles. Francisco Ascui is Programme Director and if you have any queries on the programme do speak to him on 508343

In response to this the Business School has launched the world’s first MSc in Carbon Finance. This groundbreaking programme is timely. Governments and business have woken up to the scale of the climate change challenge. Investment in clean technologies is booming, and carbon emissions are fast becoming one of the world’s major commodity trades.

THE BIZ - Issue 4


NOVEMBER COMPETITION On Friday November 5th, a student (running late for class) failed to properly put on their handbrake and their car rolled down from Buccleuch Place into the main entrance of the School miraculously managing not to hit anyone and only damaging the front of the car. Must humourous caption for the pitcture on the right will win a bottle of wine. Email answers to

COFFEE AND CAKES As part of settling into the new building we have introduced a monthly coffee and cake get together in the staff room. This will be an informal gathering and will also allow us to celebrate birthdays that have taken place in the previous month. The next two scheduled dates are:

Friday 10 December 10.30 – 11.15 Tuesday 25 January 10.30 – 11.15

IN THE BAND Staff member Peter Moles plays in a retro rock group (cunningly called Tinnitus Transfer) playing music from the 80’s and 90’s and recently invited all staff to a gig at Henry’s on Morrison Street on Friday 29 October. This was the band’s first live gig having played together for a year. Many thanks to Michelle Ryan for this picture of Peter and the band.

REMINDER PARKING PERMITS The opportunity to apply for a University parking permit for the new parking year commencing 1st January 2011 is available and online applications should be made by 21st November 2010. Permits can be applied for through the Services tab in MyEd All staff may apply. For information on all permit types available and charges, and how to apply please visit: staff

GET INVOLVED As always it has been a pleasure pulling together this edition of The Biz. The next edition will be available in February The content for The Biz is generated by all of you so please do continue to send me stories to include.

Have a wonderful Christmas break! Audrey on 51 4214


November 2010