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Georgetown

Business WINTER 2000 volume 12 number 1

t h e r ob e rt e m m e t t mc d on o u g h s c ho ol of b u s i n e s s

Business Without Borders


Letter From London
The Challenge of Transnational Production
Georgetown Business is
published during the academic
year by The McDonough School
of Business for alumni, parents,
friends, and business colleagues.
Dean
Christopher P. Puto, Ph.D.
Senior Associate Dean
John Mayo, Ph.D.
Editor
Elizabeth Shine g99
Contributing Writers
Kathryn Mahon Peach
Kenneth Starr mba00
Bindu Vaswani b00
Julie Mangis
Designer
Nancy Van Meter
Photographer
Keith Tishken

Inquiries and updates should


be sent to:
Georgetown Business
deans office
georgetown university
the mcdonough school
of business
old north building
washington dc 20057

phone: 202-687-4080
Georgetown Business
welcomes opinions and comments
expressed by its readers. Letters
should be addressed to:
the editor
Georgetown Business
deans office
georgetown university
the mcdonough school
of business
old north building
washington dc 20057
LETTER FROM THE DEAN

WELCOME
I n my first year and a half here, many positive developments have occurred, and it

would be easy to use the new millennium to herald these changes. But effective, lasting

change doesnt occur overnight. In this issue, you will read about our international gradu-

ate placement results, the outcome of our long-term strategy to capitalize on George-

towns international reputation and its location in the political capital of the world. Our

graduate curriculum committee, our MBA career management office, our faculty, alumni

and the students themselves gave much thought to defining what it is to be an interna-

tional MBA program and expended a great deal of energy both before and since my

arrival to achieve these results.

Within these pages, you will see some more changes-new faculty, each of whom brings a
special expertise to complement our academic strengths, new faces in key leadership posi-
tions within the MBA office, and in some cases, such as student life and MBA alumni
affairs, completely new positions. Each of these individuals will contribute to moving the
school toward new levels of achievement. Again, this wont happen overnight. But watch
these pages closely, and over the next couple of years, you will see the academic and
administrative initiatives of these talented members of our community bear fruit, just as
our international efforts have flourished. Our strongest constant is thoughtful progress.

I hope you enjoy the first Georgetown Business of the new millennium, the first issue
under the direction of the new editor, Elizabeth Shine. Liz Liptak, Georgetown Business
founding editor, has left Georgetown to pursue new opportunities. Thanks to Lizs creativ-
ity and vision, this publication has grown from a newsletter to a magazine with a circula-
tion of approximately 16,000, and a valuable asset in chronicling the progress of the
McDonough community.

I wish a prosperous and happy new year to all our alumni, friends, students, faculty and
administrators.

CONTENTS
Christopher P. Puto
Dean
Inside Information . . . . . . . . . . . . . 2
The Robert Emmett McDonough School of Business
Business Without Borders . . . . . . . 7

Letter From London . . . . . . . . . . . 13

The Challenge of
Transnational Production. . . . . . . 14

Faculty and Staff News . . . . . . . . 20

Alumni Notes . . . . . . . . . . . . . . . . . 27

1
Inside Information

Commerce Secretary Highlights Georgetown MBA Program Ranked


New Chapter in Middle East Trade Number One for Hispanics

T he possibilities for increased foreign investment in the Middle East during


the 21st century will ultimately depend on whether leaders in the region are ded-
H ispanic Business magazine ranked the
McDonough School of Business as the number one
icated to making peace and establishing economic reforms, said U.S. Secretary of MBA program for Hispanics in the United States
Commerce William M. Daley during an October 7, 1999, address to McDo- in its September 1999 issue.
nough students and faculty in Gaston Hall. The rankings evaluated the nations accredited
It will be the character of Middle East leaders who decide whether we start MBA programs using five criteria: enrollment (both
the next century with a real breakthrough to end the Arab-Israel conflict, said the actual number of Hispanics and the percentage
Daley during his speech on Trade and the Middle East: The Next Chapter. of Hispanic students compared to total enrollment);
Whether peace can be achieved will depend not only on political questions, but faculty; recruitment efforts and support organiza-
also on whether real people feel the benefits of peace in their daily lives. tion; retention rate; and academic merit.
Daley spoke on the eve of an 11-day business development mission to the Georgetown distinguished itself with its high
Middle East designed to encourage trade and investment opportunities for U.S. percentage of Hispanic students (12 percent), its
companies. The commerce secretary, accompanied by 20 business leaders, visited outstanding recruitment efforts and support organi-
Jordan, Israel, the West Bank and Gaza, Egypt, Saudi Arabia and the United zations, and its 93 percent retention rate.
Arab Emirates. Georgetown has an incredible reputation in
Although Daley said that Middle East leaders might not see eye-to-eye Latin America, said Professor Ricardo Ernst, a
with U.S. businesses, he noted that the regions leaders realize their nations will Venezuelan native. Georgetown is also known for
remain economically isolated unless stability is increased in the region and trade its excellent student/faculty relationship. Faculty try
barriers are demolished. The Middle East currently receives only 2 percent of all to get involved with the students and their activities.
foreign investment. Ernst noted that Hispanic students in George-
I am going to the region more optimistic than I ever have been, said towns MBA program also find a welcoming com-
Daley, who has visited the region four times since being named commerce secre- munity in the Inter-American Business Association
tary in 1997. While we do not know the ultimate outcome, we know this for (IBA), a student club that sponsors lectures, pro-
sure: for the first time in several years the character of the peace process has duces a newsletter for students and alumni, and
changed. ... I am convinced this new chapter in peace can bring new opportuni- compiles the resums of club members into a book,
ties for American businesses, and at the same time help the people of the Middle which it sends to numerous companies with offices
East get jobs. in Latin America.
We are pleased to learn of our number one
ranking by Hispanic Business, says Larry Abeln,
associate dean and director of graduate programs.
Unquestionably, the learning experience of
Georgetown MBA students is enhanced by the
diversity of the student body, including our 37 per-
cent international representation.
Other graduate programs listed in the top 10
include the University of Michigan, Stanford Uni-
versity, the University of Texas at Austin, and Duke
University.

U.S. Secretary of Commerce William M. Daley in Gaston Hall

2 The McDonough School of Business


Capitalizing on Intellectual Capital

L eading corporations maintain their strate-


gic advantage today based on their ability to create
shareholder value from intellectual capital rather
than from tangible assets. In August, second-year
MBA students learned more about how intellectual
capital is a key asset in maximizing revenue.
During a weeklong integrative course, Creating
David Viniar, Goldman, Sachs CFO with MBA student and Professor Reena Aggarwal
Wealth in the Knowledge Economy, students
expanded their understanding of capital to include
human, organizational, intellectual and customer
Goldman, Sachs CFO Presents An Academic Roadshow components, and to view those components as
to Georgetown MBAs sources of wealth creation.
In sessions taught by executives from KPMG

A team from Goldman, Sachs & Co. traveled to Washington on Septem-


ber 28, 1999, to give Georgetown MBAs an academic roadshow on the process
Peat Marwick, United Parcel Service and Cisco
Systems, students learned why intellectual capital
has become a key driver in formulating competitive
of taking a firm public. advantage, and how to shape a business model
Speaking to students in Professors Reena Aggarwal and Gary Blemasters toward maximizing return from a companys intel-
course, Going Public and Valuation, David Viniar, Goldman, Sachs CFO, lectual resources.
addressed the aspects involved in taking Goldman, one of the oldest existing Case discussions focused on Internet-based
partnerships on Wall Street, public. companies such as Amazon.com, and students
Students prepared case analyses of the Goldman IPO before Viniars visit, and learned how to derive revenue streams from intel-
had the opportunity to question Viniar after his presentation. This was a great lectual assets including licensing, patents, joint ven-
opportunity for our students, and they were very well prepared for the visit, noted tures, alliances, and royalties. Students were also
Aggarwal. David was quite impressed with the questions students asked. taught how to align customers assets and needs
Before class, Viniar discussed current trends in global financial markets and with internal intellectual capabilities and skills, and
their impact on Goldman and its competitors at a reception for McDonough how to quantify this capital in balance sheet and
students and faculty. economic-value added (EVA) calculations.
Revolutionary changes in information technology, particularly the Internet, Dr. Peter Keen, a noted business strategist and
have been one of the most powerful forces in globalization and the breakdown of author, highlighted the impact of intellectual capital
barriers, he said. in changing the dynamics of investor valuation.
Viniar observed that globalization, technology, and deregulation have made The new valuation is a price/vision premium
the financial services industry more complex and competitive. Pressure will grow buying a vision of the company as it will be,
more intense to adapt and firms like Goldman Sachs ... will need to undergo observed Keen. People, process and technology are
constant reinvention to be able to excel and succeed, he said. Firms that fail to changing the way we value companies. If you hold
do this will be left behind. stock options in a company like Amazon.com, you
Citing Goldmans distinctive culture as central to the firms success, he better believe in this.
emphasized the importance of recruiting and acculturating quality people to
grow the firms business. Noting Goldmans six managing directors and 109
employees that are Georgetown alumni, Viniar called the university a great
source of talent and leadership for Goldman Sachs.

Winter 2000 3
Inside Information

Former Procter & Gamble CEO Identifies Character as Key to Success

C haracter is the key to forging strong leadership in an individuals personal


and professional life, said John E. Pepper, chairman of the executive committee and
CRC Conference Examines
Consumer Credit Issues
former CEO of Procter & Gamble, in an address to faculty, students and their par-
ents during McDonoughs annual Business Day on November 6, 1999.
Every [successful] person I have seen has had ... one thing in common,
Pepper said during his keynote address Does Character Count? They have
been very clear and very passionate about what they are doing, and it has been a
P rivacy and consumer information issues were
highlighted as key concerns facing the consumer and
mortgage credit markets during a two-day sympo-
purpose they honestly believe to be worthy of their best efforts.
sium hosted by McDonoughs Credit Research Cen-
Becoming a good leader requires dedication, said Pepper, as well as passion,
ter (CRC) November 3 and 4, 1999.
authenticity, truth, enthusiasm and respect for others, qualities not usually
Privacy and the Regulation of Personal Infor-
esteemed in the business world. He noted that he prays regularly for wisdom,
mation, a paper by Fred Cate, professor of law at
courage and persistence to pursue these values in his own life.
Indiana University Law School, was the conferences
These qualities of leadership and character become real ... only as we live
highlight.
them to the best of our ability every day, he said. If my life is any example,
Cates paper examined consumer information
doing this will not produce a life free of tension or frustrations. ... But in the end,
flows, which are the lifeblood of financial services
it will produce a life filled with a good measure of personal satisfaction, growth
firms, said CRCs director Michael Staten. Staten
and joy.
noted that the Financial Services Modernization
Before his address, Dean Christopher Puto presented Pepper with the 1999
Act of 1999, which allows banks, insurance and
Business Leader of the Year award. Jacqueline Carriero (B00), co-chair of the
securities firms (like CitiGroup) to combine their
1999 Business Day Steering Committee, lauded Pepper for adhering to his val-
services, raises issues of consumer information flows.
ues while leading the company to success. Pepper joined Procter & Gamble in
Staten noted that regulating personal information is
1963. Past recipients of the award, which was created in 1983, include Howard
what many believe to be the most important public
Schultz, CEO of Starbucks, in 1998; and Jim Wolfensohn, president of the
policy issue facing the financial services industry
World Bank, in 1997.
over the next decade.
Staten said Cates topic was noteworthy because
recent federal legislation addressing consumer priva-
cy protections promises to spur state legislation by
virtually inviting states to pass more restrictive priva-
cy protection laws, if they deem it appropriate.
The symposium, Consumer Credit in the 21st
Century, commemorated 25 years of policy-orient-
ed research conducted by the CRC. Nine papers
were presented on a cross-section of topics, from
trends in borrowing behavior and credit education to
technologys impact on the industry.
The center, which moved to Georgetown in
1997, was founded in 1974 by Robert W. Johnson, a
finance professor at Purdue University. It is the only
academic research center in the United States devoted
John E. Pepper, former CEO of Procter & Gamble to studying the economic issues of consumer credit.

4 The McDonough School of Business


Business Basics for Elementary Students

M cDonough undergraduates are teaching


the basics of business to elementary students in the
Districts public schools.
In one of the first area programs organized and
staffed by undergraduate students, members of the
business fraternity Delta Sigma Pi teach basic con-
cepts of investing, family economics, taxation, and
state and regional economic issues to students from
kindergarten to fourth grade once a week.
Delta Sigma Pi members Phil Kostrowicki
(B01) and Nicole Pohmer (B01) spearheaded the
program in the 1999 spring semester in conjunction
with Junior Achievement, an international volunteer Professor Thomas Cookes taxation class on Capitol Hill
organization that trains professionals to teach busi-
ness in elementary and high schools. Six McDo-
nough fraternity members were involved in the
Congressman Stark Lectures Accounting Undergraduates
spring; in the fall semester, 26 volunteered.

M
We wanted to increase the fraternitys com-
munity outreach, said Kostrowicki. With Junior
Achievement, we can use our knowledge to help ore than 40 undergraduate accounting majors in Professor Thomas
educate elementary students about the fundamental Cookes taxation course met on Capitol Hill in October for a guest lecture by the
concepts of commerce. Our aim is to give something ranking minority member on the House Ways and Means Committee.
back to the city, and hopefully make a difference, Rep. Pete Stark (D-Calif.) discussed the concept of progressive taxation, past
however small, in a young persons life. tax laws and deductions, and the politics of taxation in general, then fielded stu-
This is the first time the D.C. office of Junior dents questions during the hourlong session on October 22, 1999.
Achievement, which usually recruits professionals to I always try to address student groups when I have the time, said Stark,
volunteer, has used students to participate in the who has served as a representative for Californias 13th district since 1973. I
classroom. We decided that the McDonough stu- believe that everyone has the responsibility to assist in educating our youth, and I
dents would be a good match for the elementary want to do my part.
students, remarked Amy Headley, volunteer man- The private session with Stark was arranged by Christina Nystrom (B00),
ager for Junior Achievement of the National Capital who had interned in the congressmans office. Shortly after the course began, she
Area, Inc. Theyre enthusiastic about the subject proposed the idea to Cooke, who jumped at the chance.
matter, and the youngsters relate to them more easily If we dont take advantage of whats available in D.C., were missing the
than to older adults. boat, Cooke said. Stark is a major player on the Ways and Means Committee,
Junior Achievement gives McDonough stu- which is where all the tax laws originate. Were studying this in class, and its
dents two hours of training and orientation, and good for students to hear whats happening from a legislators perspective.
then organizes visits to the school where students The taxation course presents an overview of the U.S. Federal Individual
will learn to conduct in-class observations and work Income Tax System, explained Cooke, adding that the course also examines tax
with the classroom teachers. bills being proposed on Capitol Hill. Most students are upper-level accounting
Plans are under way to expand volunteer oppor- majors who plan to work as CPAs after graduation.
tunities with the program to all undergraduate busi- Cooke also sponsors half-day trips to the Supreme Court, the U.S. District
ness students. Court, and the D.C. Superior Court for his business law class.

Winter 2000 5
Inside Information

CalTrek Sells California Firms on Georgetown MBAs

Connelly Program
Hosts International
T he call of the Wild West led more than 60 Georgetown MBAs to the San
Francisco Bay area this January to conduct interviews or investigate career
Ethics Conference opportunities with firms such as Cisco Systems, Intel, Hewlett-Packard, IBM,
Apple, Sun Microsystems, The Gap, Levi-Strauss, Ebay, Clorox, Yahoo, Cnet,
In conjunction with the
Netscape, 3Com, Oracle and several Internet start-up firms.
International Society for
The firm visits were organized by CalTrek, an MBA student group that
Business, Economics and
facilitates career searches with California industries, provides networking oppor-
Ethics, Georgetowns Con- tunities, and educates students on West Coast industries and lifestyles. CalTrek
nelly Program in Business targets firms to visit based on the strength of Georgetown MBA alumni repre-
Ethics hosted a conference sentation at the firm. The end goal is to land jobs, and this is best accomplished
November 5, 1999, on through alumni advocates, says John Street (MBA00), co-president of CalTrek.
Noting that the number of student and firms participating in CalTrek is
Corruption: Ethical Chal-
double last years number, Street agrees that the current fascination with Internet
lenge to Globalization.
companies is a motivating factor in MBAs heading west. The Internet craze will
Five papers were pre-
not last much longer, says Street. To head out to California is the opportunity
sented, each one address- of a lifetime.
ing the theoretical and Street is an example of CalTreks effectiveness his CalTrek visit last year
practical aspects of cor- resulted in his internship with Apple. Other students interned with IBM Emerging
ruption as one of the Technologies, Octane Software, Pandesic, Intuit, Intel, and Dynamic Solutions.
Before the trip, a student committee compiled a resum book, complete
many ethical challenges
with information about the McDonough MBA program, for all CalTrek target
to globalization.
companies. This year, a Survival Guide was published, providing information
Participants included
about dress codes, logistics for firm visits, company fact sheets, as well as a social
the U.S. Office of Govern- calendar featuring events organized by CalTrek.
ment Ethics, the Ethics Competition for the best jobs is thick, says Street. The best MBA pro-
Resource Center, and sev- grams send delegations to visit California firms, ... Our competitive advantage
eral non-governmental lies with the well-roundedness of Georgetown MBAs and our active alumni base
in California.
organizations.

The conference was

one of several meetings

being held worldwide

preliminary to the Second

World Congress on the

Ethical Challenges of

Globalization that will be

held in Sao Paulo, Brazil,

in July 2000.

6 The McDonough School of Business


International Recruitment:
Business Without Borders
by Kathryn Mahon Peach

A s the recent
Middle East peace
talks demonstrate,
reaching agreement
among various
groups in this
region of the world
is no mean feat.

7
S o when Laura
Mendelson (MBA99) became the U.S.
coordinator for Arthur Andersens Bethle-
hem 2000 project in June, she knew she
would face challenges.
The project, which promotes tourism
and improving the infrastructure in Beth-
lehem for the millennium, required her to
dents as the reason they opted to pursue an
MBA on the Hilltop. The MBA pro-
grams international strength, and the abil-
ity to draw on courses from the foreign
service program were definitely factors in
my applying to Georgetown, says
Mendelsohn, who earned her bachelors
degree from Columbia University in Mid-
dle Eastern Studies, and speaks French,
Arabic and Hebrew.
Recruiters recognize this strength as
well, notes Jackie Wilbur, associate dean
and director of MBA career management.
nationally focused population, says Wilbur.
Thats why the companies come here.
They know its true of the university, they
know its true about the business school.
Statistics bear this out 37 percent of the
Class of 2001 is from overseas.
For students who wish to study a for-
eign language or improve their skills, the
Language Learning program is offered.
MBAs have the option of studying French
or Spanish through an intensive program
offered throughout the year. A weeklong
visit to France or Spain is also part of the
raise awareness among Jewish, Muslim
For the Class of 1999, 50 percent of all job program.
and Christian groups in the region and in
offers made were for international employ- Students like Martin Hossfeld
the United States. Mendelson implement-
ment, which includes: employment outside (MBA99), a German citizen and a senior
ed a successful strategy to commit this dis-
the students home country; transnational consultant in the New York office of Ora-
parate group to help with fund raising and
employment, or positions located beyond cle Corp., the worlds second largest inde-
support for the project.
the borders of the companys home coun- pendent software company, said such lan-
She credits this achievement to her
try; and jobs with international content, if guage ability is important to success in an
academic experience at Georgetown, espe-
not location. international career.
cially the team projects which required her
Approximately 70 to 80 percent of our The languages [recently] helped me
to work with foreign students.
students have language, work or study to be considered for a job with a German
The case studies and team work at
abroad experiences, so we have a very inter- client in the States, says Hossfeld, who
Georgetown provided an opportunity for
interactions with people who have differ-
ent life experiences. It taught me to be tol-
erant and to look at things from a new per-
spective, she says. Dealing with other
areas of the world, you realize things dont
always work the same way as at your home
base. You need to learn how to ask questions
in a way to get the results you want, and you
learn that from working with others.
Like Mendelson, many Georgetown
MBAs find that they learn the skills
needed to succeed in an international busi-
ness environment. An impressive 34 per-
cent of the graduates of the MBA Class of
1999 accepted international positions upon
graduation, and when asked, many stu-
dents cite the international aspects of
Georgetowns curriculum, faculty and stu-

8 The McDonough School of Business


believes that being multilingual will con-
tinue to open doors for him in business. The
number of students with qualifications sim-
ilar to Hossfelds international ones draw
corporate recruiters to conduct on-campus
interviews for international jobs. MBAs
are clearly interested in working overseas.
In 1999, 20 percent of job offers accepted
through on-campus recruiting were for
employment outside the students home
country. Of this 20 percent, 11 percent
were U.S. citizens who work abroad and 89
percent were non-U.S. citizens employed
P rofessors Stan Nollen and Kasra
Ferdows, co-chairs of the International
Business Task Force, note that the task
forces findings further verify Georgetowns
strength in international business, includ-
ing internationally focused faculty and stu-
dents, as well as its location in the political
capital of the world.
The challenges and
frustrations associated with group work
were something I was used to from my
MBA experience, she says. The fact that
Georgetown has a relatively international
student body really makes a difference to
me in my current position. At George-
town, we were required to work in project
groups that often comprised people from
many different countries and backgrounds.
... I think I have an advantage because I am
accustomed to working in this internation-
al context.
outside their home country. In addition, 20 This message comes from recruiters, Tiffany Riekes (MBA96) experience
percent of the class accepted transnational says Nollen. Were able to produce stu- is similar to Marshalls. Georgetowns
employment. Of all accepted job offers, 14 dents and graduates who are, for the most MBA program enabled her to pursue a
percent were international in content. part, willing and able to take up a job career in global telecommunications. The
The evidence that we are interna- assignment in a range of cultures. They case studies, mostly international, com-
tional is in these statistics, says Dean have the language or cultural sensitivity for bined with [foreign] group members
Christopher Puto. Our graduates practice foreign experience. helped me gain many viewpoints on how
what we teach in the program. For Andrea Marshall (MBA99), to approach problem solving, says Rieke,
Among the recruiters who made group projects and case studies come to who manages countrywide strategic mar-
offers to Class of 1999 graduates for inter- mind when she reflects on the role keting in France for Siemens, the German
national positions were ABN AMRO Georgetown played in helping launch her electronics company.
Bank, Booz-Allen & Hamilton, Chase international career. Faculty contribute significantly to the
Manhattan Bank, Enron Capital Markets, An American working in London for programs pervasive internationalism and
Kraft Foods International, Pricewater- Roland Berger & Partners, a German are a critical resource for developing inter-
house Coopers and Tidewater Inc. strategy consulting firm, Marshall national business, according to the task
ABN AMRO, the Dutch-based describes her work as a real-life case force. Twenty-six percent of business facul-
international investment bank, has named study. She credits the international stu- ty claim nationality of a country other than
the Georgetown MBA program one of the dent body and team component of the United States. This cosmopolitan out-
six core MBA programs worldwide the Georgetowns MBA program as helping look is reflected in their research: Professor
bank solicits for recruits to its international her gain invaluable experience on how to Kasra Ferdows is examining the challenges
management associate program. We are deal with a range of nationalities, all while of transnational production (see page 14);
looking for people who can manage across meeting deadlines and producing high- Professor Ricardo Ernst recently wrote a
product functions and also manage across quality work. book on global operations management;
cultures, says Hassan El-Nahas of ABN Professor Johny Johansson is the co-author
AMROs international human resources of a business bestseller on Japanese mar-
division. Georgetown is a hidden gem in keting; Professor Stan Nollen is co-author
that we find MBAs who are high quality of a text on emerging markets in Eastern
and who have an international perspective. Europe, and Professor Rob Grant (see
That internationalism is very much in line page 13) and Paul Almeida are studying
with what we are looking for. knowledge management in multinational

Winter 2000 9
corporations. Professor Carla Inclan Faculty always looked to understand the opportunity to explore job possibilities,
received a grant from the National Science how situations might be different if anoth- says Guerrero.
Foundation to study international financial er countrys environment were to be con- In designing the new MBA curricu-
deregulation. Many other Georgetown sidered and drew in foreign students to lum, Lawrence Abeln, director of graduate
professors also are examining how the discuss, says Schmeltzer. programs, notes the committee felt it essen-
global marketplace effects disciplines from Directing courses abroad is another tial to require an international business
finance to strategy. way faculty stay involved with internation- course during the first year, as well as the
When faculty do international al business. Each summer, Professor Jose- GLOBAL Experience, a 12-week course
research, their knowledge and insights are Luis Guerrero-Cusumano directs the for second-year students that includes a
passed onto students in the classroom, says Georgetown Graduate Program in Inter- weeklong study trip to New Delhi, London,
Nollen, adding that in the natural pro- national Management at Oxford Universi- Buenos Aires or Hong Kong.
gression of taking courses, youre going to ty. During the six-week Oxford program, The best way to obtain an interna-
get data and cases and observations that students take three tutorials from Oxford tional education is actually to go overseas
are internationally infused. professors and European business leaders, and experience the culture and the busi-
Michael Schmeltzer (MBA99), gen- and conduct on-site visits to international ness climate in another region. That expe-
eral manager for e-commerce strategies at businesses to learn about foreign business rience cannot be substituted by U.S. class-
corporate travel firm Rosenbluth Interna- practices first-hand. room experience, Abeln says.
tional, notes that faculty not only included Marshall, who participated in the pro- The New York Times recently high-
international case studies into the curricu- gram during the summer of 1998, said the lighted Georgetowns program, one of only
lum, but encouraged foreign students to experience led her to her current position. three in the United States to require a
share their knowledge and experiences as a Although not specifically designed as a study abroad experience, noting the course
tool for learning. networking experience, many students use reflects educators attempts to go beyond
the textbook in addressing the increasingly
global nature of business.
With the introduction of the new cur-
riculum in 1998 1999, MBA students
also now have 13 international electives
from which to choose, including a course
on investing in emerging markets taught
by George Munoz, president of the Over-
seas Private Investment Corp., an inde-
pendent U.S. government agency that pro-
vides investment services to U.S.
companies investing in emerging
economies.

Editors Note: This January, The Financial


Times ranked Georgetowns MBA program 28
in its second annual ranking of 75 MBA pro-
grams worldwide, up six places from last year.

10 The McDonough School of Business


A s business
grows increasingly more global, students
with international skills are going to be
more valuable in the marketplace, Ferdows
says. Building on Georgetowns already
strong international business program, is
an option.
We think international is a fit for
Georgetown because were in Washington,
we have an experienced and diverse group
of students, and faculty, and we already
have put a lot of energy into this so there
are some assets that we can leverage, he
says. But you have to choose your areas
very carefully.
The task force suggests offering
MBAs more international career direction
by highlighting the skills, extra-curricular
activities, and internships necessary to
build such careers.
Students need better, earlier informa-
tion about what kinds of elective courses fit
well with a possible range of career options,
Nollen says. This need is generated by the
greatly multiplied number of electives in
the new curriculum. And while George-
town continues its quest to improve inter-
national business education, students will
continue to benefit.
The Georgetown experience provid-
ed me with immense confidence, says
Smrithi Prahbu (MBA99), who is from
India and now works as a consultant for
American Management Systems. Work-
ing with different people and learning
through their experiences gave me the
confidence that allowed me to compete
effectively in any job market.

Winter 2000 11
Lessons Learned On the Road:
IEMBA

Although the GLOBAL 2000 experience


is new to the MBA Class of 2000, the
roots of this program reach back seven
years to Georgetowns highly acclaimed
International Executive MBA program.
An 18-month, intensive program for
full-time employees with at least eight
years of work experience, the IEMBA
program is designed to equip mid-career
professionals for executive positions.
The curriculum includes half-semes-
ter modules and two overseas residencies.
The success of the overseas residencies led
to the implementation of the GLOBAL
IEMBA students visit the Taj Mahal during the India Residency.
experience in the redesigned MBA cur-
riculum.
In the IEMBA overseas residencies,
student teams are assigned to work on a A global perspective is not limited director of the IEMBA program. This
consulting project with multinational or solely to the overseas residencies. Across mix makes for lively discussions in the
local corporations with operations in an the curriculum, faculty use international classroom and beyond.
emerging market. For six months prior to cases to illustrate the dynamics of con- IEMBA students come from indus-
the residency, students research their proj- ducting business overseas. With approxi- tries with strong international connections,
ect, often drawing on international mately 50 percent of an average IEMBA such as defense and telecommunications,
resources (e.g. embassies) in the Washing- class consisting of professionals who are multinational corporations and interna-
ton area to understand local issues affect- either foreign or have lived/worked tional agencies, and many find the IEM-
ing their projects. Once on location, they abroad, students tend to take a more cos- BA experience helps them assume new
gather additional information and present mopolitan approach to problem-solving. responsibilities.
their report to the sponsoring company. The IEMBA program attracts indi- Operating overseas, you dont know
Latin America and Asia are popular desti- viduals who have extensive international what you dont know until you go through
nations for the residences. experience from the non-American it, says Michael McCarthy (IEMBA II),
Jeff Ward (IEMBA IV) works for working in the U.S. to the ex-patriot who credits the program for his career
Lockheed Martin and recently was asked working abroad, notes Lisa Kaminski, transition from real estate to investment
to represent a multicompany task force to banking. You learn to ask the questions,
examine software development opportuni- to think outside the box.
ties in Asia. A year ago, I wouldnt have
Elizabeth Shine (G 99)
had a clue about half the issues involved,
says Ward. My IEMBA experience [in
India] was a real benefit, because I was
exposed to all the issues involved in doing
business overseas in the program.

12 The McDonough School of Business


Letter from London

Arriving in London from Milan last have reshaped attitudes and social struc- The influx of American banks has
month, I seemed to be the only non-Ital- tures as well as economic policies. The affected Londons cosmopolitan mix. Close
ian on the flight. As soon as the plane Thatcher Revolution of 1979 1990 to 50,000 U.S. citizens are living in Lon-
landed, the cell phones were out, and by reduced the power of the labor unions, don. In mid-November, American food-
the time the cabin doors were opened, shifted most of the state enterprise sector stuffs, such as sweet potatoes and pecan
dozens of conversations were in progress. to private ownership, created the condi- pies, appeared in our local supermarket.
What interested me about this scene was tions for an enterprise culture, and helped Work habits have changed too. The morn-
the realization that most of these young undermine much of the traditional British ing rush hour once peaked between 8:00
Italians were living and, presumably, work- class system. Despite the rhetorical differ- a.m. and 8:45 a.m., followed by a mini-
ing in London. ences, Tony Blairs Labor government has rush of stockbrokers arriving in time for
Statistics prove this. Approximately deviated little from the overall direction of the market opening at 9:30 a.m. It was
55,000 Italian citizens, 65,000 Germans, Thatchers policies. then a short morning before lunch.
and a similar number of French are work- The evidence of Londons emergence The American investment banks
ing in London, and immigration is grow- as a European center is everywhere. When changed all that with their 7:30 a.m.
ing rapidly. Todays immigrants are pre- I left London in 1986, it was one of the breakfast meetings and working lunches.
dominantly professionals, working in worlds great cosmopolitan cities. But the This year, the London Stock Exchanges
investment banks, management consult- mix of nationalities largely reflected opening time was moved forward to
ing, and information technology. Britains colonial heritage. Today, ambi- 8 a.m. in order to bring it into line with
Why London? Its not the weather or tious new immigrants attracted by the Frankfurt.
the cuisine though the former has opportunity Britain offers are balancing So what of the old London? Let me
improved marginally (global warming) and that mix. take you to a Sunday morning street mar-
the latter hugely. The new cosmopolitanism is reflected ket in the East End. Well have jellied eels
Young, educated Europeans flock to in Londons professional soccer teams: from a shellfish stall, followed by a trip to a
London for the same reasons ambitious Chelsea football club has an Italian man- pie and mash shop, and come back on a
young Brits head to the States. Employ- ager and only one British player; Arsenal red, double-decker bus. Its still there, just
ment opportunities that arise from a flexi- has a German manager, and a majority of look, round the corner from the Starbucks
ble labor market, learning opportunities non-British first-team players. In the coffee shop.
that arise from international firms, and the financial sector, too, overseas players domi-
Robert Grant is a profes-
scope for initiative, innovation and fast- nate. Immigrants have long been the most
sor of strategy at George-
track advancement make London a magnet innovative and entrepreneurial of the City
town, and a native of
for continental Europe in the same way that of Londons financiers.
Britain. During Fall
the United States has been a magnet to go- Many of Londons investment banks
1999, he was a visiting
getters from all over the world. were started by immigrants: Rothschild
professor at the
Britains unemployment rate, though and Schroder (Germany), Lazard (France),
University of Londons
higher than that of the United States, is and Hambros (Norway). Almost all have
Business School.
among the lowest of the larger European since been acquired by overseas companies,
Union countries. Employment protection and today, the biggest players in London
legislation, which stifles career mobility in are the AmericansMerrill Lynch, Citi-
many European countries, is less restrictive Group, Morgan Stanley Dean Witter,
in Britain. Goldman Sachs. This U.S. dominance has
The emergence of Britain as one of reinforced Londons position as an interna-
the more dynamic, entrepreneurial and tional financial center: Most banks have
technology-driven countries in Europe transferred major parts of their international
owes much to the political changes that operations from New York to London.

13
FORUM

Faculty
The Challenge of Transnational Production

he animated meeting of the components to many of its factories out- tangible benefits and are realized mostly in

T World Trade Organization


(WTO) in Seattle last December
was merely a reminder that transnational
side the U.S. This practice is not limited to
manufacturers; the U.S. offices of Infosys, a
provider of software services, produces part
the long term. They require investment
and deliberate plans. It is not easy to con-
vince skeptical colleagues to invest now for
production is spreading faster than many of its service in one of Infosys 11 soft- the promise of these hard-to-measure ben-
of us imagined. ware factories in India. efits in the future.
More and more, companies are mak- These intra-firm trades have been Managers in service compare a similar
ing different parts of their goods and serv- increasing rapidly. Share of intra-firm challenge. They, too, need to think how
ices in different countries and moving trades in the total trade went from 37 per- their operating units, even when spread
them across national borders for further cent in 1977 to 53 percent in 1983 to 60 across different regions and countries, can
work, storage, sales, repair, or even recy- percent in 1993 (World Investment Report, support and leverage each other. For exam-
cling. Consider, for example, that from 1996). This is partly due to the fact that ple, how might Andersen Consulting (AC)
1950 to 1997 the world output increased foreign direct investment, in spite of its offices in London leverage the resources
six times but world trade increased 18 year-to-year volatility, continues to and knowledge that reside in AC offices in
times. Reduction of tariffs (brought about increase faster than both growth in world New York or Tokyo? The issue is basic:
not only by the WTO and its predecessors, output and trade. The annual growth rate How can a company avoid creating a dis-
but also by the EU, NAFTA, Mercosur, of global foreign direct investment from jointed group of operating units and,
and other pacts) should be credited for this 1986 to 1990 was an astounding 25 per- instead, create an integrated network
trend. However, other factors are also cent, and from 1991 to 1994 it was 13 per- where each unit reinforces the others?
behind it. Most notably, e-commerce, with cent, still several times faster than the
easier connection to both worldwide cus- growth in world output or trade. Even Organizing for Transnational
tomers and suppliers, is pushing these after a slowdown due to the 1997 Asian Production
cross-border transfers to record levels. economic crisis, it has continued to grow at Nestle has almost 500 factories in 70
Clearly the logistics of transferring a very high rate. countries, BASF 200 in 39 countries, and
these goods and services around the globe 3M 80 in 44 countries. How are these fac-
will become a greater challenge to many The Managerial Challenge tories organized in each companys global
companies. This challenge is not only in All this is creating new challenges for network? How do they relate to one an
dealing with international suppliers and managers. Those in manufacturing must other? How about the 25,000 restaurants
customers, but also in managing the inter- change a subtle but deeply ingrained run by McDonalds, more than 100 resort
national flows within the company itself. mindset about the role of foreign factories. villages at Club Med, and America
They need to become convinced that a for- Onlines (AOL) service centers in more
Rise of Transnational Production eign plant can be more than a means for than 10 countries: How does each operat-
A surprising number of cross-border getting tariff and trade concessions, cheap ing unit relate to the other units in each
transfers are intra-firm i.e., from one labor, capital subsidies, or reduced logistics companys global network?
part to another part of the same company. costs. These might have been their expec- There are many marketing, produc-
In the United States, for example, about a tations in the past but, to prepare better for tion, logistics, and even legal factors that
third of the exports and 40 percent of the increasing transnational production, they shape the structure of each network. But
imports are intra-firm: BMW in Spartan- need to take a fresh look at other potentials my research shows that the glue that turns
burg, S.C., imports engines from BMW in of a foreign factory. These factories can be a disjointed group of production units into
Germany and exports Z3 models to used also to serve international customers an integrated network is essentially how
BMW sales companies all over the world; better, support domestic plants, generate new operational knowledge is generated
Hewlett-Packard imports keyboards from new knowledge, and bring needed skills and absorbed. Generation and absorption
its subsidiary in Singapore and exports and talent to the company. These are less of knowledge may be different capabilities,

14 The McDonough School of Business


but they need similar resources. This is als and expert systems are not effective and nys scarce knowledge resources? Superior
particularly true for operational knowl- can even be a hindrance. In these compa- companies are already showing the way.
edge. Operational knowledge is the real nies, those on the frontline need flexibility They are distributing more of their knowl-
know-how of the companythe recipe for to react and innovate, and they need to be edge resources in their production units
producing its goods or services. Technolo- qualified to do that. Therefore, knowledge worldwide and to avoid duplication, they
gists, engineers, computer specialists, lab resources in these companies are more are creating centers of excellence in many
technicians, quality experts and other effective in the production units, where of them lead operational units that cap-
knowledge workers who apply a new pro- they can help production and develop new ture and develop knowledge not only for
cedure in a production unit can also gener- procedures, than in the headquarters. Since themselves but also for the rest of the com-
ate other new procedures. These are the operating manuals cannot transfer the new pany. The best way to characterize the
companys knowledge resources. Some- procedures, key personnel would have to architecture of such networks is to visualize
times these resources are more than just be moved among the units to transfer a group of interdependent units as opposed
employees; for example, they may include knowledge and maintain a global standard. to dependent or independent production sites.
expensive specialized facilities and equip- What if the tacit knowledge is chang-
ment. How a company allocates these ing fast and moving the experts between Professor Kasra
Ferdows is the
valuable resources in the network is a key units is too slow to cope with the pace of
Heisley Family
indicator of whether it is building an inte- this change? AOL, for example, faces such
Professor of Global
grated or a disjointed production network. a situation. Key operational knowledge at Manufacturing
There is no universally optimal pat- AOL is changing very rapidly, and there is at the McDonough
tern for distributing these resources in a little time to codify it into operations man- School of Business.

network. Rather, I have found that the uals. Specialists and experts cannot be This article is based
on his latest
optimal pattern depends on two attributes divided among different international units
research.
of the companys key operational knowl- and are usually too busy to keep up with
edge: How explicit is this knowledge and the latest changes. They do not have much
how fast it changes. If this knowledge is, or time to spend on codifying their knowl-
can be, made explicit (as in the case of edge into operating manuals and, even if
McDonalds or Coca Cola, where all oper- they did, the manual is likely to be obsolete
ational procedures are spelled out in manu- soon. Transnational production in these
als), then most of the companys knowl- companies pose a dilemma: On the one
edge resources can be kept at the center (or hand they must keep a critical mass of
headquarters). Sometimes codifying the their scarce knowledge resources at the
knowledge may require substantial invest- headquarters and, on the other hand, allo-
mentfor example developing expert sys- cate enough to each operating unit to let it
tems (such as those Dell has developed) or operate efficiently and generate new
instituting strong incentives for codifying knowledge.
the tacit knowledge (as Anderson Consult- Any company that wishes to develop
ing and Booz-Allen & Hamilton have superiority in transnational production
done). In general, more knowledge ultimately faces the same dilemma. How
resources can be kept at the center when can you design a global production net-
key operational knowledge is more explicit. work that can cope with fast changing
If the critical knowledge is inherently hence, essentially tacit production
tacit (for example, how to entertain guests technology and procedures, yet avoid
at a typical Club Med resort), strict manu- duplication and scattering of the compa-

Winter 2000 15
Research and Activities

Faculty
Professor Aggarwals publications in
1999 include: The Rise and Fall of the
AMEX Emerging Company Market-
place (with Jim Angel) in volume 52 of
n June, I was appointed senior associ- Andreasen is organizing the first national The Journal of Financial Economics; Capital

I ate dean of the McDonough School


of Business. As part of this assign-
ment, I am responsible for the academic
summit of top marketing executives in
large nonprofit organizations. The sum-
mit, which has received a $48,000 grant
Raising in the Offshore Market (with Ian
Gray and Hal Singer) in volume 23 of The
Journal of Banking and Finance; Price Dis-
growth and development of our faculty. from the David and Lucille Packard Foun- covery in Initial Public Offerings and Role
During the past year, our faculty pub- dation, will be jointly sponsored by the of the Lead Underwriter (with Pat Con-
lished more than 170 articles in refereed McDonough School of Business and the roy) and Stabilization Activities by
journals, in addition to books and book Social Marketing Institute. Underwriters after New Offerings, both
chapters. They serve on 59 editorial review The University of South Florida to appear in forthcoming issues of The
boards for leading journals around the recently announced the establishment of the Journal of Finance. In addition, Aggarwal
world. McDonough faculty have also pro- Alan Andreasen Distinguished Lecture collaborated with Associate Professor
vided Congressional testimony and Series that will provide a grant and hono- Allan Eberhart and New York Universitys
received press coverage for their research. rarium to a speaker at their annual confer- Edward Altman on Equity Performance
This year, we are especially proud to ence on Social Marketing for Health. of Firms Emerging from Bankruptcy in
note that Professor George Brenkert was Associate Professor Reena Aggarwal the October 1999 Journal of Finance.
named editor of The Journal of Business and Largay Professor David Walker served Associate Professor Robert Bies was
Ethics, the premier journal in its field. Our as program chairs for the fifth annual con- an editor for volume seven of Research on
junior faculty also show much promise: ference on Alternative Structures for Negotiations in Organizations.
Assistant Professor Ken Cavalluzzos doc- Securities Markets, sponsored by the Professor George Brenkert, director of
toral dissertation was named the outstand- Nasdaq Stock Market and hosted by the the John F. Connelly Program in Business
ing dissertation in the field of managerial Capital Markets Research Center in Sep- Ethics, has been named the editor of Busi-
accounting. tember 1999. The conference attracted a ness Ethics Quarterly. He will assume the
To keep our peers apprised of McDon- distinguished group of stock market chairs editorship in June 2000.
ough faculty research, we will annually and others who provide the senior leader- Assistant Professor Ken Cavalluzzo
detail publications and conferences in ship and management of stock markets in was the 1999 recipient of the Outstanding
Georgetown Business. Following is a sample of emerging markets as well as public officials Dissertation Award for Managerial
McDonough faculty activity for 1999. who regulate these stock markets. Forty- Accounting from the American Account-
seven different nations were represented, ing Association. His dissertation, Compe-
John Mayo, Senior Associate Dean,
including Thailand, Uganda, Turkey, the tition and Cost Shifting in Government
McDonough School of Business
Czech Republic, Malaysia, Romania, Agencies, appeared in the Journal of
Egypt, China, Mexico, Russia, Vietnam, Accounting Research. A second paper by
Assistant Professor Paul Almeida pub-
Bangladesh, Estonia, Cyprus, Mongolia, Cavalluzzo has been accepted by the Jour-
lished The Localization of Knowledge
India and Latvia. nal of Business.
and the Mobility of Engineers in Regional
The conference keynote speaker was Professor Ricardo Ernsts book Global
Networks (with Bruce Kogut) in the July
Gary Perlin, senior vice president and chief Operations Management and Logistics: Text
1999 issue of Management Science.
financial officer of The World Bank. Con- and Cases (with Philippe-Pierre Dornier,
Professor Alan Andreasen is serving
ference program topics included corporate Michel Fender and Panos Kouvelis) has
as the interim executive director of the
governance of stock exchanges, the role of been translated into Chinese and will be
Social Marketing Institute, a new organi-
technology and the Internet in stock trad- translated into Portuguese for publication
zation for the advancement of the science
ing, globalization of markets, regional har- in Brazil. Ernst has also published The
and practice of social marketing. The Insti-
monization, new developments in emerging Effect of Selling Packaged Goods on
tute is the recipient of a $655,000 one-year
markets and the changing role of develop- Inventory Decisions (with Panos Kou-
planning grant from the Robert Wood
mental institutions. Participants visited the velis) in Management Science. Ernst and
Johnson Foundation. In addition,
Nasdaq-Amex market in New York. Bardia Kamrad are also collaborating on

16 The McDonough School of Business


An Economic Model for Evaluating appeared in the May 1999 issue of IIE methodology for estimating time-varying
Mining and Manufacturing Ventures with Transactions: Scheduling and Logistics. He conditional skewness; and Conditional
Output Yield Uncertainty for Operations co-authored with Ricardo Ernst Evalua- Skewness in Asset Pricing Tests will
Research. tion of Supply Chain Structures through introduce a mean-variance-skewness mod-
Associate Professor Ron Goodstein Outsourcing and Postponement, forth- el for developing optimal portfolios of
and Devon DelVecchio submitted an arti- coming in The European Journal of Opera- financial securities in the Journal of Finance
cle for publication in a forthcoming issue tional Research. Kamrads papers, On the in June 2000.
of Diversity in Advertising entitled The Stochasticity of Innovation Diffusion: A Associate Professor Craig Smith pub-
Role of Ethnicity in Celebrity Endorse- Valuation Framework for Advertising and lished a detailed examination of bribery
ments: Moving Beyond Racial Pairing. Price Policies, with S. Lele and Robert entitled, Social Contracts and Marketing
Goodstein also authored The Effect of Thomas and An Economic Model for Ethics (with Thomas W. Dunfee and
Archetypal Embeds on Feelings, an arti- Evaluating Mining and Manufacturing William T. Ross Jr.) in the July 1999 issue
cle on how subliminal advertising affects Ventures and Output Yield Uncertainty, of the Journal of Marketing.
emotions, with Andrew Aylesworth (Bent- are under review at Management Science and Assistant Professor Jeanine Turner
ley College) and Ajay Kalra (Carnegie- Operations Research, respectively. and T. McCain (Ohio State University)
Mellon), which was accepted for publica- Professor Joseph Mazzola published collaborated on a chapter, Teaching Mass
tion in a forthcoming issue of the Journal Lagrangian-Relaxation-Based Solution Communication and Telecommunication,
of Advertising. In the May 1999 issue of the Procedures for a Multiproduct Capacitated in the 1999 textbook Teaching Communica-
Journal of Marketing Research, Goodstein Facility Location Problem with Choice of tion: Theory, Research, and Methods pub-
published The Impact of Advertising Facility Type with Alan W. Neebe (Uni- lished by Lawrence Erlbaum Associates.
Positioning Strategies on Consumer Price versity of North Carolina) in The European Her article, Patient Satisfaction with
Sensitivity (with Ajay Kalra). Journal of Operational Research in 1999. Telemedicine in a Prison Environment
Associate Professor Jose Guerrero- Professor Marcia Miceli collaborated with H. Mekhjian, M. Gailiun and T.
Cusumano published articles in the Jour- with researchers at Indiana University on McCain (all at Ohio State University)
nal of the American College of Cardiology, Can Laws Protect Whistle-Blowers? appeared in the Journal of Telemedicine and
Quality Engineering, TQM Magazine and in Work and Occupations in 1999 and Telecare in May 1999. Turner also pub-
Information Sciences on such varied topics as Consequences of Satisfaction with Pay lished an article, Telemedicine: Emerging
epidemiological approach to quality assess- Systems in the January 2000 issue of E-Medicine with S. Mun (Georgetown
ment in echocardiographic diagnosis, qual- Industrial Relations. University Medical Center), in the fall
ity at the crossroads of organizational Assistant Professor Glen Schmidt was issue of The Annual Review of Biomedical
excellence and the academy, next-genera- named a finalist in spring 1999 in the Engineering, and her work, Generating the
tion quality management, and multivariate George Nicholson competition for best Virtual Office Visit, will be published this
exponential families and the Taguchi loss student paper sponsored by INFORMS, winter in Managing Healthcare Information
function. the Institute for Operations Research and Systems with Web-Enabled Technologies.
Assistant Professor Carla Inclan the Management Sciences. The paper, a Assistant Professors Rohan William-
received a three-year grant in 1998 from chapter of his dissertation, was written in son and Lee Pinkowitz jointly published
the National Science Foundation to study 1998. More recently, Schmidt received a The Determinants and Implications of
international financial deregulation. She is grant from Stanford Universitys Integrat- Corporate Cash Holdings (with Tim
also co-author, along with Reena Aggarw- ed Manufacturing Association to conduct Opler and Rene Stulz) in the April 1999
al and Ricardo Leal, of Volatility in research in manufacturing operations issue of the Journal of Financial Economics.
Emerging Stock Markets, published in management. The authors studied publicly traded U.S.
the March 1999 issue of The Journal of Assistant Professor Akhtar Siddique firms during 1971-1994, finding some
Financial and Quantitative Analysis. has collaborated with C.R. Harvey (Duke evidence of a static tradeoff model of cash
Associate Professor Bardia Kamrads Universitys Fuqua School), on two arti- holdings. They also found that successful
work, Production, Operating Risk and cles: Autoregressive Conditional Skew- firms tend to accumulate more cash than
Market Uncertainty: A Valuation Perspec- ness which appeared in the December predicted by the static tradeoff model where
tive on Controlled Policies with S. Lele 1999 issue of the Journal of Financial and managers maximize shareholder wealth.
(University of Marylands Smith School) Quantitative Analysis and presents a new

Winter 2000 17
Chase Manhattan Gives First Gift Third Century Campaign Continues Momentum
in Minority Fellowship Program

A gift from Chase Manhattan Bank to fund a full tuition


scholarship for a minority MBA candidate is the first
T hree anonymous gifts totaling $3 million have brought the
total raised to date by the McDonough School for the Third
Century Campaign to $67 million.
success of a new minority fellowship program under way at Each of the gifts fulfills goals laid out for the Third Century
the McDonough School of Business. The scholarship will be Campaign. A gift of $1.5 million has been designated for facili-
awarded in the 2000-01 school year. ties, bringing the total raised to date for the new business
Georgetown is one of the key schools we look to in school building to $20 million. A $1 million gift will be used at
our recruiting efforts, says William Hoefling, executive vice the deans discretion, in consultation with the donors, and a
president at Chase Manhattan Bank. We are impressed with $500,000 commitment has been made to faculty development
the diversity of its MBA population. In view of the strong funds, intended to help faculty develop and explore new and
relationship we have with Dean Puto, we are confident we innovative techniques for delivering state-of-the-art classroom
will make an impact with this program. instruction.
The program is aimed at recruiting and developing min- These gifts are timely, as they provide critical resources
ority MBA students for corporate leadership positions. The that can be used now and also for future needs, commented
McDonough School was ranked as the number one MBA pro- Dean Christopher Puto.
gram for Hispanics in the September 1999 issue of Hispanic
Business, and the fellowships are expected to increase minority
Two For the Price of One: Matching Gifts
interest in pursuing an MBA at McDonough. Currently, minori-
ty students comprise 15 percent of MBA student enrollment. C orporate matching gifts provide significant income to
McDonough each year. Last year, $650,000 was received in
matching gifts from corporations such as Exxon, AT&T, Merrill-
Participating corporations will sponsor fellows not only
with direct financial aid for two years but also will provide Lynch, Arthur Andersen and Ernst & Young. Many companies
internships, mentoring and networking opportunities for offer matching gifts at a one-to-one ratio, and some match at a
students in the program. two-to-one ratio. Some not only match employees and spouses
The Minority Fellowship Program will not only expose gifts, but also gifts made by retirees.
these students to a leading curriculum, says Dean Christopher Contributors must request a matching gift form from their
Puto. It also will provide a supportive learning environment employer, which is completed and submitted with the contribu-
enhanced by contacts with corporate mentors. tion. Georgetown University completes the paperwork and
Corporations interested in supporting this program should returns it to the employer, whereupon the match is issued.
contact Agnes Connolly, director of corporate and foundation Contributors receive recognition credit for both their own
relations for Georgetown University, at 202.687.3524. gift and the matching gift. This means that they qualify for
membership in Georgetowns gift societies based on their gift
plus the matching gift. For example, a $5,000 gift matched dol-
lar-for-dollar by the employer could qualify a donor for the Blue
& Gray Society, which requires an annual commitment of
$10,000 to Georgetown.
Matching gifts make an enormous difference, both to

Dividends Georgetown and to the individual donors, says Scott


McDaniel, associate director of the annual fund. Interested
donors may contact McDaniel for further information at
202.687.6677.
McDonough Student Scholarships and Awards

Second-Year MBA Student Authors Winning The McDonough team faced rigorous selected for membership in Georgetowns chapter
Paper in Corporate Community Relations competition, said Christopher Puto, dean of of the society in his junior year, won the scholar-
A paper written by a McDonough MBA student the McDonough School. Their placement ship on the basis of superior academic perform-
won first place in Boston Colleges Center for among the nations leading MBA programs ance, his essay application and an interview.
Corporate Community Relations annual com- speaks volumes about their accomplishment. For a student to even be selected for mem-
petition in August 1999. Inga Riggins (MBA00) Nita Brown bership in the society means that he must be in
In Corporate Responsibility and the New (MBA00) David Williams (MBA00), and James the top seven percent of his class, said BGS
Business Paradigm, Alison Habiger Thompson (MBA01), won a $6,000 team prize. Associate Executive Director Vicki Klutts. To
(MBA/F00) described how cyberspace repre- The case involved a small family-owned automo- receive the award, he must be one of the very
sents a new global space for corporate responsi- tive parts business and the owners sons differing top business students.
bility and focused on Internet privacy to visions for the future of the business. A finance major with a 3.8 grade point aver-
demonstrate how companies will be forced to age, Egan currently serves as co-vice president
Two MBA Students Win $15,000
alter their policies as various concerns about for BGS Georgetown chapter. He is also a tutor
In Texaco Scholarships
conducting business in this new medium arise. for the Sursum Corda tutoring program.
Her faculty advisor, Professor Mary Culnan, is Robert Kitterman (MBA00) and Mary Reese
the author of the 1999 Georgetown Internet (MBA00) each won a $7,500 scholarship award Accounting Student Wins American Society of
from the Texaco Corporation in September 1999. Women Accountants Award
Privacy Policy Study on online privacy.
Habiger received a $5,000 award, funded by John J. OConnor, Texacos senior vice Kathleen Saunders (B00) is the recipient of the
major corporations including Clorox, Coca president presented the awards to Kitterman Past Presidents Award of the D.C. Chapter of
Cola, Diageo, Ford, Merck, Prudential and and Reese in a ceremony at Georgetown on the American Society of Women Accountants
Time-Warner. September 30, 1999. annual scholarship. The $750 scholarship is
Alisons paper stood out from the pack, said The scholarship awards are made to second- awarded to an accounting student with out-
Steve Rochlin, research director at the Center. year MBAs with an interest in the energy indus- standing academic performance who presents
Were very pleased to give her the award. try and a minimum grade point average of 3.25. the best essay on the future of accounting. Saun-
The papers, judged by three of Boston Col- Kitterman and Reese are the first recipients of ders paper explored the topic of taxation and
leges business faculty and three corporate man- the awards at Georgetown. Other recipients Internet companies.
agers, are evaluated on the basis of scholarship include students from the business schools at
McDonough Undergraduates Garner Various
and relevance to practice. Previous winners Columbia University, Duke University and the
Corporate Awards
include students from the University of Oregon, University of Michigan.
McDonough undergraduates are the recipients
Stanford University and the Massachusetts
Chase Manhattan Bank Awards $10,000 to of a number of merit-based, competitive awards
Institute of Technology.
Georgetown MBA Student from leading corporate entities. Students who
Georgetown Team Places Third in National Tracy Young (MBA01) is the recipient of a have won scholarships this year include: Jessica
Black MBA Case Competition $10,000 Chase Manhattan Bank Scholarship Navarro (B01), who receives $7,500 annually
A team of four McDonough MBA students for the 1999-2000 academic year. Prior to from the Starr Foundation; Antoine Dickerson
won third place in the annual National Black Georgetown, Young, an African American, (B01) receives $4,000 yearly from the law firm
MBA Association Case Competition in Sep- worked for four years as a certified public of Morrison & Foerster; Nicole Adams (B00)
tember 1999. accountant for KPMG in Baltimore, Md. The won $4,000 from Merrill Lynch for the 1999-
Teams from 26 MBA programs traveled to tuition award will allow me to pursue my aca- 2000 school year; Michael Yaeger (B03) will
Anaheim, Calif., to participate in the competi- demic goals and further enhance my career receive $2,500 annually from The Boston Globe;
tion, sponsored by DaimlerChrysler. First place development, said Young, who plans to work in Melissa Hoffam (B03) receives $1,000 annually
went to University of Michigans team, and the corporate finance. from McDonalds Corporation; and Christopher
University of Virginias Darden Schools team Bledsoe (B03) receives $1,000 annually from the
Undergraduate Business Student Receives
won second place. Ford Salute to Education.
Beta Gamma Sigma Award

Ryan Egan (B00), has won a $1,000 scholarship


from Beta Gamma Sigma (BGS), the undergrad-
uate business honor society. Egan, who was

Winter 2000 19
Faculty and Staff NEWS

Finance Professor e-Trust


Focuses on Real-World What can savvy marketers do
Applications of Research to affect consumer behavior on
Quadrupling the value of a com- the Internet? Information relia-
panys stock is no mean achieve- bility, Assistant Professor Mar-
ment. If youre a tobacco compa- lene Morris believes, is one of
ny, its nothing short of a the key elements affecting con-
miracle. Assistant Professor San- sumer choice.
deep Dahiyas research shows Because the Internet and
how a small tobacco companys e-commerce are so new and
strategic response to litigation largely unregulated, information
increased shareholder value. must be presented in a way that
In Wealth Creation and conveys reliability, says Morris,
Assistant Professor Sandeep Dahiya Assistant Professor Marlene Morris
Destruction from Brooke a new McDonough faculty
Groups Tobacco Litigation member. Information reliabili-
Strategy, Dahiya and his co- torate in finance from NYUs ty is one of the things that turns so different from regular retail
author, New York University Stern School of Business. browsers into buyers. costumers. E-commerce is a
(NYU) professor David Yerma- Focusing on international Morris measures informa- new environment, but many of
ck, argue that by breaking with finance, Dahiyas dissertation tion reliability by a number of the fundamental aspects of
the larger tobacco companies examined the impact on finan- cues, including the timeliness consumer behavior still apply,
and being the first to settle out cial markets when nations of the information offered, she says.
of court the litigation brought default on their loans. He has transparency used to generate Morris other research
by the U.S. attorney general on also investigated the impact of information and its source. includes the timing of pur-
behalf of the states, Brooke corporate financial distress on Trust is a marketable com- chase decisions, especially
negotiated very lenient terms for institutions that lend to and modity thats especially impor- decision delay, issues of con-
the company. This removed the invest in corporations. tant on the Internet, observes trol in consumer decision-
prospect of further lawsuits and Prior to earning his doctor- Morris. Giving extra assur- making and consumer atti-
increased shareholder value. It ate, Dahiya was a project finance ance [to Internet customers] at tudes toward foreign products.
was a risky strategy, notes manager with the Industrial first builds loyalty later on. In the next year, she plans to
Dahiya, but it paid off. Stock Credit and Investment Corpo- A recent graduate of examine differences in reliabil-
prices almost quadrupled, and ration of India (ICICI) in New Duke Universitys Fuqua ity perceptions and perceived
shareholders did very well. Delhi, the only Indian company School of Business, Morris risk in Internet environments
Dahiya sees wider implica- listed on the New York Stock interest in this topic grew out across gender and ethnicities.
tions in his research as to how Exchange. Although he took of her marketing doctoral dis- Differences exist across
companies under duress respond the position knowing he would sertation. Her dissertation gender and ethnic background
to litigation. The handgun eventually return to school, he focused on how contextual fac- in how much people trust
industry is facing litigation from believed it was important that tors that signal the reliability of information that is presented
the states similar to tobacco he have a real-world context for information will influence not and their intended purchase
companies, says Dahiya, pre- his research. only choice but also the timing behavior, she notes. These
dicting that some companies I believe that finance of an intended purchase. differences may have some
may respond as Brooke did. research shouldnt deviate too E-commerce is a hot topic interesting implications for
A native of India, Dahiya much from the real world, he at the moment, but Morris market segmentation on the
joined the McDonough faculty says. You should try to look for believes e-consumers are not Internet.
this fall, after earning his doc- a practical application to your
research.

20 The McDonough School of Business


Faculty and Staff NEWS

An Eye on the Bank The Business of Ethics


(Power) Balance... To some, business ethics is an
Assistant Professor Lee Pinko- oxymoron. But Assistant Pro-
witz is watching bank balances, fessor Edward Soule marries
but not in the conventional his ethics scholarship with 20
dollars and cents way. Pinko- years of first-hand experience
witz, along with McDonough confronting ethical issues in
Assistant Professor Rohan the business world. He uses
Williamson, has examined the this experience in the class-
effect of bank power on the room, where he works to instill
cash holdings of industrial a sense of social responsibility
firms in three different coun- in his students.
tries. The business experience
Assistant Professor Lee Pinkowitz Assistant Professor Edward Soule
Basically, we argue that allows me to breathe some life
in a bank-centered economy, if into the issues, particularly
the banks have too much pow- consistent with banks extract- some of the technical issues, Now that Soules found a
er, they will use it to benefit ing rents. We conclude that the because Ive done them and home in academia, he has set
themselves at the expense of Japanese banks persuade firms can speak a little more passion- his sights on a new goal. I
the industrial firms, to hold higher cash balances ately about them, said Soule, a want to be a good teacher, and
Pinkowitz said. One way they than firms in the United States former public accountant from I want to do top-notch
seem to do this is to force the and Germany. This is contrary St. Louis, who recently earned research, he said.
firms to hold too much cash on to widely held beliefs about the his doctorate in philosophy Soule plans to research the
deposit in the bank. Japanese governance system. from Washington University. ethics of genetically engineered
They found a natural Pinkowitz, who recently In 1996, Soule interrupted plants and foods. Though the
experiment in observing coun- earned his doctorate from his doctoral studies to serve as controversy raging in Europe
tries with different financial Ohio State University, came to interim chief financial officer over this technology has yet to
structures: the United States, McDonough this fall. He for TransWorld Airlines fol- reach the United States, Soule
with its decentralized monitor- taught Business Financial lowing the crash of Flight 800. has begun researching the fit-
ing system; Japan, which had a Management to undergradu- The company, which had been ting response of business to
highly centralized structure ates, and challenged them to emptied of its cash and valu- this thorny issue.
with very powerful banks; and see the elegance and beauty able assets after a leveraged There is tremendous
Germany, with its powerful of finance. Students like Iavor buyout, faced financial and promise with this technology,
banks and equally powerful Balabanov (B01) said operational difficulties. Work- its just that there is also
corporations. They found Pinkowitzs enthusiasm for ing for a company that was in a incredible risk, he said. You
Japan held much more cash finance made the required state of chaos rounded out dont want to stifle the industry
than the United States and course interesting. Its an Soules business experience and not allow this new tech-
Germany, which they correlat- interactive class with real-life and made him scurry back to nology. At the same time you
ed with bank power. application. It really hits the the university after six short want to align the cost and the
As noted in their research, spot, Balabanov said. months. risk with the companies that
During periods of high bank benefit from it.
power, firms cash holdings are

Winter 2000 21
Faculty and Staff NEWS

Risky Business IN THE MEDIA


Assistant Professor Bennett
Zelners research aims to pro- l Professor Jim Angel commented on the New York Stock Exchanges
vide a broad comparative meth- decision to begin quoting stock prices in dollars and cents in the Decem-
odology for comparing global
ber 3, 1999, edition of The Washington Post (Sandra Sugawara).
political risk. And more than
just make an academic contri- l Professor Ken Cavalluzzos research on race-based lending differ-
bution, he hopes governments ences was featured in a November 23, 1999, article in The Wall Street
and firms will find some practi-
Journal, Financing Small Business: Banks Turn to the Internet for Loans
cal application in his work.
to Small Businesses. (Joshua Harris Prager).
A lot of times what a
company needs is to have a l Associate Dean for Graduate Programs Larry Abeln was quoted in
more scientific methodology
the November 7th, 1999, edition of The New York Times (Debra K. Deck-
that really allows it to make Assistant Professor Bennett Zelner
er) on MBA study abroad programs.
comparisons across very dis-
parate investment environ- from firms throughout the l Professor William Droms was quoted in Money magazines Novem-
ments, Zelner said. [I] want United States as part of his
ber 1999 cover story on retirement (Lisa Reilly Cullen).
to provide the methodology for research. This spring, in addi-
doing comparative analysis. tion to teaching three sections l The Washington Post (John Schwartz) quoted Professor Mary Cul-
Zelners interest in devis- of strategy to undergraduates, nan in an October 23, 1999, article on the IRS proposal to use electronic
ing such a methodology grows Zelner and fellow researchers
mail to speed up the delivery of tax information.
out of his previous research, from Berkeley and Wharton
which has focused on how dif- are visiting Asia, Latin Ameri- l The October 4, 1999, Financial Times Mastering Strategy section
ferences in political institutions ca, and Europe to interview mentioned Professor Robert Grants knowledge management research
affect investment patterns in nearly 30 managers. They hope
(Laura Empson). One of Professor Grants publications, Towards a
infrastructure industries, par- to gain a better understanding
Knowledge-Based Theory of the Firm, was mentioned in the articles
ticularly electric and telecom. of how managers of independ-
further reading section.
Georgetowns location in the ent power production industry
political capital of the world are evaluating political risk.
l Professor Reena Aggarwal was quoted in the October 2, 1999, edi-
provides the ideal environment. I wanted to be grounded
tion of The Dallas Morning News (Katie Fairbank) on NASDAQs initial
With the kind of in the real world, said Zelner
steps toward a public offering.
research I do, you always want of his research. The early aca-
to have contacts in the business demic training, particularly in
l Professor Mary Culnan was quoted in BusinessWeeks e.biz section
world and the policy world. economics, is very theoretical,
(Timothy J. Mullaney) on September 27, 1999, in an article titled Build-
D.C. couldnt be a better place and its easy to go down that
ing the Perfect Shareholder.
for me, he said. path. But I realized that I
Zelner, who earned his could take these ideas and
l The September 25, 1999, issue of the International Herald Tribune
doctorate in economics from actually apply them to the real
(Mitchell Martin) quoted Professor Jim Angel in an article that discussed
the University of California at world, something that I find
the slow consolidation of global stock exchange markets.
Berkeleys Haas School of more fulfilling.
Business in May, 1999, spent
l Professor Ron Goodstein was quoted in the August 29, 1999,
his first semester at George-
edition of The Washington Post (Jamie Baylis) on Nintendos Pokemon
town interviewing managers
toys craze.

22 The McDonough School of Business Winter 2000


Faculty and Staff NEWS

Young MIT Dean Takes Envisioning the George-


Helm at Georgetown town MBA electronic commu-
MBA Program nity as a place where students
The youthful entrepreneurial learn about new disciplines
spirit that one normally associ- such as e-commerce, he
ates with twentysomethings believes it can also become a
pioneering Internet startups is premier recruiting ground for
hardly endemic to the more technology firms, especially
stable and traditional halls of the Northern Virginia tech-
academe. But with a focus on nology corridor.
creating an electronic MBA Learning about new disci-
community and hiring new plines requires expanding
faculty in innovative areas, course offerings, which means
Larry Abeln, the new associate dean of the MBA program hiring new faculty, and giving
Larry Abeln, the new associate
dean of the MBA program, current faculty the resources
seems more in tune with an During Abelns leader- Building an electronic for new course development.
entrepreneur than with the ship, the MBA program con- community and increasing the We need to recognize the
average academic administrator. sistently ranked in the top five number of faculty teaching marketplace has changed, says
Dubbed the youngest programs in the nation in U.S. innovative courses are two Abeln. We need to ensure our
MBA director in the world by News and World Report rank- immediate goals that Abeln faculty can deliver programs in
The Financial Times Della ings. Abeln expanded program sees as key in building the these new areas.
Bradshaw, Abelns techno- enrollment by 37 percent, Georgetown MBA brand. Abelns vision for the
vision and energy are a para- doubled applications to the Since arriving at George- MBA program reflects Dean
doxical mix of experience and program, implemented on- town, he has made leveraging Christopher Putos mission to
youth. After graduating magna line course bidding and regis- technology to improve MBA build the schools reputation.
cum laude and Phi Beta Kappa tration for students, and creat- program quality a priority. Larrys experience at a
from the University of Penn- ed a series of interdisciplinary He is overseeing a redesign of top-five MBA program will be
sylvania in three years, he was a management tracks within the the admissions web site, and instrumental as the McDon-
labor negotiator for the MBA curriculum. initiated the production of the ough MBA program continues
Philadelphia Inquirer. Upon After six years at Sloan, Execard a promotional CD to gain recognition, says Puto.
completing his graduate work Abeln wanted to make a larger the size of a business card that
Elizabeth Shine (G 99)
at Cambridge University, he impact at a younger program, contains information about the
became director of alumni and Georgetown was search- program. Under his direction,
relations at the Massachusetts ing for a full-time professional a mega-screen monitor to run
Institute of Technologys (MIT) to head its MBA program. stock quotes and breaking
Sloan School of Management, Looking at all the top MBA financial news will be installed
and within six months was programs, I felt that if any of in the student lounge. His
named dean of MIT/Sloans them had an underutilized laundry-list of future technology
MBA program at age 26. brand name, it was George- initiatives include on-line add/
towns, says Abeln. drop course procedures, a new
MBA web site, and a course
priority registration system.

Winter 2000 23
Restructured MBA Office Focuses on
Serving Students Needs
As part of a continuing effort to strengthen
the MBA program, McDonough Dean
Christopher Puto restructured the MBA
office this fall. Major changes in the MBA
office include the appointment of a full-
time professional to serve as the associate
dean and director of graduate programs (see
profile on Larry Abeln, page 23), and a new,
separate student life office, several new staff
join the International Executive MBA
(IEMBA) program, admissions and career Robert Wheeler, assistant dean and Maureen Hall, assistant dean and
management. Other initiatives include refo- director of admissions director of student life

cusing the offices commitment to student


services, building an electronic MBA com-
munity, and growing the IEMBA program. view issues and solve problems from a vari- Maureen Hall, assistant dean and
Below the assistant deans of each entity ety of viewpoints are better prepared for director of student life
share insights on their positions and goals. the business world, Wheeler said. To improve the quality of the MBA stu-
Inside and outside class there is a lot dent experience, a separate office of stu-
of sharing of knowledge, and a diverse stu- dent life has been created (student life pre-
Robert Wheeler, assistant dean and director
of admissions dent body allows you to see the question viously was part of the admissions office).
from different perspectives. It helps to Hall was appointed over the summer
Wheeler (MBA99) was named director of
open your mind, he said. to lead this new office, having worked with
admissions in May 1999. While an MBA
The admissions office is using tech- Georgetown MBA students since 1990. In
student, he served as president of the stu-
nology to promote the MBA program and her new capacity, Hall is responsible for
dent body, an experience that he believes
in January introduced the Execard, a busi- various aspects of student academic and
gives him credibility among the students
ness-card sized disk that fits inside a CD- co-curricular life, including MBA student
and prepared him for his role as director.
ROM. This card, which is sent to prospec- academic advising and registration, setting
He is responsible for recruiting a class
tive students, provides a four-minute video the class schedule, graduation, and over-
each year that meets the MBA programs
presentation of the program. seeing student government, clubs, and spe-
high standards. For the Class of 2001, the
Wheeler noted the office also is cial events.
MBA program received 1,922 applications
updating its Web site, which when com- Our mission is to assist MBA stu-
and enrolled 257 students with an average
pleted will allow prospective students to dents achieve their goal of successfully
GMAT score of 641. Georgetown places a
schedule class visits, information sessions obtaining their degree, said Hall. We
priority on ethnic, racial and sexual diversi-
and interviews online, as well as follow the want to be responsive to their needs and
ty, as well as diversity of backgrounds,
progress of their applications. also make sure no one is overlooked in the
undergraduate degrees, and professional
process. I hope, along the way, we are cre-
experiences. Thirty-six percent of the Class Other new MBA admissions staff:
ating a sense of community that will con-
of 2001 is female. International students
Monica Gray, associate director tinue long after they leave Georgetown.
have significantly increased to 37 percent,
Amy Brooks, office manager This fall, Hall and her staff were also
reflecting the programs dedication to a
Marion Barber, receptionist immersed in logistical planning for the
strong international culture.
launch of the GLOBAL 2000 Experience,
Teamwork is a crucial element in the
helping to prepare the programs 260 stu-
MBA program, and students who learn to
dents for their overseas internships in
London, Hong Kong, Buenos Aires and
New Delhi this spring.

24 The McDonough School of Business


In response to student requests, the
office is increasing its Web-based services,
including adding an online calendar, which
features daily events of interest to MBA
students. Student life also moved the
MBA face book online this fall, which
allows classmates to view and search for
education, previous employment and
internship information about their fellow
students via the computer.
An ongoing effort for Hall and her Jackie Wilbur, assistant dean and Lisa Kaminski, assistant dean and

staff is to help the programs large interna- director of MBA career management director of the IEMBA program

tional population feel more at home. Stu-


dent life staff is exploring ways to expand
the orientation for international students ments in services include Hoya-Link, a I came to Georgetown because I was
and improve support services, such as resume book and service for employers, impressed with the quality of the IEMBA
housing assistance. Providing them more which now is available on paper, disk and students, said Kaminski. And also because
Web-based resources as well as partnering via the Web. And to keep students up-to- I saw that Georgetown is an organic com-
first- and second-year international stu- date on the latest technological issues, the munity faculty and administrators here
dents is also in the works. office will establish the CyberCaf this are committed to helping students grow
spring, to provide a networking opportuni- academically and professionally.
Other new student life staff: ty for MBA students, local alumni and She aims to make the program more
Kelly Keegan, assistant director employees from technology firms to dis- competitive by continuing to improve the
Kristen Washington, administrative assistant cuss technology and business. curriculum in order to attract the highest
caliber of professionals. Discussions on
Other new career management staff:
Jackie Wilbur, assistant dean and director of how to grow the seven-year-old program
MBA career management Toni Della-Ratta, associate director either by increasing the number of students
Milissa Leavey, coordinator for corporate or expanding how the program is
Wilbur has served as director of career
relations
management since 1994. Her office intro- delivered are also under way.
Quiyana Washington, administrative
duces students to the career services avail- Kaminski also aims to develop a multi-
assistant
able to them as soon as they enter the faceted relationship with the corporations
MBA program. On the corporate side, by encouraging them to sponsor IEMBA
Lisa Kaminski, assistant dean and director of
Wilbur emphasizes quality over quantity, students, serve as guest speakers, and pro-
the International Executive MBA program
developing relationships with firms in vide consulting projects for student resi-
Kaminski joined the MBA staff this fall dencies, thus ensuring the curriculum is
which the majority of students are
after 18 years at the Massachusetts Insti- both rigorous and relevant to the business
interested. On-campus recruiting is pro-
tute of Technologys (MIT) Sloan School community.
vided frequently during the fall and spring
of Management, where she was director of
semester, based on employer demand.
special executive programs. At George- Other new IEMBA staff:
Wilburs goal is to provide individual-
town, she is responsible for all aspects of Julie Cole, assistant director
ized service to students and corporations.
the International Executive MBA (IEM-
Were interested in getting to know the Other new MBA office staff:
BA) program, including curriculum plan-
students individually and helping them
ning, faculty selection, student admissions Veronica Culbert-Mehigan, administrative
achieve their goals, said Wilbur. officer to Larry Abeln
and services, and alumni activities.
Wilbur is working to make her office
a paperless one. Technological improve-

Winter 2000 25
Johnson Named to New MBA Alumni Affairs Position

T aking the lead from other top-tier


MBA programs, Dean Christopher Puto
recently appointed Robert P. Johnson as
director of MBA Alumni Programs and
Volunteer Board Relations. The newly cre-
ated position is designed to strengthen
MBA alumni and board outreach and to
establish a more integrated level of services.
Working with Georgetown Universi-
tys Alumni Association, Johnson will be
responsible for MBA alumni program
development as well as the McDonough
Schools two principal volunteer advisory
boards.
I wanted to send a message to our
MBA graduates that I realize how impor-
tant they are to the future of the school, Robert P. Johnson, director of MBA Alumni Programs and Volunteer Board Relations

said Puto in announcing the new position.


Graduates of business schools with which
we compete expect a level of corporate and addition, he has helped faculty members
alumni networking assistance. These seek grant support and helped student
schools have come to rely on their MBA groups meet their fund-raising needs.
graduates for assistance with career plan- This spring, Johnson plans to survey
ning and student recruitment as well as MBA alumni regarding the level of volun-
financial support. McDonough is no dif- teer involvement they are willing to give
ferent, and we aim to build a mutually pro- and services they would like to have. The
ductive relationship with our graduates. results will enable the school to move for-
Johnson most recently served as direc- ward in building a meaningful and respon-
tor of development at McDonough, lead- sive alumni relations program.
ing the schools development team in sup- Our office aims to serve as a single
port of the Third Century Campaign. point of coordinated service for MBA
During his 11 years as director, he served alumni, says Johnson. Once we know
on the Alumni Relations Task Force, what level of commitment and services our
developed the business school section of MBA alumni wish to have, we will do our
the campaign plan, recruited volunteers best to support them.
and secured a number of major gifts. In

26 The McDonough School of Business


Alumni NOTES

UNDERGRADUATE

69 Frank E. Maloney Jr. 85 Wesley Combs is a videos in the Sacramento area.


was elected president of the founding partner of Witeck The Springs reside in El Dorado
Eighth Judicial Circuit Bar Asso- Combs Communications, a strate- Hills, Calif.
ciation at their June 1999 annual gic marketing and public relations
meeting. Frank also has a law firm based in Washington, D.C., 90 Barney Danzansky is
practice in Macclenny, Fla. that focuses on critical social president of OnLoan.com, a mort-
issues. Recent work includes help- gage Web site that allows individu-
71 Juan M. Bracete relocated ing rollout the new Christopher als to check their credit, obtain a
to El Salvador in September 1998. Reeve Paralysis Foundation and propertys market value, and get
In addition to running his own developing niche marketing plans pre-approved for real loan options
consulting firm there, he also has a for the gay market for companies tailored to their qualifications.
U.S. immigration law practice and such as American Airlines and
contributes to a weekly column on Coors Brewing. Wes also was 91 John Sliwinski and his
immigration and international law recently named one of the 25 most wife, Sarah, welcomed the birth of
issues for a major local newspaper. influential gay and lesbian corpo- their first child, Emma Louise, on
rate executives in the United June 9, 1999. The family resides in
80 Stephen Irza-Leggat has States by the Gay Financial Net- Atlanta, where John is the market-
been working at The Trust for work (GFN.com). ing manager for CON-TEK Val-
Public Land, a nonprofit land ues, a division of Emerson Electric
conservation organization, for the 88 Ronald D. Martin recently Co.
last 10 years. He is now the senior joined Catalyst Consulting Group
finance manager for the New Inc. as director. He is responsible 95 Jeff Duchesneau was
England region. Stephen was for forming Catalyst Ventures, the awarded a Rotary Ambassadorial
We encourage all business school married in June 1999, and lives new venture-capital arm of Cata- Scholarship for 1999 2000,
with his wife, Anne, in Concord, lyst Consulting. Ronald and his allowing him to study at the Uni-
alumni undergraduate, MBA,
Mass. wife, Phyllis, now live in Chicago. versity of Costa Rica and travel
and executive MBA to send us
He can be reached via e-mail at through Central America giving
class notes. To send notes, 84 Craig J. Scheuerle has rmartin@catconsult.com. speeches on American life.
fax them to 202.687.2017, been with Grubb & Ellis Co.
e-mail them to practicing commercial real estate 88 Mark S. Spring continues
for the past 12 years. He special- to represent employers in all areas
shinee@gunet.georgetown.edu,
izes in office tenant representa- of labor and employment law for
or mail them to tion. Craig also welcomed the the California law firm of Faust-
Elizabeth Shine, Editor, birth of his fourth son, Eric, on man, Carlton, DiSante, Freuden-
Georgetown Business, November 20, 1999. berger. He also was recently
named managing director of the
Georgetown University, McDo-
firms Sacramento, Calif., office.
nough School of Business, 206
Mark is married to Sheila Y.
Old North, 37th & O Sts., NW, Spring (Greaves) (B90), who is
Washington, D.C. 20057. busy raising their two daughters,
Arielle and Nicole. Sheila also is
Alumni with questions can
doing some acting for local com-
contact Elizabeth Shine at
mercials and industrial training
202.687.4080.

Winter 2000 27
MBA

ALUMNI NOTES
Taylor Simmons, wife, Ellen,
90 Jane Ashton Hawes along with Glenn and Silvia Hodges had
and their baby daughter are doing
her husband Dick, daughter, their first child, John Black, in
Class Agent: Lorraine Herr
Emma, and son, Colin, traveled to May 1999. Glenn is currently on well. They enjoy vacationing often
cmputrilit@aol.com
Chicago this summer to visit rela- the global integration team of in their villa in Charles County,
tives and tour the city. Jane writes DaimlerChrysler. Md.
Class agent Lorraine Herr and
that Cathy and David Burke lost
husband, Michael, are living in
their beloved dog Oprah, who has Steve Ryan recently joined Nex- Dave Roover quit his job at
Chicago. Lorraine recently fin-
gone up to the Great MBA tel Communications in a market- State Street and took a job at a
ished running her second Chicago
Lounge in the Sky. Our condo- ing role. software startup doing just about
marathon on an unseasonably cold
lences. A lovely blond pug, Jewel, everything, including develop-
morning. The Herrs son, Emerson,
has taken her place. The Burkes can Mitch Rubinstein, now vice ment, marketing and finance. He,
celebrated his first birthday in
be reached at dburke@usfamily.net. president and executive producer wife, Michelle, and son, Ben, are
September and he has totally
of CBO Interactive, a design and living in the Boston area and are
charmed his mother and father.
Roland Manger will be moving advertising company, has set up a doing well.
Lorraine asks that classmates
to Palo Alto, Calif., in February Web-based Georgetown MBA92
please keep in touch by sending
updates to her e-mail address
2000 to build the U.S. operation of bulletin board. To subscribe, visit 94
Earlybird Venture Capital. Roland www.egroups.com/group/gumba- Class Agent: David Gee
above.
plans to keep his current apart- alum/. dgee@fr.ibm.com
ment in Munich.
Beth Laboe Edgar and husband,
Jason, had a daughter, Isabel
93 Class agent, David Gee, is mov-

Anne, in February 1999. Beth


91 Class Agent: Jordan ONeill ing once again. He moved to Paris
Class Agent: jordan@chevychasebank.com in January 1999 with IBM. Now
writes that sleepless nights are
Mary Pat Blaycock weve moved back to Silicon Valley.
finally paying off with smiles and
mpblay@hotmail.com Class agent Jordan ONeill left He joined Sun Microsystems,
coos, funny expressions and noises
Riggs Bank in June to become a where he is the vice president of
from the wee one. The new mom
Class agent Mary Pat Blaycock vice president at Chevy Chase the marketing, software and plat-
is investigating part-time employ-
includes a plea for more e-mail Bank, where he originates office- forms division. He and his wife
ment or a job-share situation at
addresses, which would allow her building loans. His personal resi- are expecting their first child, a
3M. Jason is busy working toward
to contact more classmates. Please dential loan portfolio has shifted girl, in January 2000.
his MBA.
send all information to her e-mail from his old house in Bethesda,
address as listed above. Md., to his new one in Northwest, A note from David Gee:
In May 1999, Steve Straske and
Washington, D.C. He can be Id like to take a moment to thank
his wife, Janice, had a baby girl,
Mary Jean Duran is the director reached at jordan@chevychase- Eric Saucedo for all his time and
Mary Stephen. Now sisters Elly
of diversity at Disneyland in Ana- bank.com. effort. Eric (esaucedo@compass-
and Davis have a little sibling to
heim, Calif. ny.com) is actively putting togeth-
fawn over. Steve also shared that
Matt McElroy left his job at er an e-mail list of everyone in our
there was a mini-reunion of the
class golf aficionados. Steve, Bob
92 America Online. Hes living in the class. If youre online, please drop
The Class of 1992 is looking for a Washington, D.C., area, seeking him an e-mail, and hell add you
Maruszewski, Stuart Arm-
new class agent. Please contact the next great opportunity. to the list.
strong, Brad Calkins and Fred
Elizabeth Shine at shinee@gunet.
Wakeman met at Pebble Beach
georgetown.edu if interested. Kyle Lynch was promoted at Ive heard so far from three mem-
for a weekend on the links.
Fannie Mae in the investor rela- bers of the Class of 94 who have
Jon Gafni and his wife, Nina, had tions department. He is still living been bitten by the dot.com entre-
a second child, Joseph, in August in a townhouse in Alexandria, Va. preneurial bug. Simon Black,
1999. Jon also recently joined Matt Tucker and Brian Christie
Lucent Technologies InterNet- are all building new Internet busi-
working Systems group. nesses.

28 The McDonough School of Business


Dave Goldberg is director of Stefan Stuerwald is consulting AMATO S MIDAS TOUCH
corporate development with with SRI Consulting in Menlo
Choice Hotels International and Park, Calif.
is making technology decisions The next time someone tells you that

for this hotel chain. Drew Schwartz lives in Boulder, its bull to believe you can beat the stock
Colo., which he loves. Drew was market, refer them to Lehman Brothers
Ben & Liz Rabinowitz are the appointed president of Wall Tech- 10 Uncommon Values, an annual listing
proud parents of Maya Zoey, born nology in June 1999. He saw Sam
of stocks that have beat the market by an
in July 1999. Kobayashi, Mike Vechery and
John Jacobs in July 1999 in annual average of 7.5 percentage points
Michael Harman was married to Breckenridge, Colo., at Ron over the past 50 years.
Mary Palmer over the Fourth of Drozds wedding. He also saw Lehmans director of global equity
July weekend in Miami. Among Stefan, Patrick and Mary Var-
research, Joseph Amato (B84), oversees
the grooms men were Numa gas at the Marc Gross wedding Joe Amato (B84)
Jerome and Victor Hugo III. in Sonoma, Calif., in July. Drew is Uncommon Values. Each July, the firm

Michael is working as a produc- expecting to run the Columbus announces its 10 best stock picks for the year. The returns have been
tion supervisor with Freightliner marathon with Brad Norton, nothing short of extraordinary, Amato says. For the past year, our 10
at their Portland, Ore. truck man- whose wife is expecting triplets in
stock picks were up over 50 percent, while the market was up 20 per-
ufacturing plant as part of his November 1999.
DaimlerChrysler management cent. Last years top picks included Applied Materials, which was up

rotation program. Paddy Magee recently got 137.9 percent; Comverse Technology Inc., up 113.9 percent; and MCI
engaged to Regina McGroar, and WorldCom Inc., up 91.3 percent. In July 1999, Amato was featured in a
Stephanie Prager is still at is working in London at J.P. Mor- BusinessWeek article documenting Uncommon Values success.
Mattel and is managing Toy Story gan. He is currently defending
When not displaying his Midas touch with Uncommon Values,
2 and Disney activities, which she NatWest from a hostile bid.
says is much more exciting than Amato oversees 150 senior analysts around the world who cover more
Cabbage Patch Kids. Adam D. Struve is an invest- than 1,200 companies. The long hours that are necessary to communicate
ment officer at the International with analysts from New York to Tokyo, not to mention market-impacting
Frank and Carol Ann Manzella Finance Corp. in Washington,
situations that may arise in any country on any given day, make for a
are expecting another baby in D.C.
March 2000, who will join their position with more than its fair share of stressful moments.

wonderful 3-year-old, Casey. 95 The time differences, the fact that you find yourself on the
Frank is working at GE Capital The Class of 1995 is soliciting a phone all hours of the night dealing with issues, problems, you really
in Connecticut. new class agent. Please contact
have to enjoy it, says Amato. If you dont, youre not going to be able
Elizabeth Shine at
Herve Francois is happily mar- to put in the effort it takes to succeed.
shinee@gunet.georgetown.edu if
ried and works for CSFB Tech- interested. Amato was a student at Georgetown during the 1980s, the
nology Group on Long Island, decade of greed. Yet his advice to students considering potentially
N.Y. Ana Valenzuela moved to the lucrative careers on Wall Street is that money as the sole motivation for
Bay area from Madrid, Spain to
success wont cut it.
Nina Bronk Kelner left America become a researcher in the mar-
Online about a year ago, had a keting group at the University of At times, different professions are in vogue, working on Wall
second daughter, and is now California, Berkeley. Street, for Internet companies, Amato says. Given the enormous effort
consulting with Discovery Com- you will need to put forth to be successful in any field, you really need to
munications Inc. in their online
enjoy the work you do.
division.

Winter 2000 29
Alumni NOTES

96 Carol Tracy Carr is living in Stephen Gaull is still in project Pedro Herrera led a team of

ALUMNI NOTES
Boston and is working as the asso- development and finance with Georgetown MBAs from the
Class Agent: Julie Jaoudi
ciate intellectual property counsel Bechtel Enterprises in Sao Paulo, classes of 1996 and 1997 on the
jaoudi@aol.com
for MITs Office of Sponsored Brazil, covering private infrastruc- Inca Trail to Machu Pichu in Peru
Programs. She loves having a job ture and pulp and paper. He is in November 1999. The group
Class agent Julie Jaoudi and her
where she can concentrate on just enjoying the good life in Brazil also spent four days exploring the
husband of two years, David
the legal aspects of intellectual and going to the beach on the Amazon jungle. This is his follow-
Wodynski, recently bought a
property. weekends. Stephen says theres an up trip to last years Argentina
home in Arlington, Va. In July
extra bedroom in the apartment if adventure. Pedro is still living in
1999, she was promoted to direc-
Alex Christianson recently got anyone is interested in visiting. New York, working for Warburg
tor of business development for
engaged to Luzmila Toledo; their Dillon Reed.
America Onlines music division.
wedding will be in May 2000. Dwight Gibbs is still the chief
Her work takes her to New York
Professionally, Alex is still enjoy- techie geek of the Motley Fool. William Hervey is working for
and California where she has been
ing success at MCI WorldCom in Dwight and his wife, Amanda the Oneida Indian Nation as the
able to connect with Georgetown
international marketing. Dory, live in Alexandria, Va., and director of intergovernmental rela-
friends. Please feel free to reach
have an exciting addition to the tions. Bill and his wife, Nikki,
her with any news at
Yi-Ching (Helen) Chen has her family: Thora Clare, who was have a beautiful new son, Alex,
jaoudi@aol.com.
own business as an international born on September 20,1999. who is 7 months old.
purchase office for overseas buy- Mom, baby, and Dad are all doing
Leslie and Erik Alvarado and
ers. She works with her clients to well, though two out of the three Michelle Joseph is the proud
their baby, Mara, moved into a
test products and develop soft- are somewhat sleep deprived. For mother of a 3-year-old boy, Austin
home in Princeton, N.J., close to
ware. Her company is called H2O more info, check out http://www. Cyril. In July 1999, she established
Leslies new job in global market-
Electronics. Feel free to contact geocities.com/tmfdwight. a strategic marketing solutions
ing for Bristol-Myers Squibb.
Helen at chenyh@ficnet.net. consulting group, klick consult-
Eriks consulting company contin-
Pankaj Gupta became a perma- ants,which focuses on e-marketing
ues to thrive.
Sara Conner has recently given nent staff member of the World opportunities.
birth; were anxiously awaiting Bank Group earlier this year. He is
Dale Bell bought a house in
more details. Congratulations! now working in the project Amy Kauffman has been a
Chevy Chase, Md., and was pro-
finance and guarantees group; his research fellow at the Hudson
moted to manager at Arthur
Alexei Dmitriev is working as work includes power projects in Institute since July; she is the
Andersens Office of Government
the regional vice president for Laos, Bangladesh and Sri Lanka, director of the campaign and elec-
Services in Washington, D.C.
Teleglobe Communications Corp. and oil and gas projects in Chad, tion law project. Amy and her
in Northern Virginia. His contact Cameroon, Bolivia and Brazil. He husband, Ken Weinstein, are also
Durga Bobba recently asked for
information: tel: 703-755-2246/e- also is working on providing bank the extremely tired parents of a 5-
Geetika Bohils hand in mar-
mail: admitrie@teleglobe.ca guarantees on structured month-old son, Harrison Asher or
riage. They plan to be married on
bond/notes issues for Thailand, Harry as they call him, and a 2-
March 25, 2000, in New Orleans.
Bob Gabriel and his wife, Megan, Argentina and Brazil. year-old daughter, Raina. They
are still living in Georgetown, and live in Georgetown, only two
Clay Buckley continues to enjoy
have three young children: Mar- John Herd is living in suburban blocks from campus.
success in his job with America
garet, 5 years, Will, 3 years, and Philadelphia and teaching U.S.
Onlines business affairs depart-
Honor, 8 months. Bob is an history to 11th graders at Con- Timarie Kilsheimer recently
ment. Clays son, Fletcher, now
investment advisor with Salomon estoga High School. He also accepted a new job with
has a little sister to play with. The
Smith Barney in Washington, D.C. coaches high school lacrosse in the EduNeering as the healthcare
latest addition to Clays family:
spring. product manager and is still hap-
Eleanor Clay, born September 2,
pily based in the Washington,
1999.
D.C., area

30 The McDonough School of Business


MBA

Rebecca Kovrlija left her job as Wendy Moe is on the move. As Anne Pusey and her husband Emanuele Tosi is still at MCI
general manager of interactive of fall 2000, she will be a market- Larry Roberts recently moved to Worldcom doing wholesale mar-
services at 1-800-FLOWERS for ing professor at the University of Wolftrap, Va. She is still working keting. The new family addition is
her new job of taking care of her Texas, Austin. at America Online and is starting a second son, Piero Samuel, born
daughter, Emily Jane, born April to travel quite a bit on the job. in April 1999.
21. Emily is a really tough boss! After two years in Africa (Nige-
ria), Daniel Moss recently moved Jeff Rothschild was recently Rob Vanrenterghem and his
Kerrie Shaheen Liggio married to stunningly beautiful Rio De married. He and his wife are liv- wife have wonderful 2-year-old
Andrew Liggio on October 16 Janeiro, Brazil, where he is the ing in New York City and are identical twin girls and are living
1999 in Rumson, N.J. All of the assistant area manager for Tide- both practicing attorneys. in Northbrook, Ill. Rob is a brand
usual crew were there; Beth water Marine International manager working in Krafts pizza
Swaggart was Kerries maid of (TDW). Andrew Sachs and his wife, division. His division sells
honor. Andrew and Kerrie also Heather, live in Los Angeles. DiGiorno, Tombstone, Jacks and
bought a home last summer in Sandra Nouhra married Philipp Andrew is working at a merchant California Pizza Kitchen brands.
Cranbury, N.J. Congrats to Hoffmann and has a new baby bank called Standard Capital Robs wife, Cynthia, is staying at
Andrew and Kerrie! boy, Julian, who is 8 months old. Group. In addition, Andrew con- home to raise the girls and work-
Sandra left Ernst & Young Paris tinues to make angel investments ing part time for an Internet start-
John Loncto recently started law and is now in Dubai, United Arab in start-up Internet companies. up, onenest.com. If anyone swings
school at University of California Emirates. His first investment just went through Chicago, give them a call
Los Angeles. public last month (eGain Com- at (847) 509-9750.
In March 1999, Richard Oren munications- EGAN).
Jennifer Barsema Lunger mar- accepted an opportunity to be the In September, Mustafa Abdel-
ried Tony Lunger on May 22, 1999. licensing manager for The Jim Luis F. Snchez moved back to Wadood married Neemat Abdel
Henson Company. Previously, Mexico and is chief financial offi- Wadood. Mustafa is based in
John MacKethan married Richard had been in brand mar- cer at Grupo IUSA. The recent Cairo with Orascom, the largest
Logan Harrell in October 1999; keting at Mattel. He now oversees addition to the family is his sec- Egyptian conglomerate; and trav-
they honeymooned in Australia. licensing of all Henson properties, ond daughter, Ana Paola. els frequently to New York.
John is working at National Geo- including Classic Muppets, Bear Mustafa is the director of business
graphic. John says all Georgetown in the Big Blue House and Ramiro Sanchez left Bechtel for development and investments.
MBAs should subscribe to the Farscape. He also bought his first a new and improved opportunity
new magazine he works for, home in New York in September at Bidcom. Hes having a great Ed Whitehouse and his wife,
National Geographic Adventure. 1999. time at his job and hangs out on Teresa, and son, Alex, relocated
the weekends with other George- back to Northern Virginia from
Lisa Graham McCormack and Brian Powilatis is at Mercer town MBAs in the San Francisco California. They are building a
her husband have a son, Matthew Management Consulting as a sen- area. house near Leesburg and living in
Scott, born February 22, 1999. ior associate doing work in finan- Ashburn temporarily. Ed recently
Lisas new boss is little Matthew, cial services and digital business After two years with Warburg took a job working for Louis
as she left MCI WorldCom and is design. He and his wife bought a Dillon Reed, Stefan Schmitz Rukeyser as the managing editor
staying home. home in Old Town Alexandria, decided it was time for a change for Rukeysers newsletters. Eds
Va. and recently accepted a new posi- focus these days is to oversee the
tion with J.P. Morgan still in launch of a Rukeyser Web site.
New York City. They hope to launch in early Feb-
ruary 2000.

Winter 2000 31
Alumni NOTES

97 Todd Corley a consultant in the Kristin Nonnenmann Carcieri Doug Beeman left US West in

ALUMNI NOTES
global diversity and workforce (94) and Matt Carcieri welcomed August to join eyeRIS, Inc.
Class Agents:
change management practice for their first baby, Nicholas Matthew, (growth software) in Denver,
Andrea Alexander
Towers Perrin in New York, pub- on July 8, 1999. All three are happy which builds intelligent decision
alexander.ah@pg.com
lished an article in The Journal of and healthy in Cincinnati, Ohio, support systems for finance, oper-
Jane Oyugi Career Planning and Employment where Matt and Kristin both work ations and marketing. He reports
joyugi@dttus.com (Summer 1999). The article, for Procter & Gamble. Matt is an that Marcio Avillez and his wife
Megan Mulvihill Becoming an Employer of assistant brand manager on the Lisa, had a baby boy, Lucas Andre,
memulvihill@leggmason.com Choice for Generation X: The Pringles brand, and Kristin is tak- in July 1999.
Elements of the Deal, examines ing time off from her job in market
Rochelle Cheng
what motivates and satisfies dif- research to be home with Nicholas. Tamara Berner moved from
rcheng36@aol.com
ferent employee groups, particu- Wheat First Union in Richmond,

The McDonough School of Busi-


larly those who were shaped by 98 Va., to KPMG as an economic
technological developments dur- Class Agent: Brian Knox consultant in the San Francisco
ness will survey the Class of 1997
ing their formative years and come bknox@hess.com area.
in fall 2000 on behalf of The
to work with a different set of
Financial Times, for the papers
expectations about work/life bal- Brian Knox (bknox@hess.com) Josh Blatt works for Pricewater-
annual business school rankings.
ance. Todd reports that the theme for this houseCoopers in Tysons Corner,
To expedite this process, the
can be reached at (corleyt@towers. installment must be change Va. He and his wife, Kimberly,
School of Business would like to
com). many classmates have moved on were married in November 1999
survey the class via e-mail. If you
to bigger and better things in the and honeymooned in Hawaii.
are interested in participating,
Roger Marcincuk was promoted past several months. He is still
please send your e-mail address to
to manager in Ernst & Young working at Amerada Hess Corp., Jocelyn Byrne has moved from
Rob Johnson at
LLPs mergers and acquisition pumping gas on the graveyard rainy Seattle to San Francisco,
johnsonr@gunet.georgetown.edu.
group. He also played in the U.S. shift. Actually he is working in the where she works for a start-up
Golf Associations Mid-Amature supply and logistics department, called Linuxcare Inc., specializing
Max Smith and Wendy Parker
Championship in St Louis. Roger responsible for providing financial in training and support for the
had a baby boy on August 1, 1999,
recently moved into a newly con- analysis and modeling for finished parent company, Linux.
Austin Hayward Smith.
structed home in Las Colinas, product purchases/sales.
Texas, and always welcomes visi- Tom Carpenter moved from
Grace de Fries and husband
tors. Sachin Anand works in Balti- being a buy-side equities analyst at
Steve Aroesty had a daughter,
more as a senior consultant for The Bank of New York to CIBC
Margaret Anastasia, on March 26,
After two years of practicing law KPMGs health care practice. World Markets as an associate
1999. Grace took five months off
with Shearman & Sterling in Internet analyst. As a lifelong
from work to enjoy the pleasures
France, Adlai Hardin moved to Rob Barnett works in the San Cincinnati Reds fan, he was
and nighttime feedingsof moth-
Shearman & Sterlings Hong Francisco area for KPMGs eco- extremely pleased/shocked by the
erhood. She is now back to work
Kong office in August. He expects nomics consulting services group. Reds strong finish this season.
at AT&T Solutions, trying to sur-
to be there for several years and His job responsibilities include
vive as a working mom. Steve,
would be delighted to hear from asset valuation and transfer pricing Ricardo Colin has joined Banco
Margaret and Grace also moved
anyone with any connections in documentation for multinational Bandeirantes, the largest Por-
from Manhattan to Long Beach,
his neck of the woods. E-mail him clients. tuguese bank, as a manager of
N.Y. They welcome anyone who
at ahardin@shearman.com. their foreign exchange desk. His
wants to join them for some beach
primary job functions are trading
and surfing fun next summer.
G-7 and Latin American curren-
Their new address is 83 Kerrigan
cies for the bank.
St., Long Beach, N.Y. 11561.

32 The McDonough School of Business


MBA

DISABLED ALUM BUILDS A RAMP TO THE

CORPORATE LADDER
Dan Driscoll is a fixed income Jeremy Kestler is with The
salesman, specializing in corporate Coca-Cola Company, developing In July 1994, Jennifer Sheehy
bonds, at Barclays Capital in New their worldwide decision support (MBA97) had one foot on the first
York City. He and his wife, Jenny, system for marketing. He and rung of the corporate ladder. A first-
had a daughter, Alexis, in August wife, Lisa, were married in June
year MBA student, she was intern-
1999. 1998.
ing as a market researcher for the

Courtney Dur has left the won- Nicole Kinnan left Marriott and Anheuser-Busch brewing company
derful world of fashion and LOre- the Washington, D.C., area to join in St. Louis, Mo., and had been
al to become a brand manager for a start-up company called FIRE Jennifer Sheehy (MBA97)
offered a position following gradua-
Dom Perignon champagne. She Online Training Inc. in San Fran-
lives in New York City. cisco. FIRE Online provides tion. Her career was on course.

online NASD exam preparation A swimming pool accident, in which she severely damaged her
Rob Dyer is an investment advi- and corporate internal training for spinal chord, altered those plans. Paralyzed from the neck down, Sheehy
sor in private wealth management finance, insurance and real estate
underwent a year-and-a-half hospitalization and physical therapy. Con-
for Morgan Stanley. He manages companies. Nicole creates new
fined to a wheelchair, Sheehy was forced to reconsider her future plans.
investment portfolios of high net- online courses and markets/man-
worth individuals (like himself ) ages their development. Despite the challenges inherent in such a step, she decided to return to
and medium-sized institutions. Georgetown to complete her MBA.
Hal Lambert will move from I had to take the initiative, says Sheehy. Just as in the business
Nicholas Faure works for an Greenwich, Conn., to Dallas,
world, where it takes perseverance and focus and determination to
investment bank in Greenwich, Texas, to join J.P. Morgans private
Conn. His work includes raising bank as a large cap equity portfolio accomplish things, it was important for me to get back to those activities

capital for investment funds as manager. He says he will greatly that made me a part of community, society, life...
well as handling private place- miss living in the highest per capi- Sheehy graduated in 1997 with honors, receiving Georgetowns
ments for Internet companies. ta city in the United States.
Outstanding Student Leader Award. That year, Diet Coke and Glamour

Mitchell Fenster is an invest- Ben Liebich left his job at Price- magazine awarded her one of their Women at Their Best awards, an

ment officer for an equity fund waterhouseCoopers to join award that honors women for extraordinary achievements. For the past
management group in Washing- Salomon Smith Barney in the two years, she worked for the National Organization on Disabilities
ton, D.C. His group runs a fund equity research department. His
(NOD), traveling around the country to speak with CEOs and increase
investing largely in telecom com- current assignment has him pub-
employment opportunities for the disabled.
panies, financial services firms and lishing investment commentaries
hotels in sub-Saharan Africa. on business service companies. This January, Sheehy joined the White House Task Force on

Employing Adults with Disabilities. She will work with private corpora-
Chris Gergen is co-founder of Carolynn McMeekin works in tions to create regional training centers to train those with disabilities for
SMARTHINKING, an online Atlanta for SunTrust Equitable
technology careers. Only 29 percent of Americans with disabilities are
student tutoring service. Chris was Securities in their investment
recently named by Washingtonian banking division. She is heavily employed, she notes. Were working to dispel the myths that keep

magazine as one of 100 Washing- involved in both buy-side and sell- employers from hiring the disabled.
tonians to watch. side M&A transactions, private Like any savvy MBA, Sheehy provides a bottom-line rationale for
placements and public offerings.
her cause. Americans should take this effort very seriously, she says.
Antwone Harris has joined
DirecPC at Hughes Network Sys- Its very expensive to keep disabled people on the public rolls. We have

tems as a marketing/business an excellent opportunity here to provide employment opportunities for


development manager. the disabled while increasing business productivity.

Winter 2000 33
Alumni NOTES

Peter Mellen and Scott Mitic Cheryl Stevens is living in Bel-


99 Maxine Pressler married Paul

ALUMNI NOTES
have received significant venture gium and is treasurerMiddle Teller on July 24, 1999, in New
Class Agents:
funding and have launched an East, Africa, and General York. They now reside in Wash-
Mike Pastore
updated version of their Head- Exportfor Procter & Gamble. ington, D.C.
pastmike@yahoo.com
light.com Web site. They report
that Headlight.com is currently Chris Stauder markets interest Jose Luis Bedolla Ted Huang married Lysle Buch-
the leading provider of online rate derivatives and structured Jose_Bedolla@notes.toyota.com binder on July 25, 1999, in Berke-
training for small and medium- products for large insurance com- ley, Calif. Alex Li attended.
Gabriel Montana married Clau-
sized businesses. panies for Barclays Capital. He
dia Linares July 3, 1999. The cere-
also ran the New York City David and Kim Flanagan were
mony was held in Bogata, Colum-
Eric Olson has moved to a small marathon in November 1999. married on October 2, 1999, and
bia. Five MBA 99s attended the
Internet company called Cyveil- spent their honeymoon in Bali.
ceremony Nancy Lee, Yaprak
lance to work on e-business intel- Jen Ullyot has moved within Matt Dublin and Stewart Cush-
Gungor, Ralf von Jena, San-
ligence. He also recently obtained America Online to the interactive man both attended the wedding.
drine Piret-Girard and Shep
his license to fly. marketing group. She creates
Rogers.
advertising and promotional Meredith Simmons (99) and
Lisa Price left her job at Marriott opportunities for the sales Joe Orlando (98) were married
Brian Bizzano married Ann Eliz-
and now works for Lockheed department. on October 30, 1999, in Manhat-
abeth Ingram at Georgetowns
Martin, specializing in financial tan Beach, Calif. Several members
Dahlgren Chapel on September
analysis of growth opportunities John Venusti left his job with of the Class of 98 attended, inclu-
18, 1999. The ceremony was com-
for her division. HSBC Securities and has joined ding: Maren Sturm, Jeff Nel-
plete with bagpipes and a sword
ING Barings-Furman Selz as an son, John Stokes, Andrea
arch, provided by Captain Jay
Ashish Shrivastava transferred equities analyst in their chemicals Steuve, Rob Dyer, MaryJo
Sparling, USMC, and Lt. Mark
within PricewaterhouseCoopers division. In his spare time, he likes Lock, Jeff Hild, Vince Wad-
Huber. Ann works for Health-
from the government consulting to fish and bowl. whani, Katherine Schwetman,
South Corp. specializing in ortho-
practice in Washington, D.C., to Scott Rosen, Bill McDonald,
pedic sports medicine and
the financial risk management Brian Knox. Allison White, Jen-
womens health therapy.
practice in New York. He is cur- nifer Phillippe and Alycia Drap-
rently on assignment in Seoul, er. They honeymooned in Kauai.
Karen Snow married Tim Bun-
South Korea. Joe works at Credit Suisse First
nell in Boston in October 1999.
Boston and Meredith works for
Corrie Mills, Darcy Chamides,
PowerBar.
Shellie Holubek, Alex Li, Gauri
Sohoni, Smrithi Prabhu, Raj
On July 16, 1999, at 6:42 p.m.,
Kohka (98) and Jen Brandeen
Nathan Will became the proud
(00) all attended.
father of a baby boy, Nathan James
Jake Bartlett-Will.
Sandro Bortesi married Cira
Garcia Duffo on July 17, 1999, in
George and Sarah Valaika are
Barcelona, Spain. Cira was an
the proud parents of a son, George
exchange student at Georgetown
Douglas, born November 21, 1999.
during the fall 1998 semester. Jose
He is named for his two grandfa-
Luis Bedolla and Tobias Gubitz
thers, not after his father or Doug
attended the wedding.
McCabe.

34 The McDonough School of Business


IEMBA In Memoriam

Maura Murphy (B00)


96 99 Twenty-year-old Maura Murphy (B00),
Class Agent:
The IEMBA Class of 1999 is died in her sleep June 22, 1999, in New
Thom Arnsperger
seeking a class agent. Please con- York. Her death was caused by heart
tarnsperge@aol.com
tact Elizabeth Shine at arrhythmia, a condition that was not
shinee@gunet.georgetown.edu detected until after she died.
Michael Schmeltzer moved to
if interested. Murphy, a native of Haverford, Pa.,
Philadelphia to take a new posi-
was studying finance. She had been a con-
tion as general manager at Rosen-
Shing-Huei Li (Elliott Li) is liv- gressional intern in Washington, D.C.,
bluth International, which special-
ing and working in New Jersey as and had studied abroad at the Universidad
izes in e-commerce strategies.
a financial analyst for AT&T Complutense de Madrid. She was spend-
Solutions. ing the summer working for Morgan
97
Stanley Dean Witter, a Wall Street invest-
Class Agent: Lynn Miller
Martin Hossfeld lives in New ment banking firm.
mllemiller@aol.com
York and is a senior consultant for Maura was a wonderful person with
Oracle Corp. a wonderful sense of humor and a wonder-
Mitch Murata is vice president of
ful love of life and other people, said
business development and repre-
Alejandro Zuzenberg lives in Kevin Wildes, S.J., associate director of the
sentative director for Japan at
the Washington, D.C., area, work- Kennedy Institute of Ethics. Wildes
SolutionBank Inc.
ing for Boze-Allen & Hamilton, presided over a memorial Mass for Mur-
as a senior consultant. phy at Georgetown in October 1999.
98
Class Agent: Debbie Weil
Sven Dharmani is working in Jesse Star Langley (B99)
debbie@wordbiz.net
Virginia as a management con- Jesse Langley (B99) lost his battle with
sultant for PricewaterhouseCoop- brain cancer on October 30, 1999, at his
Restaurant entrepreneur Tony
ers LLP. home in Culver City, Calif. He was 22
Brown was recently cited by the
years old.
Washingtonian magazine as one of
Smrithi Prahbu is working in A native of Australia, Langley was
100 Washingtonians to watch.
Virginia as a consultant for Amer- passionate about many things. Had Jesse
ican Management Systems. been able to pursue his dreams, he would
have eradicated childrens cancer, been a
top studio executive, winner of 47 Acade-
my Awards, philanthropist ...stand-up
comedian, Pulitzer Prize winner, loving
husband and proud father, psychologist,
[and} CEO of at least two major multina-
tional corporations, wrote his mother and
sister for his eulogy.
A memorial service was held Novem-
ber 4, 1999, at Georgetown. Gifts in Lan-
gleys name may be made to the National
Childhood Cancer Foundation, P.O. Box
60012, Arcadia, CA 91066-6012.

Winter 2000 35
New MBA Alumni Services

MBA Alumni Services Georgetown Business and


Robert P. Johnson was appointed director Georgetown magazines
of MBA Alumni Programs and Volunteer These university-published magazines,
Board Relations in the McDonough featuring articles by and about faculty,
School of Business. He provides the students and alumni, are provided free to
opportunity for additional alumni services all business school alumni. Alumni stay
in addition to those already offered by the in touch with the school and with fellow
Georgetown University Alumni Associa- alumni through the alumni notes section.
tion (see page 26). To submit an alumni note, please contact
Elizabeth Shine at shinee@gunet.george-
University Alumni Clubs and McDo- town.edu.
nough Alumni Groups
McDonough graduate alumni may partici- Reunions
pate in a global network of Georgetown The McDonough School will begin offer-
University alumni clubs throughout the ing an annual reunion weekend June 2-4,
United States and around the world 2000, coinciding with the Main Campus
(www.georgetown.edu/alumni). reunion. Events will be scheduled in the
McDonough School graduate alumni new McDonough School Graduate Cen-
also have the opportunity to join alumni ter and will give MBA alumni a special
groups in Washington, D.C., New York, focus. The classes of 1985, 1990, 1995 and
Japan and Mexico (www.msb.edu/alumni). 1999 will be featured. All alumni are wel-
The clubs and groups are organized come to attend.
and managed by local alumni.
Educational Opportunities
Career Services McDonough Executive Programs offers
The MBA Career Management Office non-degree programs on a variety of busi-
provides graduate alumni with career assis- ness topics (www.georgetown.edu/dept/
tance via their Web site, which is updated ExecEd/). MBA alumni also are being sur-
weekly with position listings veyed this spring by mail to determine
(www.msb.edu/dept/grad/mbacm). The their interest in business coursework to
Georgetown University Alumni Associa- update their knowledge in new and emerg-
tion provides career services through the ing fields.
Hoyas Online (www.georgetown.
edu/alumni) alumni career network, which The University Library
includes the names of more than 12,000 MBA alumni may use the Joseph Mark
University and business school alumni. Lauinger Library for a $100 annual fee
(www.library.georgetown.edu). Beginning
with the Class of 2000, McDonough
School graduate alumni will receive a one-
year complimentary membership to the
Lauinger Library. For details, please con-
tact Mary Ann Green at 202.687.7446.

36 The McDonough School of Business


JOIN hoyasonline our new and improved Alumni Association website!

Free onlineservices! When you visit hoyasonline, the community of the


Georgetown University Alumni Association at georgetown.edu/alumni, youll learn about many programs
and services exclusively for you in a secure password-protected Web site. Hoyasonline is also your gateway
to the greater Georgetown University community and the latest campus news and events through the
redesigned and expanded georgetown.edu Web site.

Find your friends through the Alumni Directory. You can


search the alumni directory by name, city, school, or class
and even update your personal information online.
Register for a permanent Georgetown e-mail address
to stay connected forever. This e-mail forwarding service
will not replace your existing Internet Service Provider
(ISP), so you will need to update us whenever you change
your e-mail address.
Participate in discussions to stay more closely connected
with each other.
Access the Career Network to find Hoyas who have
volunteered to give career advice or advise other alumni
making job decisions and transitions.
Keep up-to-date with the latest Alumni Association
events and services reunions, club events, and other
programs for Main Campus, Law, and Medical alums.
Play an important role in developing the Georgetown
online community through flash surveys.

Inaddition, hoyasonline will offer a number of services that will enable designated
volunteer leaders to do their jobs more efficiently.

Through your active participation in all these services, youll help create your Georgetown online community
for the future. Visit hoyasonline at georgetown.edu/alumni and find out how many ways there are to connect
with the Georgetown spirit in cyberspace. Follow the instructions on the Web site to get your net ID. And check
us out often for new features!
georgetown university Non Profit Organization
the mcdonough school of business US Postage
old north building PA I D
Washington DC
washington dc 20057-1008 Permit 3901