WUSTL School of Business News

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.

Knight Center site of 'gifted' wedding

2012-05-14 00:00:00

Jerry Naunheim Jr.

The Knight Center courtyard on the campus of Washington University in St. Louis was the venue for the wedding of Kelly Ayers and Eric Patterson April 27. The couple, whose 8-year-old daughter was diagnosed at birth with a rare genetic disorder, was given a "gifted wedding," for which 35 local vendors donated time, talents and products. The Knight Center donated its facility for the event. The Gifted Wedding is a St. Louis-based nonprofit organization dedicated to bringing wedding dreams to couples in need. The organization has "gifted" weddings to four couples since 2010. Situations qualifying the couples include terminal illness, disabliity and quadriplegia. For more information on Gifted Wedding, visit thegiftedwedding.org.

Emerson Charitable Trust commits gift for auditorium in Olin Business School’s new Knight Hall

Barbara Rea — Fri, 11 Say 2012 21:16:00 CST

Joe Angeles

Mahendra Gupta, PhD, dean of the Olin Business School and the Geraldine J. and Robert L. Virgil Professor of Accounting and Management, at the groundbreaking ceremony May 7.

At the groundbreaking ceremony May 7 that ushered in the Olin Business School’s next major expansion on the Washington University in St. Louis Danforth Campus, Chancellor Mark S. Wrighton announced a commitment of $3 million from Emerson Charitable Trust.

The groundbreaking was for two new buildings — Knight Hall and Bauer Hall —needed to address the growth of the school’s graduate business education programs that are attracting increasing numbers of world-class faculty and students.

Emerson’s gift is designated for a much-needed auditorium for the growing number of special events, lectures, conferences and student activities offered by Olin. The 300-seat venue will be located on the first floor of Knight Hall, making it a convenient destination for the campus community as well as visitors.

“Under the leadership of David Farr, chief executive officer of Emerson, the company has made a generous commitment to name the auditorium in Knight Hall,” Wrighton said. “The gift honors Chuck Knight’s visionary leadership of Emerson from 1973-2000 and serves as an enduring reminder of Emerson’s long history of business excellence that continues with David Farr as its chief executive.”

Lead gifts totaling $25 million for the two facilities have come from philanthropists Charles and Joanne Knight, $15 million; and George and Carol Bauer, $10 million. The estimated cost for completion, in the spring of 2014, is $90 million.

Knight and Bauer halls will be built on the current site of Eliot Hall and adjacent to the Charles F. Knight Executive Education Center.

“These gifts from two of our most dedicated friends and benefactors will provide the capital foundation to build Olin’s second century as a world-class business school,” said Mahendra Gupta, PhD, dean of the Olin Business School and the Geraldine J. and Robert L. Virgil Professor of Accounting and Management.

“The expansion will nearly double Olin’s footprint on the Danforth Campus, but more important, it will provide the space needed for more classrooms, more faculty offices, and a number of suites, lounges, group study and forum areas, meeting and seminar rooms to support the variety of learning approaches to educate our future business leaders,” Gupta added.

The Knight/Emerson legacy began more than 30 years ago when Knight led the 1980 Business Task Force whose purpose was to design a strategy to take Olin to the next level of greatness as a nationally recognized leader in business education.

The first step in realizing the 1980 goal was a new building, and an important second step was building a strong endowment that would ensure continuing success in attracting talent to the school, both students and faculty. In the 1980s, Emerson stepped forward with leadership gifts totaling $5.2 million for both of these purposes, partially in response to a $15 million endowment challenge from the John M. Olin Foundation.

In 1995, Knight’s pivotal role in Olin’s success was repeated, this time with his leadership in the Task Force’s successor, the Olin National Council. One of the key objectives for the business school’s continued expansion was to strengthen executive education programs, and in 1997, Knight and Emerson Electric stepped up with a $15 million challenge grant to build a state-of-the-art center.

Dedicated in 2001, the Charles F. Knight Executive Education Center is home to the executive MBA program, recently ranked No. 2 worldwide by the Wall Street Journal.

The beginning of the 21st century marked another leap for Olin, again with the help of Emerson. In the 1990s, Farr, then the Hong Kong-based president of Emerson Asia-Pacific, successfully expanded the company into the global marketplace.

After succeeding Knight as chief executive officer in 2000, Farr saw an opportunity to help Olin build an international presence, and Emerson made a financial commitment to help Olin establish a strong presence in Asia. Since 2001, when the business school began its joint executive MBA program with Fudan University in Shanghai, China, its international links continue to thrive.

“Spanning three decades, both Chuck Knight’s and David Farr’s leadership and commitment to the Olin Business School’s progress, coupled with their extraordinary and enduring generosity, are apparent not only in the excellent physical facilities, but also in the recruitment and retention of outstanding faculty and students,” Gupta said, alluding to the Emerson Professorship in Manufacturing and Operations Management as well as the Emerson Scholarships and the Knight Scholars awards.

Reflecting upon the history of Washington University and the Olin Business School, Wrighton said, “The founders might not recognize our campus today, with Simon Hall serving more than 1,500 students, faculty and staff, and the Knight Center in constant use by executives and regional businesses, but they would be proud to see how their legacy has evolved into an internationally recognized university with a diverse faculty, student body and alumni network that spans the globe.

“Olin has played an integral role in the growth of the university and is poised to begin its second century as an established leader in business education."

Model of mentoring

2012-05-09 00:00:00

Jerry Naunheim Jr.

Seven Washington University in St. Louis faculty were recognized with Outstanding Faculty Mentor Awards during the Graduate Student Senate’s (GSS) 13th annual awards ceremony and reception April 11 in the Women’s Building Formal Lounge. The 2011-12 award recipients are (from left) Radhakrishnan Gopalan, PhD, assistant professor of finance in the Olin Business School; Steven J. Mennerick, PhD, professor in the Division of Biology & Biomedical Sciences in Arts & Sciences and in the departments of Psychiatry and of Anatomy and Neurobiology in the School of Medicine; Brian D. Carpenter, PhD, associate professor of psychology in Arts & Sciences; Roberto Civitelli, MD, the Sydney M. and Stella H. Schoenberg Professor of Medicine and professor in the Division of Biology & Biomedical Sciences; Julie E. Singer, PhD, assistant professor of French in the Department of Romance Languages and Literatures in Arts & Sciences; and Carolyn Lesorogol, PhD, associate professor of social work in the Brown School and adjunct in anthropology in Arts & Sciences. Brian Crisp, PhD, associate professor of political science in Arts & Sciences, is not pictured. The awards are based on nominations by graduate students and designed to honor faculty members whose dedication to mentoring PhD students and commitment to excellence in graduate training have made a significant contribution to the quality of life and professional development of students in the Graduate School of Arts & Sciences. Special recognition for excellence in mentoring went to nine other faculty members at the ceremony.

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.

Arch Grants awards first $750,000 in grants

2012-05-07 00:00:00

Eleven Washington University in St. Louis-affiliated entrepreneurs are among the winners of $750,000 in inaugural grants from Arch Grants, the global business plan competition providing $50,000 grants to startups and taking no equity in return.

Missouri Gov. Jay Nixon and Jim McKelvey, Square co-founder and head of the Arch Grants Advisory Board, joined Arch Grants today to announce 15 startups that will each receive $50,000 in funding to help launch and grow their business and create a more robust startup culture and infrastructure in St. Louis.

The 11 WUSTL-affiliated winners comprise five alumni, four faculty members and two students.

They are:

Jonathan T.Z. Chen earned a bachelor’s degree in business administration in 2008;
Patrick Crowley, PhD, is an associate professor of computer science & engineering in the School of Engineering & Applied Science;
Peter S. Finley is an adjunct professor of entrepreneurship in the Olin School;
Daniel J. Garcia is a senior in the School of Engineering & Applied Science;
Michael J. Gidding is pursuing a bachelor’s degree in chemical engineering and two master’s degrees, a master of engineering and a master of business administration;
Zhilin Hu, PhD, is a research associate professor of biomedical engineering in the School of Engineering & Applied Science;
Kenneth R. Kline earned a bachelor’s degree in physics in Arts & Sciences and a master’s degree in finance from the Olin School, both in 2008;
Margaret S. Stohr earned an MBA from the Olin School in 1991;
Sergi G. Turabelidze earned a bachelor’s degree in business administration in 2008;
Melissa Walker is an adjunct instructor in the Clinical Research Management program in University College in Arts & Sciences; and
Mark T. Womer earned a bachelor’s degree in chemistry in Arts & Sciences in 1999.

To date, Arch Grants has secured more than $2.9 million in funding from a mix of individual, organizational and corporate donors.

“Small businesses are the biggest driver of job-creation and economic growth in our state,” Nixon said. “As governor, I am committed to helping our startups and small businesses grow, and Arch Grants is another proven tool we are using to do just that. We are extremely proud to have this diverse and innovative group of companies growing, investing and creating jobs right here in Missouri. These pioneering small-business owners will lead our economy and our state into the future.”

“We at Arch Grants are thrilled with the quality and potential of the entrepreneurs who won our international competition out of over 400 applicants,” said Jerry Schlichter, co-founder and president of Arch Grants. “This marks St. Louis as a top destination with a community of high quality startup businesses who will compete in the global economy and Arch Grants will be working hard to build that community as we move forward.”

In its inaugural year, the competition attracted 420 applicants from 12 countries. The 15 winning companies will receive $50,000 in funding as part of a year-long program. Beginning in June, the companies will locate in St. Louis and work toward the goal of attracting additional capital, including up to $100,000 of Arch Grants follow-on funding.

The WUSTL-affiliated entrepreneurs and their winning startups are:

Crowley is CEO and founder and Finley is chief operating officer of Observable Networks, which is pioneering a new approach to enterprise network security and management. Observable Networks is the recipient of the Emerson Arch Grant.

Gidding is president and Garcia is director of science of Saturnis, LLC. Saturnis is commercializing a low-cost, thermochemical process that produces liquid transportation fuels from biomass sources that can be sustainably harvested in the Midwest. Saturnis is the recipient of the Peabody Arch Grant. Himadri B. Pakrasi, PhD, WUSTL’s George William and Irene Koechig Freiberg Professor of Biology in Arts & Sciences and professor of energy in the School of Engineering & Applied Science, is Gidding and Garcia’s faculty adviser.

Hu is CEO of Pharos Scientific, which aims to deliver an innovative medical imaging component in the forefront of diagnostic medicine and related products.

Kline is CEO and co-founder with Chen, who is the chief operating officer, of Med Preps, which provides online practice tests and flashcards to help medical professionals prepare for certification exams.

Turabelidze and Giorgi Gioshvili are co-founders of Iveria TV, the “hulu of foreign TV.” Iveria TV possesses the technological infrastructure and business model to deliver foreign language TV streams to millions of immigrants living in the United States.

Walker is president and chief technology officer and Stohr is chief financial officer of Graematter Inc. Graematter developed the TERI Regulatory Intelligence System, which for the first time consolidates the data and information located in more than 100 regulatory data sources into a single, searchable database. Merle Symes is Graematter’s CEO.

Womer is chief financial officer of Labor Voices, which is crowdsourced supply chain intelligence. Labor Voices provides corporations with a real-time monitoring and risk-management tool, with data coming directly from workers in their supply chains. Kohl Gill is CEO and founder.

“If you are building a business, Arch Grants is the reason to do it in St. Louis,” said McKelvey, a St. Louis native and also a WUSTL alumnus, earning both a bachelor’s degree in economics in Arts & Sciences and a bachelor’s in computer science in 1987. He is also general partner at Cultivation Capital.

“The Arch Grants initiative is an imaginative program that will contribute significantly to the ecosystem for innovation and entrepreneurship in our region and the revitalization of St. Louis,” said Washington University Chancellor Mark S. Wrighton. “I am proud that Washington University-affiliated entrepreneurs are among the first winners and look forward to following the success of all Arch Grants recipients.”

“Entrepreneurs here have worked hard to establish a strong base of innovation in the region,” said Sarah Spear, executive director of Arch Grants. “Arch Grants builds on those early efforts by both retaining entrepreneurs and attracting new entrepreneurs to St. Louis. We’re excited about building this game-changing program here in St. Louis. We look forward to grant recipients joining us downtown in June, increasing the entrepreneurial bench strength and innovation in the region.”

Support has been provided by the founders, Missouri Technology Corporation, the Community Improvement District of the Partnership for Downtown St. Louis, individual donors, and large corporate donors.

For a complete list of Arch Grants winners, visit http://archgrants.org.

About Arch Grants

Arch Grants is creating an entrepreneurial culture and infrastructure to increase employment growth in the St. Louis area. Launching multiple high quality, new ventures simultaneously, Arch Grants will also help build the image of St. Louis among aspiring entrepreneurs and others looking to have a formative role in building a new entrepreneurial climate in St. Louis.

Arch Grants seeks to develop an environment in St. Louis where entrepreneurs and young people want to start and grow businesses and live in a vibrant community that is affordable and where there’s a huge level of support from business and community leaders.

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.”

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.”

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.

‘Bridging gaps’ between graduate and professional students

Susan Killenberg McGinn — 2012-04-24 00:00:00

Sid Hastings

Brooke B. James (center), an MBA student in Olin Business School, accepts congratulations for winning the Community Service Individual Award during the Graduate Professional Council’s 2011-12 Bridging GAPS awards ceremony, held April 9 in the Danforth University Center. At right is her father, Bill James.

Graduate student groups and individual leaders at Washington University in St. Louis who help “bridge the gaps” between graduate and professional students from diverse areas of study throughout WUSTL’s seven schools were recognized during a recent awards ceremony and reception.

The Graduate Professional Council’s (GPC) Bridging GAPS (Graduate and Professional Students) Awards Ceremony was held April 9 in the Danforth University Center’s Goldberg Formal Lounge.

The GPC holds the annual ceremony to recognize the important role that graduate student leadership plays in enhancing interdisciplinary endeavors and strengthening the graduate student community on campus.

The awards also recognize exceptional work in bringing people together not only from across the university, but also throughout the St. Louis community.

The awards include the Community Service Award for outstanding commitment through service events or projects; the Diversity Award for furthering the diversity initiative at the university; the Professional Development Award for promotion through research, professionalism or career development; and the Sustainability Award for development of programs or projects that promote sustainability.

Leadership Awards also are given to a faculty or staff leader for promoting the ideals of Bridging GAPS through interschool communication and collaboration and to a graduate student leader for outstanding commitment to leadership in the graduate student community.

“It is difficult enough for graduate students to keep up with their classes and conduct their research thoroughly, so when students go outside of their classrooms or labs to participate in community service activities or professional development organizations, they deserve to be commended,” says Peggy P. Ni, GPC treasurer and a member of the Bridging GAPS Committee.

“Furthermore, the graduate students and student groups that are honored in the Bridging GAPS Awards Ceremony have even gone above and beyond that, actively engaging in cross-campus collaboration with individuals and groups in schools other than their own to make this campus a more interactive and better place,” says Ni, who is a PhD candidate in the Division of Biology and Biomedical Sciences in the Graduate School of Arts & Sciences.

The 2011-12 Bridging GAPS award winners are:

Community Service Individual Award: Brooke B. James, an MBA student in Olin Business School
Community Service Group Award: Olin Cares, a graduate organization in the Olin Business School
Diversity Individual Award: Emily J. Squires, a master’s student in the Graduate School of Art in the Sam Fox School of Design & Visual Arts
Diversity Group Award: I-CAN (International Graduate Student Association for Career Development and Networking), a university-wide graduate student group
Professional Development Individual Award: Maggie S. Majors, a PhD candidate in Germanic languages and literatures in the Graduate School of Arts & Sciences, and Jennifer C. Greenfield, a PhD student in the Brown School
Professional Development Group Award: Association for Women in Science, St. Louis chapter, WUSTL PhD Student Leadership
Sustainability Invidividual Award: Dan K. Conner, an MBA student in Olin Business School
Sustainability Group Award: Office of Sustainability Graduate Student Intern Group
Faculty/Staff Award: J. Aaron Hipp, PhD, assistant professor in the Brown School
Graduate Student Leader Award: Teresa L. Ai, a PhD student in the Division of Biology and Biomedical Sciences in the Graduate School of Arts & Sciences.

Richard J. Smith, PhD, dean of the Graduate School of Arts & Sciences and the Ralph E. Morrow Distinguished University Professor of Anthropology, spoke during the awards ceremony.

Nick E. Miller, GPC president and a PhD candidate in English in Arts & Sciences, and Nina M. Parikh, Bridging GAPS chairperson and a master’s student in public health in the Brown School, also spoke during the event.

Nominations for Bridging GAPS awards are accepted from across the graduate community.

For more information about the Graduate Professional Council or the Bridging GAPS awards, visit gpc.wustl.edu.

Diversity and Inclusion Grants awarded

Susan Killenberg McGinn — 2012-04-24 00:00:00

A project to support Washington University in St. Louis faculty and staff who work with students from underrepresented minority groups and an internship program for underrepresented minorities that could lead to a career in a technology field are among the winning proposals of the university’s Diversity and Inclusion Grants program for 2011-12.

The Advisory Committee for the Diversity and Inclusion Grants has awarded eight grants totaling nearly $174,000 to Washington University faculty and administrators for initiatives that improve the university environment for women and members of underrepresented minority groups.

Faculty and administrators submitted 16 proposals for program initiatives that strengthen and promote diversity and inclusion at WUSTL. Diversity includes differences in gender, race, ethnicity, geography, socioeconomic status, age, politics, philosophy, disability and sexual orientation.

The Office of the Provost funds the Diversity and Inclusion Grant program. Now in its third year, the program has awarded almost $600,000 in grant money for 29 projects.

Funding for the selected projects is one-time only, and awards range in size up to a maximum of $30,000.

“We are continuing to get innovative and ambitious proposals that themselves reflect the diversity of interests in making our campus more inclusive,” says Adrienne D. Davis, JD, vice provost and the William M. Van Cleve Professor of Law and co-chair of the Advisory Committee for the Diversity and Inclusion Grants. “I think of the grants as democratizing diversity.”

“The quality of the proposals was impressive, and I am hopeful that these grants have the potential to significantly enhance diversity on campus,” says Kathleen B. McDermott, PhD, professor of psychology in Arts & Sciences and the advisory committee’s co-chair.

The project team leaders of the winning proposals, amounts awarded and project titles are:

Timothy J. Bono, PhD, assistant dean in the College of Arts & Sciences and lecturer in the Department of Psychology, $22,000 for “Supporting Faculty and Staff Who Work With Students of Color.”

Koong-Nah Chung, PhD, associate dean and director of medical student research in the School of Medicine, $30,000 for “Training of Meharry Medical College Medical Students in the Washington University School of Medicine’s Summer Research Program.”

Heather L. Hageman, director of educational planning and program assessment and director of the standardized patient program in the Office of Education at the School of Medicine, $19,450 for “Train-The-Trainer Program on Inclusion.”

Denise R. Hirschbeck, assistant vice chancellor for Information Services and Technology, $30,000 for “Expanding Diversity in Technology: Internship Program for Staffing Technology Positions on Campus.”

Panos Kouvelis, PhD, the Emerson Distinguished Professor of Operations and Manufacturing Management, senior associate dean and director of executive programs, and director of the Boeing Center for Technology, Information & Manufacturing at the Olin Business School, $30,000 for “Olin Business School Women’s Leadership Forum.”

Peter B. MacKeith, associate dean of the Sam Fox School of Design & Visual Arts and associate professor of architecture, $12,350 for “Empowering Faculty, Staff, and Administrators to Support the Integration of International Graduate and Professional Students into Departmental Communities.”

Leah A. Merrifield, executive director for academic-civic engagement in the Office of Government and Community Relations, $12,000 for “Community Guide to Washington University AND the St. Louis Region.”

Michael W. Sherraden, PhD, the Benjamin E. Youngdahl Professor of Social Development and director of the Center for Social Development, and Molly Tovar, EdD, director of the Kathryn M. Buder Center for American Indian Studies, both at the Brown School, $18,113 for the “Interdisciplinary Leadership Summit for Faculty, Staff, and Students at Washington University.

Hageman and MacKeith were winning project leaders last year as well.

Bono, who is collaborating on “Supporting Faculty and Staff Who Work With Students From Underrepresented Backgrounds” with Diana Hill, PhD, an assistant dean in the College of Arts & Sciences and lecturer in the Department of Psychology, says their project is intended to provide insight into the experiences of minority students so that faculty and staff who work with them can have a greater understanding of the most appropriate kinds of support they can offer their students as well as the particular times during the semester when that support is most needed.

“The findings have the potential to benefit academic advisers, program managers in the First Year Center, and student group advisors in Campus Life,” Bono says.

“For example, there are faculty and staff advisers for the Association of Black Students and Association of Latin American Students. However, there has been relatively little research conducted to govern the work of faculty and staff who work with these populations. We hope to provide that,” Bono says.

Hirschbeck’s project proposal includes recruiting and training talented individuals in underrepresented groups to learn and use technology skills in a structured business environment.

She says that the goal of her team’s project is to create a framework for on-the-job training and employment of individuals who either have traditionally found it difficult to enter the technology field or for whom a career in technology was not presented to them as an option.

“The Diversity and Inclusion Grant program is an important way for Washington University faculty and administrators to make a difference in promoting diversity and inclusion on campus,” Hirschbeck says.

“Our team feels very fortunate to have been selected to receive this grant. By reaching out to high school graduates and members of the WU community, we will provide a path for individuals who may feel that a career in technology is unattainable,” Hirschbeck says.

“A successful program will result in the recruitment and retention of a diverse group of employees and the delivery of university applications that employ the use of newer technology, including mobile friendly web pages and ‘apps.’”

Other members of the Advisory Committee for the Diversity and Inclusion Grants are:

Iver Bernstein, PhD, professor of history, of African and African-American studies and of American culture studies, all in Arts & Sciences;
Naomi Daradar Sigg, assistant director of student involvement and leadership in the Office of Student Activities;
Dayna Early, MD, professor of medicine in the School of Medicine;
Robert G. Hansman, associate professor of architecture in the Sam Fox School of Design & Visual Arts;
Vetta L. Sanders-Thompson, PhD, associate professor of public health in the Brown School; and
Jay R. Turner, PhD, associate professor of energy, environmental and chemical engineering in the School of Engineering & Applied Science.

For more information, visit diversity.wustl.edu.

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.

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.

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.

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.

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.

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.

Creativity, learning expert Sawyer next up for Assembly Series

Barbara Rea — Son, 19 Sar 2012 17:02:00 CST

Keith Sawyer, PhD, associate professor of education in Arts & Sciences, will deliver the annual Phi Beta Kappa Lecture for the Washington University in St. Louis Assembly Series at 4 p.m. Monday, March 26, in College Hall on the university’s Danforth Campus.

Sawyer

His talk, “Group Genius: The Creative Power of Collaboration,” is free and open to the public.

With a background that includes playing piano in a jazz quartet, working in improvisation and designing video games for Atari, it seems natural that Sawyer saw a connection between creativity and collaboration. He decided to combine his research skills, intellectual curiosity and interdisciplinary subject interest to study what makes a person creative or innovative.

Today, with a dozen books and more than 80 scholarly articles to his credit, Sawyer is a leading researcher on the science of creativity, group dynamics and the learning sciences.

In his 2007 groundbreaking book, Creative Genius: The Creative Power of Collaboration, Sawyer tries to set the record straight about many of our society’s firmest — but wrong — beliefs about the nature of the creative process, and to lay bare the myths that have been built around some of our most beloved “geniuses” such as Isaac Newton or Thomas Edison.

These include:

Myth: Creativity springs from the unconscious. Fact: “It is mostly conscious, hard work.”
Myth: Children are more creative than adults. Fact: “Children aren’t as creative as we think they are … because creativity is a ‘long and difficult path.’ ”
Myth: Creativity is the same as originality. Fact: “All creativity includes elements of imitation and tradition. There is no such thing as a completely novel work.”

After earning a bachelor’s degree in computer science from Massachusetts Institute of Technology, Sawyer designed video games for Atari, and followed that with a stint at Kenan Systems.

He entered the doctoral program in psychology at the University of Chicago and graduated in 1994. After a stint as a postdoctoral fellow in psychology at the University of California, Santa Cruz, he joined the WUSTL faculty in 1996 as an assistant professor of education.

He is an associate professor in that department, with faculty appointments in psychology and philosophy-neuroscience-psychology, both in Arts & Sciences. In addition, he teaches in the Olin Business School's executive education programs.

Directions and parking information for College Hall are on the Assembly Series website at assemblyseries.wustl.edu.

For more information on this and future Assembly Series events, visit the website or call (314) 935-4620.

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.”

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.

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.

No Boundaries: Women Leaders of Washington University

2012-02-23 00:00:00

“No Boundaries: Women Leaders of Washington University,” an intergenerational discussion group, will be held from 3-4 p.m. on Tuesday, March 6, in Brown Hall Lounge. An RSVP is required by Tuesday, Feb. 28.

The event will feature an exchange of ideas and experiences with young women of Washington University who have demonstrated leadership in sports, academics, the community and more. Learn what is unique and what is common about how different generations of women pursue their passions.

To RSVP visit https://www.surveymonkey.com/s/MEETTHELEADERS or contact Kitty Conroy at conroyr@wustl.edu, (314) 935-9104.

The Meet the Leaders series is sponsored by the WUSTL Woman’s Club with the Gephardt Institute for Public Service and the Office of the Provost.

For more information on the Meet the Leaders series, contact Kitty Conroy at conroyr@wustl.edu or 314-935-9104.

Open forum on 2012 election year activities at WUSTL

2012-02-23 00:00:00

The Gephardt Institute for Public Service at Washington University invites student groups, centers, departments and schools, as well as individual members of the university community, to join an open discussion about plans for the 2012 election year.

The meeting will be held from 4-5:30 p.m. Monday, March 5, in the Multipurpose Room, lower level of Mallinckrodt Center on the Danforth Campus.

This forum will help the institute coordinate activities through fall 2012 including voter registration, voter education, speakers and panel discussions on issues, election watch parties and other programming related to politics. Anyone interested in hosting such activities or in brainstorming ideas is welcome to join the discussion.

This meeting will lead to a smaller working committee that will help develop and support a broad range of non-partisan services and programs that increase interest and participation in civic life.

RSVP to Program Director Robin Hattori at rhattori@wustl.edu or 314-935-8628 by March 1 with name and affiliation. Those unable to attend the initial meeting can contact Hattori to be added to the correspondence list.

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.

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.”

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.

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.

American Airlines layoffs could spell end of the airline

Neil Schoenherr and Jessica Martin — 2012-02-03 00:00:00

American Airlines’ plan to lay off more than 13,000 employees and eliminate all four of its pension plans as part of its bankruptcy reorganization could eventually spell the end of the airline and leave its pilots with dramatically reduced pensions, say two experts at Washington University in St. Louis.

“Like GM, Kodak, US Steel and several of the other legacy airlines, American made promises to pilots and other employees about pay, benefits, retirement and employment, and many of these promises are not going to be kept,” says Glenn MacDonald, PhD, the John M. Olin Distinguished Professor of Economics and Strategy at Olin Business School.

“American's competitive position will not generate profit sufficient to keep those promises,” he says. “In fact, absent significant reduction in what American will provide its employees, it will soon be gone, not just reorganized, with pieces bought by Delta, USAir and others.”

He says what the company will or won’t do for its employees will take time to sort out in court.

Part of the airlines’ plan, if approved by bankruptcy court, would be to place its pensions with the federal Pension Benefit Guaranty Corporation (PBGC), an agency funded by premiums levied on employers that sponsor pensions.

 If PBGC does take over the plans, the agency will assume the responsibility for paying retirees' benefits — but not necessarily all of them. The agency caps the monthly benefit it pays at about $4,653 a month for plans ended in 2012.

This is not a good sign for pilots, says Peter J. Wiedenbeck, JD, the Joseph H. Zumbalen Professor of Law.

“The legacy-carrier airlines tend to have special plans for pilots that promise far more generous benefits, so pilots might be shorted by plan termination in reorganization,” says Wiedenbeck, an expert on pension policy and employee benefit law.

However, he says, other American employees could fare well.

“The maximum PBGC-guaranteed benefit for plans terminated in 2012 is $55,840.92 for a 65-year-old retiree,” he says. “Compared to the average level of private pensions, that’s pretty high, so in general a large majority of workers, something like 85 percent, covered by terminated PBGC-insured plans get the full amount they are due. ”

Wiedenbeck also noted that under a special rule, commercial airlines were permitted to elect a slower pension funding schedule in 2006 or 2007 than the schedule that applies to other businesses.

"If American made that election, then the amount of PBGC-guaranteed benefits would be set by reference to pensions earned when that funding extension took effect, rather than the actual amounts accrued as of plan termination in 2012.”

New business course to examine ‘defining moments’ of leadership, character

Neil Schoenherr — 2012-01-24 00:00:00

As another presidential election year gets under way in the United States, defining and determining what makes a great leader is on the minds of many voters and politicians.

Jerry Naunheim

Eric Greitens (left), CEO of The Mission Continues, autographs a book for Kurt Dirks, PhD, the Bank of America Professor of Leadership, prior to Greitens' presentation to the "Defining Moments" course Jan. 23 in the Knight Center.

A new and innovative course at Washington University’s Olin Business School examines this question by allowing students to interact with top leaders in the corporate world who exemplify both integrity and excellence.

“We wanted to focus on leadership that achieves excellent results without compromising values or integrity,” says Stuart Bunderson, PhD, the George and Carol Bauer Professor of Organizational Ethics and Governance, co-teacher of the course, “Defining Moments: Lessons in Leadership and Character From the Top.”

“And we wanted students to appreciate the role and importance of values in leadership by exposing them to standout CEOs who achieve excellence while pursuing deeply-held values,” he says.

The course, for second-year master’s of business administration and executive master’s of business administration students, will feature discussions with six prominent business leaders, each of whom will discuss defining moments in their own business careers.

The course also will engage students in thinking about how they can achieve success without sacrificing character and integrity.

“We have asked these leaders to discuss key choice points in their career that shaped the trajectory of their leadership and character, and particularly those which involved their own moral compass,” says Kurt Dirks, PhD, the Bank of America Professor of Leadership and co-teacher of the course.

“The final assignment asks the students to write a personal leadership statement that reflects how they plan to pursue their own path of leadership in ways that reflect excellence and character, drawing on the lessons from the course,” Dirks says.

The speakers for the course are:

Erik Greitens, CEO of The Mission Continues, who spoke Jan. 23;
Bob Chapman, chair and CEO of Barry-Wehmiller, who spoke Jan. 30;
Jim Weddle, managing partner of Edward Jones, Feb. 9;
Dave Steward, chair and founder of World Wide Technology, Feb. 13;
Dave Senay, president and CEO of Fleishman-Hillard, Feb. 22; and
Andrew Taylor, chair and CEO of Enterprise Holdings, Feb. 27.

Their talks will be supplemented with cases and readings on leadership and character.

“We want these students — the future business leaders of our country — to really think about whether or not there is a trade-off between trying to get ahead in their own careers and being true to their own values,” Bunderson says.

“We want them to think about how they can create a culture of excellence in their careers, while still adhering to a personal values set.”

Three start-ups share Olin Cup prize

Neil Schoenherr — 2012-02-02 00:00:00

Mary Butkus

Candace Klein, CEO of SoMoLend, hugs Ken Harrington, managing director of the Skandalaris Center for Entrepreneurial Studies, after Harrington announced the winners of this year’s Olin Cup.

In a move reflecting the wave of entrepreneurial activity happening in the region, an unprecedented three teams were selected to receive up to $50,000 each at the annual Olin Cup awards ceremony Feb. 1.

Sponsored by the Skandalaris Center for Entrepreneurial Studies at Washington University in St. Louis, the Olin Cup typically awards $70,000 in seed investment money to fund start-up businesses, and a $5,000 student prize.

This year, investments may total up to $150,000 for three teams:

SoMoLend, a web- and mobile-based peer-to-peer lending company;
Eyelten Therapeutics, a company designed to develop therapies to treat age-related macular degeneration; and
Loadmaster Toolkit, a pocket computer with custom software to streamline loading and managing cargo on military airlifters.

The $5,000 student prize was awarded to Ryan Rakestraw, a first-year MBA student at Olin Business School and a member of Freiezo LLC, a company developing high-efficiency distributed wind energy systems.

Winners may receive in-kind services from one or more of the competition sponsors in addition to any cash investment. Olin Cup awards to this year’s teams also may be supplemented by additional investments through the Skandalaris Student Venture Fund (SSVF).

SSVF is a course that helps students develop practical skills and disciplines necessary to succeed in angel, venture and private equity investing. Students work with angel investors, venture capital funds, and private equity firms.

“This year’s 40 entrants for the annual competition were outstanding,” says Ken Harrington, managing director of the Skandalaris Center. “All of the finalists had viable business plans and are making great progress.”

Mary Butkus

Ron Bassuner (left), CEO of Eyelten Therapeutics, and Kunal Rehani, co-founder of the company, admire the Olin Cup after being named one of the winners of the annual competition Feb. 1.

Harrington announced the winners during the annual awards ceremony, which was held in Simon Hall.

Joe Reagan, president and CEO of the St. Louis Regional Chamber and Growth Association, presented the keynote address.

The ceremony was the culmination of a four-month competition among the contestants.

“This is one of the best years of the Olin Cup we’ve ever had,” Harrington says. “We are also honored that Joe Reagan agreed to come here on his first day on the job to speak about innovation and entrepreneurship.

“So many great things — Arch Grants, Capital Innovators, the recent Startup Weekend — are increasing the support system for entrepreneurs and helping to build the innovation environment in our city.”

“Macular degeneration is a devastating disease, which leads to blindness if not treated. Current treatments are not inexpensive and only about two-thirds of patients gain vision with treatment,” says Ron Bassuner, Eyelten CEO and co-founder, with Rajendra Apte, MD, PhD, associate professor of ophthalmology and visual sciences at the Washington University School of Medicine.

“Dr. Apte discovered a new drug target for the disease and we have several high potential drug candidates for that target,” Bassuner says. "We have a stellar team and the support of the Missouri Technology Corporation. We are making great progress and winning the Olin Cup helps us to generate the resources to continue successfully.”

The Olin Cup is sponsored by Olin Business School and the Skandalaris Center for Entrepreneurial Studies at Washington University; the RCGA; RubinBrown LLP; St. Louis Commerce Magazine; Polsinelli Shughart PC; and Lopata Flegel & Company LLP.

YouthBridge SEIC finalists named

Neil Schoenherr — 2012-01-31 00:00:00

Nine finalists were selected Jan. 26 to compete for more than $125,000 in grants in April at the 2011-12 YouthBridge Social Enterprise and Innovation Competition (SEIC) at Washington University in St. Louis. The competition is a joint partnership between the YouthBridge Community Foundation and WUSTL’s Skandalaris Center for Entrepreneurial Studies.

The finalists, culled from a field of 15 semifinalists, were chosen by a panel of judges after presenting their social enterprise idea in an “elevator pitch” competition.

A total of 37 competitors entered this year’s contest.

“The judges and I are very pleased with the creativity of our entrepreneurs in addressing social problems,” says Ken Harrington, managing director of the Skandalaris Center. “With the work the Brown School is doing on social entrepreneurship curriculum for graduate and undergraduate students, we are enthusiastic about opportunities to find solutions while being financially sustainable and adding significant social value.”

The finalists will present completed business plans and oral presentations to the judges privately in April, with the awards announced April 11 in Simon Hall’s May Auditorium.

They are (* indicates a team founded by students. Other teams may have students on them):

Cherokee Street International Farmers Market, providing low-income residents with nutritious produce and encouraging at-risk youth and immigrant refugees to grow and sell food at the farmers market;
Club KidFit, providing child-directed wellness curriculum through fun fitness programs;
Dahlia, providing 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;
Explore Transplant, providing an educational program for dialysis providers on how to educate kidney transplant patients;
Fostering Life, providing resources for teenage girls in foster care who are pregnant;
Metamo4ic Math Center, motivating and educating St. Louis children to learn and enjoy mathematics through a children’s museum;
* Migrant and Immigrant Community Action (MICA) Project, combining legal representation, social services and community development to promote the voice and human dignity of immigrant communities;
One Bright Day Vending Coffee Service, servicing soda and snack machines to provide healthy options along with traditional inventory; and
Sweet Sensation, teaching North St. Louis teens about entrepreneurship and sustainable living through apiculture, or beekeeping.

Awards for the 2011-12 competition will be granted from the following partner and community sponsors.

YouthBridge Community Foundation: $35,000 to fund a venture serving children and youth;
Lutheran Foundation of St. Louis: $30,000 to fund an organization promoting a healthier community;
Daughters of Charity Foundation of St. Louis: Up to $30,000 to fund an organization serving the poor and vulnerable; and
Skandalaris Center: $25,000 to fund a venture with an innovation solution to effect social change.

With a $5,000 award to the best student team and in-kind support from Skandalaris sponsors, the total amount awarded will be more than $125,000.

In June 2005, YouthBridge and the Skandalaris Center each pledged $500,000 to fund a five-year initiative to develop a program to stimulate social entrepreneurship. The program, then called the Social Entrepreneurship and Innovation Competition, was an opportunity for nonprofits to learn business skills, collaborate, receive feedback and compete annually for more than $100,000 in awards.

In August 2009, YouthBridge renewed its partnership with the Skandalaris Center and pledged to fund the annual YouthBridge SEIC on an ongoing basis.

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.

Since its inception in 2005, the competition has awarded more than $732,000 in cash and in-kind prizes to 28 social ventures, including an annual $5,000 prize to the best student-founded or supported team.

Additional sponsors of the Skandalaris Center are the St. Louis Regional Commerce and Growth Association, St. Louis Commerce Magazine, RubinBrown LLP, Polsinelli Shughart PC and Lopata Flegel & Company LLP.

P&G marketing layoffs new sign of the times, expert says

Neil Schoenherr — 2012-01-31 00:00:00

Consumer goods giant Procter & Gamble’s move to lay off some 1,600 employees globally, many in the marketing area, foretells a trend in which more companies will move their advertising dollars from traditional to digital media, says a marketing expert at Washington University in St. Louis.

Procter & Gamble is banking on digital marketing to help contain media spending in the long-term.

The company’s CEO, Bob McDonald, says he expects its advertising costs to moderate as it moves into the digital arena, citing the billions of free impressions generated by Internet-only ad campaigns, like P&G’s Old Spice commercials in recent years.

“With the advent of digital ad tracking software and digital ad shops like Google, companies are able to track the effects of digital ads in real time in a fine-grained manner,” says Seethu Seetharaman, PhD, the Patrick W. McGinnis Professor of Marketing at Olin Business School.

“Companies can quickly monitor who is clicking on an ad, with whom they are sharing the link to the ad and what that second person is then doing,” he says.

Traditional media offers no such capability.

“Is it possible to track whether someone who bought Time magazine this week actually viewed the ad on page 10?” Seetharaman says.

“Or if so, how much time did he spend viewing the ad? Did he show the ad to his spouse or other family member?” he says. “This aspect, coupled with digital content consumption from news websites and others, is fast displacing traditional content consumption, making it likely that traditional media will lose their importance moving forward.”

In the pre-digital media era, companies had no choice.

“The rationale for their large traditional media spend was, ‘This is necessary for brand building for the long term’ even if they could not measure return on investment in terms of sales impact or even eyeballs' impact,” Seetharaman says.

“A manager complaining, ‘I know half of the money I spend on advertising is wasted. Unfortunately, I don’t know which half” was still making an understatement,” he says. “Such compromises are no longer necessary in today’s world.”

RCGA head Reagan to speak at annual Olin Cup awards

Neil Schoenherr — 2012-01-26 00:00:00

Marking his first day as CEO of the St. Louis Regional Chamber and Growth Association (RCGA), Joe Reagan will discuss “Innovation & Entrepreneurship: Creating the Future Economy” during the annual Olin Cup awards ceremony beginning at 5 p.m. Wednesday, Feb. 1, in Simon Hall’s May Auditorium on Washington University in St. Louis’ Danforth Campus.

Hosted by the Skandalaris Center for Entrepreneurial Studies, the presentation and awards ceremony is free and open to the public.

Seven finalists from an original field of 40 are vying for $70,000 in seed money to start their own company, $50,000 to the first place finisher and $20,000 for second place.

Three of the remaining teams are student-supported and in the running for an additional $5,000 student prize.

“We are honored that Joe will be joining us on his first day at the RCGA,” says Ken Harrington, managing director of the Skandalaris Center. “Many exciting things are happening to support the entrepreneurial environment in St. Louis, including Joe’s move here, the new Arch Grants program, Capital Innovators and Startup Missouri. We are looking forward to hearing from Joe, welcoming him to Washington University and to announcing this year’s winning teams.”

Reagan begins his duties Feb. 1 as CEO of the RCGA. He succeeds Dick Fleming, who led the organization since 1994. Reagan has been president and CEO of the Greater Louisville Inc.-Metro Chamber of Commerce since 2005.

He has more than 20 years of practitioner and CEO experience in private sector initiatives in community and economic development, public policy, and regional strategy and community problem-solving.

Prior to his leadership roles in community and economic development, Reagan worked in the business side of radio and was an entrepreneur, heading a marketing firm.

Following Reagan’s presentation, each team will make a 90-second elevator pitch. After the winners’ announcement, the audience will have the opportunity to meet the teams and learn more about their ventures at a poster board session and reception.

This year’s finalists are (* indicates student-owned or student-supported venture):
• Edthena, developing a video improvement platform for educators;
• Eyelton Therapeutics, developing therapies to treat age-related macular degeneration;
• *Freiezo LLC, a company developing high-efficiency distributed wind energy systems;
• HomeNav by Sustaining Spaces, an online homeowners manual and resource guide;
• *Inclusion Sports, which has developed a new sport called Bulletball, allowing everyone to participate and compete on a level playing field;
• *Loadmaster Toolkit, which enables Air Force loadmasters to manage aircraft payload and passengers; and
• SoMoLend, a web-based peer-to-peer lending company.

The Olin Cup was created as a cross-campus activity in 1988 by Olin Business School, and has awarded funding to winning commercial ventures since 2003.

The competition is sponsored by the RCGA; RubinBrown; Lopata, Flegel & Company LLP; Polsinelli Shughart; St. Louis Commerce Magazine; and Olin Business School.

To register for the event, visit ideabounce.com/skandalaris/events. For more information on the Olin Cup, visit sc.wustl.edu/Programs/Pages/OlinCup.aspx.

Super Bowl advertisers should skip TV ads, focus online

Neil Schoenherr — 2012-01-25 00:00:00

Last year’s hit Super Bowl ad, a Volkswagen spot featuring a boy dressed as Darth Vader, was unique in that it was actually released before the game.

This year, nearly all ad agencies are expected to run previews of their commercials before the Feb. 5 Super Bowl on YouTube and other sites, leading a marketing expert at Washington University in St. Louis to question the wisdom of running a television ad at all.

“Pre-releasing a teaser to a Super Bowl commercial certainly evokes interest for consumers to ‘anticipate’ what is going to come on Super Bowl Sunday, thus improving the quality of ad consumption,” says Seethu Seetharaman

Seetharaman

, PhD, the W. Patrick McGinnis Professor of Marketing at Olin Business School.

“But the $3-million-dollar question is whether that Super Bowl commercial will lead to incremental buying,” he says. “Is there any significant return on investment for the $3 million spent? I doubt it.”

The average cost for a 30-second spot during this year’s Super Bowl is $3.5 million, with some time slots costing as much as $4 million.

With the continuing trend toward viral commercial releases, Seetharaman advocates companies reconsider traditional television ads and focus their efforts on the Internet, saving them millions of dollars in the process.

“The return on investment for a viral ad is far greater, since it is much cheaper to get the commercial in front of viewers,” he says. “A viral campaign, at best, produces incremental sales at zero cost, and at worst, produces a lot of social conversation without any incremental sales, like a well-noticed Super Bowl ad would, but without a $3 million spend,” he says.

Last year’s Volkswagen ad with the child dressed up as Darth Vader has been viewed online more than 50 million times.

Seetharaman says a purely online viral ad campaign, without the actual television Super Bowl component, does not impose any prohibitive costs on a company.

“Water cooler conversation does not a purchase make. Just because a company spends $3 million or more for a 30-second ad, it does not automatically increase purchase of their product. Viral videos are cheaper to produce and have a much longer shelf life.”

The final purpose of the Super Bowl ad, Seetharaman says, is to stimulate sales, not to stimulate consumption of online videos.

“Fifty million hits for the Darth Vader ad on YouTube, advertising awards etc., will only give cold comfort to VW if the YouTube hits do not end up selling more VW cars,” he says.

“Take the ‘Will It Blend’ campaign from BlendTec, which was rolled out on YouTube. It not only reached online viewers running in to tens of millions, but more importantly, it increased BlendTec blender sales by 700 percent in the first few months of its rollout.

“That is what an effective promotional campaign must do."

Wal-Mart's reality-show contest will help entrepreneurs, expert says

Neil Schoenherr — 2012-01-24 00:00:00

Talent contests are abundant these days. Whether it’s singing, dancing or cooking, it seems someone is always on the lookout for the next “super star.”

WalMart Stores, Inc., have even entered the fray, announcing a reality-show like plan to find the next “it” product, a move an innovation expert at Washington University in St. Louis applauds.

“This is a great idea for Wal-Mart on several levels and I think would be a prudent move for other large retailers,” says Clifford Holekamp, senior lecturer in entrepreneurship at Olin Business School.

“One, it will get Wal-Mart first dibs on what could be some great new products. It will also help to soften the image of Wal-Mart as a corporation known to be tough on its vendors,” Holekamp says.

Wal-Mart’s “Get on the Shelf” contest will allow anyone in America to submit an online video pitching his or her idea. The products will be voted on by the public and three winners will have their product sold on Walmart.com, with the grand prize winner getting shelf space in select stores.

“Opening up an avenue to the shelves for entrepreneurs helps Wal-Mart to stay better connected to the community,” Holekamp says. “It shows that even the largest corporation in America has an appreciation for small business and entrepreneurship.”

Wal-Mart is accepting submissions until Feb. 22 and online voting will take place in March and April. The winners of the competition will be announced at the end of April.

Holekamp says the contest provides Wal-Mart a platform to create a social media marketing campaign.

“Through social media, the engagement of the participants in the competition will help to spread Wal-Mart’s story virally,” he says. “Companies today are being challenged to find ever more creative ways to connect with their consumers and I think this contest is an innovative way of going about that.”

Faculty develop teaching skills at i teach 2012

2012-01-23 00:00:00

Joe Angeles (2)

Andrew Knight, PhD (above), assistant professor of organizational behavior at Olin Business School, leads an i teach 2012 session on polling as a teaching tool, while C.J. Larkin, JD (below), senior lecturer at the School of Law, contributes to the discussion. This session took place during the i teach 2012 symposium — a biennial event at which faculty gather to talk about teaching experiences and to learn about new teaching methods and technology — at Seigle Hall Jan. 12. Approximately 150 faculty attended the event, which offered 16 classroom sessions on topics ranging from “Twitter for Teaching” to “Academic Integrity at WU: Myths and Realities” and a plenary lecture, “Fostering Creative Learning,” by Keith Sawyer, PhD, associate professor of education. The 2012 symposium was sponsored by Arts & Sciences, The Teaching Center, University Libraries and the Office of the Provost.

SOPA would be sour note for music industry

Neil Schoenherr — 2012-01-19 00:00:00

The controversial Stop Online Piracy Act (SOPA) is merely an attempt to shore up a dying and inefficient business model, grafted onto an attempt to control the Internet, says an expert on the business of entertainment at Washington University in St. Louis.

MacDonald

“It really should be called ‘POBM, for Protect the Outmoded Business Model,’” says Glenn MacDonald, PhD, the John M. Olin Professor of Economics and Strategy at Olin Business School.

MacDonald teaches the popular “Economics of Entertainment” course, which covers the institutions, data, economics and management challenges of the entertainment industry, with emphasis on the music and movie industries.

If passed, SOPA would expand the ability of U.S. law enforcement and copyright holders to fight online trafficking in copyrighted intellectual property and counterfeit goods.

Sites could be punished for hosting pirated content — and Internet companies are worried they could be held liable for users' actions.

“We have copyright laws that allow inventors to charge prices above the costs of reproduction so as to induce them to invent in the first place,” MacDonald says. “We put up with a misallocation of resources — those who value the good above its cost of reproduction but less than the above-cost price do not consume it — in order to get the good invented in the first place.

“Copyright is not a good thing per se, just an imperfect fix for the problem of how to compensate inventors for the up-front cost of inventing goods whose cost of reproduction are close to zero,” MacDonald says.

The Internet, he says, has wrecked the traditional music industry model of producing records and compact discs, since it has made controlling copyright next to impossible.

“This process is what SOPA seeks to reverse,” MacDonald says. “It does not seek to protect intellectual property. It seeks to protect the old business model that sacrifices efficient allocation of resources to pay for up front investments and some other activities that have become redundant.”

He says the proposed bill is an awful idea for several reasons.

“SOPA, as presently conceived, will do nothing more than impose costs on Internet service providers and others as they become responsible for dealing with those who share music and continue an inefficient allocation of music, with too few new songs going to too few consumers,” MacDonald says.

“And it will open the door for harming one of the Internet’s most valuable features — its open access and its fast paced, innovation-fostering freedom from government control. If the FCC were running the Internet, would we even have email?”

The natural question, MacDonald says, is how are the music companies going to get paid without the traditional model?

“The answer is that artists will pay them for their valuable developmental services and any other useful things they do,” he says. “They won’t pay them for distributing CDs or distributing music on the Internet.

“Music companies can, and increasingly are, compensated by the artists, who give up some of their future concert, merchandise and endorsement revenue to acquire the considerable development expertise of the music companies. Music companies would be better served by increasing their focus on how to make artists’ music, and especially their concerts, even better.”

McDonnell Academy welcomes 12 new scholars from around the world

2012-01-20 00:00:00

A select group of research universities in countries throughout the world are partners in the McDonnell International Scholars Academy. Graduates of the 27 partner institutions are eligible to apply to become McDonnell Scholars.

The McDonnell International Scholars Academy at Washington University in St. Louis welcomed 12 new talented graduate and professional students for the 2011-12 academic year.

The new scholars are graduates of one of 27 premier universities from around the world partnered with Washington University in the McDonnell International Scholars Academy.

The new scholars are: Naoko Akimoto, Chen Li, Richa Joshi, Li Yunzi, Li Weijie, Lin Chih-Chung, Leandro Medina de Oliveira, Bharatkumar Suthar, Wu Mengfei, Antonio Zanutto, Zhang Liu and Zhu Chuanmei.

Headquartered at Washington University, the McDonnell Academy enrolls exceptional graduate and professional students across all graduate disciplines at the university.

The McDonnell Academy Scholars are expected to be future global leaders. As such, they are provided not only with a rigorous graduate education at Washington University, but also with cultural, political and social activities designed to prepare them as leaders knowledgeable about the United States, other countries and critical international issues.

Employing an unusual approach, the McDonnell Academy brings together top scholars from Asia-Pacific, the Middle East, Europe and Latin America to pursue world-class education and research while forging a strong network with one another.

Key to this are partnerships Washington University has established with top universities and corporations around the world, with an eye to increasing opportunities for joint research and global education.

“In creating an international network of research universities, Washington University intends to develop a cohort of future leaders in a global university system and promote global awareness and social responsibility,” says McDonnell Academy Director James V. Wertsch, PhD, associate vice chancellor for international affairs and the Marshall S. Snow Professor in Arts & Sciences at Washington University.

“Since getting to know our newest class of scholars over this past semester, I know that they are making great contributions to the research effort at Washington University as well as enhancing the educational experiences of our domestic students through sharing their culture, history and the politics of their countries,” Wertsch says.

Academy ambassadors

Once selected for this highly competitive program, each academy scholar is matched with a distinguished member of the WUSTL faculty who serves as a mentor and also as an academy “ambassador” to the university partner from which the scholar has graduated.

The academy ambassador assists the McDonnell scholar in academic and professional life and travels annually with the scholar to the partner university to build relationships between the two institutions.

“The scholars, working with their ambassadors, help foster collaborative research and educational efforts across the academy institutions on issues such as energy and sustainability, international understanding and public health,” Wertsch says. “The academy is an incubator of new ideas on global networks in research and education and will continue to pursue new initiatives in the future.”

The McDonnell Academy organizes special events for the scholars, including leadership training, cultural opportunities, seminars and workshops with experts in key areas, conferences on crucial issues, and sessions in Washington, D.C., with U.S. government policymakers and grant administrators.

Scholar support

The McDonnell Academy Scholars receive funding for full tuition and living expenses for the time it takes to get a degree at WUSTL. The academy also provides support for an annual trip back to the scholar’s alma mater.

To help foster a sense of community, many of the scholars reside in two fully equipped and furnished apartment buildings near campus.

Funding is provided through a sustaining endowment gift from John F. McDonnell, vice chair of WUSTL’s Board of Trustees and retired chairman of the board of McDonnell Douglas Corp.

Additional support comes from 22 multinational corporations, foundations and individual sponsors. Sponsoring corporations also offer internships and on-site educational opportunities for the academy’s corporate fellows.

To view a list of the academy sponsors, visit http://mcdonnell.wustl.edu/sponsors/.

Partner universities

Partner universities in the academy are committed to excellence in education and research and to the importance of international collaboration.

The select group of worldwide research universities that are partners with the McDonnell International Scholars Academy follows:

Ankara
Middle East Technical University
Bangkok
Chulalongkorn University
Beijing
China Agricultural University
Peking University
Tsinghua University
Brisbane
The University of Queensland
Budapest
Budapest University of Technology and Economics
Campinas
State University of Campinas
Haifa
Technion - Israel Institute of Technology
Herzliya
Interdisciplinary Center Herzliya
Hong Kong
Chinese University of Hong Kong
University of Hong Kong
Istanbul
Bogaziçi University
Jakarta
University of Indonesia
Melbourne
The University of Melbourne
Mumbai
Indian Institute of Technology Bombay
Tata Institute of Social Sciences
New Dehli
Jawaharlal Nehru University
Santiago
University of Chile
Seoul
Korea University
Seoul National
Yonsei University
Shanghai
Fudan University
Singapore
National University of Singapore
Taipei
National Taiwan University
Tokyo
University of Tokyo
Utrecht
Utrecht University

Work, Families and Public Policy series continues Jan. 23

Jessica Martin — 2012-01-18 00:00:00

Faculty and graduate students from St. Louis-area universities with an interest in labor, households, health care, law and social welfare are invited to take part in a series of Monday brown-bag luncheon seminars to be held biweekly on the Danforth Campus at Washington University in St. Louis beginning Monday, Jan. 23, through Monday, April 16.

In its 16th year, the Work, Families and Public Policy series features one-hour presentations on research interests of faculty from local and national universities. The series is designed to promote interdisciplinary research.

Presentations will be from noon-1 p.m. in Seigle Hall, Room 348.

The series continues Monday, Jan. 23, with a lecture by Kelly Bishop, PhD, assistant professor of economics in Arts & Sciences, on “Hedonic Prices and Implicit Markets: Estimating Marginal Willingness to Pay for Differentiated Products without Instrumental Variables.”

The remaining presentations are:

Feb. 6. Donna K. Ginther, PhD, professor of economics at the University of Kansas, on “The Diversity of NIH Research Awardees in Academic Medicine”;

Feb. 20. Maria E. Canon, PhD, economist with the Federal Reserve Bank of St. Louis, on “The Role of Schools in the Production of Achievement”;

March 5. V. Joseph Hotz, PhD, the Arts & Sciences Professor of Economics at Duke University, on “The Family that Shares is the Family that Cares: Are Extended Families Efficient in their Sharing?”;

March 19. Duncan Thomas, PhD, professor of economics and global health at Duke University, on “Decision-Making by Households and Families”;

April 2. Kimberly D. Krawiec, JD, the Kathrine Robinson Everett Professor of Law at Duke University, on “Kidneys Without Contracts: The Legal And Ethical Implications of NEAD Chain Bridge Donor Contracts”;

April 16. Sandra E. Black, PhD, professor of economics at the University of Texas, on “Does Money Matter? The Effect of Child Care Subsidies on Academic Performance.”

Robert A. Pollak, PhD, the Hernreich Distinguished Professor of Economics in Arts & Sciences and in the Olin Business School, has been the lead organizer of the series for the past 15 years.

Co-organizer is Michael Sherraden, PhD, the Benjamin E. Youngdahl Professor of Social Development at the Brown School at WUSTL.

The series is sponsored by the Olin Business School; the Brown School and the Center for Social Development; the Center for the Interdisciplinary Study of Work and Social Capital in the School of Law; the Department of Economics in Arts & Sciences; the College of Arts & Sciences; and the Federal Reserve Bank of St. Louis.

The classroom is courtesy of the Department of Economics.

For more information, contact Pollak at (314) 935-4918 or pollak@wustl.edu; Sherraden at (314) 935-6691 or at sherrad@wustl.edu; or visit olin.wustl.edu/Events/Pages/default.aspx and search for the seminar by date.

Nominations sought for Civic Scholars program

2012-01-18 00:00:00

The Gephardt Institute for Public Service is accepting nominations for the Civic Scholars program, which recognizes Washington University in St. Louis undergraduate students who exemplify future potential for civic leadership.

Five to seven rising juniors will be selected based on their commitment to community service and civic engagement.

For two years, Civic Scholars take academic coursework with American Culture Studies in Arts & Sciences, receive intensive leadership training, and form a mentorship network to prepare them for a life dedicated to public service. They also are awarded a scholarship of $5,000 to support a substantial civic project or internship for the summer after junior year.

“In my position at the university, I have the opportunity to meet many exceptional undergraduates,” says Amy O’Brien, program coordinator for the Institute for School Partnership.

“The Civic Scholars program is a way to recognize those students who are standouts in leadership and community service,” she says. “Last year, I nominated four students, and two were chosen for the inaugural group.

“I encourage everyone to nominate students who are looking for an experience that will shape their future in civic service.”

Nominate a current sophomore by Friday, Feb. 3, by filling out a brief form on surveymonkey.com/s/CivicScholarsNominationForm.

Self-nominations, peer nominations and nominations from faculty and staff are welcome.

Nominees will be invited to submit full applications by March 5 and the cohort will be announced in April.

For an application or more information, contact Gephardt Institute Program Manager Jenni Harpring at Jharpring@wustl.edu or call (314) 935-8182.

Powerful people think they are taller than they really are, new study finds

Neil Schoenherr — 2012-01-13 00:00:00

Napoleon Bonaparte, the notoriously “short” French emperor, may have stood only 5 feet 6, but being a powerful military and political leader probably made him feel much taller, suggests a new study by an organizational behavior expert at Washington University in St. Louis.

“Although a great deal of research has shown that more physically imposing individuals are more likely to acquire power, this work is the first to show that powerful people feel taller than they are,” says Michelle M. Duguid, PhD, assistant professor of organizational behavior at Olin Business School.

Duguid is co-author, with Jack Concalo, PhD, of Cornell University, of “Living Large: The Powerful Overestimate Their Own Height,” published in the current issue of the journal Psychological Science.

In a series of three experiments, the researchers found a definite correlation between feeling powerful and feeling tall, and even suggest that future research may want to examine whether employers should consider placing short high-ranking workers in higher offices to raise their psychological sense of power.

“Height is often used as a metaphor for power,” Duguid says. “Powerful people ‘feel like the big man on campus,’ and people ‘look up to them.’ We find that the psychological experience of power may cause individuals to feel taller than objective measurement indicates they really are.”

In the researcher’s first experiment, some participants were asked to recall an incident in which they had power over another individual while others were asked to recall an incident in which someone else had power over them.

They were then asked to estimate their size in relation to a pole that had been set precisely 20 inches taller than their actual heights.

Those who had been conditioned to feel ‘empowered’ thought the pole was nearer in height to them than those who’d been made to feel subordinate.

In the second experiment, two pairs of volunteers were asked to role play a scenario in which one was a manager and the other an ordinary worker.

They were then asked to give their exact heights in a questionnaire, with those having played the role of manager supplying exaggerated figures.

Finally, the participants were conditioned in the same way as they were in the first experiment and then asked to choose an avatar in a second-life game that they thought best represented them. The more empowered volunteers consistently chose taller avatars.

“These findings may be a starting point for exploring the reciprocal relationship between the psychological and physical experiences of power,” Duguid says. “An interesting direction for future research would be to determine whether associations between power and size extend to other self-perceptions and self-categorization.”

To read the full study, go to pss.sagepub.com/content/23/1/36.full.