WUSTL Business & Law News

Atrocities Prevention Board could significantly change U.S. foreign policy

2012-05-15 00:00:00

President Barack Obama recently announced the establishment of an Atrocities Prevention Board as part of his comprehensive strategy to prevent genocide and mass atrocities.

“For the first time, the National Intelligence Council will prepare an estimate on the global risk of mass atrocities and genocide,” says Leila Nadya Sadat, JD, international law expert and director of the Whitney R. Harris World Law Institute at Washington University in St. Louis School of Law.

Sadat

“By sensitizing the diplomatic and intelligence communities to atrocities risk and systematizing responses to potential crises, the policies of the Atrocities Prevention Board could significantly change U.S. foreign policy,” she says.

The Atrocities Prevention Board is a key feature of the reforms package initiated following the Presidential Study Directive in August 2011 that made the prevention of atrocities a key thrust of U.S. foreign policy.

The board is made up of senior officials from throughout the federal government, including the U.S. Departments of State and Defense as well as the federal agency USAID, and will convene once a month to create and implement policies to prevent atrocities and respond urgently to situations as they arise.

Sadat, the Henry H. Oberschelp Professor of Law at WUSTL, is director of the Crimes Against Humanity Initiative, which has drafted a Proposed International Convention on the Prevention and Punishment of Crimes Against Humanity (law.wustl.edu/harris/crimesagainsthumanity/).

She noted “the adoption of the Proposed Convention would provide a tool that the Atrocities Prevention Board can use to address developing or ongoing situations of mass atrocities by ensuring that states – including the United States – do not unwittingly or purposefully harbor the perpetrators of crimes against humanity.”

“This bold move by the president sends a clear message that the United States is committed to preventing and responding to atrocities as a moral stance as well,” Sadat says.

Washington University School of Law goes online with LLM in U.S. Law

2012-05-08 00:00:00

Washington University School of Law announced it will begin offering its Master of Laws in U.S. Law for Foreign Lawyers (LLM) in a new and innovative online format. Called @WashULaw, the program is the first and only top-tier online LLM in U.S. law.

The online LLM builds on the law school’s internationally recognized postgraduate law degree program, which is designed for foreign attorneys interested in increasing their knowledge of U.S. law to more effectively practice in today’s global legal environment.

@WashULaw will allow foreign lawyers to complete an LLM degree in U.S. law without leaving their law practices or relocating to the United States.

Students will receive an excellent grounding in U.S. law, with a focus on business issues, without dramatic disruption to their professional and personal lives, or the relocation costs associated with a prolonged stay overseas. @WashULaw provides foreign lawyers with a flexible option to earn their degree from a world leader in legal education and research.

“We aim to produce extraordinary graduates who benefit from the highest caliber online education available – and to ensure that the quality equals or exceeds the quality of the best LLM programs in the world,” says Kent Syverud, dean of the School of Law and the Ethan A.H. Shepley Distinguished University Professor.

The @WashULaw LLM program offers students an online version of Washington University School of Law’s on-campus LLM curriculum, with:

Courses designed and taught by WUSTL law school faculty, who are renowned legal educators and scholars;
Classes of students who meet the same selective admissions criteria as the on-campus graduate law program;
An LLM degree identical to the one received by on-campus graduates and the option to attend the campus graduation ceremony;
Intimate classes of no more than 15 students; and
An optional summer immersion in U.S. law experience offered in the U.S. and taught by WUSTL faculty.

Delivered through state-of-the-art online technologies, @WashULaw courses will integrate live classroom sessions with streaming video and self-paced content. In live classroom sessions, WUSTL law faculty and @WashULaw students will “meet” at pre-arranged times for coursework discussions, study groups and face-to-face office hour meetings.

The self-paced content offers students high-quality, faculty-designed coursework, highly produced video content and an interactive social technology platform that allows students to chat, study and join communities with classmates and professors 24 hours a day.

During the summer, @WashULaw students will be offered an intensive U.S. immersion program in St. Louis, Washington D.C. and other U.S. cities to experience U.S. law from inside U.S. courtrooms and law firms.

@WashULaw is being directed by Melissa Waters, JD, professor of law, and Tomea Mersmann, JD, associate dean for strategic initiatives and lecturer in law. An advisory council is being formed to engage the WUSTL School of Law community and thought leaders in education in the development of @WashULaw.

One of the initial advisory council members, Andrew Puzder, CEO of CKE Restaurants Inc., is enthusiastic about the opportunities and benefits provided by @WashULaw.

“I have been extremely supportive of this program since day one. I manage our company by the maxim that to survive and prosper, companies must take advantage of current technology and innovate,” says Puzder, also a member of the law school’s National Council.

“I am proud that my law school is embracing technology, without sacrificing quality, to expand its presence in global legal education.”

WUSTL School of Law has partnered with the education technology company 2tor, Inc. to deliver @WashULaw. 2tor partners with leading higher education institutions to deliver rigorous, selective degree programs online by providing the technology platform, instructional design, marketing and infrastructure support.

"We’re honored to add Washington University to the esteemed family of 2tor partners," says Chip Paucek, co-founder and CEO of 2tor. "We’re thrilled to be working with a school that is pioneering a law program for the 21st century and one that is primed for an increasingly globalized world."

Education innovation expert Michael B. Horn also is a member of the program’s initial advisory council. Horn is the co-founder and executive director of the education practice of Innosight Institute, a nonprofit think tank devoted to applying the theories of disruptive innovation to solve problems in the social sector.

“It's exciting that a top-tier law school is taking a leadership role in online learning,” Horn says. “Washington University’s partnership with 2tor is a clear signal that the field of online learning is being invigorated and transformed by top-flight entrants.”

@WashULaw is now accepting applications; classes begin in January 2013. International applicants must first earn a law degree from their home jurisdiction.

For more information, visit onlinelaw.wustl.edu, email admissions@onlinelaw.wustl.edu or call 888-WashULW (888- 927-4859).

About Washington University School of Law

Washington University School of Law offers students an outstanding legal education in an intellectually challenging and collegial environment.

With faculty members recognized for excellent teaching and scholarship, a student body among the most selective in the country, and an increasingly global and diverse community, the school strives to prepare graduates for the quickly evolving legal and business environment.

@WashULaw is an example of the law school’s efforts to innovate using technology and new teaching methods as it pursues its mission to be the best place in the United States to learn to be a lawyer.

About 2tor, Inc.

2tor, Inc. partners with top-tier universities to deliver rigorous, selective graduate programs online. Founded in 2008 by a unique team of education veterans, the company provides universities with the web technologies, infrastructural support and capital needed to compete in a space previously dominated by mediocre online programs.

2tor is one of the highest-funded education technology startups in the United States. The company has partnered with prestigious research universities, including the University of Southern California, Georgetown University and the University of North Carolina Chapel Hill, to deliver groundbreaking online degree programs.

Washington University in St. Louis-Fudan University EMBA program celebrates 10th anniversary

Neil Schoenherr — 2012-05-18 00:00:00

http://youtu.be/oZI8wCWERNIOlin Business School's EMBA Shanghai program, offered in partnership with Fudan University, will celebrate its 10th anniversary on May 25th. The program has attracted executive students from some of the world's largest corporations. They are attracted to the program's diversity, outstanding faculty and global nature.

The Washington University in St. Louis-Fudan University Executive MBA program, ranked second in mainland China by the Financial Times, will celebrate its 10th anniversary May 25. Established in 2002 at Olin Business School, the program was among the first U.S.-China joint MBA degree programs.

The Olin Executive MBA in Shanghai now attracts around 75 percent of its students from China and is designed to prepare Chinese professionals for global executive positions.

The joint venture also provides valuable international experience for Olin’s St. Louis and Kansas City-based Executive MBA students, who spend two weeks in China working and studying with their Chinese counterparts. The Shanghai-based students also travel to St. Louis each December for a final joint session before graduation.

Over the years, the program has become more complex and specialized as the capabilities of the students have evolved says Patrick Moreton, PhD, former associate dean and managing director of the Olin Executive MBA-Shanghai program from 2004-2012.

“If you go back to 2001-02 when we first started recruiting students, this was just at the dawn of China’s ascension to the WTO (World Trade Organization),” Moreton says. “Fast-forward 10 years and China is now the second-largest economy in the world, a major player and major factor in financial markets and a political entity to be reckoned with. So we’ve had as an institution to step up to the plate and really design an experience that matches their level of sophistication.”

Olin is proud to have Executive MBA programs operating on the ground in three cities – St. Louis, Kansas City and Shanghai, says Kay Henry, former associate dean and director of Executive MBA programs at Olin from 2006-2012.

“They mutually enhance each other programmatically because the Chinese students come to the United States for a two-week residency and the United States students go to China for a residency as well,” she says.

“A lot of Executive MBA programs have international experiences for their students, but where we have the advantage is that we have over 500 alumni in Shanghai —and they all have a wealth of business experience and local experience to share with their U.S. counterparts.”

The program’s excellence is attracting top-notch students from all over the world.

“In China there are a lot of executive MBA programs, but academically they are not serious about it,” says Michael Lam, member of the Executive MBA Shanghai Class of 2011. “The reason I chose this program is that the Financial Times ranking is pretty high. That tells everything. Second of all, I talked to a lot of friends. Those people that I regarded as serious wholly recommended this program.

“The comprehensive knowledge that I acquired in the program is very valuable,” Lam says. “At the same time, we are communicating with a class of elite students from different industries, and that in itself is a very great learning experience.”

Henry says the program with Fudan University is a way to add value to the regional business community as well.

“All business is global business,” she says. “We’re in St. Louis. There are companies in our city that are doing business globally. We really feel we are preparing out students to serve those companies and to serve our regional business community through our global program.”

Finance student, rising DJ star, to raise money for schools for underprivileged children

Neil Schoenherr — 2012-05-17 00:00:00

Rising senior Justin Blau is on a mission.

Blau, a finance major at Olin Business School at Washington University in St. Louis, is more widely known by his stage name, 3LAU. He plans to use his status as a rising star in the electronic music world to raise money for schools for underprivileged children in developing nations.

Justin "3LAU" Blau performs for a packed crowd.

Blau, who was recently named resident DJ at Hard Rock Café Las Vegas and ranks No. 3 on BeatPort’s Top 10 music chart, hopes to take electronic dance music to another level by teaming with his fans to support Pencils of Promise.

The nonprofit organization builds schools for underprivileged children in developing nations like Guatemala, Laos and Nicaragua.

“Every dollar that I make by selling my ‘Back to New’ remix on BeatPort.com will be donated to Pencils of Promise,” Blau says. “My goal is $25,000, and I will personally match all money donated via BeatPort.com sales until we reach that goal.

“I want to harness the power of the dance music movement to give something real, to give back.”

Blau is an accomplished performer, with 45 nationwide shows under his belt in this year alone. When he’s not behind the turntables or studying for exams, Blau says he is adamant about giving back by working with the community that has catapulted his career.

“I have more than 40,000 fans on Facebook,” he says. “If each of them donates just 50 cents, we can raise enough money to build another school and bring awareness to global education.

“Education is a right that all human beings should have,” he says, “yet there are 75 million children just like us without access to it. I’m ready to help that change.”

“Justin is a top-notch student, a talented and original musician, and a terrifically nice guy who makes everyone near him better,” says Glenn MacDonald, PhD, the John M. Olin Distinguished Professor of Economics and Strategy and professor of the popular “Economics of Entertainment” class at Olin.

“It is such a great thing for our community to enjoy his music and his success story up close. Download ‘Back to New’!”

To learn more about Pencils of Promise and to donate, visit 3lau.com.

Inaugural Ferencz essay contest at Washington University School of Law focuses on crimes against humanity

2012-05-09 00:00:00

Individuals interested in addressing the relationship between crimes against humanity and the crime of aggression are invited to participate in the inaugural Benjamin B. Ferencz Essay Competition, hosted by the Whitney R. Harris World Law Institute at Washington University School of Law.

“Given that the crime of aggression is not currently enforceable at the International Criminal Court (ICC), the competition aims to address whether illegal uses of force, interstate or otherwise, resulting in significant loss of life may currently be prosecutable before the ICC as crimes against humanity,” says Leila N. Sadat, JD, director of the Harris Institute and the Henry H. Oberschlep Professor of Law at WUSTL.

The contest, named in honor of former Nuremberg prosecutor Benjamin B. Ferencz, calls for scholars and students from around the world to answer the question: Under what conditions may acts that constitute illegal use of armed force and that result in the widespread or systematic attack upon a civilian population be prosecuted as crimes against humanity by the ICC, pursuant to the Rome Statute?

Contestants are encouraged to register for the competition at the competition’s website (http://law.wustl.edu/harris/pages.aspx?id=9126) as soon as possible. The deadline for submission of entries is 5 p.m. (Central Daylight Time) Friday, Aug. 31, 2012.

The first-place winner will receive an award of $10,000. Second- and third-place runners-up each will receive an honorable mention and a plaque as well as runner-up awards in the amount of $2,500.

The first-place winner will be invited to St. Louis, Mo., for an award ceremony that will take place during the International Criminal Court at Ten conference Nov. 11 and 12, 2012.

The essay will be included in the symposium issue published by the Washington University Global Studies Law Review resulting from the conference.

Visit the Harris Institute’s website for additional information on eligibility, requirements and guidelines for the competition. For more information, contact Bethel Mandefro at bmandefro@wulaw.wustl.edu.

Breaking ground at Olin

2012-05-08 00:00:00

Joe Angeles (2)

Washington University in St. Louis broke ground May 7 on Knight Hall and Bauer Hall, a major expansion project that will nearly double the footprint of Olin Business School on the Danforth Campus. The buildings will be named for dedicated university benefactors and lead gift donors Joanne and Charles F. Knight and Carol and George Bauer. Above, from left: The first shovels of dirt are lifted by Chancellor Mark S. Wrighton; Stephen F. Brauer, chair of the Board of Trustees; Joanne Knight; Charles F. Knight; and Mahendra R. Gupta, PhD, dean of Olin Business School and the Geraldine J. and Robert L. Virgil Professor of Accounting and Management. The $90 million project, expected to be complete in December 2013, includes two innovative buildings united by a soaring glass atrium totaling more than 166,000 square feet. For more information on the buildings, including detailed renderings, visit buildolin.wustl.edu. Below: George Bauer addresses the crowd during the groundbreaking ceremony held in the courtyard of the Charles F. Knight Executive Education and Conference Center. To view a video of the ceremony, visit youtube.com/watch?v=xQg7yPpIGuE&feature=youtu.be.

Greece could be broke by June, economist says

Neil Schoenherr — 2012-05-07 00:00:00

If international lenders refuse to renegotiate substantial reductions in Greek public debt, chances are that whatever government emerges in Greece in the next few weeks will run out of cash by the end of June, says an economist at Washington University in St. Louis.

Azariadis

“At that point, a suspension of interest payments will become almost inevitable, pushing Greece out of the Eurozone and back to the drachma,” says Costas Azariadis, PhD, the Edward Mallinckrodt Distinguished Professor in Arts & Sciences.

“The repercussions from an outright default on the Euro are hard to predict and include some scary scenarios,” the Greek-born Azariadis says.

The May 6 Greek election is expected to result in weeks of financial upheaval after voters took mainstream politicians to task for months of crippling austerity measures and voted a far-right extremist group into Parliament.

“With this election, voters in Greece — and in France as well — lashed out against fiscal austerity,” Azariadis says.

“Politicians who favored the Northern European model of balanced budgets, labor market reforms and global competitiveness were sent packing,” he says. “Many voters, especially those working in the public sector, opted to preserve the European welfare state with a strong safety net, good pensions and free medical care.”

The biggest gainers from the election are fringe parties on the extreme left and extreme right of the political spectrum, he says.

“What distinguishes those parties from others is a desire to renegotiate, and possibly to abrogate, the bailout agreements made with the European Union and the International Monetary Fund by the outgoing caretaker government headed by Lucas Papademos,” Azariadis says.

Greek conservative leader Antonis Samaras was given three days to assemble a coalition from a governing body divided on whether to renege on the terms of bailout agreements negotiated in May 2010.

The conservative New Democracy party and the socialist PASOK party, which were political rivals until the Greek debt crisis made them partners in the national government in 2011, are two seats short of the 151 seats needed for a parliamentary majority.

Greek voters, who Azariadis notes must deal with a 22 percent unemployment rate and a 20 percent drop in incomes, gave a clear signal that austerity has gone too far.

“Prospects for growth continue to be dismal for them and uncertain for the rest of Southern Europe, putting enormous pressure on the Eurozone,” Azariadis says. “Can the European Union find a recipe for faster growth while it keeps public spending under control?

“That seems to be the key question posed by the May 6 vote.”

Privacy law expert warns of the perils of social reading

2012-05-08 00:00:00

The Internet and social media have opened up new vistas for people to share preferences in films, books and music. Services such as Spotify and the Washington Post Social Reader already integrate reading and listening into social networks, providing what Facebook CEO Mark Zuckerberg calls “frictionless sharing.”

"But there’s a problem. A world of automatic, always-on disclosure should give us pause,” says Neil M. Richards, JD, privacy law expert and professor of law at Washington University in St. Louis.

Richards

“'Frictionless sharing’ isn’t really frictionless – it forces on us the new frictions of worrying who knows what we’re reading and what our privacy settings are wherever and however we read electronically. It’s also not really sharing – real sharing is conscious sharing, a recommendation to read or not to read something rather than a data exhaust pipe of mental activity.

“Rather than ‘over-sharing,’ we should share better, which means consciously, and we should expand the limited legal protections for intellectual privacy rather than dismantling them.”

Richards says that what’s at stake is “intellectual privacy,” his term for the idea that records of our reading and movie watching deserve special protection compared to other kinds of personal information.

“The films we watch, the books we read and the websites we visit are essential to the ways we try to understand the world we live in,” he says.”

“Intellectual privacy protects our ability to think for ourselves, without worrying that other people might judge us based on what we read. It allows us to explore ideas that other people might not approve of, and to figure out our politics, sexuality and personal values, among other things.

“Sharing and commenting on books, films and ideas is the essence of free speech.”

Richards notes that the work of the American Libraries Association and its Office of Intellectual Freedom (OIF) offers an attractive solution to the problem of reader records.

“The OIF has argued passionately and correctly for the importance of solitary reading as well as the ethical need for those who enable reading – librarians, but also Internet companies – to protect the privacy and confidentiality of reading records,” he says.

“The norms of librarians suggest one successful and proven solution — professionals and companies holding reader records must only disclose them with the express conscious consent of the reader.

“The stakes in this debate are immense. Choices we make now about the boundaries between our individual and social selves, between consumers and companies, between citizens and the state, will have massive consequences for the societies our children and grandchildren inherit.”

Read more of Richards comments on intellectual privacy on the OIF Blog- http://www.oif.ala.org/oif/?p=3720 or read his full essay, "The Perils of Social Reading," at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2031307 .

Outstanding Graduates Katie Callaghan & Mickey Turner: Olin Business School

Neil Schoenherr — 2012-05-03 00:00:00

Jerry Naunheim Jr.

Callaghan (left) and Turner made connections at Olin as well, getting involved in student associations and putting their classroom learning to work through internships.

Though it may not have been love at first sight, Mickey Turner and Katie Callaghan knew when they met at MBA orientation in fall 2010 that their relationship would be more than a standard business alliance.

Turner and Callaghan, who will graduate May 18 with master’s of business administration degrees from Olin Business School at Washington University in St. Louis, are engaged to be married this July.

“I remember thinking when I met her, ‘This girl is obviously very attractive, but I’m here to learn,”’ Turner says. “I didn’t want to get into a relationship right away, but as I got to know Katie better that quickly changed.”

The couple jokes that Callaghan’s father’s advice to her before she started the program was not to date anyone at business school, advice he repeated often.

“He gave a toast at our engagement party and said that was the best advice Katie never followed,” Turner says, laughing.

While they fell in love with each other, they fell in love with Olin as well, making connections, getting involved in student associations and putting their classroom learning to work through internships.

Turner, who has concentrations in strategy and supply chain management, interned for two years at Peabody Energy in St. Louis, where, as a global energy analyst, he developed lead market pricing tables and improved company efficiency.

He has been hired by Emerson Electric in St. Louis, where he will begin working full-time after graduation as a ground team project manager, coordinating with transportation carriers to optimize on-time delivery across more than 70 business divisions.

“Mickey quickly developed a serious interest in operations and supply chain management during the core 'Operations Management' course he took with me,” says Sergio Chayet, PhD, director of the Master of Science in Supply Chain Management Program and senior lecturer in operations & manufacturing management. “His questions and comments in class reflected his progressive deeper understanding of important concepts in this area.

“I also had the opportunity to get to know Mickey better while advising him and his teammates in a practicum project for Boeing, during which I was impressed by his many interpersonal traits and an exceptional ability to gain the trust and respect of his peers,” Chayet says.

Outside the classroom, Turner has participated in intramural sports and, as a former captain of the NCAA Division I University of Wisconsin football team, did some volunteer coaching with the WUSTL football program last fall.

Callaghan, whose concentration is marketing, interned last summer in the specialty products development division at Express Scripts in St. Louis, where she created market research surveys and obtained competitive intelligence on other companies.

She has served as vice president of the Olin Marketing Association, vice president of marketing for the National Association of Women MBAs and vice president of events for Olin Cares, the school’s graduate volunteer organization. She also captained the first Olin MBA Relay for Life team.

“Katie has been a delight to have in the Olin MBA program,” says Sarah Miller, director of MBA Student Affairs. “When we talk about students being a good match for our program, we are talking about students like her, who get involved and make an impact."

Both Turner and Callaghan enjoyed their experience at Olin.

“From my point of view, it was much different coming from Wisconsin, which is a huge school with a large student body,” Turner says. “They really can’t focus on a person individually. At Olin, classes are small and it’s much more competitive, but everyone is given that individual attention. It has been very rewarding.”

Callaghan agrees. “I’ve really enjoyed the people here,” she says. “Everyone from the faculty to the staff and students has been incredibly helpful. A number of our friends from Olin will be coming to our wedding.”

The two were able to capitalize on Olin’s various extracurricular learning opportunities, traveling to study the European Union in Paris for two weeks last summer and participating in a global management studies trip to Brazil in spring 2011.

“I’m incredibly happy I decided to come to Olin,” Callaghan says. “Not only did I get a top-notch education, I met the man of my dreams. It’s really been an amazing experience.”

National Day of Prayer takes on added significance in 2012

Jessica Martin — 2012-04-25 00:00:00

The National Day of Prayer typically sparks debate about whether the day violates the establishment clause from the First Amendment to the U.S. Constitution.

This year’s observance on May 3, however, likely will take on added significance, says John Inazu, JD, First Amendment expert and professor of law at Washington University in St. Louis. The reason? 2012 marks the 50th anniversary of the Supreme Court’s decision in Engel v. Vitale, which invalidated official prayer in public schools.

“Some religious believers will likely use the day of prayer to call attention to what they view as a regrettable and consequential decision,” Inazu says.

Establishment clause questions persist

The constitutionality of the National Day of Prayer hinges on the establishment clause of the U.S. Constitution, which has been interpreted to prohibit the establishment of state-endorsed religion and/or the preference of one religion over another.

Whether official recognition of the National Day of Prayer violates the establishment clause is a complicated question, says Gregory Magarian, JD, constitutional law expert and WUSTL law professor.

“There are two particular aspects of the National Day of Prayer issue that make it a tough one,” Magarian says.

“First, the question whether official policies that favor religion generally over non-religion generally has divided the justices of the Supreme Court, with no truly authoritative resolution to the question. Arguably the National Day of Prayer is such a policy. On the other hand, it may not be; not all religious practices prominent in the United States involve ‘prayer’ as such.

“Second, the court tends to grow more concerned about official policies that favor religion when the policies entail some kind of actual observance. Official recognition of a National Day of Prayer, without more, doesn't make anyone do anything.”

Magarian says that if a public school imposed a prayer requirement on students in conjunction with the National Day of Prayer, it certainly would violate the establishment clause.

“But arguably official recognition of the day, without more, simply amounts to the sort of ‘ceremonial deism’ that the court has long tolerated, for example, in allowing the words ‘In God We Trust’ to appear on money,” he says.

“On the other hand, the court's prevailing doctrine rejects official practices that send a message of endorsement of religion, on grounds that such endorsements treat nonbelievers as second-class citizens.”

Magarian believes the current court would reject an establishment clause challenge to the National Day of Prayer, treating official recognition of the day as an inconsequential instance of ceremonial deism that shows equal regard to many religious beliefs.

Inazu agrees but cautions that secular opponents to prayer in schools should not be the only ones concerned by that outcome.

“For many religious believers, prayer matters because its object — God — matters. If the justification for ‘official’ prayer renders the prayer merely ‘ceremonial,’ then observing the National Day of Prayer may be at cross-purposes with faithfulness.

“Ceremonial deism risks harming believers as well as non-believers,” Inazu says.

Women don't advocate for other women in high-status work groups

Neil Schoenherr — 2012-05-01 00:00:00

Women serve as CEOs of just 17 of the Fortune 500 top companies in the United States. PepsiCo CEO Indra Nooyi has been quoted as saying, "The glass ceiling will go away when women help other women break through that ceiling."

Michelle Duguid

However, that may not necessarily be happening. Research from Washington University in St. Louis finds that women often do not support qualified female candidates as potential high-prestige work group peers.

“My research aims to understand the complicated processes that contribute to the dearth of women in the top tiers of organizations,” says Michelle Duguid, PhD, assistant professor of organizational behavior at Olin Business School and author of “Female Tokens in High-prestige Work Groups: Catalysts or Inhibitors of Group Diversification?” published in the journal Organizational Behavior and Human Decision Processes.

Duguid’s research proposes a concept called “value threat”

“I propose that being the only woman who is a member of a high-status work group can produce a perceived threat of not being seen as a valued group member,” Duguid says.

“This threat is likely to underlie female tokens’ responses to other women as potential group members.”

Duguid identifies two forms of value threat that she thinks affect the behavior of female tokens in high-status work groups in the context of promotion and selection — competitive threat and collective threat.

“Competitive threat is the fear that a highly qualified female candidate might be more qualified, competent or accepted than you are,” Duguid says.

“Women also might be concerned about bringing in another woman with lower qualifications, who could reinforce negative stereotypes about women and impact others’ impressions of them. This is collective threat.”

In her paper, Duguid conducted three experiments aimed at further studying these threats.

The first examined the impact of being a token female on a woman’s preference for adding another woman to a high-prestige work group. As expected, female tokens in these groups showed less of a preference for female candidates as work group peers.

In the second study Duguid examined the impact of competence of a female candidate on women’s perceptions of threat. She found that compared to majority members of the group, tokens felt more competitive and collective threat from female candidates who had higher and lower qualifications, respectively.

Her third study replicated the findings of the first two and in addition investigated the interactive effects of women’s numerical representation and work group prestige on their experience of value threat.

A third threat Duguid considered is the favoritism threat.

“This is where female tokens in high-prestige work groups may be concerned about appearing biased toward other women and therefore will not advocate for them,” Duguid says.

That research is explored in more detail in a theory paper published in the March-April issue of Organization Science called “The Impact of Categorical Status, Numeric Representation and Work Group Prestige on Preference for Demographically Similar Others: A Value Threat Approach.”

That paper is written with Denise Lewin Loyd, PhD, of MIT’s Sloan School of Management, and Pamela Tolbert, PhD, of Cornell University’s IRL School.

Duguid says her research has strong implications for business and leadership in this country. “Organizational leaders really need to recognize these potential threats as they could have a significant impact on the interaction between female group members, which could ultimately affect performance,” she says.

“Leaders should encourage female tokens to identify with their own demographic group, which can help them manage work relationships and develop alliances and mentoring relationships with other women.

“This may be crucial to an organization’s ability to realize the potential benefits of diversity.”

Law school presents Distinguished Alumni Awards, Dean's Medal

2012-04-26 00:00:00

Washington University in St. Louis School of Law celebrated the outstanding achievements of seven individuals at the annual Distinguished Alumni Awards Dinner April 20 in the Crowder Courtyard of Anheuser-Busch Hall.

Kent Syverud, JD, dean and the Ethan A.H. Shepley Distinguished University Professor, presented the awards. Four alumni received Distinguished Law Alumni Awards, and two received Distinguished Young Law Alumni Awards.

Thomas R. Green, JD, received the Dean’s Medal. The Dean’s Medal is the highest honor the dean can bestow.

Selected entirely by the dean, the award is designed to acknowledge a person who has made extraordinary contributions to the law school, including the contributions of inspiring others and enhancing the school’s progress.

Dean’s Medal

Green (JD ’58) founded and is a director and majority shareholder of Royal Bancshares, a $450-million bank holding company with five locations in St. Louis.

After law school, Green became an assistant county counselor for St. Louis County. At the same time, he maintained his own small general practice, which he later expanded to specialize in real estate law. He also started investing in real estate development projects during the 1960s and 1970s. His success prompted the opening of a full-time real estate development office.

A former assistant attorney general of Missouri, Green remains active in politics. He is a member of the Academy of Missouri Squires and serves on the board of the Democratic Senatorial Campaign Committee.

An active participant in the Jewish Federation of St. Louis for more than 30 years, Green served as its president from 1986-88. He served as chairman of the committee to build the Holocaust Museum of St. Louis and was the museum’s first chairman.

Green also served on many national Jewish organizations. Among his many honors, he was awarded the Israel Peace Medal in 1989.

Green is a longtime supporter of the law school serving on the “Building for a New Century Campaign” and is chairing the Kresge Challenge Campaign that helped secure the funds to build Anheuser-Busch Hall.

He has served on the law school’s National Council and its Eliot Society Membership Committee.

In 2002, Green and his wife, Karole, established the Thomas and Karole Green Professorship in the law school.

Distinguished Law Alumni

Lawrence Brody (JD ’67) is a partner of Bryan Cave LLP, an international law firm. Residing in the St. Louis office, he is a member of its Private Client Service Group and its Technology, Entrepreneurial & Commercial Practice Client Service Group.

Brody is an adjunct professor at the law school and a visiting adjunct professor at the University of Miami Law School.

He is the author or co-author of numerous articles and books on the use of life insurance in estate and employee benefit planning. Brody is a member of both The American College of Trust and Estate Counsel and The American College of Tax Counsel.

He received the designation of Accredited Estate Planner by the National Association of Estate Planners & Councils (NAEPC).

Brody was one of 10 individuals awarded NAEPC’s Distinguished Accredited Estate Planner designation in the initial class in 2004.

Alan C. Kohn (AB ’53, LLB ’55) is a St. Louis trial lawyer and a founding partner of the law firm of Kohn, Shands, Elbert, Gianoulakis & Giljum LLP.

In 1955, he graduated from the law school, where he was editor-in-chief of the Washington University Law Review.

After working in Germany as a lieutenant in the U.S. Army Security Agency, he returned to the U.S., where he became the first WUSTL law school graduate to be a law clerk at the U.S. Supreme Court, serving as law clerk to Justice Charles E. Whittaker.

Kohn has an extensive public service record and has served as an adjunct professor at the law school.

He was named by Best Lawyers in America as the 2011 St. Louis Trial Lawyer of the Year for Bet-the-Company Litigation. He has tried more than 100 cases and argued more than 80 appeals.

Outside of the office, Kohn relived his success as a four-year member of WUSTL’s tennis team winning gold medals in doubles and bronze medals in singles in the U.S. National Senior Olympics in 1987 and ’89.

Sandra M. Moore (AB ’76, JD ’79) is president of Urban Strategies, a not-for-profit corporation founded in 1978 that works with developers to rebuild distressed urban core communities into vibrant, safe residential neighborhoods with new housing, good schools, strong institutions and a range of human service supports and amenities.

Moore formerly served as the CEO of the Missouri Family Investment Trust, a public–private partnership entity leading Missouri’s multi-system reform efforts. She also was vice president of St. Louis 2004, Inc., a citizen-based effort to make the St. Louis region a recognized leader in the 21st century by accomplishing major projects.

Moore is former director of the Missouri Department of Labor and Industrial Relations and a former administrative judge with the U.S. Equal Employment Opportunity Commission.

Moore is committed to strengthening the growth and development of citizens and the fiber of the community as evidenced through her significant service to community organizations and institutions.

She serves on the law school’s National Council.

Sheldon Roodman (JD ’66) is the former executive director of the Legal Assistance Foundation of Metropolitan Chicago (LAF), the principal provider of free legal services in civil cases to the poor and other vulnerable groups in Cook County, Ill.

For 30 years, he played a leadership role in expanding legal services for these disadvantaged groups in the Chicago area and in establishing LAF’s reputation as one of the best legal services programs in the United States.

During the 1970s, Roodman was an active litigator and lead counsel in a number of class actions on behalf of low-income individuals seeking unemployment benefits, food stamps, welfare and/or Medicaid benefits.

His most important case reached the Supreme Court twice and dealt with the rights of a class of aged, blind and disabled welfare applicants. The Supreme Court decisions clarified the scope and application of the Eleventh Amendment to the U.S. Constitution.

Distinguished Young Law Alumni

Debbie Champion (JD ’88) is a founding partner in the firm of Rynearson, Suess, Schnurbusch and Champion.

The recipient of numerous awards for her pro bono work, Champion won an award from the Missouri Lawyers Weekly for two of the top 10 largest verdicts in 2010 and the most defense verdicts in 2011. The Women’s Law Caucus of Washington University recently honored her for her commitment to the advancement of women in the law.

In the community, Champion has served on the board of the Lift for Life Academy; the board of directors and the advisory board of the Junior Chamber of Commerce; and the board of directors of Shelter the Children. She was a founding member of Join Hands ESL, a charitable organization for underprivileged children of East St. Louis, Ill.

Champion is founder and president of Tools for Schools, a not-for-profit corporation that distributes school supplies to needy schools and children.

Judy Okenfuss (BS ’84, AB ’84, JD ’91) is a partner with Ice Miller LLP and is chair of its product liability, mass tort and class action practice area.

She focuses her practice on the defense of product manufacturers, distributors and retailers in a wide range of industries.

Super Lawyers named her one of the Top 25 Women Lawyers in Indiana in 2012. In 2011, she was given the Inspiring Women Award by the WNBA’s Indiana Fever.

Okenfuss serves on the law school’s National Council. She also has worked closely with the university to restart the alumni chapter in Indianapolis.

She is involved with a number of different organizations in Indianapolis, her personal favorite being the Peace Learning Center, an organization that teaches nonviolent dispute resolution techniques to inner-city children. She served as chair of the center’s board.

Poster perfect

2012-04-26 00:00:00

Jon Furst

Sophomore Marnie Abeshouse (left), an anthropology major in Arts & Sciences, explains her research project on the Israeli pharmaceutical industry to (from left) Phylllis Markus, vice president of the Social Injustice Initiative at the Jewish Community Relations Council of St. Louis, Benjamin Cedargreen and Hilary Cedargreen during a poster presentation April 24 for the Olin Business School course "Business, Innovation and Entrepreneurship in Israel." The course, taught by Steve Malter, PhD, assistant dean for student development and stratetic initiatives at Olin, focuses on business innovation in Israel and includes a 10-day immersion in various aspects of the Israeli economy. For more information, visit news.wustl.edu/news/pages/23520.aspx.

Hoops for hope

2012-04-25 00:00:00

courtesy photos

Olin Business School students, faculty and staff participate in a charity basketball game April 12 to raise money for Hike4Kids, a project started by MBA student Michael McLaughlin. This spring and summer, McLaughlin is taking time off his studies at Olin to through-hike the entire Appalachian and Ozark trails back-to-back, helping to raise funds and awareness for underprivileged children, both locally and in Africa. McLaughlin is more than 670 miles into the 2,500-mile six-month journey. (Below) McLaughlin (left), chats with a fellow hiker over a camp fire during his trek. To follow his progress, visit hike4kids.wordpress.com. To learn more about the project and to donate to the cause, visit hike4kids.com.

WUSTL law students win 'coveted' ABA moot court national championship

2012-04-24 00:00:00

Third-year law students Justin Lepp, Nick Rosinia and Mikela Sutrina are the first Washington University in St. Louis School of Law team to win the American Bar Association’s (ABA) National Appellate Advocacy Competition, the largest and most competitive moot court competition in the country.

The students went a combined 11-0 in the Seattle Regional and National Final en route to the championship April 14, surpassing 209 other teams from 118 law schools.

Rosinia and Sutrina also received individual recognition as the second- and third-ranked speakers overall in the six rounds of the National Final.

Lepp, Rosinia and Sutrina were crowned the champions by a final-round panel that included Seventh Circuit Judge John D. Tinder and U.S. District Court Judges Edmond E. Chang, John W. Darrah and Charles P. Kocoras.

The final round was held in the ceremonial courtroom of the Supreme Court of Illinois in Chicago.

“This was the very best final round in this competition in recent memory,” says Larry Bates, chair of the committee that administers the ABA competition.

Much like mock trials simulate the trial court experience, moot court simulates the exercise of arguing an appeal before the U.S. Supreme Court. This year’s ABA problem focused on the fictional case of a child with severe autism named Ryan Reed, who had been denied coverage for an expensive medical treatment.

In the final round, Rosinia and Sutrina petitioned on behalf of Reed, arguing that his private insurer and the fictional state of Texifornia were obligated to pay for the treatment under both the Wellstone Act and federal Medicaid law.

“There is no more coveted or elusive prize in the moot court world than the ABA national championship,” says Richard Finneran, JD, adjunct law professor and law school alumnus.

Finneran coaches Lepp, Rosinia and Sutrina, along with nine other students on Washington University’s National Moot Court Team.

“This victory solidifies our team’s status as the premier moot court program in the country,” he says.

In the preceding five years, the National Moot Court Team had advanced five teams to the quarterfinals of the ABA competition — a feat matched by no other team in the country — but until now had never eclipsed that mark. The team also competes annually in the William E. McGee National Civil Rights Competition, where it has won three national championships in the past four years.

The National Moot Court Team selects 12 students each year from the second- and third-year classes to compete in the ABA and McGee competitions. Students work together to draft written briefs over winter break and typically practice two to three times a week in the spring semester to prepare for the competition.

Advancement in the competitions is based upon a combined score that considers both their written work product and the evaluation of their oral arguments by a panel of judges, usually comprised of local practitioners.

“As exciting as it is to win, the true value of the competition is in the practical skills it teaches the students who participate,” says Finneran, who himself participated in the ABA competition when he was a student at Washington University.

“When these students stand up as young lawyers to argue their first motion in a trial court, they will have the same confidence that carried them to the pinnacle of this competition.”

Lepp, Rosinia and Sutrina are no strangers to winning championships. Rosinia and Sutrina were part of the team that won the McGee National Civil Rights Competition last spring, and Sutrina and Lepp joined forces last fall to claim victory in Washington University’s Wiley Rutledge Moot Court Competition.

Student-founded socially conscious running apparel company debuts May 3

Neil Schoenherr — 2012-04-17 00:00:00

Janji, a socially conscious running shorts business created by members of the Washington University in St. Louis cross country team, will release its original running apparel at a public launch party in St. Louis Thursday, May 3.

“This public release is something we've been building towards for two years,” says Mike Burnstein, a senior urban studies major, an avid runner and one of the founders of Janji, proceeds of which go to fight world hunger and water needs.

"It is extremely exciting to finally release something that will have a global impact —providing clean water and nutrition to people who need it,” Burnstein says.

Janji aims to make a global impact on the food and water crisis through its running apparel. The design of the shorts is based on the flags of the countries that the apparel benefits, including Kenya and Haiti. With each piece of apparel sold proceeds go directly toward sustainable solutions.

For instance, eight days of nutrition are supplied when a runner buys a pair of the Haiti shorts.

Janji shorts will be sold in more than 60 running stores across the United States beginning this summer.

The idea for Janji began on the way to the 2010 Division III Outdoor Track and Field Championships, when Burnstein and fellow runner Dave Spandorfer were motivated by a vision to end the food and water crisis through the power of running.

"The inspiration for Janji was to connect runners to the global food and water crisis, which afflicts over a billion people,” says Spandorfer, a 2011 history and international business graduate. “We want to give runners something bigger to run for than their own personal performance."

They chose the name, Janji, which means “promise” in Malay, because their organization is built on the promise to “run for another.”

From the beginning, Janji has had considerable start-up success by winning grants and business competitions, which led to nationwide recognition and the attention of many inspired running store owners.

Janji was awarded a total of $15,000 at the 2011 Youthbridge Social Enterprise and Innovation Competition (SEIC) at Washington University. The competition is a joint partnership between the YouthBridge Community Foundation and WUSTL’s Skandalaris Center for Entrepreneurial Studies.

"Competing in the SEIC offered us more than funding,” Burnstein says. “It allowed us to refine our concept from a small idea to a sustainable business. Without that experience we wouldn't exist.”

The YouthBridge SEIC is unique in St. Louis and, in terms of monetary awards, is one of the largest competitions of its kind in the United States.

Janji also won first place and $20,000 in the 2011 University of Colorado at Colorado Springs Sports/Outdoors Business Plan Competition, beating out 15 other teams.

Janji is releasing its products nationwide this summer in select running stores, starting with the May 3 launch party at St. Louis’ Big River Running Company.

Runners are invited to be the first to view and purchase the new apparel, along with the opportunity to meet the young entrepreneurs who made their dream a reality.

The event begins at 7 p.m. Thursday, May 3, at Big River Running, 14059 Manchester Road in Manchester, Mo.

For more information on Janji, visit runjanji.com. For more information about the May 3 launch, email Mike@RunJanji.com.

New R&D tool, developed at Olin, could add $1 trillion to public firms' market value

Neil Schoenherr — 2012-04-17 00:00:00

The nation’s top 20 publicly traded firms could have added nearly $1 trillion to their market value if, in 2010, they had used a new tool, known as the research quotient (RQ), to determine their research and development (R&D) budgets, says its creator, Anne Marie Knott, PhD, associate professor of strategy at Washington University in St. Louis.

Anne Marie Knott

“The longer-term benefits are even greater,” Knott says, “as RQ also allows companies to more closely link changes in R&D strategy, practices and processes to profitability and value.”

Knott’s metric, featured in the May 2012 "Spotlight on Innovation" issue of the Harvard Business Review, is designed to help companies address several key questions that underlie R&D strategy:

How does a company know what kind of return it is getting from R&D?
Is it better at R&D than the competition?
How much should it be spending and what can it do to improve the effectiveness of those investments?

"I had been hoping for a measure like this since before becoming an academic,” Knott says. "Existing measures of innovation, such as R&D intensity and product/patent counts, don't allow firms, policy makers or academics to know the answers to these big questions."

Knott’s RQ metric allows companies to estimate the effectiveness of R&D investment relative to the competition.

“It lets them see how changes in their R&D expenditure affect the bottom line and, most important, their company’s market value,” Knott says.

“My research, which includes a comprehensive analysis of all publicly traded companies in the U.S., suggests that if the top 20 firms traded on U.S. exchanges had optimized their R&D spending in 2010 using the RQ method, the potential collective increase in market cap would be an astonishing $1 trillion.”

To read the full story, visit: hbr.org/2012/05/the-trillion-dollar-rd-fix/ar/1.

Reactions to POTUS Supreme Court comments ‘reflect historical ignorance’

Jessica Martin — 2012-04-05 00:00:00

The Supreme Court’s upcoming decision on the constitutionality of the Affordable Care act has prompted some interesting and provocative issues about – and between – the president and the judicial branch, says Gregory P. Magarian, JD, professor of law at Washington University in St. Louis and former clerk for retired Supreme Court Justice John Paul Stevens.

“President (Barack) Obama recently suggested that for the court to overrule a major federal statute would be ‘unprecedented,’” he says.

Magarian

“He quickly amended his remarks, and properly so. The landmark case of Marbury v. Madison long ago established that the Supreme Court has power to declare federal statutes unconstitutional.”

Some commentators and judges reacted with alarm to Obama’s original comments, suggesting that they amounted to presidential intimidation of the Supreme Court.

Judge Jerry Smith of the Fifth Circuit Court of Appeals went so far as to lecture a Department of Justice lawyer about judicial power, ordering the lawyer to write the court a three-page memo explaining the court’s power to strike down statutes.

“These alarmed reactions reflect historical ignorance,” Magarian says.

“Presidents from the beginning of the republic, notably including Jefferson, Lincoln and Franklin Roosevelt, have verbally castigated the court in terms that make President Obama’s remarks sound like a fan letter.

“Presidents speak out on public issues, and the Supreme Court enjoys no immunity from the bully pulpit. Judge Smith’s tantrum is much more remarkable: for a federal judge to punish a government lawyer because the judge dislikes the president’s opinions reflects a startling lapse of professionalism and judicial temperament.”

Magarian says that even so, federal judges are supposed to be independent, and everyone – including believers in the Affordable Care Act’s constitutionality – should respect that fact.

At least one liberal commentator has argued that Congress should impeach the justices of the Supreme Court if they strike down the act.

“The Constitution does allow Congress to impeach federal judges, like the president, for ‘high crimes and misdemeanors.’ Congress has impeached and tried judges over the years, although it has not impeached a Supreme Court justice since the early days of the republic.

“But anyone who calls for impeachment of the justices based on opposition to their judicial opinions would do well to remember that the last major movement to impeach a member of the court targeted Chief Justice Earl Warren over the issue of school desegregation.

“The best understanding of ‘high crimes and misdemeanors’ is that only official misconduct warrants impeachment. The Supreme Court has made some awful decisions in its history, but even an awful decision is not a crime.”

Related history

The Supreme Court has struck down numerous federal statutes over the decades.

“What the president meant, as his amended remarks made clear, was that no precedent existed for the court to hold that a major economic regulation exceeded federal power,” Magarian says.

“That statement is correct. The court has struck down federal economic regulations, most recently in 1936, but beginning in 1937, the court sharply repudiated its earlier actions and adopted a very broad view of federal power to regulate the national economy.

“Thus, a Supreme Court decision to strike down the Affordable Care Act would be unprecedented -- although, in fairness, the ‘individual mandate’ at the heart of the case differs from earlier regulations the court has upheld.”

Most Americans, including Romney supporters, favor higher tax on rich, survey finds

Neil Schoenherr — 2012-04-13 00:00:00

President Barack Obama lately has been arguing for increased taxes on the rich through his proposed “Buffett Rule,” which would ensure that millionaires and billionaires pay a minimum effective tax rate of 30 percent on their income.

But how do Americans view raising taxes on the rich? It turns out most support such a move, finds a new Washington University in St. Louis survey.

The American Panel Survey (TAPS), a random sample of 1,370 adults, finds that 93 percent of those who consider themselves Obama supporters favor increasing taxes on households making more than $1 million a year.

More than 66 percent of those who consider themselves Mitt Romney supporters would be in favor of such increases.

“While our survey did not ask in detail about the Buffett rule, the American public clearly favors higher taxes on high-income taxpayers,” says Steven S. Smith, PhD, the Kate M. Gregg Distinguished Professor of Social Science and director of the Weidenbaum Center on the Economy, Government, and Public Policy, which coordinates the TAPS survey.

“This is true even of a majority of Romney supporters,” Smith says. “Democrats in the Senate realize this. They want to put Republicans in a position of casting an unpopular vote, even if it is procedural vote to take up the issue.”

The TAPS results indicate that Americans oppose increases in their own taxes and the taxes of small business whether they are Obama or Romney supporters.

While a majority favor increasing taxes on upper income households and corporations, there are large differences between Obama and Romney supporters on most tax issues.

“The results for individual spending and tax questions can be misleading and are difficult to summarize,” Smith says. “To gain a better overview we have developed scales for domestic spending and tax policy. These yield a general measure of each respondent’s views of the issues and can be compared across Romney and Obama supporters.”

On domestic spending, Smith says, the differences between the Obama and Romney supporters are apparent, though there is a substantial number of Americans who fall in the middle of the spectrum in the overlap between the two groups. (See Figure 1)

On taxation, Obama supporters are considerably more supportive of tax increases than Romney supporters. Obama supporters are substantially more unified in their views about taxes than Romney supporters, Smith says. (See Figure 2)

Neither set of partisans favors changes in most tax deductions and credits. Romney supporters are somewhat more in favor than Obama supporters of keeping or expanding these tax breaks. (See Figure 3)

TAPS is based on a national probability sample. It launched in fall 2011 and published its first finding in January 2012. As a panel, the survey returns to the same respondents each month, which allows for measuring change in attitudes among individuals over time and results in the accumulation of more data about the respondents than in most surveys.

The typical monthly survey includes about 1,600 respondents from a larger panel of 2,100.

TAPS is implemented by Knowledge Networks of Palo Alto, Calif.

For more information on the project or other data from this month’s survey, email Smith at taps@wustl.edu.

More information about TAPS is available at taps.wustl.edu.

Olin Business School presents Distinguished Alumni Awards, Dean’s Medals

Neil Schoenherr — 2012-04-12 00:00:00

Olin Business School recognized the achievements of four alumni during the annual Distinguished Alumni Awards Ceremony held April 5 at the Ritz Carlton, St. Louis.

Mahendra R. Gupta, PhD, dean and the Geraldine J. and Robert L. Virgil Professor of Accounting and Management, hosted the event.

The Distinguished Alumni Awards honor Olin Business School alumni who have attained distinction in their careers. Those being honored share the characteristics of leadership: progressive thinking, high standards, uncompromising integrity, commitment, courage and confidence. Their careers serve as models for all WUSTL students and alumni.

Gupta also presented the Dean’s Medal to Joanne and Charles F. Knight and Carol and George Bauer. The Dean’s Medal is awarded to Olin friends whose dedication and service to the school have made a significant difference.

Distinguished Alumni

Scott B. Helm (BSBA ’87), introduced by Gary M. Hochberg, PhD, director of specialized master’s programs at Olin

Helm

Helm is a co-founder and partner at Energy Capital Partners, a New Jersey-based private equity firm focused on investing in North American energy infrastructure.

The company has raised around $7 billion in equity funds over the past seven years. Its holdings include companies in electric power generation, renewable energy, electric transmission, gas storage and pipelines and other energy assets.

After graduating, Helm entered the investment world as an analyst in the fixed-income division at Goldman, Sachs & Co. in Chicago. By 1990, he was promoted to associate in the investment banking division and, in 1994, to vice president.

His work there with commodity cyclical businesses led him to help launch Orion Power Holdings Inc. in 1998, where he served as chief financial officer.

At Orion Power, he helped lead seven acquisitions totaling $3.2 billion and led eight financings that raised another $2.7 billion in support of those acquisitions. He also was responsible for several expansion and risk-management projects.

Paul A. Koch (BSBA ’61, JD ’64 and MBA ’68), introduced by Robert E. Lefton, PhD, president and CEO of Psychological Associates Inc.

P. Koch

Koch is co-chairman of the board at Koch Development Co.

Koch and his brother Roger Koch are the third generation in the real estate investment and development business and jointly own Koch Development Co. As principals and board members, he and Roger are responsible for the overall strategic direction of the company.

Koch has more than 50 years of entrepreneurial experience in real estate. He started his real estate development and homebuilding business in 1961. He and Roger combined most of their businesses two years later. The two brothers are both experienced in land development, as well as real estate investment, construction and management. Their experience encompasses residential, office, retail and industrial real estate, and real estate brokerage.

After a three-year U.S. Air Force stint as a judge advocate trial attorney, Koch returned to St. Louis in 1967 to start his home construction and real estate brokerage business while earning an MBA. His brother joined him in 1969 after military service. Koch Development now has a portfolio that consists of office, retail, entertainment and industrial investment properties in seven states.

Roger L. Koch (BSBA ’64 and MBA ’66), introduced by Robert E. Lefton, PhD, president and CEO of Psychological Associates Inc.

R. Koch

With his brother Paul, Koch is co-chairman of the board at Koch Development Co.

In addition to his work in Koch Development Co., Roger Koch was the majority owner and controlled numerous partnerships outside the family business investing in properties in Missouri, Minnesota, Michigan and Illinois.

He was a National Association of Securities Dealers licensed broker and dealer for direct participation programs, licensed insurance broker and licensed real estate broker. He has handled the sale, acquisition and financing of numerous properties for Koch Development Co. and its affiliates.

He served as an officer in the U.S. Air Force, specializing in logistical systems auditing. He is a life member of the Institute of Real Estate Management and has extensive professional education, including all course work required for the MAI designation.

Koch served as chairman of the board of Mark Twain South County Bank for 16 years and was a member of the Mark Twain St. Louis Bank board.

Merry L. Mosbacher (MBA ’82), introduced by James D. Weddle, managing partner of Edward Jones Investments

Mosbacher

Mosbacher is principal of the insurance marketing department at Edward Jones. She leads the firm’s efforts to market and distribute insurance and annuity products, which account for some $8 billion in annual sales and 18 percent of the firm’s overall trade revenue.

She oversees 23 employees and is responsible for the sale of insurance products — variable, fixed and immediate annuities and insurance for both life and long-term care — through the firm's 9,800 branches in the United States, Canada and the United Kingdom.

During her 17 years in insurance marketing, she has contributed to the insurance industry by working with companies to enhance the value provided to clients through new product designs and client service innovation.

She previously worked in the investment banking department, where she was responsible for more than 60 public offferings.

She began her career at Edward Jones as a student intern while working on her MBA at Olin. She joined the company's investment banking department full time in 1982 and was named a principal four years later. In 1994, she assumed responsibility for the insurance marketing department.

Dean’s Medalists

Joanne and Charles F. Knight have a long history of generosity to countless organizations, which have had a profound impact on the St. Louis region, especially in the areas of cancer research, health and wellness, and business education.

Joanne and Chuck Knight

Joanne Knight served on the Alvin J. Siteman Cancer Center Community Advisory Board and the Knights endowed the Joanne Knight Breast Health Center. Chuck Knight chaired Barnes Hospital, helped create Barnes-Jewish, where he is emeritus chair for life, and engineered the formation of BJC Health System.

The Charles F. Knight Emergency and Trauma Center at Barnes-Jewish Hospital was named in Knight’s honor.

Together, they established the Charles F. and Joanne Knight Distinguished Professorship in Orthopaedic Surgery and provided significant funding for the Alzheimer’s Disease Research Center.

Joanne Knight is an active community leader who has served on the boards of Central Institute for the Deaf, St. Luke’s Hospital and the St. Louis chapter of the Alzheimer’s Association.

Chuck Knight led Emerson for three decades until his retirement in 2004. Widely recognized by his peers around the country, Knight has been a leader at WUSTL where he served as a trustee from 1977–1990.

He has had a profound influence on the development of Olin Business School since 1980, when he chaired the Business Task Force that recommended further development of the school, including new facilities named for John E. Simon.

His leadership spurred the expansion of executive education through the building of the Charles F. Knight Executive Education & Conference Center.

In late 2011, the Knights stepped forward with a gift of $15 million to support the construction of a new building adjacent to the Charles F. Knight Executive Education & Conference Center.

This new facility will provide the foundation for Olin’s second century of top-ranked undergraduate and graduate business programs, which have grown steadily since the establishment of the school in 1917. The building will be named Knight Hall in recognition of the Knights’ extraordinary generosity and visionary leadership.

Carol and George Bauer, through the Bauer Foundation, have helped countless individuals and organizations by making investments in education and improving the lives of underprivileged children all over the world.

George and Carol Bauer

In Thailand, they helped establish the New Life Center that serves as a halfway house providing shelter, education and vocational training for 50 rescued adolescent girls. Closer to home, they sponsor the “I Have a Dream” program for children in South Norwalk, Conn.

They have provided substantial scholarships at WUSTL and, in 2004, established an endowment that provides emergency financial aid to students who experience unforeseen financial problems.

Their impact on Olin Business School has been tremendous. In 2007, they established the George and Carol Bauer Professorship in Organizational Ethics and Governance, which affirmed Olin’s resolve to educate its students in corporate governance, and to advance personal and professional ethics. The appointment of Stuart Bunderson, PhD, as the George and Carol Bauer Professor was announced in 2010.

In late 2011, the Bauer Foundation stepped forward with a gift of $10 million for Olin Business School to support the construction of a new building. The building will be named Bauer Hall in recognition of the Bauers’ extraordinary generosity.

Carol Bauer has served in many nonprofit leadership roles, including chairman of the board of Norwalk Hospital in Norwalk, Conn. She is distinguished for her role as a philanthropist and has been the recipient of the Connecticut Philanthropist of the Year award, the Rotary Foundation’s Paul Harris Fellow Award and a participant in the Norwalk Chamber of Commerce Athena Recognition. Carol Bauer also serves as a hospital chaplain.

An active alumnus, George Bauer serves on WUSTL’s New York Regional Cabinet, the Board of Trustees and Olin’s National Council. George and Carol Bauer together received the Robert S. Brookings Award in recognition of their extraordinary generosity and commitment.

George received a Distinguished Engineering Alumni Award from the School of Engineering & Applied Science, where he earned a bachelor’s degree in industrial engineering in 1953 and a master’s degree in engineering from the Sever Institute in 1959.

YouthBridge SEIC winners impress judges with social venture ideas

Neil Schoenherr — 2012-04-12 00:00:00

Winners of the seventh annual YouthBridge Social Enterprise and Innovation Competition (SEIC) were announced April 11.

Winning teams represented community and WUSTL social entrepreneurs, including students, alumni and faculty. Their social venture ideas ranged from teaching teens about entrepreneurship through beekeeping to providing education to kidney transplant patients.

Kevin Lowder

Ken Harrington (right), managing director of the Skandalaris Center for Entrepreneurial Studies, chats with Phil Minden, part of the Sweet Sensation group that was awarded the $35,000 YouthBridge Community Foundation award during the YouthBridge SEIC awards ceremony April 11 in Simon Hall.

“Our donors and judges were impressed with the quality of the plans and the passion of the entrepreneurs,” says Ken Harrington, managing director of the Skandalaris Center for Entrepreneurial Studies, sponsor of the competition.

“This is the seventh year for the competition, and past competitors generously lent their time and expertise to our teams this year,” Harrington says. “The support system for social entrepreneurs for mentoring, funding and services has grown tremendously in the community.

“With the Brown School offering a new specialization in social entrepreneurship our students will have even more opportunities in this area.”

Harrington announced the following awards, selected from a pool of seven finalists:

The YouthBridge Community Foundation award of $35,000 to Sweet Sensation, which teaches North St. Louis teens about entrepreneurship and sustainability through beekeeping. Team members include Phil Minden (MBA, 2011), Leon Threat (MSW, 1997) and Ernecia Coles (MSW, ’96).
Daughters of Charity Foundation of St. Louis award of $30,000 to the Migrant Immigrant and Community Action (MICA) Project, which combines legal representation, social services and community development to promote the voice and human dignity of immigrant communities. Team founders include Jessica Mayo (JD, 2012) and Nicole Cortés (JD and MSW, ’12).
The Lutheran Foundation of St. Louis award of $25,000 to the Dahlia Partnership, which provides education to school health-care professionals, coaches and counselors about eating disorders to increase early intervention, family support and positive dialogue about a healthy body image. Kimberli McCallum, MD, associate professor of psychiatry at the School of Medicine, is a founding board member of Dahlia.
The Skandalaris Award of $25,000 to Explore Transplant, which provides an educational program for dialysis providers on how to educate kidney transplant patients. Explore Transplant was founded by Amy Waterman, PhD, associate professor of medicine and a social psychologist at the medical school.
Mayo and Cortés of MICA also won the $5,000 student award.

In addition, St. Louis law firm and Skandalaris sponsor Polsinelli Shughart PC will provide up to three $3,000 prizes of in-kind legal services to teams in this year’s competition.

The YouthBridge SEIC was started in 2005 as a partnership between the Skandalaris Center and the YouthBridge Community Foundation. Since its inception, the competition has awarded more than $850,000 in cash and in-kind prizes to 32 social ventures, including an annual $5,000 student prize. More than 85 percent of ventures that have won awards still are operating.

The YouthBridge Community Foundation partners with donors to help charities, especially those focused on children, become financially sound through leadership, grants and donors services.

The Skandalaris Center is a cross-campus and community-wide initiative serving students in all schools and degree programs at the university and the St. Louis region. Sponsors of the Skandalaris Center include the St. Louis Regional Commerce and Growth Association, St. Louis Commerce Magazine, RubinBrown LLP, Polsinelli Shughart PC and Lopata Flegel & Company LLP.

JOBS Act to create cultural shift in start-up investment

Neil Schoenherr — 2012-04-06 00:00:00

The Jump Start our Business Start-ups (JOBS) Act, an entrepreneurship bill signed into law April 5 by President Barack Obama, could help open an entirely new class of investor to a process they largely have been held out of, says an expert at Washington University in St. Louis.

Holekamp

“There’s an interesting cultural shift happening with the passage of this bill,” says Clifford Holekamp, senior lecturer in entrepreneurship at Olin Business School.

“Traditionally, private equity investing was only for the wealthy,” he says. “You had to be an accredited investor to be marketed to for private equity investment in an entrepreneurial firm. As such, an entire investment class was excluded. With this bill, the angel investment community will be opened up to a much broader audience.”

The bi-partisan JOBS Act creates a new category of “emerging growth” companies that can conduct initial public offerings of stock while being exempt from certain financial disclosure and government regulations for up to five years.

Also, the measure will provide a new form of financing to small companies. Through crowd-funding, or the sale of small amounts of stock to many individuals, companies will be albe to solicit equity investments through the Internet or elsewhere, raising up to $1 million annually without being required to register the shares for public trading with the Securities and Exchange Commission.

The bill is not without controversy, however. Detractors say it may cause more investors to lose larger amounts of money.

“Angel investing often comes with more risk than reward,” Holekamp says. “It’s the most risky asset class you can invest in. However, angel investors frequently choose to invest for reasons other than strictly economic ones.”

And, he says, most Americans have been excluded from that process.

“I would argue that the previous protections were excluding the typical person from an entire segment of our business culture, the ability to participate in the investment and ownership of a start-up business,” Holekamp says.

“This bill will enable a major cultural shift in the context of social media and the power of the crowd. The old regulations were structurally blocking the power of the crowd to fund businesses,” he says. “That obstacle is being knocked over and now the ‘average’ person will be able to participate in this investment community, for their own betterment or at their own peril.”

The detractors of the bill, he says, assume that these people are unsophisticated investors and therefore need to be protected from their own decisions.

“But at the same time, in order to provide them that protection we are limiting their options and their freedoms and excluding them from a life experience, let alone from an economic opportunity,” Holekamp says.

“I think this could also enable a whole new generation of entrepreneurs who weren’t even at the table before,” he says. “This is much more democratic for both the entrepreneurs and their investors.

“Now entrepreneurs don’t necessarily have to be socially networked and connected with wealthy investors in order to raise equity funds.”

Customers acquired through Google search advertising more valuable than previously thought

Neil Schoenherr — 2012-04-06 00:00:00

http://youtu.be/az5_BCuGFwgThis year's Olin Award-winning paper proposes a model for measuring the true lifetime value of customers acquired through Google search advertising and finds it is much higher than traditional methods have shown.

In a down economy where advertisers are concerned about every dollar spent, a team of researchers at Washington University in St. Louis has developed a new method of measuring the effectiveness of Google search advertising, taking into account not only online sales but also goods or services purchased off-line.

The 2012 Olin Award-winning paper, “Measuring the Lifetime Value of Customers Acquired from Google Search Advertising,” finds that the conventional method of measuring the return on investment of online search ads is limited and fails to take into account the potential for “cross-channel sales spillover.”

By measuring only online transactions, current measurement methods also fail to consider the long-term profit impact of new customers.

The paper is written by Tat Chan, PhD, associate professor of marketing at Olin Business School; Ying Xie, PhD, associate professor of marketing; and doctoral student Chunhua Wu.

They will share the Olin Award’s $10,000 prize for relevant and performance-enhancing applications to critical management issues. The Olin Award for faculty research was initiated in 2007 by Richard Mahoney, executive-in-residence at Olin and former chairman and CEO of Monsanto Co.

A panel of prominent business executives and educators review and judge a range of research papers submitted to the competition authored by faculty of the Olin Business School.

Chan and his colleagues have developed an empirical method that estimates the lifetime value of customers acquired from search advertising by using multiple data sources. This new method provides advertisers with a more complete measurement of the value of customers acquired via Google.

Although the average cost per click using Google search advertising increased from around 25 cents in 2004 to almost 80 cents in 2007, it returns a value of about $10 per click for each keyword, the study suggests.

“This is very important for the advertising industry,” Chan says. “And also I think it is important for Google itself. They want to really show their customers, their business clients, how effective search advertising is.”

Google’s total advertising revenues in 2010 were $28 billion, up from $439 million in 2002.

One of the major advantages of search advertising is that it creates a better fit between potential customers’ needs and the advertised message. By reaching out to a large audience with immediate interest in the product advertised, search advertising provides a platform for advertisers not only to stimulate sales among existing customers but to also acquire new customers and grow business.

By merging web traffic and sales data from a small-sized U.S. firm, the researchers created an individual customer-level panel that tracks all repeated purchases, both online and off-line, and tracks whether these purchases were referred from Google search advertising.

Their results show that customers acquired through Google search advertising have a higher transaction rate than customers acquired from other channels. After accounting for future purchases and spillover to off-line channels, the calculated value of new customers using this new approach is much higher than the value obtained using conventional methods.

“The conventional method normally just looks at online transactions, that are one-time transactions,” says Ying Xie, PhD, associate professor of marketing. “But, in our method, we propose that we should think about the customer’s lifetime value.

“In their lifetime, they could be an active customer, repeatedly making purchases. The cumulative amount of these purchases — that’s the profit stream we should take into account.”

The conventional method to measure the return of Google search advertising is to compare the online transaction profit generated from Google referrals with the cost of search advertising within a fixed time period.

Chan and his colleagues find that this has overlooked two important factors in profit calculation — multi-channel distribution is more prevalent in the Internet age, and customer lifetime value now is widely used in many industries as a key marketing asset metric.

To estimate the customer lifetime value, the researchers merged three data sources, all available to advertisers in different industries, to construct customer panel data tracking online browsing history, as well as repeat purchases from both online and off-line channels.

They developed an integrated model of customer lifetime, transaction rate and gross margin. Based on their model’s estimates, they find that the firm would incur a loss of $48 on average to acquire a new customer if using the conventional method.

After accounting for sales spillovers across channels and the long-term effect, the estimated value of customer acquisition is as high as $950 per customer.

“We know that advertising is important for business,” Chan says. “We just don’t know how we should invest or how effective it is. Online search advertising is increasing rapidly. It is very important for a lot of advertisers.”

The study concludes that current method of measuring dramatically undervalue those customers and the new multi-channel evaluation provides a better and more accurate measurement for companies to gauge their investment in online search advertising.

To view the paper, visit mktsci.journal.informs.org/content/early/2011/08/24/mksc.1110.0658.abstract.

Frankel installed as Hance Professor of Accounting

Neil Schoenherr — 2012-04-03 00:00:00

Jon Furst

Richard Frankel, PhD (left), chats with James Hance after Frankel's installation March 21 as the Beverly and James Hance Professor of Accounting at Olin Business School. Behind them are Chancellor Mark S. Wrighton (left) and Mahendra Gupta, PhD, the Geraldine J. and Robert L. Virgil Professor of Accounting and Management and dean of Olin Business School.

Richard M. Frankel, PhD, was installed March 21 as the Beverly and James Hance Professor of Accounting at Washington University in St. Louis.

Frankel joined Olin Business School in 2005 as associate professor of accounting. Previously, he taught at the Sloan School of Business at Massachusetts Institute of Technology and the Stephen M. Ross School of Business at the University of Michigan.

Frankel is an expert in financial accounting, which provides information to individuals outside a firm. This information allows outsiders to evaluate performance and monitor managers, make investment decisions, and allocate decision and control rights among the contracting parties (e.g., shareholders, managers, creditors, suppliers) that comprise a firm.

Frankel’s research examines the collection and dissemination of information about a firm and its incorporation into security prices and lending contracts. He focuses on several fundamental areas: auditing, voluntary disclosure, adverse selection, agency costs, security analysts and investors’ use of financial information in price formation.

Frankel serves as an associate editor at the Journal of Accounting and Economics and regularly reviews papers for the Journal of Accounting Research, Accounting Review, Review of Accounting Studies and Management Science.

James and Beverly Hance

James H. Hance, Jr., and his wife, Beverly, made a commitment in 2004 to establish this professorship. The Hances are alumni of Olin Business School and the Graduate School of Arts & Sciences, respectively.

Before his retirement in 2005, Hance served as vice chairman of Bank of America Corp., and a member of the company’s board of directors. He is a senior advisor to The Carlyle Group.

He is a trustee of Washington University and a member of the National Council for Olin Business School.

In addition, he served as national chair for regional campaigns in the Campaign for Washington University.

Washington People: Brian Z. Tamanaha

Jessica Martin — 2012-03-30 00:00:00

David Kilper

Brian Tamanaha, JD, JSD (left), the William Gardiner Hammond Professor of Law, speaks with law student Pallavi Garg in the upper level of the law school library. “Brian is a spectacular scholar, teacher and citizen,” says law school Dean Kent D. Syverud, JD, the Ethan A.H. Shepley University Professor. “His work inspires careful thought, great learning and faith in the possibilities of law.”

Whether surfing in his native Hawaii, promoting the rule of law in a newly independent country or navigating difficult issues in legal education and theory, Brian Z. Tamanaha approaches each adventure with thoughtful consideration.

Even at an early age, Tamanaha, JD, JSD, the William Gardiner Hammond Professor of Law at Washington University in St. Louis, was not just thinking about going to law school — something he knew he wanted to do. He was curious about understanding law and its role.

“Growing up, whenever people talked about lawyers — they were somewhat afraid of them — lawyers made people nervous,” he says. “I wanted to know why. Why is law so important in government and society? Later, I came to understand that law has a fundamental position in many different circumstances.”

As a child of schoolteachers, Tamanaha had a long-term goal of teaching law but decided to gain some experience outside of academia after graduating from law school. So he clerked for a federal judge and then became the assistant federal public defender for the District of Hawaii.

“I wanted to learn from the inside how judges make decisions,” he says. “I also thought it was important to know lawyering before I taught law.”

Tamanaha describes his time as a public defender as “two fun years in the trenches.”

“It was an amazing experience to do trials,” he says.

“It was a real challenge; you have to be very quick on your feet and strategic. I liked that there was a bit of acting involved, too.”

From the trenches to the beaches

Courtesy photo

Tamanaha still surfs when visiting his home state of Hawaii.

Tamanaha spent the next seven months surfing the waves around Hawaii.

“My money was running out, and I needed to start looking for a job,” he says.

Out of the blue, Tamanaha was offered the position of assistant attorney general for Yap, part of the then-newly independent Federated States of Micronesia.

“I went to the bookstore and could not find Yap in the first atlas I opened — I was intrigued,” he says. “When I talked to my parents about it, they said ‘You’re a bum, and this sounds like a great job.’

“I was up for the adventure.”

Tamanaha was offered the job on a Wednesday. He was on a plane to Yap four days later.

He spent two years as one of two attorneys for Yap. As assistant attorney general to the Yapese attorney general, Tamanaha advised half of the government, including the Department of Education, and handled all types of cases, from criminal to civil and contracts cases.

“That was an incredible job,” Tamanaha says. “I had to do so many things for the government. Yap is a small place, but it has a government, so it had to be run.”

Academic adventures

Tamanaha took another step toward his goal of teaching law by earning a JSD at Harvard Law School.

From there, he was off on his next international stint as a faculty member at both the University of Amsterdam and the Van Vollenhoven Institute for Law and Administration in Non-Western Countries at Leiden University in the Netherlands.

“I grew up on an island in an idyllic setting, but I wanted to get out and see the world,” Tamanaha says. “The best way to get to know someplace is to live there. In the Netherlands, I was able to teach both American law and comparative law.”

Four years later, Tamanaha landed in New York City. He served in a variety of positions over 15 years at St. John’s University, including interim dean.

A faculty workshop drew him to WUSTL.

“I had been contacted by the law school’s hiring committee earlier, but I did not think I would be interested,” Tamanaha says.

“I thought I was going to stay where I was for a while, but when I came to the law school, I really liked it,” he says. “The faculty is incredible, and I loved the neighborhood. I went back to my wife and said we had to consider the offer.”

He joined the faculty in 2010.

“Brian is a spectacular scholar, teacher and citizen,” says law school Dean Kent D. Syverud, JD, the Ethan A.H. Shepley University Professor. “His work inspires careful thought, great learning and faith in the possibilities of law.”

In print

Scholarship has been an important part of Tamanaha’s career, no matter where he has been.

Courtesy photo

Tamanaha (right) with his daughters Sava (left) and Jolijt on vacation in Hawaii.

“I’ve written steadily since law school, even during my seven months on the beach,” he says.

He is the author of a significant number of books and articles across a range of legal topics.

Outside the United States, Tamanaha is known for his work on the rule of law, law and development, and legal pluralism, the notion that there are multiple legal systems. In the United States, he is best-known for his work debunking the notion of the formalist age.

“The standard story in the legal academy is that late 19th-century U.S. law was logically ordered and judges mechanically decided cases, and in the 1920s and ’30s, along came the realists, radicals who debunked the formal theories of law,” Tamanaha says.

“I found that this story just is not true. The late 19th-century legal scholars had very realistic views of the law, and they describe judging much the same way as the realists.

“This story was repeated in the ’20s and ’30s to delegitimize legal opponents. It became standard wisdom, but it wasn’t true.”

Tamanaha says that he also repeated this story time and again until he found evidence of his error.

“I was researching the rule of law, and I typed ‘judicial legislation 1921’ into a legal research database,” he says. “Judicial legislation (judges who create instead of interpret law) was a realist idea; however, the first documents I saw stating that judges legislate were from the late 19th century.”

One of these documents was the inaugural speech of William Gardiner Hammond, dean of the WUSTL law school and considered a major formalist legal figure.

His speech kicked off research for what would become Tamanaha’s highly praised book, Beyond the Formalist-Realist Divide: The Role of Politics in Judging.

“I guess I was destined to be the Hammond Professor,” he says.

Tamanaha diverted from his jurisprudence scholarship when he decided to examine the current state of legal education.

“My experience as dean made me dig into the issues,” he says. “I started with a series of blogs on law school tuition and the legal profession and thought that there was probably a book in all the information I was pulling together.”

A canceled flight gave Tamanaha the unexpected extra time to start his forthcoming book, Failing Law Schools.

His book takes a hard look at law schools, focusing on training, tuitions, debt and career prospects.

Tamanaha’s analysis has made him a top source for reporters at major media outlets as well as U.S. Sen. Barbara Boxer, who recently called on the American Bar Association to require law schools to provide accurate postgraduate employment and salary information about their former students.

“I definitely received an education while writing this book,” he says. “We need to make sure students are getting a return on their investment in legal education.”

Tamanaha’s dedication to scholarship can sometimes make for a difficult work-life balance.

“I enjoy working hard, but I always make sure to get back to Hawaii with my family to do some surfing,” he says.

Fast facts about Brian Z. Tamanaha

Title: William Gardiner Hammond Professor of Law
Family: Wife, Honorata, and four children ranging from a kindergartener to a freshman at WUSTL: Sava Tamanaha, Vincent Michalski, Kats Tamanaha and Jolijt Tamanaha
Notable awards: Inaugural Dennis Leslie Mahoney Prize in Legal Theory (outstanding contemporary work in sociological jurisprudence) (2006), Julius Stone Institute, for A General Jurisprudence of Law and Society; Herbert Jacob Book Prize (2002), Law and Society Association, for A General Jurisprudence of Law and Society.
Mode of transportation for his commute: A scooter

Can the Supreme Court survive a health-care decision?

Neil Schoenherr — 2012-03-30 00:00:00

After it rules on the highly contested health-care debate and makes other momentous decisions this term, will the U.S. Supreme have sufficient stores of legitimacy to weather the inevitable backlash? Yes, but barely, says a professor of political science at Washington University in St. Louis.

James Gibson

"The Supreme Court may make the 'wrong' decisions on health care and other issues this spring. But as a widely legitimate institution, the court will be able to make these decisions with impunity," writes James L. Gibson, PhD, in Miller-McCune. "As it stands today, the U.S. Supreme Court is in fact nearly invincible. For better or for worse."

Still, the Court's decisions this year on the constitutionality of President Obama’s Affordable Care Act and other blockbuster cases are likely to have vast political consequences, perhaps well beyond health care itself, writes Gibson, director of the Program on Citizenship and Democratic Values at the Weidenbaum Center on the Economy, Government, and Public Policy and the Sidney W. Souers Professor of Government in political science in Arts & Sciences.

A key question for 2012, he suggests, is whether there is partisan advantage in attacking the Supreme Court. The Republican candidates are already stumbling over themselves to question the authority of the Supreme Court, and Obama has not been reticent about criticizing the court for its decisions. Will attacks on the court resonate with partisans of different stripes?

The answer, according to a Weidenbaum Center survey, is no — attacks on the Supreme Court are unlikely to generate partisan advantages. Attitudes toward the court’s legitimacy are simply not connected to partisanship, at least among ordinary Americans.

“Undoubtedly, fierce criticism will be leveled against the decision by the losers. But, as with Bush v. Gore, efforts to transform this criticism into a successful attack on the court as an institution will be highly unlikely to succeed,” Gibson writes.

To read the rest of his piece, visit miller-mccune.com/legal-affairs/can-the-supreme-court-survive-a-health-care-decision-40598.

Ohanian to present inaugural Lloyd Cole Lecture on economic crisis

Neil Schoenherr — 2012-03-09 00:00:00

Lee E. Ohanian, PhD, professor of economics and director of the Ettinger Family Program in Macroeconomic Research at the University of California, Los Angeles, will present “Depressions, Crises, and Economic Policy: The 1930s and Today” at Washington University in St. Louis for the inaugural Lloyd Cole Lecture at 4:30 p.m. Tuesday, April 3, in the Danforth University Center, Room 276.

Ohanian

Sponsored by the Weidenbaum Center on the Economy, Government, and Public Policy, the lecture is free and open to the public.

Ohanian was the inaugural Sam B. Cook Visiting Professor in Economics in Arts & Sciences during fall 2011.

He is senior fellow at the Hoover Institution at Stanford University and a research associate at the National Bureau of Economic Research, where he co-directs the research initiative “Macroeconomics Across Time and Space.” He is also a fellow in the Society for the Advancement of Economic Theory.

His research focuses on economic crises, economic growth and the impact of public policy on the economy.

He is an adviser to the Federal Reserve Bank of Minneapolis, has previously advised other Federal Reserve banks, foreign central banks and the National Science Foundation, and has testified before national and state legislative committees on economic policy.

Ohanian is on the editorial boards of Econometrica and Macroeconomic Dynamics. He is a frequent media commentator and writes for the Wall Street Journal, Forbes, Newsweek and others.

He earned a bachelor’s degree in economics from the University of California, Santa Barbara, and a PhD in economics from the University of Rochester.

Cole earned a bachelor’s degree in business at WUSTL in 1948 and spent 27 years, the majority of his career, at Monsanto Corp. When he retired in 1976, he was director of corporate communications. He felt strongly about conservative scholarship in the field of economics and committed to supporting the establishment of this lecture series through a substantial bequest.

For more information and to RSVP, visit wc.wustl.edu/events/OhanianForum or call (314) 935-5652.

What thousands of Americans will do with their tax rebates: file for bankruptcy

Neil Schoenherr — 2012-03-27 00:00:00

With the cost of filing for bankruptcy going up, many cash-strapped American families are using their tax rebate to pay for it, finds a new study by a finance professor at Washington University in St. Louis.

Wang

Results of the new research are published as a National Bureau of Economic Research working paper by Jialan Wang, PhD, assistant professor of finance at WUSTL’s Olin Business School, and colleagues at Columbia University’s Mailman School of Public Health and the University of Chicago Booth School of Business.

The researchers looked at the relationship between tax rebates and bankruptcy filings in 2001 and 2008, two years when many Americans received rebate checks. Total bankruptcies increased by about two percent after the 2001 rebates, and by seven percent after the 2008 rebates.

This uptick, Wang says, follows the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act legislation. The new law raised legal and administrative fees from an average of $921 to $1,477 and mandated credit counseling paid for by the filer. As a result, the number of bankruptcy filings quickly fell by more than half, although they have since rebounded to near pre-2005 levels.

The new rules have been hotly debated. Do they screen-out spurious and unneeded bankruptcies, or do they act as a barrier to those most in need?

Wang says her new research supports the latter scenario.

“The 2005 law assumed that rising bankruptcy levels were caused by abuse of the system by wealthy debtors, but the recession has caught many households in a rising tide of unemployment and foreclosure through no fault of their own,” Wang says.

“According to our research, bankruptcy fees prevent the most financially distressed households from being able to file, and tens of thousands of households will have trouble saving up for bankruptcy in 2012.”

There are reasons to be troubled by today’s high bankruptcy rates, Wang says.

More than 1.3 percent of all U.S. households filed in 2011. However, “rising bankruptcy rates are likely to be driven by the explosive growth in overall consumer debt,” she says, “not by abuse of the system as the 2005 law assumed.”

Wang concludes that we can only fix America’s bankruptcy problem by eliminating excessive consumer credit, not by adding insult to injury for households that are already broke.

For more information, visit Wang's blog at econerdfood.blogspot.com/2012/03/bankruptcy-costs-and-americas-household.html.

Internship will allow students to act as 'mini-CEOs'

Neil Schoenherr — 2012-03-26 00:00:00

Washington University in St. Louis students interested in a unique summer internship experience as a “mini-CEO” at Answers.com in St. Louis are invited to attend a Career Center event at 7 p.m. Thursday, March 29 in the lower level of Mallinckrodt Center.

In 2006, alumni David Karandish and Chris Sims, both 2005 computer science graduates in the School of Engineering & Applied Science, founded AFCV Holdings, with the goal of better organizing the Internet consumer’s online retail experience.

Now known as Answers.com, the company is a profitable portfolio of search and community answers-driven websites that help consumers find what they are looking for and advertisers reach more than 150 million unique users each month.

While still headquartered in University City’s Delmar Loop, Answers.com has offices in Jerusalem, New York and Mountain View, California and Bejing, China.

This summer, Karandish and Sims will offer a unique internship opportunity to WUSTL students.

They plan to hire 20 student interns from multiple disciplines. The interns will take on a “mini-CEO” role, and each will be responsible for one of the more than 150 vertical sites owned by Answers.com.

The students will work together as a team and have the opportunity to interact with the company founders and the executive team.

Interns will be responsible for building content, designing sites and addressing business issues. Students will have a once-in-lifetime glimpse into the strategic operations of one of the hottest Internet companies in the country.

The pillars of the Answers.com internships are that the students will be challenged, will have opportunities to learn, will have autonomy and will make a difference.

“This is a great opportunity for our students,” says Ken Harrington, managing director of the Skandalaris Center for EntrepreneurialStudies. “Answers.com has hosted an intern through our Skandalaris Summer Entrepreneurial Internship Program for the last several years.

“Their past interns have contributed to the success of the company, and now David and Chris are giving back by supporting this entire cohort of students who will work together in a dynamic, fast-growing company. We hope to see more of our intern-supported ventures graduate to this model as they move from the startup to high growth phase.”

Answers.com is helping to introduce WUSTL students to the opportunities available at startups, particularly in information technology, Harrington says.

“The support system has never been stronger, from the Wash U Tech Entrepreneurs student group on campus to funding and infrastructure available from the community,” he says. “The Answers.com summer internship program offers an exciting opportunity for entrepreneurial students to connect to the community.”

Karandish will present an overview of the company at the March 29 event and will be accompanied by other members of his team who will be working with the student interns, including other WUSTL alumni.

For more information, students can call Jim Beirne, director of external relations at the Career Center, at (314) 935-5956.

Youth Justice Program at Washington University law school March 22 and 23

Jessica Martin — 2012-03-19 00:00:00

Experts on youth advocacy and school desegregation will come together March 22 and 23 for a series of events as part of the Youth Justice Program at Washington University in St. Louis School of Law.

Events are free and open to the public and will be held in the Bryan Cave Courtroom of Anheuser-Busch Hall, Room 310.

The Youth Justice Program begins at noon Thursday, March 22, with a lecture by Kristin Henning, JD, juvenile justice expert and professor of law at Georgetown University. Henning will speak about “Overcriminalization of Normal Adolescent Development in Communities of Color and the Crisis in Indigent Juvenile.”

Henning’s lecture, part of the Public Interest Law & Policy Speakers Series, is co-sponsored by the law school’s Clinical Education Program, the Black Law Students Association and the American Constitution Society.

Program events continue from 1:15-5 p.m. March 22 with the conference “Liddell is 40: Commemorating the Desegregation Movement in St. Louis and a Look at the Future of Urban Education.”

The conference will cover topics such as segregation in St. Louis, the history of Liddell litigation and the failure of federal education initiatives.

To view a complete list of conference topics and speakers and to RSVP, visit http://law.wustl.edu/events/pages.aspx?id=9076.

On Friday, March 23, the Youth Justice Program concludes with the 12th annual Access to Equal Justice Colloquium sponsored by the Clinical Education Program on “Evolving Standards in Juvenile Justice: From Gault to Graham and Beyond,” from 8 a.m.-5 p.m.

The colloquium will cover topics such as the past, present and future of juvenile court practices, adolescent development issues, and the disproportionate representation of minority youth in adult prisons.

Colloquium co-sponsors are the law school’s Juvenile Rights and Re-Entry Project – Civil Justice Clinic, the Missouri State Public Defender’s Office, the Gephardt Institute for Public Service and the National Juvenile Defender Center.

To view a complete list of topics and speakers and to RSVP, visit: http://law.wustl.edu/accessequaljustice/.

Aviv installed as Dan Broida Professor of Operations & Manufacturing Management

Neil Schoenherr — 2012-03-20 00:00:00

Mary Butkus

Yossi Aviv, PhD, the Dan Broida Professor of Operations & Manufacturing Management, receives a medal from Chancellor Mark S. Wrighton at Aviv's installation ceremony.

Yossi Aviv, PhD, was installed March 5 as the Dan Broida Professor of Operations & Manufacturing Management at Olin Business School.

The professorship was established in 1984 by Roma Broida Wittcoff, an alumna and trustee emeritus of Washington University in St. Louis, in memory of her first husband, Daniel Broida, who died in 1981.

Aviv joined Olin in 1997 after earning a PhD in management science from Columbia University. Before pursuing his PhD, he earned both a bachelor’s and a master’s degree from the Technion-Israel Institute of Technology and worked for the Israeli Defense Ministry Research and Development Directorate.

In his research, Aviv develops and applies operations research models and methods to study problems related to supply chain management and revenue management.

His earlier research focused on inventory management in supply chains, collaborative forecasting and the value of information sharing. In recent years, Aviv’s work has been in the area of revenue management and dynamic pricing, exploring the effects of demand learning, strategic consumer behavior and innovative pricing schemes.

Aviv’s research has been published in leading academic journals, such as Management Science, Manufacturing & Service Operations Management and Operations Research. One of his recently published papers was recognized with the 2011 INFORMS Revenue Management and Pricing Section Prize, which is awarded for the best contribution to the science of pricing and revenue management.

Aviv serves as the operations and manufacturing management area chair at Olin. He has taught courses on quantitative decision modeling, operations management and supply chain management in the school’s undergraduate, MBA, Professional MBA and PhD programs as well as in the Executive MBA program in Shanghai.

Daniel Broida & Roma Broida Wittcoff

Broida earned a bachelor’s degree in chemical engineering from WUSTL in 1936. With two fellow alumni of the university, he founded Sigma Chemical Company, now Sigma-Aldrich Corp., in the late 1930s.

The firm’s main product during World War II was saccharin, which was used during the sugar rationing. After the war, the company moved into producing adenosine triphosphate, a fundamental source of energy in all living cells.

At the time of Broida’s death, Sigma International Limited, which he led as chief executive officer, was recognized worldwide as a major contributor to medical research.

In 1975, Mr. Broida received a Distinguished Alumni Award from the School of Engineering & Applied Science. WUSTL added a Distinguished Alumni citation in 1978.

Wittcoff, now a trustee emeritus, was elected to the university’s Board of Trustees in 1984. A longtime supporter of the university, she has helped fund numerous building projects, program initiatives and scholarships, including an endowed Broida Scholarship in engineering.

She served on national councils for the Brown School and for the School of Medicine. She also has served as a member of the Alumni Board of Governors.

WUSTL presented her with the Robert S. Brookings Award in 1993.

Social Security’s ‘Chained COLA’ not ready for prime time

Jessica Martin — 2012-03-14 00:00:00

Social Security’s cost of living adjustments (COLA) are designed to protect against the erosion of retiree purchasing power when prices go up, as measured by the Consumer Price Index (CPI).

“Now Social Security self-styled ‘reformers’ seek to lower COLA every year based on their claim that COLA overstates inflation,” says Merton C. Bernstein, LLB, a nationally recognized expert on Social Security.

The proposed substitute for the current CPI formula, ‘Chained COLA,’ is based on the assumption that benefit recipients substitute lower-priced goods as prices go up.

Bernstein

“This the assumption is unrealistic for those millions who only have access to convenience stores that typically offer fewer choice and higher prices,” says Bernstein, the Walter D. Coles Professor Emeritus at Washington University in St. Louis School of Law. “And, further, it is not reasonable to assume that most consumers can outwit the wiles of merchandising experts.”

Bernstein says that it takes two years to determine the data on which to base chained COLA, making it unsuitable for offsetting price increases that occur all the time.

“To adapt chained COLA to handle such a task would be either impossible or, if feasible at all, more costly to do so,” he says.

Impact on the wallet

Social Security actuaries calculate that a chained COLA would be .03 percent lower each year than the benefits projected under existing arrangements.

“This may seem miniscule for those with current job earnings and multiple sources of income, but benefits now are extremely modest — on average, about $1,100 a month,” Bernstein says.

“Moreover, under the present structure, COLA still chronically lags behind prices.

“COLA becomes operative when prices measured in the fall exceed the corresponding prices in the preceding fall. That percentage is applied to each beneficiary’s benefit for the next year starting in January. In consequence, Social Security COLA does not offset price increases when they occur. And it does not offset prices increases that take place during the year it is operative.”

Bernstein discusses the new COLA proposal in his recent Huffington Post article, “Proposed Social Security Chained COLA Not Ready for Prime Time.”

Olin’s specialized master’s programs continue upward trajectory

Neil Schoenherr — 2012-03-15 00:00:00

Demand for specialized master’s programs at Olin Business School at Washington University in St. Louis has been growing exponentially during recent years, mirroring an international trend toward specialization in business education.

“Applications for the programs have surged from 250 for the class that graduated in 2008, to well over 1,800 for the class that enrolled in fall 2011,” says Gary Hochberg, director of specialized masters programs at Olin.

Olin offers three specialized masters programs — the master of accounting (MACC), master of science in supply chain management (MSSCM) and master of science in finance (MSF).

Though relatively new — Olin’s specialized masters programs launched in 2005 — a recent rankings survey published by The Financial Times places the master of science in finance program at number two in the U.S. and number 19 worldwide.

“Specialized finance programs have been around in the U.K. and Europe for longer than they have in the U.S.,” Hochberg says. “We’re very much of a new kid on the block and that makes us particularly honored to be ranked side-by-side with some of the pioneers and leading institutions in this field.”

Specialized masters degrees offer outstanding value, Hochberg says.

“These are shorter programs than the typical full-time MBA,” he says. “Also, our high ranking in finance, coupled with quality of our faculty and research intensive nature of the university add a high degree of return on investment for students.”

One-hundred percent of recent graduates of the supply chain management and accounting programs had full-time job offers within 90 days of graduation. For finance, that number was more than 93 percent.

“The program completely changed my career opportunities,” says former student Hannah Cowan. “The curriculum was incredibly well put together for teaching me everything from the basics of business and finance to complex operational decision-making and people management skills.”

Cowan, a 2009 graduate of WUSTL’s School of Engineering & Applied Science, has used her masters of supply chain management degree, which she earned in 2010, to propel her career with the Supply Leadership Development Program at Diageo, a global manufacturer of adult beverages.

“Through the practicum project, I also had the opportunity to stretch myself further by applying those lessons to real problems submitted by top companies,” she says. “My advisers, the faculty and the school all provided such valuable support in drafting my resume, perfecting my interview skills, and pushing me to have the courage and confidence to get the kind of job I really wanted.”

The practicum project is part of the masters in supply chain management curriculum and provides students with an opportunity to apply their skills and knowledge in hands-on projects for corporate partners of Olin’s Boeing Center for Technology, Information and Manufacturing (BCTIM).

Collectively, Olin’s specialized master’s programs have seen a 25 percent increase in applications over the past several years, mostly from students in China.

“Our reputation in mainland China is quite large in relation to our program’s relative size,” Hochberg says. “This provides us with a real boost in visibility there. It’s difficult for workers to advance without a graduate degree in China, and the reputation of U.S. schools continues to grow there.”

Specialized master’s programs are tremendously popular globally and Hochberg says the Olin programs in particular are attractive for incoming students.

“The bottom-line cost advantage is that the specialized master’s programs are shorter in duration and therefore less costly in terms of tuition and housing,” says Nikki Lemley, associate director of specialized master’s programs.

“Olin’s MACC, MSSCM and MSF in corporate finance programs are designed to be taken over a one year period; however, the MACC and MSSCM programs can be taken over three semesters,” Lemley says.

The MSF quantitative track is designed to be three semesters in length. Many of our international students are attracted to the three-semester options so that they can pursue an internship between the second and third semesters.”

The average age of Olin specialized masters programs students is 23. Consequently, Lemley says, an indirect cost advantage is that “the SMP will position our students to expedite their career trajectory within their organizations as a result of their deeper knowledge and skills in the subject areas.”

“Of all the elements of my education obtained in the master of accounting program, I would say I am most grateful for the diverse student body and the rigor of the classes and professors' expectations,” says Samantha Murphy, who graduated in 2010. She currently works for PricewaterhouseCoopers.

“Compared to my peers, I believe that I think outside of the box more consistently and explore alternative routes for solving the same problem,” she says. “The structure of many of my classes at Olin instilled this skill within me and I am grateful.”

Hochberg says the specialized master’s programs emphasize immediate, real-world application of issues discussed in class, which students can apply as soon as they start working.

“I think the biggest benefit to me of the MSF program was the combination of the quantitative coursework in financial engineering with broader coursework in corporate finance and investments,” says Neil Goodson, who graduated from the masters in finance program in 2009 and is working as a research assistant at the Federal Reserve Board of Governors in Washington, D.C.

“The well-balanced curriculum enabled me to understand not only the mathematics behind modern-day finance, but also the economics that drive corporate investment decisions,” he says. “When I joined the Federal Reserve, I was well prepared for the data analysis required for the job, but I also had an understanding of the ideas and concepts that drove research and policy.”

Hochberg says the programs will continue to focus on the intersection of theory and practice.

“We strive to provide students a deep foundational knowledge that will immediately help their organization,” he says.

Minneapolis Fed president to speak on monetary policy limits March 20

Neil Schoenherr — 2012-03-15 00:00:00

Narayana Kocherlakota, PhD, president of the Federal Reserve Bank of Minneapolis, will present “On the Limits to Monetary Policy” for the second-annual Hyman P. Minksy Lecture at 4:30 p.m. Tuesday, March 20 in the Bryan Cave Moot Courtroom in Anheuser-Busch Hall.

Kocherlakota

Co-sponsored by the Weidenbaum Center on the Economy, Government, and Public Policy and the Department of Economics in Arts & Sciences, the lecture is free and open to the public.

Kocherlakota will draw upon his expertise and research in monetary economics, asset pricing and public finance.

Kocherlakota became the 12th president of the Federal Reserve Bank of Minneapolis on Oct. 8, 2009.

As president, Kocherlakota serves on the Federal Open Market Committee (FMOC), the policymaking arm of the Federal Reserve System, consisting of the presidents of the 12 Federal Reserve banks and the members of the Board of Governors.

The FOMC meets every six to eight weeks in Washington, D.C, to determine monetary policy for the nation.

In addition to participation in monetary policymaking, the Federal Reserve Bank of Minneapolis supervises numerous banking organizations and provides a variety of payments services to financial institutions and the U.S. government.

Prior to becoming president of the Federal Reserve Bank of Minneapolis, Kocherlakota was a professor of economics at the University of Minnesota, where he previously chaired the economics department, and a consultant to the Federal Reserve Bank of Minneapolis.

He also was a research associate at the National Bureau of Economic Research.

From 1996-98, he was a research staff member at the Minneapolis Fed.

Kocherlakota earned a Ph.D. in economics from the University of Chicago in 1987.

For more information or to register for the event, contact Melinda Warren at (314) 935-5652 or warren@wustl.edu.

Business education leaders gather

2012-03-15 00:00:00

Mary Butkus

Jeff Cannon (right), associate dean and director of undergraduate programs at Olin Business School, chats with Arthur Allert of the University of Texas at Austin and Kathleen Robbins of Indiana University March 9 following the corporate panel of the National Undergraduate Business Symposium at the Knight Center. Founded in 1992, the National Undergraduate Business Symposium is an informal and collegial association among a small group of leading undergraduate business programs from across the United States. The primary role of the organization is to bring members together for an annual two-day conference, which is hosted each year by a different member school. The conference allows members to discuss common issues and share ideas in order to continually improve each school’s undergraduate program.

Students to get firsthand view of Israeli business and economics during spring break

Neil Schoenherr — 2012-03-07 00:00:00

Eighteen Washington University in St. Louis undergraduate students will have the opportunity to spend their spring break in a unique way — a 10-day immersion in various aspects of the Israeli economy, from innovation to government to high-tech startups.

The students are taking a class at Olin Business School called “Business, Innovation and Entrepreneurship in Israel.” Half of the group are Olin students; the others come from several of WUSTL’s other schools.

“This is really a once-in-a-lifetime chance for these young people to get an insider’s view of business and innovation in Israel,” says Steve Malter, PhD, assistant dean for student development and strategic initiatives at Olin and professor of the course.

“The class provides students with an opportunity to understand the interconnectedness between culture, politics and business and how all three produce a unique and successful business environment in Israel. The trip really allows them to experience that firsthand.”

Malter got the idea for the secular course four years ago when some students approached him about organizing a student trip to Israel. Students enrolled in the class have six weeks of study about Israel, including its culture, politics and economy. They also conduct research on Israeli industries before embarking on a nine-day trip, beginning Thursday, March 8.

"I am so excited that I have been blessed with this unique opportunity to explore Israel’s wonderful history and culture, as it is a place that I associate with my own heritage and religion,” says Claire Diamonstein, a sophomore in psychology in Arts & Sciences.

“This class has given me such insight into how Israel works as a country, and I am just so thrilled that I will be able to take what I have learned in the classroom and experience it firsthand in Israel,” she says.

While there, students will meet with representatives from Google, TEVA, eBay, the United States Embassy, the Israeli prime minister’s office, Trendlines, Given Imaging, Intel and Israel’s Foreign Ministry and Ministry of Finance.

"After hearing about the various aspects of the Israeli economy — entrepreneurship, sources of innovation, government initiatives, the high-tech sector — I am looking forward to finally see all of these parts at work,” says Jennifer Cozen, a sophomore business student.

“I am excited to be learning about the Israeli economy from people who experience it everyday. It will be interesting to compare the perspectives of business in Israel of people in different sectors. I hope to gain a better view of how these industries work together to produce the economic success Israel has had thus far,” she says.

Students will document their experiences in an ongoing blog at olinbizinisrael.wordpress.com. New blogs as well as articles or book recommendations about business, innovation and entrepreneurship in Israel will be posted at least twice a week, as students learn about and experience the “Start-Up Nation” phenomenon.

“I am most excited about the caliber of industries and individuals we will have the opportunity to meet with,” says Paul Blachar, a junior in English in Arts & Sciences. “We have read about Israel's challenges and discussed its accomplishments in class for the past semester. To actually be able to speak with leaders in government, venture capital, alternative energy and novel medical technologies, to name a few of the industries we will visit, is a really unique opportunity.”

Blachar hopes to learn “more about how Israelis have been able to develop such innovative technologies in such a relatively short amount of time, in what seems like such unfavorable conditions and how those lessons can help me in my own career.”

Medical ethicists confront cancer in new book

Timothy Fox — 2012-03-02 00:00:00

Despite her own personal battle, Rebecca Dresser doesn’t view herself as a cancer “survivor.”

“Many people who have faced the disease are very courageous, but, in terms of defeating cancer, really, we were just lucky,” says Dresser, JD, the Daniel Noyes Kirby Professor of Law and professor of ethics at the School of Medicine at Washington University in St. Louis.

Dresser, editor of and contributor to a new book on medical ethics and cancer, was diagnosed with head and neck cancer six years ago. While she has written and taught extensively about the legal and ethical dimensions of a variety of medical topics, personally enduring intense radiation and chemotherapy treatments spurred her interest in the ethics of cancer and cancer care medicine.

For perspective, she reached out to other medical ethicists who had either had cancer themselves or had a spouse diagnosed with the disease. One of them had experienced both.

The group met twice at Washington University. Those meetings were tape-recorded and then transcribed. The transcript became the basis for their book, Malignant: Medical Ethicists Confront Cancer, published by Oxford University Press.

In an essay published in the Hastings Center Report, Dresser also reviewed six themes that surfaced as she and the other members of the group talked and wrote about their experiences.

“Cancer patients and caregivers operate in crisis mode,” Dresser writes. “Cancer knocked us off our feet. We were disoriented and unsure how to proceed.”

In that vulnerable state, cancer patients and their families sometimes make decisions that caregivers and others don’t understand. “Before facing cancer, we didn’t fully appreciate the psychology of patient decision-making,” she says.

Complicating things further, the many treatment options available — with their side effects and uncertain outcomes — often confuse cancer patients and their families.

Combined with the pressure to act quickly, patients may take a “leap of faith” when selecting treatment options.

As Dresser notes, “We now have a better sense of the real obstacles patients encounter in trying to make informed medical decisions.”

Patients in the group become painfully aware that they have given up a good deal of autonomy to the disease and those working to defeat it. “Despite being privileged patients with good health insurance and insider status, we were at the mercy of an overburdened and highly imperfect health-care system,” she writes.

Another theme that emerged was how seemingly mundane decisions on the part of health-care providers took on ethical dimensions. Does the doctor make eye contact when describing a treatment’s risks and side effects? Does he or she listen and respond when patients complain about those side effects? These seemingly minor behaviors take on an added dimension when the stakes are life and death.

Of course, not every patient responds to the disease in the same way; each patient brings to the table his or her own medical histories, tolerance for pain or discomfort, and past experiences with the medical establishment. Medical professionals need to be willing to adapt to meet the needs of each patient.

Finally, there is also considerable variation in how ordinary people and family members react to patients. While some are incredibly helpful and understanding, “a fair number of them have no idea how to behave toward seriously ill patients and their families,” Dresser writes. Reactions by these people range from denial to simply ignoring the patient.

“Death and dying may have a bigger public presence than they once did, but too many people remain ill-equipped to respond when serious illness strikes someone they know,” Dresser writes.

“Malignant intends to begin a conversation about the ethics of illness in everyday life. We hope it will encourage colleagues to turn their attention to this neglected topic.”

Another, broader response Dresser hopes her book will have is to raise the possibility of practicing “first-person bioethics.” While bioethics typically strives to be objective and dispassionate, facing the grim reality of a disease like cancer can make even the most analytical academic confront the fact that he or she is ultimately at the mercy of the medical establishment and a good portion of “luck.”

“Bioethics operates in the shadow of death,” Dresser writes. “A bioethics that fails to recognize and respond to the experience of illness will have limited value for patients and their families.”

A prolific author, Dresser has written and or co-written numerous articles and three other books: Bioethics and Law: Cases, Materials and Problems; When Science Offers Salvation: Patient Advocacy and Research Ethics; and The Human Use of Animals: Case Studies in Ethical Choice.

Nowlis installed as August A. Busch Jr. Distinguished Professor of Marketing

Neil Schoenherr — 2012-02-29 00:00:00

Mary Butkus

August Busch III (second from left) admires the installation medal of Stephen M. Nowlis, PhD, while Luiz Edmond (left), Anheuser-Busch InBev zone president for North America, and Steven Busch (right), look on. Nowlis was installed Feb. 23 as the August A. Busch Jr. Distinguished Professor of Marketing.

Stephen M. Nowlis, PhD, was installed Feb. 23 as the August A. Busch Jr. Distinguished Professor of Marketing in Olin Business School.

“I am grateful to the Anheuser-Busch Foundation for establishing this professorship,” Nowlis says. “I’m truly honored for this opportunity.”

Nowlis joined Olin Business School in July 2010 after spending many years at Arizona State University, where he was the AT&T Distinguished Professor of Marketing.

Nowlis earned a bachelor’s degree in economics from Stanford University in 1986 and a master’s of business administration (MBA) and PhD in 1990 and 1994, respectively, from the University of California, Berkeley.

His research focuses on consumer behavior, decision making, branding, choice and consumption.

A January 2009 study in the Journal of Marketing found that Nowlis is among the 20 most productive marketing professors in the world in terms of publication in top-tier marketing journals.

He was the winner of a 2008 Emerald Management Reviews Citation of Excellence Award for “A Bite to Whet the Reward Appetite: The Influence of Sampling on Reward-Seeking Behaviors,” which was published in the Journal of Marketing Research.

He also was the winner of the 2001 William F. O’Dell Award for the most significant long-term contribution to marketing theory and practice, given for “The Effect of New Product Features on Brand Choice,” which was published in the Journal of Marketing Research.

Currently, Nowlis teaches “Market and Consumer Focus” to executive master’s of business administration students; “Brand Management” to MBA and professional master’s of business administration students; and “Consumer Behavior” to PhD students.

He also co-teaches an introductory business course to undergraduate students.

Nowlis periodically consults as an expert witness in cases involving issues such as trademark infringement, deceptive advertising and class action certification.

The Anheuser-Busch Foundation established this professorship in 1989 to “help build an asset for the St. Louis area and for American business,” in the words of August A. Busch III, the son of August A. Busch Jr., for whom the professorship is named.

Global influence of U.S. Constitution on the decline, study reveals

2012-02-21 00:00:00

The U.S. Constitution’s global influence is on the decline, finds a new study by David S. Law, JD, PhD, professor of law at Washington University in St. Louis.

“Other countries are increasingly turning to sources other than the U.S. Constitution for guidance in establishing human rights provisions and for general structural provisions in creating their constitutions,” he says.

Law

Law, with co-author Mila Versteeg, DPhil, associate professor of law at the University of Virginia, analyzed 60 years of data on the content of the world’s constitutions.

“The data revealed that there is a significant and growing generic component to global constitutionalism, in the form of a set of rights provisions that appear in nearly all formal constitutions,” Law says.

“Our analysis also confirms, however, that the U.S. Constitution is becoming increasingly out of sync with these global practices.”
Their research, which examined 729 constitutions adopted by 188 different countries from 1946-2006, also found little emulation of the constitutions of Germany, South Africa and India.

Similarly, no particular treaty or international human rights instrument stands out as an overall model. However, they did note links between constitution-making in other countries and the Canadian Charter of Rights and Freedoms, although the tie-in was not uniform.

Law and Versteeg found that the constitutions of non-democratic countries tend to exhibit relatively greater similarity to the Universal Declaration of Human Rights, while those of common law countries exhibit the opposite tendency.

“It is difficult to infer from these patterns, however, that countries have actually emulated international or regional human rights instruments when writing their constitutions,” Law says.

Law notes that the article does not stake a position about whether it is a good or a bad thing that other countries do or do not use the U.S. Constitution as a model, or whether the United States itself is in fact losing some form of international influence.

“Some people have questioned whether we had an ideological agenda in writing this article, but our reasons for writing it were straightforward and not at all sinister,” Law says.

“We had a previous study that identified trends in the global evolution of constitutionalism, and a logical next question to ask was whether the U.S. Constitution was at the forefront of that evolution,” he says.

“We also thought that people would be interested in the answer to this question, and we hoped to demonstrate that empirical scholarship in the area of constitutional law, which remains extremely rare, can be of interest to a wider audience.”

Law says newer constitutions are part of a “polycentric evolutionary process” that does not favor modeling based on a “specimen that is frozen in time.”

“If the United States were to revise the Bill of Rights today — with the benefit of over two centuries of experience, and, in a manner that addresses contemporary challenges while remaining faithful to the nation’s best traditions — there is no guarantee that other countries would follow its lead.

“But the world would surely pay close attention,” Law says.
Law and Versteeg’s article, “The Declining Influence of the United States Constitution,” will appear in the New York University Law Review.

The authors’ forthcoming research will look at which countries are guilty of having sham constitutions.

“We couldn’t agree more with the quotation from Justice (Antonin) Scalia in The New York Times article that some constitutions are not worth the paper they are written on,” Law says.

“This is a question we have been thinking about for some time,” he says, “and we think we now have something original and empirical to say about it — beyond merely repeating the obvious point that some constitutions are sham constitutions.”

Work & Livable Lives Conference Feb. 27 and 28

2012-02-15 00:00:00

Washington University in St. Louis will host the “Work & Livable Lives Conference” Feb. 27 and 28 to address current employment-related challenges and how they limit the ability of U.S. households to lead secure and stable lives, raise children successfully, and contribute to the community.

“The conference will not only focus on problems, but also on constructive solutions, exploring policy approaches to employment supports, health care, and job creation,” says Michael Sherraden, PhD, the Benjamin E. Youngdahl Professor of Social Development and director of the Brown School’s Center for Social Development, one of the sponsors of the conference.

The conference will include panels on household financial fragility, measurement of economic security, the American Dream, labor and employment policy, and health policy and employment.

Jared Bernstein, PhD, senior fellow at the Center on Budget and Policy Priorities and former chief economist and economic policy adviser to Vice President Joseph Biden, will deliver the conference keynote address, “Rebuilding an Opportunity Society: The Roles of Policy and Power,” at 4:30 p.m. Feb. 27. A reception will follow Bernstein’s speech.

All conference events will be held in the Bryan Cave Moot Courtroom of Anheuser-Busch Hall and are free and open to the public. A complete schedule of events is available at http://law.wustl.edu/centeris/pages.aspx?id=9009.

“With persistently high unemployment and underemployment — and growing inequality in wages — an increasing number of American families are no longer adequately supported by employment income and basic benefits,” says Marion Crain, JD, the Wiley B. Rutledge Professor of Law and director of the Center for the Interdisciplinary Study of Work & Social Capital at the School of Law, which co-sponsors the conference.

“Many older workers have ‘retired’ before they are ready, and many young workers cannot find a foothold in the job market,” she says. “A silent crisis is under way, with huge social and economic costs for the nation.”

Other WUSTL conference sponsors are the Center for New Institutional Social Sciences; the Weidenbaum Center on the Economy, Government, and Public Policy; the American Culture Studies department in Arts & Sciences; and the Office of the Provost.

The conference is held in partnership with the Brown School Policy Forum at Washington University and the New America Foundation in Washington, DC.

This event is part of the university-wide Livable Lives Initiative, which investigates social conditions and policy supports that can make life with a low or moderate income stable, secure, satisfying and successful.

Birth control policy not a constitutional law issue

Jessica Martin — 2012-02-27 00:00:00

The current controversy over the Barack Obama administration's birth control policy is not, contrary to some arguments, a matter of constitutional law, says Gregory P. Magarian, JD, constitutional law expert and professor of law at Washington University in St. Louis.

Magarian

“A 1990 Supreme Court decision makes very clear that religious believers and organizations must abide by generally applicable laws, even when those laws impede religious exercise,” he says.

Constitutional principles, however, are very important for this issue, notes Magarian.

“On one side, even though the administration's policy does not violate the Constitution's legal mandate, it may still transgress our best civic or political understanding of religious freedom,” he says.

“Our society does many things that the Constitution does not require to protect the freedom of religion and conscience.”

Magarian says that on the other side, the Constitution stands for principles of equal protection regardless of sex and privacy in intimate matters.

“The position that opponents of the administration are pushing would disproportionately undermine women's interests,” he says.

“Giving companies the right to deny insurance coverage for contraception, or other medical procedures, would also undermine many people's personal liberty.

“Again, none of this is about constitutional law, but it is about constitutional principle.”

In Magarian’s view, requiring Catholic employers to provide medical insurance coverage for contraception entails a relatively modest infringement on religious liberty.

“Many Catholic employers and medical providers appear to agree, because many have provided this coverage before the present controversy,” he says.

“Numerous states already require this sort of coverage.

“According to opinion polls, almost all sexually active Catholic women use birth control. In light of the direct and costly impact the Republicans’ plan would have on women’s health and privacy, this does not strike me as a strong ground on which to advocate rights of conscience against the broader public good.”

Olin MBA student aims to walk his way into history books

Neil Schoenherr — 2012-02-21 00:00:00

Mike McLaughlin has had a difficult life.

The MBA student at Olin Business School at Washington University in St. Louis was emotionally and physically abused as a child at the hands of his mother and stepfather — a tragedy in its own right, but one in which he says helped prepare him for his next big challenge.

http://youtu.be/NRdnzS31TmUMike McLaughlin, MBA ’13, will walk more than 2,500 miles over six months by thru-hiking the Appalachian and Ozark trails back-to-back, sleeping not in a tent, but a covered hammock. He is trying to bring attention to the plight of underprivileged children in St. Louis and Africa by raising funds for the Family Resource Center and a school for neglected blind children in Cameroon, Africa.

This spring and summer, McLaughlin will through-hike the entire Appalachian and Ozark trails back-to-back, helping to raise funds and awareness for underprivileged children, both locally and in Africa.

He’s hoping to become the first person ever to through-hike both trails consecutively.

A hike kick-off event, which is free and open to the public, will take place at noon Friday, Feb. 24, in Simon Hall’s May Auditorium on WUSTL’s Danforth Campus. McLaughlin will leave immediately following to begin his journey.

McLaughlin’s organization, hike4kids.com, is raising money for the St. Louis Family Resource Center and for a school for neglected blind children in Cameroon, Africa, which fellow MBA student Brooke James, herself legally blind, helped to found.

The six-month journey will be nothing compared to what many children around the world experience every day, McLaughlin says.

“Hike4kids is not about one guy doing a hike,” he says. “It’s about an entire community of people coming together to help these underprivileged kids and make sure they get a chance to have a good life for themselves.”

McLaughlin’s MBA class at Olin has rallied behind the cause, helping to raise funds through events, parties and other outreach efforts.

He says the idea for the hike came to him after spending time with James and getting to know about her efforts in Africa.

“Brooke is a truly amazing person,” McLaughlin says. “Although she’s legally blind, it’s hardly noticeable in class. She makes presentations and participates in discussions. I felt like our backgrounds dealing with adversity meshed well and after I heard about her efforts with the school in Africa, I began thinking of ways I could help out.”

James spent more than two years volunteering with the Peace Corps in Africa, helping to build a school for neglected blind children in Cameroon.

The school provides room, board and education for 25 children on a budget of less than $5,000 a year.

“I’m really thankful for Mike’s friendship and support,” James says. “He’s overcome so much in his life and I know how much it means for him to be able to give back to these kids.”

McLaughlin literally bears the scars of abuse. He has had one on his face since age 12, the result of his mother hitting him with a lamp after he lent a pair of pants to a friend. He and his sister were routinely locked in closets, electrocuted, starved and belittled.

But out of that tragedy, McLaughlin says, comes the ability and desire to give back.

“I felt so helpless when I was younger,” he says. “I was powerless to defend what was happening. But now, I’m in a position where I can fight back and do something that will have a direct positive impact on the lives of so many kids.”

For more information, visit hike4kids.com.

Twitter subpoenas a challenge to intellectual privacy

Jessica Martin — 2012-02-14 00:00:00

The City of New York recently subpoenaed a Twitter account as part of an ongoing Occupy Wall Street criminal case. The Occupy protester named in the case is challenging the subpoena.

Richards

Privacy law expert Neil Richards, JD, professor of law at Washington University in St. Louis, says that it’s not surprising that law enforcement groups are interested in accessing the volume of records relating to our speech that social media platforms generate.

“By and large, this data should remain private, and online companies should keep the data confidential and not share it any more broadly than we as users and speakers want it to be shared,” Richards says.

“Records of our communications involve our intellectual privacy, and to allow the state to study our private thoughts and words is to allow monitoring of our civil liberties on an Orwellian scale.”

Richards says that U.S. law is somewhat protective of online communications, though the main line of defense comes not from the law but from the behavior of records holders like Google, Twitter, and Facebook.

He applauds companies like Twitter who resist handing broad swathes of intellectual data to the government. Mozilla and Google also have a good record of protecting the privacy and confidentiality of their users.

“In our digital world, the battles for civil liberties are increasingly being fought on the front lines of social media, and social media companies are our first line of defense against the kind of Big Brother-style surveillance our traditions reject,” Richards says.

“In the absence of stronger laws, the positions these companies take have a real impact on the practical state of our civil liberties. I’m very glad that Twitter is siding with its users as citizens in these debates rather than the government.”

The full subpoena is available at www.scribd.com/doc/79940746/Subpoena-on-destructuremal.

End of Facebook IPO lock-up period may negatively affect stock price, new study finds

Neil Schoenherr — 2012-02-20 00:00:00

Will stock in Facebook, which recently filed for initial public offering (IPO), drop significantly following the end of its IPO lock-up period later this year? It might if the company follows recent trends, finds a new study by graduate students at Washington University in St. Louis.

Written by Borge Klungerbo, Sam Poteat and Jonathan Woo, students in Olin Business School’s masters of science in finance program, the new paper, “A Persistent Anomaly,” finds that negative abnormal returns follow the expiration of IPO share lock-up periods.

An IPO lock-up is a contractual caveat referring to a period of time after a company has initially gone public, usually between 90 to 180 days. During these initial days of trading, company insiders or those holding majority stakes in the company are forbidden to sell any of their shares.

Once Facebook’s lock-up period ends later this year most trading restrictions will be removed.

The lock-up is done to prevent the market from being flooded with too much supply of a company's stock too quickly.

“In class we're always taught markets are efficient and that anomalies, should they exist, disappear quickly,” Woo says. “Our research shows differently. More research needs to be performed to see if people can make money from the strategy because if not, then the anomaly would persist.”

The paper won first prize in the recent Indian Institute of Management–Ahmedabad student research competition. It can be found on page 114 of the school's publication The Efficient Frontier.

The paper attempts to expand the extensive research surrounding the IPO lock-up anomaly and finds that companies that experience negative returns during the lock-up period experience greater negative abnormal returns following the lock-up period’s expiration.

In addition, the students find high beta companies experience a greater negative abnormal return than low beta stocks after the lock-up periods. Beta is a measure of a stock’s volatility.

“In November, we noticed LinkedIn's IPO expiration period was coming up, and we joked we should short it because all the insiders were going to sell their shares,” Woo says. “As it turned out, on the expiration day LinkedIn's share price dropped 2.8 percent.

“We were intrigued,” Woo says. “Borge (Klungerbo) gathered a small sample of data and ran some simple regressions and found there was a negative abnormal return. We decided to pursue it and see if the results held for a larger sample.”

While there are many academic studies on the subject, none has been able to pinpoint a singular cause of the abnormal returns, Woo says.

“We also learned in class that once a strategy to earn abnormal returns is made public it is usually arbitraged away by market participants fairly quickly,” he says. “We wanted to see if the abnormal returns persisted because the last major study was performed in 2001.”

“Once we found out the result still held true today, we wanted to expand the literature to see which companies were more likely to have greater negative abnormal returns.”

Poteat says he was amazed that this anomaly still persists even 11 years after a major study was conducted on the topic.

Klungerbo agrees.

“I think the most important finding of our paper is that we were able to characterize what IPOs are most likely to return a higher negative alpha at expiry,” says Klungerbo. “From our results we saw that it might not be very significant to look at all IPOs like previous papers have done, but to look at IPOs that have experienced a significant negative return during the expiration period.”

Public attitudes toward federal spending, taxes deeply divided, new poll finds

Neil Schoenherr — 2012-02-17 00:00:00

The American public exhibits deep partisan divisions about the direction that federal fiscal policy should take, finds a new national survey from Washington University in St. Louis.

The American Panel Survey, which monthly polls the same group of 2,000 citizens, finds in its debut January survey that prospective voters for either Barack Obama or Mitt Romney differ widely in preferences for spending and taxes, although both groups favor increasing taxes on high-income households.

Respondents were asked whether spending or taxes in each of several categories should increase, stay the same or decrease. The results, illustrated in the following graphs, show a stark contrast between likely voters for Obama and Romney in a two-way race.

The first figure below shows how sharply polarized the two camps of panelists are across most domestic programs. With the exceptions of Social Security and veterans health programs, the balance of pro-Obama respondents favor more spending and the balance of pro-Romney respondents favor less spending.

On defense, the balance of pro-Obama respondents favor less spending and the balance of pro-Romney respondents favor more spending.

The second figure illustrates the differences between partisan groups in their positions on taxation. The balance of opinion in both camps supports tax increases for high-income households. The camps differ in their position on corporate and capital gains taxes.

The American Panel Survey (TAPS) is based on a national probability sample. It launched last fall and the January results are its first publicly released findings. As a panel, the survey returns to the same respondents each month, which allows for measuring change in attitudes among individuals over time and results in the accumulation of more data about the respondents than in most surveys.

The typical monthly survey includes about 1,600 respondents from a larger panel of 2,100.

TAPS is a project of the Weidenbaum Center on the Economy, Government, and Public Policy at Washington University in St. Louis. The survey is implemented by Knowledge Networks of Palo Alto, Calif.

For more information on the project or other data from this month’s survey, email Steven S. Smith, PhD, the Kate M. Gregg Distinguished Professor of Social Sciences and director of the Weidenbaum Center, at taps@wustl.edu.

More information about TAPS is available at taps.wustl.edu.

Students aim to make campus landscaping more sustainable

Neil Schoenherr — 2012-02-14 00:00:00

A proposal by two Washington University in St. Louis students to introduce turf reduction, large bio-swales, more cisterns and even sheep “lawnmowers” to campus as part of a plan to make landscaping more sustainable at the university won the $5,000 first prize in the annual Olin Sustainability Case Competition.

Three teams of finalists orally presented their recommendations on sustainable landscape strategies Feb. 10 to a panel of judges.

The winning team — Maria Elena Morales, a doctoral student in neurosciences, and Michael Naucas, a dual masters degree student in landscape architecture and architecture — will have the opportunity to present their case study to Chancellor Mark S. Wrighton and several senior administrators.

“The judges had a tough decision because there were a lot of good ideas presented,” Morales says. “I think they recognized that we took a holistic approach to sustainable landscape design. The recommendations we proposed had a lot of complimentary components that could address our three main goals in multiple ways.”

Morales and Naucas focused their plan on water, walkways, and turf and trees.

They propose a 10-percent reduction in turf area by converting grassy areas that lack an occupational function to bio-swales to detain rain water and runoff, to areas of perennial planting and mulch and to a highly visible expansion of the student-run organic Burning Kumquat garden.

They also propose the creation of a cooperative partnership with Forest Park Forever to manage a small flock of sheep, “nature’s lawn mowers,” to maintain selected turf areas on campus, leading to a drastic reduction in carbon emissions.

“Winning the competition is some validation that interdisciplinary collaboration really works,” Naucas says. “On a project like this, I'm encouraged that there is clearly room for people from many different disciplines to contribute valued ideas to larger goals of environmental quality.

"For the university, the competition itself is really important and I applaud Olin for being a leader within the university, generating new ideas by getting students at all levels involved in thinking about how we live in the world.”

Previous competition winners have included Morales — who won by herself last year with a proposal for an incentive system that reduces electricity use in WUSTL science laboratories — and a group of Olin students in 2010 who proposed a parking reduction plan on campus by targeting graduate students in university housing as the most likely to use public transportation and bicycles if services and pathways were improved.

Many aspects of both winning proposals already have been implemented.

Eighteen teams entered this year’s contest. A group of 10 judges narrowed that to seven and a video presentation narrowed the finalists to three.

Two other teams each won $1,000 for their proposals.

A team made up of second-year MBA students Caitlin Jones, Nalin Katta, Adam Loomans and Michael Offerman focused their proposal on native plantings, green roofs and strategic tree planting.

The other team, consisting of four sophomores — Alexandar Francisci, engineering and computer science in the School of Engineering & Applied Science; Jenny Fung, environmental biology in Arts & Sciences; Anthony Tyrpin, environmental biology; and Andrew Scheinman, architecture — focused on native plants, composting, more cisterns and a renovated smart sprinkler system.

“This competition helps the sustainability efforts on campus because it generates several realistic solutions that can decrease the university's impact on our environment,” Morales says. “Phil Valko (director of sustainability at WUSTL and contest judge) is clearly interested in taking actions that will make our campus more sustainable, so there is a real possibility that our plan can become a reality. He implemented components of last year's winning proposal and is already seeing benefits.”

The competition is sponsored by Novus International Inc.; Tarlton; Olin Business School; Schlafly Brewery; WUSTL's Whittemore House; AT Kearney; Mackey Mitchell Architects; Net Impact; and the Olin Strategy and Consulting Association.

New book explores forgotten freedom of assembly

Jessica Martin — 2012-02-02 00:00:00

Freedom of assembly has become the forgotten constitutional right, with courts’ attention focused more on freedoms of association and speech.

Both the Occupy and Tea Party movements, however, are reminders of how the right to assemble has been “at the heart of some of the most important social movements in American history: antebellum abolitionism, women’s suffrage and the Civil Rights Movement,” says John Inazu, JD, PhD, associate professor of law at Washington University in St. Louis.

“The right of assembly protects the members of a group based not upon their principles or politics but by virtue of their coming together in a way of life.”

In his new book, Liberty’s Refuge: The Forgotten Freedom of Assembly, recently published by Yale University Press, Inazu examines why freedom of assembly has become “a historical footnote in American law and political theory,” and what has been lost with the weakening of protections for private groups.

“Claims of assembly stood against the ideological tyranny that exploded during the first Red Scare in the years surrounding the First World War and the Second Red Scare of 1950s’ McCarthyism,” he says.

http://youtu.be/SvNQSuLTzv4John Inazu, professor of law at Washington University in St. Louis, discusses the forgotten right of assembly — a right that has been “at the heart of some of the most important social movements in American history.”
“By losing touch with our past recognition of the freedom of assembly and the groups that have been embodied it,” Inazu argues, “we cede to the state the authority over what kinds of groups are acceptable in the democratic experiment.”

Inazu says that the right to assemble could begin to return to its earlier prominence through constitutional litigation.

His current research looks at freedom of assembly in the digital space.

For more information and to read the book visit: http://law.wustl.edu/faculty_profiles/inazu/?page_id=36

New book examines impact of U.S. tobacco industry

Jessica Daues — 2012-02-08 00:00:00

Princeton University Press

For a hi-res image, click here.

Most research that focuses on tobacco examines health risks associated with smoking, says Peter Benson, PhD, a sociocultural anthropologist at Washington University in St. Louis.

What has been neglected is research on tobacco production in the United States, and specifically on the people who work and live in the rural, traditional tobacco-growing areas of North Carolina.

Benson’s new book, Tobacco Capitalism (Princeton University Press, 2011), examines the impact of the transformation of the tobacco industry on farmers, workers and the American public. It reveals public health threats, the impact of off-shoring, and the immigration issues related to tobacco production.

The book also examines the new public relations strategies of the tobacco industry and its recent corporate social responsibility “makeover”.

“There are whole groups of people — farmers and farm workers — in our society who dedicate themselves to growing a crop that is vilified,” says Benson, assistant professor of anthropology in Arts & Sciences.

“But this book is not just about good people doing a bad thing. What I found was, in going to North Carolina and going to these farms, that the story becomes much more complex.”

http://youtu.be/drG-hTDzJmo

Pressure on farmers and questions of identity

Tobacco farms often go back generations. A father’s father’s father farmed land still owned by his great-grandson.

Tobacco farmers take great pride in their family’s history and role in tobacco production, Benson says.

But like many other American industries, tobacco companies are increasingly purchasing their products overseas, buying more tobacco leaves from farmers in places like Brazil and fewer from farmers in North Carolina, Benson says.

“Tobacco is cheaper to produce in developing countries because the labor costs are lower and there are less stringent environmental and labor laws,” Benson says.

Not only is less American tobacco leaf being bought by tobacco companies, but also what is purchased from U.S. farmers is bought at increasingly lowered prices to compete with overseas farms.

As their relationship with tobacco companies deteriorates, tobacco farmers also face public derision and sometimes internal ambivalence about growing what is widely seen as a dangerous product.

Off-shoring. Lowered prices. Negative public perception. With all these issues swirling, many tobacco farmers see their livelihood and family heritage — their identity — as under attack from many sides.

“Tobacco growers in North Carolina are understandably distressed,” Benson says. “And there’s hardly any relief from a public that often sees smoking, and I think rightly so, as something that ought not exist.”

Public health risks and immigration issues

The public health effects of tobacco production go beyond the risk of tobacco use itself, Benson says. It also shows in the chronic vulnerability of the migrant workers who harvest it.

Many of the workers who harvest the tobacco crop are undocumented migrant farm workers from Mexico and Central America, Benson says. They live in “labor camps” of barracks-style housing, often dilapidated or poorly constructed.

“These are dangerous places to live,” Benson says. “Labor camp conditions for migrant farm workers are notoriously bad. There might be housing code violations, insect and rodent infestations, and, in the North Carolina summer, heat — intense, oppressive heat.

“They are living as a vulnerable population without resources, without access to certain things like health care, legal services and employment benefits,” Benson says. “And yet, they are there, going to Wal-Mart on Saturdays and Sundays, just like everybody else.”

With many farmers already feeling a sense of insecurity about their livelihood and identity, a change in their small, rural communities — such as an influx of immigrant workers — can lead to cultural tensions.

“Hiring undocumented workers to compete economically with cheaper foreign leaf challenges the cultural status of family farms as national icons,” Benson says. “It also puts tobacco farmers at the heart of contentious political debates in the U.S. about immigration.”

Tobacco company marketing strategies

Since the late 1990s, tobacco companies have undergone what Benson calls a “corporate social responsibility makeover,” shifting responsibility from the companies (for making a harmful product) to consumers (for supposedly choosing to use it) and claiming to create “safer” tobacco products.

“They are telling the public, ‘Look, we are a responsible corporate citizen. We make a risky product, yes, but it’s your choice to use it. You are a parent. Help your kids make good decisions.’

“They’ve rerouted responsibility for tobacco onto parents, convenience store clerks, police officers, people checking identification cards, so that tobacco and smoking seem to be a problem of bad parenting and the family, not an inherently harmful industry,” Benson says.

Tobacco companies also are promoting smokeless tobacco, electronic cigarettes and cigarettes with modified tobacco content as “safer” alternatives to cigarettes.

Problem is, there’s no such thing as safe tobacco use, Benson says, and people may be misled into thinking they are making a good choice by purchasing these “safer” products.

“The tobacco industry wants you to go to the convenience store, and instead of buying a pack of Nicorette gum because you want to quit cigarettes, it wants you to choose that reduced-risk tobacco product,” Benson says.

“Safe tobacco. Safe cigarette. Those words just don’t go together.”

Benson compares tobacco companies’ “safer” tobacco to pharmaceutical companies’ cholesterol-reducing drugs like Lipitor.

“If cholesterol is to be managed by Lipitor, and Lipitor is to be taken for your entire life, then that distracts attention, public health resources and political will from the idea that you can prevent high cholesterol in other ways — for example, by modifying the food system at much lower cost — but not to the benefit of the pharmaceutical industry,” Benson says.

Instead of managing the problem of disease through a narrow focus on the consumer, Benson says, Americans, as a society, should really examine the root causes of chronic disease, especially the role of powerful industries like tobacco.

For more information about the book Tobacco Capitalism, visit press.princeton.edu/titles/9612.html.

Facebook valuation will be high, but justified, expert says

Neil Schoenherr — 2012-02-07 00:00:00

Facebook’s initial public offering (IPO) filing shows real numbers for profit and revenues, which are likely to drive a valuation that could be as high as $100 billion.

This astronomical number does require some aggressive assumptions about future growth, but the high valuation may be more justified than for other Internet companies, says an expert at Washington University in St. Louis.

“This is a huge market cap for such a young firm,” says Mark T. Leary, PhD, assistant professor of finance at Olin Business School.

“But I think there are a few factors that separate Facebook from some of the earlier Internet IPOs that may have been overhyped,” he says.

The Internet itself is a more established advertising medium than it was in the late 1990s, Leary says.

“There is less uncertainty about the total size of the market, and other firms have proven the viability of a business model based largely on online advertising revenue,” he says. “But I think this model is only viable for the ‘winners’ in capturing online share.”

The other important element is that Facebook has already established itself, to some extent, as the winner in the social networking arena, he says.

“They are more mature than the typical firm we saw going public at the height of the Internet bubble.” Leary says. “Their user base is huge, and they are already profitable.

“And unlike some other Internet companies, like Groupon, Facebook’s competitive position seems sustainable. Once everyone’s part of their network, there are high costs of switching to another social networking site that tries to start up.

“So while I’m sure the $100 billion valuation requires some aggressive assumptions about future growth, the downside risk in terms of revenue generation seems much lower for Facebook than other net firms,” Leary says.

Google holds the record for the largest U.S. Internet IPO by raising $1.9 billion at a valuation of $23 billion in 2004.

“I think the comparison with Google comes not just from the size of the offering, but Facebook is the first firm since Google to attract such a large and loyal following, which obviously enables them to attract advertisers,” he says.

“For Facebook, growth in users is likely to slow down in the coming years. The challenge going forward is finding new ways to leverage that large user base to grow earnings.”

Facebook says it hopes to raise as much as $10 billion when it begins selling shares this spring.

Among U.S. companies, only Visa Inc., General Motors Co. and AT&T Wireless have held larger offerings than $10 billion.

SuperAd Bowl kicks off Thursday, Feb. 9

Neil Schoenherr — 2012-02-06 00:00:00

Can’t get enough Elton John, Weego the dog, Matthew Broderick or babies in slingshots? Plan to relive all your favorite Super Bowl commercials during the annual SuperAd Bowl, sponsored by the Olin Marketing Association (OMA), at 6 p.m. Thursday, Feb. 9, in the Knight Executive Education Center.

“The SuperAd Bowl is an interactive party involving all the best parts of the Super Bowl — trivia, food, drinks and analyzing the advertising,” says Holly Hurley, first-year MBA student and OMA member.

This year’s Super Bowl ads will be screened and discussed. Several student-made commercials also will compete for prizes.

Jeff Stevens, executive creative director at Momentum Worldwide, will be the guest speaker.

Tickets are $12 in advance, $16 at the door.

To purchase tickets to the SuperAd Bowl, go to apps.olin.wustl.edu/orgevents/oma/superadbowl.

Proceeds will be donated to the MBA project Hike4Kids.

MBA student Michael McLaughlin will be hiking the entire Appalachian and Ozark trails back-to-back beginning in March to raise money for underprivileged children both in St. Louis and in Africa.

For more information on the hike, visit hike4kids.com.