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McDonough Business

Fall/Winter 2005

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Mr. Donn Dolce B’67 Senior Vice President, Paine Webber Investments Mr. James Eisenstein B’80 Chairman and CEO, Optasite, Inc. Mr. Alfred J. Fisher, III B’70 President, Fisher and Company Mr. Lawrence P. Fisher, II B’82 Managing Director & Senior Resident Officer, Bessemer Trust Company Mr. Michael R. Fisher B’80 President, Fisher Dynamics Corporation Mr. Christopher P. Franco B’81 President, Rock Point Investment Partners Hon. J. Richard Fredericks B’68 Chairman, Dionise Capital, Inc. Mr. Jacques P. Gelardin B’69 Principal, Geladrin & Co., LLC Mr. Bernardo Giacometti B’77 President, Kipany Brazil Ms. Carol A. Grefenstette B’78 Managing Director, Strategic Investment Group Mr. Saadadeen R. Hariri B’92 President, Hariri Foundation Mr. Mike E. Heisley, Sr. B’60 CEO, Heico Acquisitions Mr. Michael Heisley, Jr. B’86 Executive Vice President, Heico Companies Mr. Peter W. Henderson, Jr. B’81 Vice President, Bank of America Mr. James F. Higgins B’70 Senior Advisor, Morgan Stanley Mr. Paul J. Hill B’67 President, Harvard Development, Inc. Mr. William Hoefling Managing Partner, CEO, Chrystal Pond Capital Partners Mr. George R. Houston B’61 President Emeritus, Mount Saint Mary’s College Mr. Lee C. Howley B’70 President, Owner, Howley Bread Group Mr. Arlen Kantarian B’75 Chief Executive, United States Tennis Association Mr. Kenneth Kencel B’81 Chief Executive Officer, Churchill Financial Corporation Mr. Gerard M. Kenny B’71 President, The Kenny Partners Mrs. Lisa Kleinknecht MBA’99 Principal, Kleinknecht Electric Company Mr. Raymond E. Knape F’53 Fr. Daniel K Lahart, SJ. B’83 President, Strake Jesuit College Preparatory School Mr. Jonathan R. Lynch B’88 Partner, JP Morgan Partners Mr. John Maier MBA’86 Managing Director, Legacy Parnters Group, LLC Mr. Philip A. Marineau C’68 President and CEO, Levi Strauss & Co. Mr. Timothy B. McBride L’75,’80 Chairman and CFO, McBride Enterprises (NJ) Mr. David F. McBride B’69 CEO, McBride Enterprises Mr. John A. McCrane C’49 President, Arlandia, Inc. Mr. Robert E. McDonough F’49 Founder and Vice Chair, Remedy Intelligent Staffing Fr. William McInnes, SJ. Chaplain, Boston College Mr. C. Allen Merritt, Jr. B’62 Partner, Boston International Ms. Lorraine Montero F’68 Managing Director, CitiGroup International Mrs. Ellen Morrell B’66 Vice President and Principal Broker, Sotheby’s International Realty Mrs. Patricia Mulvaney-Pignataro B’81 Partner, Price Waterhouse Cooper, LLP Mr. Robert B. Nolan B’74 CEO, Executive Managing Director, BMO Private Equity Group

Mr. Daniel J. O’Connor President and CEO, Paragon Computer Professionals Mr. Warren Olsen B’78 Chairman and CEO, First Western Investment Management Mr. Gregory Palmer CEO, Remedy Temp Mr. Charles Palmer B’64 Managing General Partner, North American Company, LLP Mr. Wayne C. Plewniak MBA ’85 Managing Director, Neuberger Berman, LLC Ms. Elaine Pochtar B’79 Executive Director, Institutional Fixed Income Sales, Morgan Stanley Mr. Michael Psaros B’89 Managing Principal, KPS Special Situations Funds Mr. David Reyes L’82 President, Harbor Distributing, LLC Mr. Chalres F. Sarkis B’62 President and CEO, Back Bay Restaurant Group, Inc. Mrs. Ann Misiaszek- Sarnoff B’83 Mr. Raymond Schuville Managing Director, JP Morgan Private Bank JP Morgan Securities, Inc. Mr. Eric Small B’76 President and CEO, Brooks Investment Corporation Mr. John Spirtos IEMBA’00 SVP, Corporate Development, Neustar Mr. Thomas T. Stallkamp Vice Chairman and CEO, MSX International Ms. Joan Steel B’75 Senior VP, Personal Investment Mgmt. Capital Guardian Trust Company Mr. Marc Sulam B’84 Hedge Fund Manager, Healy Circle Capital Mr. Timothy Tassopoulos MBA’83 Senior Vice President Operations, Chick Fil-A Mr. Michael Todman B’79 Executive Vice President, Whirlpool Corp. Mr. Charles M. Trunz, III B’75 COO, NS-LIJ Health System Mr. Edmond Villani B’64 Vice Chairman, Deutsche Bank M. John Vitalo B’90 Managing Director, Barclays Capital Mr. Stanley Wood IEMBA’96 President, Integrated Business Info. Sys., Inc.

Richard Migliori CEO, United Resources Network Joan Migliori Peter Pritchard CEO, Pritchard Industries, Inc. Zohreh Pritchard VP of Human Resources Jeffrey Rodek Executive Chairman, Hyperion Solutions, Inc. Christine Rodek Thomas Siebert Attorney, Patton Boggs, LLP Debbie Siebert Director of Business Development, NEWgame Communications John Surma President and CEO, United States Steel Corp. Becky Surma Ronald Tysoe Vice Chairman, Federated Department Stores, Inc. Arleigh Tysoe Robert Wall Managing Director, Goldman Sachs & Co. Beatrice Wall Thomas Wattles Chairman and CIO, Dividend Capital Trust Joan Wattles Thomas Steve Wolf President, Snowjam Michelle Wolf Legal Counsel, Partners HealthCare System, Inc.

James J. O’Donnell Provost George G. Daly Dean David L. Garrison Associate Dean and Director Undergraduate Programs Melissa Trotta Assistant Dean, Director of MBA Evening Program Keith Ord Dean of Faculty Virginia N. Flavin Chief of Staff Cynthia S. Shaw Director of Communications Linn Donaldson (IEMBA’98) Chief Financial Officer Michael T. Boyd Director of Development Robert P. Johnson Director of MBA and IEMBA Alumni Programs and Volunteer Board Relations John H. Carpenter Chief Technology Officer

Volume 18 Number 1 Editor Cynthia S. Shaw Director of Communications Contributing Writers Alan Dessoff, Joelle Santolla (CCT’06), Robert Wong, Martha Patnovik (MBA’06) Editorial Assistance Joelle Santolla, Lauren Shevchik (CCT’06), Andrea Sarubbi Photography Cynthia S. Shaw, Joelle Santolla, Lauren Shevchik, Bharat Pamar, Ralph Alswang, Lisa Helfert, Jon Golden, Phil Humnicky, Cable Risdon, Lars Tray Designer Nancy Van Meter Cover Design CreatiVerge Communications, Inc. Printing PeakeDeLancey Printing McDonough Business welcomes inquiries, opinions and comments from its readers. Correspondence should be addressed to: The Editor McDonough Business The Robert Emmett McDonough School of Business Georgetown University Box 571147 Washington, DC 20057-1147 phone fax email web (202) 687-4080 (202) 687-2017

Board of Advisors chair
Mr. John J. (Hap) Fauth, B’67 President and CEO, The Churchill Companies

vice chair
Mr. Robert Steers B’75 Chairman, Cohen & Steers Capital Mr. Joseph Amato B’84 Head of Global Equity Sales, Lehman Brothers Ms. Doreen Amorosa B’79 Director, Talent Acquisition Avaya, Inc. Mr. James Atwater B’85 Managing Director, Ryan Beck & Company Mr. William Robert Berkley, Jr. B’95 Senior Vice President, Specialty Operations, W.R. Berkley Corp. Ms. Alison Blood-Lohrfink B’81 Mr. Robert Bowlin B’78 President, Retired, Sony Music International Mr. James Buckley Spencer Stuart Consulting Mr. Mark J. Casella B’80 Partner, PriceWaterhouse Coopers, LLP Ms. Emily Chen Carrera B’88 Mr. Michael Chasen MBA ’95 CEO and Co-founder, Blackboard, Inc. Ms. Michelle C. Cherrick B’89 Managing Director, Wachovia Securities Mr. Jerome J. Claeys, III B’65 CEO and Chairman, Heitman Capital Management Mr. Michael Connelly B’74 Managing Director, The Carlyle Group Mr. Denis P. Coleman, Jr. B’67 American Consul to Bermuda American Consulate General Mr. Peter Crnkovich B’78 Managing Director, Morgan Stanley Mr. Alberto de la Cruz B’89 President, Coca-Cola PR Bottlers Mr. William H. Diamond, Jr. MBA’83 CEO, XRadia Mr. William Divane B’64 Chair and CEO, Divane Brothers Electric Company

Parents Advisory Council
Robert Cotter Investment Banker, Deutsche Bank Susan Cotter Lloyd Cunningham President, Cunningham, Burke, & Brooks Susie Cunningham Consultant, Conference Consultants Matthew Farrell CFO, Alpharma, Inc. Colleen Farrell Clinton Gartin Vice Chairman, Morgan Stanley Karen Gartin Bruce Hall Executive VP and COO, PETCO Susan Hall Michael Jordan Retired Chairman/CEO, Westinghouse/CBS Corp Hilary Jordan Executive Recruiter, Cecil Associates Woody Knopf Chairman, MM Knopf Automotive/ Remy, Inc. Claire Knopf Michael Lewicki Private Investor Joanne Lewicki Max Lukens Chairman and interim CEO, Steward & Stevenson Chris Lukens

Alumni should send address changes/additions/deletions to, contact Alumni Records at (202) 687-1994, or update at

McDonough Business
Fall/Winter 2005

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George Daly Named New Dean 18 Capital Markets Firms 23
George Houston Inside back cover

Letter From the Dean 2 Dean George Daly Upfront 3 In the Media 11 Faculty, Students and Alumni Cited in the News Intellectual Capital 14 Rebecca Heino Corporate Profile 26 Friedman Billings Ramsey (FBR) Dividends 28 Building Progress Faculty Awards Alumni Connections 29 Alumni Notes 30 Alumni Profiles 31; 36 Steve Paluszek (B’79) David Chavern (IEMBA’03) Bellwether George Houston (B’61)

Professor Pietra Rivoli page 13

Professor Ken Homa page 16

Faculty News Faculty in Focus 16 Ken Homa Prospectus 17 Shocks as Causes of Turnover

Professor Brooks Holtom page 17

On the cover:

Dean George Daly McDonough Business is published twice a year. The magazine is distributed free of charge to more than 17,000 alumni, students, parents, faculty, staff and other friends. The diverse views in the magazine do not necessarily reflect the opinions of the editor or official policies of Georgetown University or the McDonough School of Business.

Fall/Winter 2005
MBA Exams

Classes Resume 16 Martin Luther King, Jr. Holiday


Dear Friends,
It is a great honor to have been selected as the Dean of the McDonough School at Georgetown. It is also a great opportunity. During the summer and much of the fall semester I have spent a good deal of time learning about the School and meeting with alumni, faculty, staff and students. These meetings have made clear to me that we need to develop a coherent plan for our future and then take the steps necessary to make that vision a reality. In order to initiate and drive this process, I have appointed a Task Force on Strategic Priorities. The Task Force has identified several key objectives:
■ ■


President’s Day

3-13 Spring Break

12-18 Easter Break

1 19-22 Classes End Commencement Weekend

The creation of a clear and distinctive vision for the School. The review, revision and creation of educational programs that incorporate that vision.

1-4 Reunion Weekend

The attraction, development and retention of the human and other resources necessary to realize that vision.

Check the school’s online calendar of events at for daily event listings when the spring semester begins.

As we advance in the planning process, I will update you on the progress we have made and will look forward to your reactions and suggestions. What is clear is that change must be and is underway. Bringing about constructive change is a primary obligation of leadership and it is what I hope and plan to bring to our School. Sincerely, George G. Daly, Ph.D. Dean


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September 29. The panel included Catherine Kinney, co-COO, president and executive vice chairman of the New York Stock Exchange and Doreen Woo Ho, president of Wells Fargo Consumer Credit Group. Both events were moderated by McDonough School professor of Management Dr. Catherine Tinsley, who also serves as executive director of GUWLI.

Anne Jones Named Director of Career Management

Melissa Trotta Named Assistant Dean of MBA-EP

Anne Jones was named director of career management for the MBA program. Jones comes to the McDonough School of Business from Citigroup, where she spearheaded campus recruitment and the development of training programs. As vice president and director of human resources management associate program, Jones increased diversity recruiting, began a new e-learning curriculum and solidified relationships with top MBA programs. Prior to her executive position at Citigroup, she worked in marketing and product development with Citi Cards and was marketing manager for Acoustiguide Audio Tours. “We are delighted to have Anne join our team,” said Marilyn A. Morgan, associate dean and director of the Georgetown MBA program. “This is a very exciting time for our program. Anne’s vision and leadership will help to move our career management operation to the next level of excellence.” “My experiences at Citigroup provided an exposure to many MBA programs, and Georgetown’s students always stood out as intelligent, confident and professional,” said Jones. “These positive experiences lead me to jump at the chance to become part of such a successful team here at the McDonough School of Business. I am excited to be here and can’t wait to get started working with students and helping them meet their career goals.”

Melissa Trotta was appointed assistant dean of the MBA Evening Program. Trotta completed her B.A., summa cum laude in Communications and a Master of Arts in Higher Education Administration at Boston College. She comes to the McDonough School of Business having most recently served as assistant dean of the Franklin W. Olin College of Engineering, in Needham, MA. Before moving to the Olin School, Trotta was associate director of MBA Academic Affairs at the Harvard Business School. Her previous experience also includes serving as director of admissions the John F. Kennedy School of Government at Harvard University and as associate director of undergraduate admissions at Brandeis University, Waltham, MA.
Georgetown University’s Women’s Leadership Initiative

Students and Panelists Visit after GUWLI Event.

New Faculty Members

The Georgetown University’s Women’s Leadership Initiative (GUWLI) hosted panel speakers Janet Friedman, president and CEO of HarperCollins Publishers; Nancy Evans, Co-founder of iVillage; and Suzanne Clark, COO of the U.S. Chamber of Commerce at its annual Distinguished Speaker Series in Riggs Library. The panelists discussed their paths to success and took questions from the audience. Panelist Nancy Evans said, “The intimacy of the setting made for a dynamic, engaging interaction between the panel and the audience.” GUWLI hosted a second distinguished speaker event in Copley Formal Lounge on

Georgetown University’s Robert Emmett McDonough School of Business has recruited new faculty scholars in finance, management, marketing and accounting. Finance professors Srinivasan “Srini” Sankaraguruswamy and George Panayotov, marketing professor Gary J. Bamossy, strategic management professor J. Muir Macpherson and accounting professor Vicki Tang have joined the School. Srini comes to the McDonough School of Business as a visiting associate professor of finance. Previously he served as assistant professor at the National University of Singapore. He taught at Georgetown as an assistant professor from 1996-2003. Srini received his Bachelors of Commerce from Osmania University in India, his Masters of Commerce from Delhi University in India and his Ph.D. in Accounting with a minor in Finance from Purdue University. George Panayotov is a new tenure track assistant professor of finance. He recently completed his Ph.D. in finance from the

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University of Maryland’s R.H. Smith Business School. He received his Integrated Masters of Science in mathematics from Sofia University in Bulgaria. At the University of Maryland, George taught courses in options and futures and commercial bank management. Garry J. Bamossy joins the faculty as a visiting marketing professor. He received his Ph.D. in Business Administration and Marketing from the University of Utah, where he is currently the director of the Global Business Program. He has taught at the David Eccles School of Business at the University of Utah since 1999, and teaches as an adjunct professor of marketing at the Vrije Universiteit in Amsterdam. J. Muir Macpherson is a new tenure track assistant professor of strategic management. He received his Ph.D. in management from the Wharton School of Business at the University of Pennsylvania in 2004. He attended the University of California at Berkeley where he received a B.A. in political economy of industrial societies. He has taught as an assistant professor of management at the University of Texas at Austin since 2002 and at the University of Pennsylvania since 1997. Vicki Tang joins the faculty as a new tenure track assistant professor of accounting. She received her Ph.D. from the Ross School of Business at the University of Michigan, her Masters in Economics from the University of Illinois and her Bachelors in Economics and English from Peking University. She has been a lecturer in accounting at the University of Michigan since 2003.

basketball Coach John Thompson, III presented an executive policy seminar in New York. The text of each seminar can be found on the Center website In September, the Capital Markets Research Center hosted its annual “Careers in Capital Markets” event. Over 300 undergraduate students attended the presentation by speakers from companies including Citigroup, Credit Suisse First Boston, Deloitte & Touche, Friedman Billings Ramsey, Goldman Sachs & Co., Legacy Partners, Merrill Lynch, and Promontory Financial Network. At the reception following the panel discussion, students enjoyed the opportunity to speak individually with recruiters from the various companies.

Mayor Anthony Williams opens his present from CMRC.

Capital Markets Research Center Update

The McDonough School of Business’s Capital Markets Research Center (CMRC) hosted a forum to examine the role of capital formation in professional sports and community development at The George Town Club. The return of baseball to Washington, DC after 33 years, paired with the redevelopment of the neighborhood around the MCI Center and the construction and expansion of FedEx Field, created a timely backdrop for this discussion of facility and franchise issues that affect urban development and capital formation in major league sports cities. The forum included several distinguished guest speakers who contributed their practical, experience-based knowledge. They included: The Hon. Anthony A. Williams, Mayor, Washington, DC; Jerry Reinsdorf, Chairman, Chicago White Sox; Allen R. Sanderson, Department of Economics, University of Chicago; Tony Tavares, President, Washington Nationals; Peter Bisché, CFO, Washington Wizards; Governor Edward Gramlich, Board of Governors of the Federal Reserve; and McDonough School of Business Dean George Daly. The Capital Markets Research Center also hosted “Inside the Fed: A President’s View,” which was David Walker’s final Washington seminar as center director. The keynote speaker was Anthony M. Santomero, president of the Federal Reserve Bank of Philadelphia. The following week, Georgetown men’s

David Walker Returns to Teaching, Lynn Doran takes over CMRC
After 17 years as founding director of the Capital Market Research Center, David Walker has returned to his regular faculty activities as the John Largay Professor to focus on research and teaching. David has published two books, authored or co-authored over 50 scholarly papers, presented research and testified before the U.S. Senate Committee for Banking, Housing and Urban Affairs. Associate professor of the practice Lynn Doran, who specializes in investments and corporate finance, is the new director of the CMRC. As a professor of corporate finance and investments at both the graduate and undergraduate levels, as well as being the parent of a McDonough School alumnus, she is extremely well versed in our external business and student activities.


McDonough Business

Case Competitions: Business Strategy Challenge and State Department Case Competition

Global Integrative projects included both large, global firms like 3M and Proctor & Gamble and much smaller local or familyowned organizations. The MBA class of 2005 took part in a global integrative in Prague, Czech Republic, where they observed the differences in Czech and American organizational structures. The students recognized the difficulties of creating an organization that appealed to both styles. The students were given hands-on experience working with various companies, like the Hewlett-Packard s.r.o., a subsidiary of Hewlett-Packard’s Europe, Middle East, and Africa group.
Board of Advisors Meetings
From left to right: Wall Street Alliance Co-Chairmen Stephen J. Paluszek (B’79), James F. Higgins (B’70), Victor R. Write (Parent), William P. Frank, Esq. (C’63), John D. Wooters, III (C’75).

The Business Strategy Challenge, held at Georgetown University and sponsored by the McDonough School of Business and Hilltop Consultants, gave teams three days to prepare recommendations for a case focusing on strategy development for United Way International, a local non-profit organization. The “World Wide Strategists,” made up of four Georgetown students, won the case competition and the $400 grand prize. The winning students were Sean Doran (B’05), Victoria Cheng (B’06), Matthew Ichinose (B’05) and Abhyuday Prashad (B’05).
MBA International Residencies

The Global Integrative Experience was held in Shanghai for MBA 2005 students from March 12 to March 19. The week included tours of the Shanghai Urban Planning Exhibition Center, the Bao Shan Iron & Steel Co., Ltd., the Samsung Electronics Plasma Screen Television Factory and the Volkswagen Plant. Georgetown MBAs were welcomed by the Shanghai Jiao Tong University, took a Huangpu Cruise with local students and enjoyed a performance by the Shanghai Acrobat Troupe. They also had time built into the schedule for sightseeing. The MBA class of 2006 went to Ho Chi Minh City in Vietnam, the city with the fastest-growing economy in Asia. The

A joint meeting of the Board of Advisors and the Parents Advisory Council was held last spring. Its theme was “Transforming the McDonough School: New Leadership, New Facilities, New Academic Programs and a New University Campaign.” Guest speakers included Rev. William McInnis, S.J., former president of Fairfield University, the University of San Francisco and the Association of Jesuit Colleges and Universities, and Alan Berson, president of Pulse Point, Inc. The second Parents’ Council meeting of the year was held in conjunction with Parents’ Weekend in October. The second Board of Advisors meeting of the year was held in September. The theme of the meeting was “Preparing for the Future: Planning for the McDonough School’s Next Decade.” The reception was hosted by Georgetown University President John J. DiGioia with a formal introduction of Dean George Daly.

The Task Force on Strategic Priorities established by Dean Daly met prior to the Board of Advisors meeting to offer specific suggestions, questions and ideas on the critical priorities of the next ten years. The two-day meeting ended with a mentoring lunch that paired the Board of Advisors with MBA and undergraduate students.
Wall St. Alliance

The Board of Advisors Executive Committee Meeting was held on June 23, 2005 at the Major League Baseball Offices with host Tim Brosnan, executive vice president, Major League Baseball (C’80). Matters discussed included a Gala Update, Alliance General Events, Mentoring Program, and the Five-Year Planning Committee. The meeting was led by Chairman Jim Higgins. The Board of Advisors of the Wall Street Alliance hosted a presentation by Charles O. Rossotti (C’62), senior advisor to the Carlyle Group and the former commissioner of the Internal Revenue Service.

McDonough Business


First Ever MBA-Evening Program Residency

A full cohort of sixty students met at the William F. Bolger Center in Potomac, Md., for the first ever residency for the MBA Evening Program of the McDonough School of Business. Guest speakers included Atish Gude of Sprint Nextel and Brian Fontes of Cingular. The students relaxed and had fun during yoga class and a volleyball tournament.
Kenneth May, COO of FedEX-Kinkos and Professor John Mayo.

John Delany of CapitalSource offers his keynote address at CX 2005.

The residency lasted five days and was part of an integrative, intensive first exposure to the MBA program. The students competed in a wireless services case competition and were divided into five teams that represented five different companies with a stake in the debate: Verizon, Cingular, Sprint/Nextel, Alltel, and U.S. Cellular. The first-year MBA students studied these firms and their roles in the industry, formed alliances with other teams, and presented their strategies in a competitive manner to the entire group. The goal of the residency was to integrate these students with the McDonough School of Business and Georgetown University. Even though the program is part-time, the new associate dean of the Evening Program, Melissa Trotta, is focused on making the students feel like an essential part of the School of Business, and cultivating relationships with staff, professors and fellow students that otherwise would not be formed in a part-time program. This networking did not only occur in the classrooms at the Bolger Center. The students also took part in yoga classes and a volleyball tournament, during which they were able to learn more about each other outside of the academic realm.

Careers Extravaganza

John Delaney, co-founder, chairman and chief executive officer of CapitalSource Financial, was the keynote speaker at the Careers Extravaganza (CX) lunch hosted by the McDonough School of Business Career Management Office. Delaney is the head of one of the leading commercial finance firms in the U.S., and operates through the three focused business units of corporate finance, structured finance and healthcare finance. CapitalSource Financial (NYSE:CSE) has a market capitalization of approximately $2.7 billion. Careers Extravaganza is a one day event that consists of panel discussions among seniorlevel executives and is attended by the entire first-year class and many second-year students. Topics discussed included Financial Services, International Development and Emerging Markets, Strategy and Consulting, General Management, Marketing and Corporate Finance Treasury. Some of the organizations that took part in Careers Extravaganza were: Citigroup, Goldman Sachs, Merrill Lynch, Wachovia, Booz Allen Hamilton, 3M, World Bank, Marriott International, Gallup and Friedman Billings Ramsey.

FedEx Express CEO David J. Bronczek and Professor John Mayo

MBA Orientation and Opening Residency

The MBA Class of 2007 was brought together for an on-campus kick-off on Friday, August 19. The day included a welcome from the new dean, George Daly, and presentations from faculty members and current MBA students. The group discussed issues such as cultural differences, the Jesuit tradition at Georgetown and team dynamics. After the Orientation Day at Georgetown, the students went to the National Conference Center in Lansdowne, Va., for a residency entitled, “Understanding International Business: FedEx Corporation Case Competition.” Guest speakers included David J. Bronczek, president and CEO of FedEx Express and Kenneth A. May, COO of FedEx-Kinko’s. The residency also allowed for the students to mingle and get to know each other, offering a square dance session and a student vs. faculty volleyball game.

First ever MBA-EP class meeting at the opening residency.

Professor of the Practice Gary Blemaster addresses the students gathered for CX 2005.


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MBA students go to AOL

Students in Betsy Sigman’s Electronic Commerce class visited AOL headquarters in Dulles, VA in April. The visit was part of the AOL Partners in Education Program. The Partners in Education Program included 350 students and showcases student consulting projects and Project Infusion, a training program that brings in facultynominated MBAs as AOL employees. Sigman said, “This was a wonderful opportunity for our students; they have been working on AOL-related projects, and will now have the chance to present these projects to top AOL executives. I was extremely proud of how well our students did.” Last year, the panel included the inventor of AOL Instant Messaging, David Gang. Some of last year’s class even went on to work at AOL.
Team MBA and the Tour of Hope

Lance Armstrong speaks at Tour of Hope Finale.

Jet Blue Chairman and CEO David Neeleman.

Business Day/Parents’ Weekend

Parents’ Weekend was held from October 21-23 on Georgetown University’s campus. The weekend gave parents an opportunity to meet with faculty, administration, and business leaders. The weekend also gave students and parents a chance to explore the study abroad opportunities offered through the McDonough School of Business. Business Day, held on October 22, included faculty seminars, the Business Leader of the Year award and the Parents’ Week Lunch. This year’s Business Leader of the Year was David Neeleman, chairman & CEO of JetBlue Airways Corporation. Neeleman launched JetBlue in February of 2000, making it his third successful aviation business. The Parents Council Meeting corresponded with Parents’ Weekend, and was held at the Four Seasons hotel in Georgetown.

The McDonough School’s Net Impact joined together with the Graduate Management Admissions Council (GMAC) to create Team MBA. Team MBA is a group of current MBA students, alumni, friends, and family from around the world who signed up to bike in Bristol-Myers Squibb’s Tour of Hope on Saturday, October 8th. As one of the nation’s most active and involved chapters, Georgetown MBAs were approached by GMAC to partner in the establishment of an MBA team for this year’s Tour of Hope. Georgetown University’s Lombardi Comprehensive Cancer Center and MedStar Health were local sponsors of the Baltimore to Washington, DC ride.

The team showed their dedication to raising awareness of patient enrollment in clinical cancer trials by signing up more than 50 cyclists, who each raised at least $500 for a total of over $25,000 towards cancer research. The Bristol-Myers Squibb Tour of Hope is a nine day bike ride from California to Washington, DC, by a team of 25 cyclists whose lives have been touched by cancer. The Tour culminated in Washington, DC, where our MBAs joined the cause. The biking portion of the DC tour was unfortunately rained out, but the event took place in the JW Marriot Ballroom. They succeeded in raising awareness about the disease and supporting the Lance Armstrong Foundation. For more information about next year’s ride, visit
Dr. Joseph Guzman named Acting Director of the Defense Department’s Biometrics Management Office

Dr. Joseph Guzman, an assistant professor at the McDonough School of Business, has been named acting director of the Defense Department’s Biometrics Management Office. “Since joining the DOD Biometrics, Dr. Guzman has been instrumental in orchestrating key relationships with government agencies. His leadership is critical as the U.S. military brings technology to the war fighter and supports efforts in the global war on terrorism,” said Maj. Gen. Conrad Ponder, chief integration officer for the Army CIO/G-6 in an article that appeared in Government Computer News. Dr. Guzman formerly served as senior policy economist working at the Center for Naval Analyses Corp.
McDonough Business 7

Rory Donohoe, Jessica Shattuck, Leslie Payne, and Ian Sims (all MBA’06) are part of Team MBA.

Professors John Mayo, right, and Lamar Reinsch, center, speak with a conference attendee.

The third symposium was entitled “Workplace Health Protection and Promotion: What Will it Take to Do Both Well?” The panelists included John Howard, director of the National Insitute for Occupational Safety and Health; Greg Wagner, visiting professor from the Harvard School of Public Health; Michael Gondek of the Dow Chemical Company; Peter Hayes of Hannaford Brothers Company; Ron Finch of the National Business Group on Health; Laura Welch of the Center to Protect Workers’ Rights; and Catherine Gordon, senior public health advisor.
MicroCredit Conference

The panel entitled “Innovations in Microfinance” was moderated by Rhonda Schaffler of the UN Capital Development Fund and included Robert Annibale, director of Citigroup’s office of microfinance and director of Citigroup Foundation, USA; Steven Bernstein, senior advisor of the Office of International Affairs, US Treasury; Michael Eber, program officer of the Grameen Foundation; and Ivan Mancilla, human resources director, Financiera Compartamos. The closing address was given by Her Royal Highness, Princesss Mathilde of Belgium, Emissary to the International Year of Microcredit. “Microfinance is an innovative, dynamic, up and coming financial sector business concern. For this reason, students and young professionals are a driving force behind a groundswell of international action for the Year of Microcredit,” said Christina Barrineau, chief technical advisor for the Year at the UN Development Programme. “The energy and newness of thinking that young people, like those at Georgetown, bring to tackling the hurdles that stand in the way of poor people receiving quality financial services, can and is changing the world.”

Georgetown Hosts Workplace Safety Conference

The Center for Business and Public Policy hosted a three-part series on workplace safety and health. The first symposium was entitled “The Relationship Between Firms’ Safety and Financial Performance: Theoretical and Empirical Evidence.” Panelists included Devra Golbe of Hunter College; Elyce Biddle of the National Institute for Safety and Health; Phil Lews, vice president and director of environmental health safety and sustainable development at Rohm and Hass; and Dave Eherts, executive director of environment, health and safety at Purdue Phara. The second symposium was entitled “Interpreting ‘Near Misses’ and Management: What We Know and What We Need to Know.” The speakers included General Ken Hess (USAF, retired) of the Anteon Corporation; Carolyn Merritt, chairman of the National Chemical Safety Board; Ulku Oktem, adjunct associate professor at the Wharton School of Business at the University of Pennsylvania; and Professor Cathy Tinsley of the McDonough School of Business. The conference refers to the concern that in this competitive environment, the ability to interpret operational data in an unbiased way may be affected; this could lead to managerial “near miss biases.” The conference achieved its goal of bringing together professionals from the policy, corporate and academic worlds for a dialogue about workplace safety in this competitive environment.

McDonough School of Business Net Impact partnered with the McDonough School of Business Microenterprise Development Association of Georgetown University (MEDA) and the United Nations to host the Microfinance Conference. 2005 was the Year of Microcredit for the UN. The opening address was given by Elizabeth Littlefield, the executive director of Consultative Group to Assist the Poor (CGAP). “This is an excellent opportunity for students in various disciplines to come together and learn about an issue of global importance,” said Reena Aggarwal, former interim dean of the McDonough School of Business, “I am pleased that Georgetown is able to host this event and look forward to the ideas and discussions that come from this forum.” The panel entitled “Challenges in Microfinance” was moderated by Tom Easton, senior editor of The Economist, and included Asli Demirguc-Kunt, the finance research manager and advisor at the World Bank; Charles Riemenschneider, director of the North American liaison office, Food and Agriculture organization of the United Nations; Matthew Speh, capital management investment officer at MicroVest; and Lawerence Yanovich, director of policy and technical assistance, Foundation for International Community Assistance.

Her Royal Highness, Princess Mathilde of Belgium


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Beta Gamma Sigma

MBA Diversity Day

The National Scholastic Honor Society in the field of business and administration, nd Beta Gamma Sigma, inducted its 22 class at Georgetown. The local chapter award was presented to David W. Danjczek, corporate vice president of compliance and ethics at the Titan Corporation, who also served as the inducting officer. Sixteen seniors and fourteen juniors, as well as ten IEMBAs and forty-eight MBAs were inducted into the society. The faculty inductee was James Moore, president and founder of Ameritrade, Inc., former assistant secretary of commerce for Trade Development and adjunct member of the McDonough School of Business faculty.
Career Treks

McDonough School of Business celebrated its second annual Global Diversity Day, which highlights the diversity of the school through food, cultural displays and demonstrations.

participants, and is attempting to coordinate a group visit to another African country. The Consortium will also take part in Georgetown International Week and a thematic dinner. New board members will be chosen at a meeting in March for the next academic year. The Real Estate Club has been reactivated. It seeks to attract people with diverse interest, passion and experience in real estate in the business school community to educate, share resources and help build careers in the industry. Current membership in the club is about 40 people. The club is planning a Real Estate Day, which will be open to all students in Georgetown and other business schools in the metro area. Activities will include a presentation on how to build a career in real estate and a seminar on real estate investments. Planned speakers and presenters are seasoned veterans with enormous knowledge of the real estate market and diverse backgrounds in REITs, Real Estate Finance, Commercial Real Estate Investment, Mortgage Backed Securities (MBS) from Fannie Mae, Ernst & Young and other renowned institutions.
McDonough School of Business Mentoring Program

McDonough students enjoy authentic Japanese food served by our Japanese students.

Rankings Update

Students with interest in career opportunities in specific geographic locations signed up for three to five day trips to various locations shortly after the fall semester began. Organizers worked with members of the MBA Career Management Office to target ideal companies and to schedule alumni networking events in the area.
The “treks” are: London Trek, October

The McDonough School of Business went from number 49 to number 48 in The Economist’s poll of full-time MBA programs, and the school also maintained its current status in the Wall Street Journal poll, going from number 36 to 38. The IEMBA th program was ranked 10 in the world by BusinessWeek Executive MBA 2005 survey. US News & World Report ranked the th undergraduate business school 26 in the th country and 11 for International in the specialty rankings.
New Student Clubs

Barclay’s Capital, Citigroup, Grosvenor Funds, Goldman Sachs and JP Morgan.
Wall Street Trek, October

AIG, Bank of New York, Bear Stearns, Cohen & Steers, Deutsche Bank and Federal Reserve Bank.
Marketing Trek (NY), October

American Express, Colgate, L’Oreal, Pepsi and Warner Brothers.
Miami Trek, December

McDonough School of Business GALA (Gay and Lesbian Alliance) was formed after several class of 2007 MBA students found that, unlike most other top MBA programs in this country, Georgetown did not have a student organization dedicated to serving the needs of the Gay, Lesbian, Bisexual and Transgender (LGBT) community. The MBA African & Middle Eastern Consortium is another new club and has 36 members. The group hosted a panel discussion about the investment environment in the Middle East and Africa, and the effect of the political and demographic transformations that have occurred during the last decade. The MBA African & Middle Eastern Consortium held a welcome meeting for the Johannesburg Integrative

Citigroup, Lehman Brothers and Sol Melia Hotels
CalTrek, January

Intel, JP Morgan and Yahoo!
Madrid Trek and Japan Trek are also planned during break week in March.

The Mentor Program met on September 16 and was hosted by Joseph Calizo, assistant dean of the McDonough School of Business, and David David Garrison Garrison, associate dean and director of Undergraduate Programs. Kimberly Malcolm, the mentor program coordinator, facilitated a discussion on enhancing the Mentor Program with regard to the professional development of the students. Following the meeting, the 25 mentors were invited to meet with the 150 student mentees currently enrolled in the program.

McDonough Business


Discussion and Launch of Book on History of Prayer in America

Student Wins Mastercard Internship

McDonough School Launches New Website

Lauinger Library at Georgetown University hosted McDonough School of Business Professor James P. Moore, Jr. to discuss his new book and upcoming PBS film, “One Nation Under God: The History of Prayer in America.”
Consortium Events

Georgetown MBA students have been out and about this fall, visiting various consortium events. Large groups attended the National Society for Hispanic MBAs Career Conference and National Black MBA Conference, where over 300 companies were in attendance supporting diversity efforts. The MBA Career Management team hosted workshops to prepare the students and traveled with them for on-site support as well. Our students were also well represented at the Women MBAs Conference in Boston and the Net Impact Conference in Palo Alto.

McDonough School of Business student Sarah Alexander (B’08), won the Mastercard Priceless Music Internship in Los Angeles, California. She is one of twelve winners chosen from over 40,000 applications. Her summer internship lasted twelve weeks: four of which were spent in Los Angeles learning band management and promotion, and then eight weeks touring with the Vans Warped Tour®. To read more about the Mastercard Priceless Internship program, visit priceless_experience_2005.
Comparative Business Summer Session

The McDonough School has worked for over a year on the Website redesign. The site will serves as a primary marketing and communications tool for the School, and offers a visually appealing, easy-to-navigate site for its multiple audiences: prospective students, corporations, alumni, faculty/staff, media, current students, etc. We’re very excited to unveil this to the community and look forward to continually evolving the site to reflect the new era of the McDonough School. Let us know what you think of the site. Email

Hiring? Think Georgetown.
If you are recruiting for internships or full-time positions, hire a Hoya. For MBA students contact the MBA Career Management Center at (202) 687-3741 or For undergraduates, contact J. Michael Schaub in the MBNA Career Education Center at (202) 687-3493 or

The McDonough School of Business and the Office of International Programs, along with the Business School at the Chinese University of Hong Kong, organized a five week summer session in comparative business with a focus on the Asia-Pacific market. The courses will be taught by members of the faculty at the Chinese University of Hong Kong. The students will also take part in cultural and social excursions during their stay in Hong Kong.
Professor Recognized for Outstanding Presentation at IRS Forums

Professor Lynn Doran

Lynn Doran Receives Grant

McDonough School of Business Professor of the Practice Lynn Lanz Doran was awarded a $38, 800 grant on behalf of the Capital Markets Research Center at Georgetown University. The grant was awarded by the Economic Assessment Office of the Advanced Technology Program of the National Institutes of Standards and Technology (NIST), and will be used to fund research papers on capital markets by faculty members of the McDonough School of Business.

Distinguished Teaching Professor Thomas B. Cooke has been recognized by the Internal Revenue Service for his service to the tax professional community. For the third consecutive year, Professor Cooke lectured at each of the IRS’s Nationwide Tax Forums. The Nationwide Tax Forums are offered to CPAs, Enrolled Agents, Attorneys and tax return preparers. The 2005 Forums were held in San Francisco, Houston, Atlanta, New York City, Las Vegas and Chicago. During the 2005 program, Professor Cooke’s presentations focused on the subjects of Ethics-Professional Responsibility and the Tax Code Provisions Affecting Higher Education. The 2005 attendees (12,000+) awarded Professor Cooke with an overall rating of 94.9%.


McDonough Business

in the media highlights
A study published by Professor Brooks Holtom in the Human Resource Management Journal was featured in a Globe and Mail (9/10/2005) article. The study was used as a supplement to the article about the reasons people leave their jobs. This study was also mentioned in Business Spotlight’s December magazine issue. The comments of Professor Holtom were quoted in Aviation Week & Space Technology (5/16/2005) on Delta Air Lines’ need to find a buyer for its subsidiaries, Comair and Atlantic Southeast Airlines. He says that if Comair and ASA are sold, “I don’t think you’ll see a sweetheart deal ...[Delta] will be looking for the highest bidder, the person who thinks he can manage it best and produce a return for the shareholders.” He was also quoted in Aviation Week & Space Technology (6/28/2005) on airline expansion, stating that “typically you are going to take the best markets first and each new city is probably slightly less profitable”. Professor Holtom was interviewed on ORF Channel 2 (3/7/2005) (Austrian Television Broadcasting Corporation) during a story about American reactions to the firing of Boeing CEO Harry Stoneciphe.
Professor Bennet Zelner was interviewed on a Channel 4 News At Five (3/11/2005) television segment about President Bush’s Social Security plan. He says that the new plan would expose people to the same fluctuations that the original Social Security plan was designed to protect them against. Professor Sandeep Dahiya was quoted in an article in The Deal (3/16/2005), about Delta Air

Lines’ financial predicament. Dahiya says “It’s a little bit like holding a tiger by the tail, because GE and American Express are kind of stuck with Delta ...The game right now for Delta is to wait out this spike in fuel prices for the next two quarters while negotiating an extension in covenants.”
Professor Douglas

Associate Professor Michael R.

was quoted in a Voice of America (3/28/2005) article about corporate ethics. On the topic of whether modern executives are greedier, McCabe responded saying, “Absolutely not ...Corruption is no more greater now or less than 2000 years ago. It just seems that way, because of the instantaneous response of the media.”
McCabe Professor William Droms

was quoted in a Bloomberg (April 2005) magazine article about international investing. As a member of Droms Strauss Advisors in St. Louis, he developed a questionnaire for client risk-assessment, and states that 30 percent is about the optimal proportion of a stock portfolio that should be invested internationally.
Catherine Tinsley Dillon-Merrill

prepared a statement for the Honorable Donald H. Manzullo, chair of the House Business Committee on Freedom and International Marketing (5/9/2005). Czinkota has also served as a guest writer for The Japan Times (4/23/2005) for an article about academic freedom and how trade frameworks are not designed for the university environment. He wrote another article for The Japan Times (5/25/2005) about computers replacing university libraries and the effect this will have on future student education, and an additional The Japan Times (9/1/2005) article about the current state and underperforming nature of Germany. Czinkota is quoted in an article for The Dallas Morning News (9/18/2005) about the success of U.S. companies going abroad and being less dependent on the home market for growth and profitability. He states, “Globalization is not just U.S. companies being able to source abroad, but also others being able to purchase from us.”
Czinkota Adjunct Professor Marc Sherman

research firm, was mentioned in a Washington Post (5/30/2005) article about her candidacy for a th position in Virginia’s 45 House District.
Anne Jones

participated in a Q&A for a Business Week Online (6/20/2005) article about her role as the McDonough School’s new career management director and the importance of spreading the word about her students to top recruiters.
Dean George Daly was featured in a Financial Times (6/20/2005) article about his appointment to dean of the McDonough School of Business. Dean Daly was also featured in a Business Week (6/23/2005) article about his new position along with Professor Paul Almeida and Provost James O’Donnell’s role in the selection process. An article in The Georgetown Voice (8/25/2005) described Dean Daly as the new face of the business school who hopes to construct a compelling and distinctive identity for the school in coming years. George Daly and Net Impact President Leslie Payne were mentioned in a Kansas City InfoZine (6/24/2005) article about a new report that explains how to improve business ethics. Dean Daly states, “Corporate ethics has gone through a wave of scandals ... raising people to recognize ethics is good for the community.” George Daly was also quoted in a New York Times (9/20/2005) article about the launch of an advertising campaign by a nonprofit foundation dedicated to improving public financial

and Robin participated in the Risk Management Symposium held by the Center for Business and Public Policy on the examination of near-miss incidents in relation to risky decisions, which was covered by Occupational Safety & Health (4/14/2005).

was quoted in a Washington Post (5/25/2005) article as the lead investigator from Huron Consulting Group, Inc. in a Prince George’s County case. Schools chief Andre J. Hornsby is accused of illegally handling an educational technology contract from the government. The Huron report is expected to answer ethics and policy questions and Sherman states, “We’re in the concluding stages of our work.” who teaches at the McDonough School of Business and owns a market

Laura Mandala,

McDonough Business


literacy. The new ad campaign will spend its entire budget on Time Warner media and he said he would be “surprised if the campaign had any meaningful outcome...They’re competing with every enterprise in the world trying to tell people how to manage their money...these spend far more in a single day than N.E.F.E. is going to spend on its campaign.”
Adjunct Professor Andrew Sherman

participated in a Q&A for Business Week (3/23/2005) about what makes a successful job interview. Management Professor
Robert J. Bies

company she co-founded, Peer Insight LLC. The article also cites the popularity of her course here at the McDonough School, Developing New Products and Services.
Ricardo Ernst

was featured in a (6/23/2005) article about how he has launched his own company, Grow Fast Grow Right Enterprises LLC. He has been helping Washington-area technology companies expand for the past 20 years and is well published on the subject. He will continue his positions as an adjunct professor at both the University of Maryland and Georgetown University.
Monica Gray, Carol Romett

was referenced in a Business Week (7/18/2005) article that asks business school professors to give advice to the MBA President Bush on how to manage the controversy surrounding the leak of a CIA agent’s identity. While Bush has made it clear he detests unauthorized information leaks from his Administration, he is failing to act on Karl Rove. Bies says that in this instance, the less the President and his staff say, the harder the White House press corps will bore in on the story.
Monica Gray,

and Beth
Miertschin were quoted in a Business Week Beth Miertschin Online (7/1/2005) article about soothing the culture shock that international students may experience when in a new academic environment. Monica Gray emphasized how talking and networking with students can help give a sense of the school’s overall culture and how many students come from abroad to study, speak a second language or have lived or worked overseas. Carol Romett discusses her role as senior instructor for the Center for Language Education & Development, and the importance of confident, effective communication. Beth Miertschin explains the importance of career management activities and says, “Often we hear international students say they wish they had focused on the job search from day one.” Beth Miertschin also

assistant dean and director of MBA Admissions, was quoted in a BusinessWeek Online (7/29/2005) article on how business schools and their international MBA programs are facing terrorism. “Things were different just a few years ago, at least in the U.S. students, and especially the parents of undergraduates, were far more worried after 9/11 because it was the first time Americans felt vulnerable.” In a Business Week (8/9/2005) article about a decline in MBA applications, she was quoted saying “I don’t think the current decline says anything more than that the demographic is smaller, and there are fewer foreign students applying to U.S. Bschools...The picture is not as bad as many people paint it.”
Jeneanne Rae

was featured as one of seven people called “The Innovation Gurus” as part of a special report in Business Week (8/1/2005). Rae focuses on her role as an innovation coach to companies by running innovation audits through the successful

was a guest on CNN en Espanol (8/16/2005) to discuss Latin American companies and the supply chain. He said that today’s important business networks exist due to globalization and access to other markets. Latin America must confront this network and improve its infrastructure. When details are analyzed, manual labor in Latin America is more expensive than in the U.S. Ernst remains optimistic, despite mixed reviews, and says the Latin American Logistic Center helps compile important statistics that support his argument. Discussion on this topic continued when Ernst was featured on CNN en Espanol (9/8/2005). He explained that the supply chain is what he calls “the new management network.” Supply chain management is extremely important in mixing the vertical and horizontal business processes. He cited five economic indicators that are unified by the supply chain manager. The key is for businesses to understand the necessity of changing organizational structure by training and educating employees of what constitutes successful supply chain management. Ernst was also featured on CNN en Espanol (10/14/2005) to comment on Delphi’s bankruptcy, among a range of other topics including the Avian Flu, Apple’s ipod, rising cost of petroleum and consumer reaction, as well as the Federal Reserve’s interest rate.
Ronald C. Goodstein was quoted in Baseline (8/4/2005) in an article about

Mattel’s problem with young girls’ waning interesting in Barbie. The company faced many business challenges and had to figure out how to regain profitability. Goodstein, a consultant for Mattel in the mid-1990s on the best practices in product branding, states that “Mattel was vulnerable,” adding that the best time for a rival to strike with a new product is when a company is looking inward.
Stanley Nollen

was quoted in the New York Times (8/15/2005) in an article about growing student interest in India. MBA students are choosing residencies at corporations in India over opportunities on Wall Street. Nollen directs the school’s programs for MBA students in India. A similar story ran in The Financial Express (8/20/2005) about students choosing to spend their summers in India. Also, an article in Cool Avenues (8/17/2005) and in The Business Standard (8/24/2005) described an International Management Institute (IMI) event in India attended by Professor Nollen
and Professor Reena Aggarwal

on Business Policy and Strategic Management. APP.COM (8/27/2005) featured an article on Kristine Ann Pappa who was awarded the Delta Sigma Pi Scholarship Key Award for ranking first in her business class after four years of study. Pappa also received the Houston Accounting Award for greatest achievement in the field of accounting. She graduated summa cum laude from Georgetown with a Bachelor’s degree in Business Administration.


McDonough Business

Professor Pietra Rivoli was the focus of a Time Magazine (3/21/2005) article about the recent publication of her new book “The Travels of a T-shirt in the Global Economy” and her book was also featured in an American Prospect (4/6/2005) article. It was also listed on a summer reading list as a great read and a must for business students’ summer reading list in articles in BusinessWeek Online (7/5/2005). Her book inspired an NPR (4/26-28/2005) series about the textile industry around the globe, which spawned a series of articles about the Chinese textile industry in Reason (5/9/2005), (5/16/2005), CNN (5/19/2005) with Wolf Blitzer, Bloomberg (5/23/2005), International Herald Tribune (5/23/2005), New Straits Times (5/26/2005), Washington Post (5/28/2005), and The Japan Times Online (5/31/2005). Professor Rivoli was cited in a YaleGlobal Online (5/3/2005, 5/6/2005) two part series on protectionism. A (4/13/2005) article mentioned her book in reference to the Chinese immigrant protest of U.S. job losses. Rivoli was also cited in a Business Week Online (5/10/2005) article about studying abroad as a Georgetown MBA student. Rivoli led a student research project for the Shanghai International Group, and states “Study tours have become a dime a dozen. Where we’re going to distinguish ourselves is in real projects in these countries.” Fortune (6/27/2005) quotes Rivoli in an article about standards set in other countries are shaping big companies’ behavior. In reference to this changing behavior she states, “There has been a sea of change ... Until recently the U.S. brandname companies would say they had neither the right nor the responsibility to do anything about their supplier factories.”

Pietra Rivoli and her traveled t-shirt

The Financial Times (8/24/2005) (9/25/2005) released two similar articles about businesses being exposed to supplier problems. Rivoli says that before companies source exclusively from China, they must understand the political risks, “you have to have a sophisticated understanding of the political relationship between China and the West. You have to be on top of the trade issue, the current issue and a lot else besides.”
Associate Professor James J. Angel

was quoted in a (4/8/2005) article about the New York Stock Exchange (NYSE) naming Marshall Carter its new chairman, stating “The NYSE over the next few years will be in a huge fight for market share... having people who have expertise in bringing in order flow is critical. They need people who can ask the right questions.” Angel was also quoted in articles in (4/21/2005), (4/22/2005), and the Los Angeles Times (4/21/2005) about the NYSE making a historical deal by buying its rival stock exchange, Archipelago Holdings, Inc. A Business Week Online (4/25/2005) article discussed how the NYSEArchipelago deal may affect trading. In reference to extended-hours trading, Angel states “Trading outside the normal trading session is always going to be a niche activity.”

He was also mentioned in a (4/28/2005) article about powerful resistance to the proposal of NYSE’s merger plans with Archipelago Holdings. Articles in the Rutland Herald (4/23/2005), New York Post Online (4/23/2005), Bloomberg News (4/22/2005) and E-Commerce Times (4/24/2005) quoted Angel on the NYSE’s acquisition of Instinet two days after buying Archipelago. In a Wall Street Journal (7/18/2005) article about the fluctuating cost of NYSE seat prices, Angel says that part of the reason behind the recently flat seat market may be that some of the initial euphoria surrounding the deal has worn off. He also discussed this topic on National Public Radio (7/26/2005). A (6/23/2005) article discussed Nasdaq’s proposition that companies that miss their filing deadlines could potentially be removed from the over-thecounter market for a year. Angel states, “With big firms, it makes sense to look at the facts and circumstances of each case ... If firms mess up three times, it says a lot about their internal systems and their ability to provide accurate and timely information to their investors.” Angel is quoted in a Baltimore Sun (5/15/2005) article about Maryland companies having business dealings with officials who run them. A Los Angeles Times (6/18/2005) article quoted Angel about the conviction of Tyco executives and the implications for other corporations. A (6/30/2005) article about Morgan Stanley naming John Mack chairman and chief executive officer. Angel was also quoted in a Wall Street Journal (7/21/2005) article about how the biggest provider of exchange-traded funds will move all but one of its products now listed on the American

Stock Exchange to the NYSE. Angel was quoted in a Los Angeles Times (9/11/2005) article about whether the regulatory unit of the NYSE will be broken off by the SEC and the Justice Department. In an article on (9/11/2005) about Under Armour’s IPO stock plan, Professor Angel states “A lot of entrepreneurs are naturally hesitant when going into the public markets for the fist time, thinking unless they have 51 percent of the votes, they don’t have control.”
Professor Catherine Tinsley was quoted in a (10/30/2005) BusinessWeek Online article about the presence of role models for female MBA students. She said, “Women need to know that they can be women and still be incredibly successful,” and went on to explain that when she “first launched her career, she thought she had to be genderneutral in her behavior to succeed. When she realized what she was doing, she decided to liberate herself by recognizing her femininity.” Professor Tinsley is also working with Effat College in Saudi Arabia to design its curriculum. In a story featured on, she said “I’m delighted by this visit. Effat College is a pioneer for progress in Saudi Arabia. I’m impressed by the efforts of Effat College as well as the business community in JCCI and people of SAGIA.”

McDonough Business


intellectual capital
Richard America was invited
Pinkowitz Soule

Brooks Holtom received the 2005 Western

Academy of Management (WAM) Ascendant Scholar award. The award is given annually to assistant professors who are members of WAM and have shown promise in the areas of research, teaching and service. Professor and Director of Georgetown Business Ethics Institute George Brenkert was a panelist at “Chaos in the Public Square” presented by Harvard Business School Publishing Conference. The title of the panel was “It’s a Small World After All: The Impact of Global Standards on Corporate Speech.” Professor Catherine Langlois has been elected to a fouryear term on the council of the Peace Science Society (International). The Peace Science Society is a scientific association of individuals who develop and study theory and methods for the study of peace. “When Fully Informed States Make Good on the Threat of War,”a paper by Professor Catherine Langlois was accepted by the British Journal of Political Science. Langlois was also awarded a Fulbright Senior Specialist Award to conduct research and offer consulting services at Adolfo Ibanez University in Chile. She will consult with the Director of the Center of Global Management on how to improve curriculum design and activities for the recently created Masters in Marketing program.
James P. Moore, Jr. was chosen as this year’s honorary faculty member to the business honors society, Beta Gamma Sigma, by McDonough School of Business seniors who are a part of the organization. John Hasnas spoke at the Cato Institute Policy Forum on Deputizing Corporate Counsel as Agents of the Federal Government. He was part of a panel that included U.S. Attorney Timothy Lynch and Defense Attorney N. Richard Janis.

McDonough School of Business Professors Lee Pinkowitz and Ed Soule were awarded tenure and were promoted to associate professors. Associate Professor Edward Soule completed a study on ethics in the wake of recent corporate scandals entitled “Embedding Ethics in Business and Higher Education: From Leadership to Management Imperative.” This report was part of the Business Higher Education Forum ethics initiative, which developed a new method for embedding ethics into organizational culture. McDonough School of Business Professor Alan R. Andreasen was invited back to the editorial board of the Journal of Consumer Research and the Journal of Consumer Policy. Andreasen has been on the Journal of Consumer Policy editorial board since 1996 and the Journal of Consumer Research since 1987. Professor Alan Andreasen’s textbook Strategic Marketing for Nonprofit Organizations was translated in Japanese.

to discuss trends in professional management education in Africa at a conference in Ouagadougou, Burkina Faso. He visited management programs at universities in Burkina Faso, Niger, Benin and Togo in 2005. He is working with these universities to help them join the AACSB and begin the process of moving towards eventual accreditation at global standards. America was also invited by the World Bank/IFC, to speak at the launch of the African Business School Association in Accra, Ghana in March 2005.
Michael Czinkota provided testimony to the

World Trade Organization in Geneva on whether and how to include higher education in the services negotiations of the Doha Round. His testimony was entitled “Loosening the Shackles: The Future of Global Higher Education.” Czinkota also gave the keynote address at the 12th World Marketing Congress in Muenster, Germany, entitled “International Marketing and Terrorism: Managing the Unthinkable.” He was ranked 7th globally among leading international business professionals based on representation on editorial boards over a 12-year period by the Journal of International Business Studies. Czinkota was also named the 10 most prolific author in International Business by the Center for International Business Education and Research (CIBER) at Michigan State University. The list is compiled from works in International Business Journals from 1995 to 2005. Czinkota ranked third in the last study done for the period 1985-1994. Professor of Economics John W. Mayo was elected the 2005 President of the Transportation and Public Utilities Group of the American Economic Association in conjunction with the December 2004 American Economic Association meeting. Professor Kasra Ferdows was declared the winner of the Producation and Operations Management category in the 2005 BusinessWeek/European Case Awards for his case “Zara,” which was co-authored by Professor Jose A.D. Machuca and Professor Michael Lewis. Adjunct Professorial Lecturer Karen M. Becker, of Becker & Associates Consulting, Inc., was named as a finalist for the Ernst & Young Entrepreneur of the Year 2005 Award.

Professor Rivoli at the book signing.

International rights for the translation of Associate Professor Pietra Rivoli’s book, Travels of a T-Shirt in the Global Economy, have been sold for Dutch, German and Russian. It was also a finalist for the Financial Times Business Book of the Year Award. ABC Nightline and Chicago Public Radio have both aired segments based on the book. Rivoli’s book was presented at the Politics and Prose Bookstore in Washington, DC and in McShane Lounge on Georgetown’s campus as a Library Associates event.

Adjunct professor Michael G. Carberry was appointed as president of CARMA International, the Washington, DC based global media analysis firm. Credit Research Center Director Michael Staten co-authored a chapter in the book “Building Assets, Building Credit: Creating Wealth in LowIncome Communities.” This book was copublished by the Brookings Institution Press and the Joint Center for Housing Studies at Harvard University. Staten’s chapter is entitled “Accuracy in Credit Reporting.” The chapter examines the law and economics of credit reporting in the United States. It surveys the available evidence on credit report quality and focuses on the


McDonough Business

strengths and weaknesses of the U.S. regulatory system in promoting accuracy, timeliness and comprehensive content of consumer credit files. It identifies “problem” areas, assesses the likelihood that market-driven solutions will evolve and discusses whether regulatory solutions are feasible or needed.
Dr. Betsy Page Sigman was

specializes in Corporate Finance, Corporate Restructuring, Banking and Financial Institutions. His current research focuses on investment decisionmaking when a firm faces financial difficulties. He teaches Advanced Financial Management. Instructor Claudiu Dimofte with co-author Richard F. Yalch evaluated the impact of advertising slogans with multiple meanings on consumers. This research is the first to establish that consumers differ in their ability to process multiple meaning phrases, that this difference is separate and distinct from other linguistic abilities, and that it appears linked to working memory capacity differences. The research culminates in a new scale, SMAARTS, which assesses the ability to automatically process the secondary meanings of polysemous phrases. Professor Catherine Tinsley was named conflict management division chair by the Academy of Management and will serve for one year. The division chair acts as the Chief Executive Officer and manages all division activities. Tinsley will be responsible for the finances of the division as well. Assistant Professor Rebecca
Heino has co-authored the

Professor Thomas L. Brewer was invited by the European Commission to make a presentation in Brussels on the subject of business and government responses to climate change issues in the U.S. The audience of 200 included members of the European Parliament, officials of the Commission and industry representatives. Professor Douglas McCabe presented five papers at scholarly meetings in 2005: “Alternative Dispute Resolution and Employee Voice in Organizations: A Winning Strategy for Human Resource Management and Corporate Social Responsibility,” “Alternative Dispute Resolution in the Employment Relations Arena,” “Executive Pay and Managerial Compensation: The Linkage to Business Ethics,” “The Federal Sector Collective Bargaining and Mediation Environment: The Impediments to Productivity of the American Society for Competitiveness,” and “Strategic Dispute Resolution in the Nonunion Employment Relationship.” He was quoted by Voice of America News on the subject of “Corporate Ethics - Better or Worse than the Past.” McCabe also conducted the “Executive Certificate Program in Organization Management” for the Los Alamos Laboratory and a seminar for the National Association of Broadcasters’ Executive Development Program through the Office of Executive Education at the McDonough School of Business. He was appointed to the Advisory Board of the College Business Group of Houghton Mufflin and to the Federal Sector/Public Sector Industry Council of the Labor and Employment Relations Association. Professor Stanley Nollen was award a Fulbright Scholar grant to teach in Prague by the State Department and the William J. Fulbright Foreign Scholarship Board. Nollen teaches courses in international business and economics to MBA, Executive MBA and undergraduate students and focuses his research on technology transfer, exporting, foreign direct investment and trade policy liberalization. Previously, Nollen was a Fulbright Scholar Research Fellow in India. “I am pleased to recognize the contributions these faculty are making in their fields,” said Georgetown University President John J. DeGioia. “I look forward to their continued success as they work to foster mutual understanding between the United States and countries around the world.” Professor Patricia Hewlin spoke in Novenmber at the invitation-only 11th Annual Wharton Organizational Behavior Conference. The title of her lecture is “Wearing the Cloak: Antecedents and Consequences of Creating Facades of Conformity.”

awarded Hyperion Academic Alliance’s first-ever faculty training grant. Hyperion is the global leader in Business Performance Management software. Sigman said, “I am very excited about participating in this program with Hyperion. It will provide our OPIM majors a distinct advantage, enabling them to enter the work world with real experience in the latest Business Intelligence tools.” Adjunct Professor William T. Hemelt joined Wilson International Law as counsel. Helmelt specializes in tax planning, cross-border transactions and related compliance and reporting issues. Adjunct Professor Peter S. Watson has been elected to the board of directors of Fluor Corporation. Watson was formerly president and CEO of the Dwight Group, which supports global transactions. Fluor Corporation provides services on a global basis in the fields of engineering, procurement, construction and project management. Associate Professor Bardia Kamrad wrote “Innovation Diffusion Uncertainty, Advertising and Pricing Policies,” (with A. Saddique, S. Lele and R. Thomas), which appeared in The European Journal of Operational Research, (Vol. 164, pp. 829-850, 2005). He also wrote “Estimating Demand By Sales Information: Inaccuracies Encountered” with Ricardo Ernst and “Delivery Performance in Vendor Selection Decisions” with Keith Ord and Ricardo Ernst, which are both forthcoming in the The European Journal of Operational Research (2005). Kamrad was invited to the Olin School of Business at Washington University for the Risk Management Conference. His presentation was entitled, “Market Risk and Process Uncertainty in Production Operations.” Professor Reena Aggarwal was named to the Advisory Board of the International Journal of Effective Management. Assistant Professor Sandeep Dahiya won the Financial Management Association’s (FMA) Best Financial Institutions and Markets Paper from the 2004 FMA Annual Meeting Competitive Paper Awards. Dahiya’s co-authors, Sreedhar Bharath, Anthony Saunders and Anand Srinivasan were also honored. Professor Dahiya

paper, “Self-presentation in online personals: The role of anticipated future interaction, self-disclosure, and success in Internet dating” with Jennifer Gibbs (Rutgers University) and Nicole Ellison (Michigan State University). The study investigates self-disclosure in the novel context of online dating relationships. Using a national random sample of members, they tested a model of relational goals, self-disclosure and perceived success in online dating. This research extends existing theory on computermediated communication, self-disclosure and relational success to the increasingly important arena of mixed-mode relationships, in which participants move from mediated to face-to-face communication. Heino won the International Communication Association Best Paper Award for her paper, “Are We a Match: Choosing Partners in the Online Dating Market,” at the 2005 annual conference held in May. McDonough School of Business Professor Thomas Brewer launched a website for his project entitled “The Climate Change Budget Tracking and Analysis Project.” The research for this project began two years ago and has yielded two papers. A file of materials — “The Climate Change Budget Tracking and Analysis Project” — is available at ?Action=ViewPublications&NetID=brewert.

McDonough Business


Faculty in Focus

Ken Homa
Professor Homa’s classes, which MBA students sometimes call “Homa-cide”, include four electives: ■ Applied Marketing Management, is a quantitative-oriented course that uses marketing strategy simulations to elevate competitive drive and give students an opportunity to apply concepts. ■ Advanced Marketing Strategy, is a traditional case-based strategy course that empowers students with strategic analysis tools that can be applied to real life situations. ■ Price, Value and Profitability, the most recent addition to Professor Homa’s course sequence, combines economics, accounting, operations and marketing to provide students with a multidisciplinary analytical perspective. ■ Models of Profitability, is offered to MBA students just before graduation. Each year the course content changes to reflect “what’s hot” with thought-leading companies and consulting groups. Last year, the focus was on marketing ROI and CRM models. To support the courses, and to give McDonough alumni an online archive of material, Professor Homa developed and maintains, a website complete with concepts, models and analytical processes. Despite their well-publicized rigors, Professor Homa’s courses are usually filled to capacity. Roughly two out of every three students in the class of 2005 took at least one of Professor Homa’s elective classes, with almost one-third of the class taking three or more of them. More than the number of students who take his classes, Professor Homa is motivated by the quality of those students. “I’m fortunate that students who elect to take my courses are ‘the pick of the litter’…serious-minded students with a strong desire to succeed,” Homa said.

en Homa teaches four elective courses in the McDonough School of Business that are known for their fast pace and demanding requirements. In a nod to his challenging teaching style, he was featured in a 2004 New York Times article “Tough Love” as an “uncompromising teacher who takes his mission seriously and expects mountains of work.” Professor Homa, who has a cum laude undergraduate degree in economics from Princeton University and an MBA from the University of Chicago, where he was a lecturer in marketing and strategic planning for MBA and executive education courses, brings over twenty years of real-world experience to his classroom. “My ‘deal’ with students is that there will be lots of work — but there won’t be any ‘busy work’....students tend to ‘buy in’ because they know I’ve ‘been there, done that’ and that I genuinely want them to succeed,” said Homa. “My courses tend to reflect the pace, content and success factors that are typical in blue-chip business environments.” Prior to coming to the McDonough School, Homa worked as a systems consultant with Arthur Andersen, an econometrician for a capital goods manufacturer and an operations analyst for a major food retailer before joining McKinsey & Company as a management consultant specializing in consumer goods and marketing. After working at McKinsey, he was general manager of product marketing at GE’s Major Appliance Division, general manager of marketing for GE’s Housewares Business Group, and vice president of marketing for Black & Decker’s Household Products Group. At Black & Decker his responsibilities included transferring the equity of the General Electric brand and establishing Black & Decker as the leading brand of household products, and developing and deploying business systems worldwide, with particular emphasis on supply chain process reengineering.


“My courses tend to reflect the pace, content and success factors that are typical in blue-chip business environments.”
Ken Homa

In his nearly 10 years at the McDonough School of Business, Professor Homa has earned several teaching and service awards. The last five graduating MBA classes have honored him with the Ronald L. Smith Distinguished Service Award and he has been received the MBA’s Distinguished Teaching Award three times. Professor Homa was on the founding Boards of Sequoia Software and IQStat Media Metrics, and on the board of Sirva, Inc. — a Clayton Dubilier & Rice portfolio company. He is currently on the advisory board of Upper Quadrant, a marketing performance measurement company. Professor Homa and his wife Kathy live in Great Falls, Virginia and play in Annapolis, MD with their two dogs, Captain and Skipper. Both of Professor Homa’s sons, Jay and Scott, are McDonough graduates working in the DC area. Professor Homa says, “Teaching is my passion, and there’s no place I’d rather be doing it than at Georgetown.”


McDonough Business


What They Are and How Organizations can Manage Them
Brooks Holtom

Shocks as Causes of Turnover:
organizational; expected vs. unexpected; and positive, neutral and negative. Organizational shocks might include being passed over for promotion (a negative and unexpected event), the company being acquired (a neutral and expected occurrence) and having a major disagreement with the boss (a negative and unexpected incident). Examples of a positive, expected, personal shock might be adopting an infant. A negative, unexpected, personal event might be the loss of a loved one. Other events may be positive or negative depending on who experiences them and when. For instance, the transfer of a spouse to a new city, being elected a church officer or seeing a boss fired might be good or bad depending on the circumstances. Regardless of where the shock originates, if it results in the exit of a valued employee, it is likely to be costly to the company. That said, that not all turnover bad. If a company is losing “low performers,” it should be grateful. The primary focus of an employer should be to retain “high performers” by addressing both workplace dissatisfaction and precipitating events. If turnover occurs among the least effective employees, it is generally beneficial for the company. “Not all turnover is detrimental,” Holtom said. “If the non-performers are leaving, it can actually be quite good for the company.” For the study, more than 200 departing employees were interviewed and more than 1,000 survey responses were collected from diverse populations including nurses, accountants, international and local bankers, as well as government employees. To learn more about why their “good” employees may be leaving, the study recommends that organizations seek to understand the shocks their people experience by following a similar approach: ■ Conduct exit interviews and administer broad-based surveys on why current employees have considered leaving their organization, and why they have left other organizations in the past.

s our newly graduated students enjoy an improving job market, alumni that are leading organizations will most likely have to work harder to fight turnover. There is, however, new research that will help employers keep valued employees: more employees quit jobs in response to “shocking” events than they do because of accumulated job dissatisfaction. The research, “Shocks as Causes of Turnover: What They Are and How Organizations can Manage Them,” authored by Professor Brooks Holtom, can assist employers in changing the way they look at turnover in their corporations. After all, no one wants to lose good employees. Consequently, employers need to better understand the types of events—the “shocks” —that cause employees to ponder leaving. Simply trying to increase job satisfaction is not enough to prevent the avoidable. Involuntary turnover has both hard and soft costs to the organization. Costs include: ■ Recruiting costs for the backfill employee ■ Time for interviewing and selection of the replacement ■ Time needed for training the new employee ■ Loss of institutional knowledge ■ Loss of experienced customer support and ■ Loss of future leadership for the company One health care organization surveyed gave a conservative estimate that the turnover costs for them is between 3.4% and 5.8% of the overall annual operating budget for an entire medical center. This equates to a turnover cost of $17–$29 million on a $500 million base. “This study should change the way employers look at the causes of turnover. No one wants to lose their star employees, so employers need to be much more cognizant of what might cause an employee to consider quitting in the first place. Focusing solely on job satisfaction is not sufficient,” said Holtom. These “shocks” are identifiable events— some of which are predictable. “Shocks as Causes of Turnover” identifies three categories of shocks: personal vs.


Use the survey information to address organizational issues raised by incumbents and thereby increase the probability of their staying. This information can be used in developing recruiting and selection procedures to reduce the likelihood of hiring people with a high probability of leaving the organization. This information would also help managers anticipate when employee expectations might be violated (unexpected, organization-based shocks). Such events might include performance appraisal, salary decisions and promotion activities. However, the research found that only 14% of respondents mentioned money as a reason for leaving; 59% left due to an outside job offer. Managers should receive training to help coach their people throughout the year, as well as training on how to deliver this type of information so as to reduce the probability of their employees experiencing shocks. Additionally, such information should emphasize the importance of frequent communication between organizational leaders and employees. If communication lines are open, leaders can foresee potential shocks and be among the first to know when shocks do occur. This knowledge will give leaders more time to anticipate and respond to shocks. The paper was published in the fall issue of the University of Michigan’s Human Resources Management journal. “Shocks as Causes of Turnover: What They are and How Organizations can Manage Them,” was co-authored by Terence R. Mitchell of the University of Washington, Thomas W. Lee of the University of Washington and Edward J. Inderrieden of Marquette University.
McDonough Business 17

Dean Daly


Read about the new Dean, then check out his draft plan.
Q: Tell us a little about yourself. A: OK. I was born in Painesville, Ohio, a small town about 20 miles east of Cleveland. My parents were public school teachers. I went to Miami of Ohio for my undergraduate degree and to Northwestern for my graduate degrees, all of which were in economics. I’ve spent most of my career in academia with a few periods of service in the federal government. I’ve spent the last 12 years at the Stern School of Business at New York University. I have a wife, Barbara, two grown children and Cairn Terrier named Delilah. Q: What drew you to Georgetown? A: Several things. First, was my sense that it was capable of significant improvement, of a good school that could be even better, perhaps much better. Second, that a dean’s leadership would be a critical determinant of whether the School’s potential would be realized. Third, was the sincerity and dedication of the Georgetown community, starting with President DeGioia and extending through the alumni, faculty and staff. Finally, but crucially, was the availability of the financial and other resources of the magnitude that I believe are necessary to compete at the highest level of the business school business. Q: Now that you’re here, are you having any second thoughts? A: None. What I’ve seen has only reaffirmed my conviction of the tremendous potential of the McDonough School. The resources are in place. We have a great new building underway, a great deal of enthusiasm, a real commitment to progress. Now we have to “do it,” that is, to put in place those things that will allow us to realize these aspirations. Q: Tell us about “those things.” A: The business school business is highly competitive and is becoming more so every day. To successfully compete in such an environment, a school needs to have an identity, that is, a clear sense of its purpose of what it can do that is different from and better than what others can do. So at Georgetown, we need to clearly define what we are and what we are not, and to take those actions that are necessary to make our distinctive attributes a reality of our activities. And we need to make sure that the people vital to this realization are made aware of our distinctive qualities. Q: So how do you do such things? A: It’s one of those things that is simple in concept and difficult in practice. First, you develop a plan. Then you execute that plan. And you make sure the relevant people are made aware of what you’ve done. Q: Is that what your strategic planning task force has done? A: Yes, and on a fast track basis. We started in May, shortly after I was named dean. And we finished by January 1. The group involved alumni, faculty, students and staff and it focused on actions and steps, not talk or philosophizing. The steps that we need to take are described in this document and we are in the process of implementing them at this moment. Q: Aren’t you concerned that “Haste makes waste,” that such a far reaching planning process requires more time? A: I certainly don’t want to do anything thing in a haphazard or hasty manner. Frankly, however, I’m more concerned by the opposite phenomena that I often see in academic environments: endless discussions and inaction. We’ve been without a permanent dean for some time now and I believe the need for the actions we’ve outlined is reasonably urgent. Q: You keep using the term “business” in describing the environment in which you operate and your plans for the McDonough School. This may disturb some people, especially academics. Doesn’t this concern you? A: I don’t want to trouble anyone and I like to think of myself as a reasonably cultured and sophisticated person. However, the McDonough School is in a business, albeit a very special one, and we would be making a serious mistake to suppose otherwise. We have competitors—for students, faculty, staff, donors. We have revenues and costs. We need to think about pricing and productivity, about efficiency and morale. In other words, while we have a very special and important role to play, especially in the lives of our students, we face the same challenges as other organizations in other businesses. It is when a school loses sight of these realities and thinks of itself as “above” such mundane matters that they tend to get into trouble.

McDonough Business



Summary of Strategic Planning Task Force Dialogue
In an effort to keep our constituencies informed, included in this issue of the McDonough Business magazine is the latest (at press time) draft of the strategic plan for the School as recommended by the Dean and the Strategic Planning Task Force.
Final Discussion Draft
December 13, 2005
The goal of the McDonough School of Business (MSB hereafter) is to become, and to be widely recognized as, one of the premier business schools in the world. In order for the School to achieve this goal, we believe that significant changes are required. Our School exists in an environment in which the competition for students, faculty, staff and financial support is increasingly intense. If MSB is to advance among the hierarchy of leading business schools, it must develop a coherent vision of itself and its central activities as well as develop the actions needed to realize that vision. Our Task Force has been considering these issues at a series of meetings. In addition, we have surveyed programs at other leading universities and used focus groups and surveys to gather Georgetown student perspectives. Financial projections have been developed with representatives of the University. This draft document attempts to summarize the dialogues held to date and to make a series of action recommendations that we believe we must act on to achieve our vision for the School. These recommendations are rather general by necessity; in many cases additional deliberative bodies will be needed to bring final definition to the recommendations. The paper is organized along the topic areas contained in the Task Force’s original charge. The School needs to define itself in ways that are meaningful, distinctive, attractive to critical constituencies and plausible in the context of the School’s capabilities and resources. This definition should reflect the School’s competitive advantages and should focus on subject matter and educational processes.





During the recent past, the faculty has performed admirably under challenging circumstances and, in particular, resource constraints more serious than those confronted by most of our peer institutions. As noted in the 2003 Report, the faculty lacks the scholarly visibility of many other institutions.1 We believe that this is not coincidental but rather a direct result of several dimensions of the School’s operations (e.g. a relatively compressed salary structure). Resources should be devoted to remedying this situation through two primary avenues: (1) The recruitment of senior scholars who embrace the MSB and Georgetown cultures and (2) The devotion of resources to those activities (e.g. research support) that will encourage the development and retention of promising scholars on the MSB faculty. In addition, the reward system for faculty should recognize the variety of ways in which individual faculty may contribute to the School and move away from formulaic, “one size fits all” approaches (see also Governance below).

We believe our School should focus its educational activities around a small number of general themes that characterize the world now and in the future, for which we are preparing our students. These themes must be emphasized in our curriculum, educational processes, the orientations of our faculty, staff and students and the manner in which we portray ourselves to others. These themes are:
Globalization, reflecting the profound and

growing importance of business activities that take place across national boundaries and cultures.
Innovation, reflecting the rapid changes that

occur in the modern world and the importance of adapting to them in prompt and thoughtful ways.
Leadership, as a central element in personal and

organizational success in business and elsewhere. We also believe that the manner in which we seek to embody these themes throughout our programs and activities should be influenced by our association with Georgetown University and its location in a major urban center and national capital. In particular, our activities should reflect Georgetown’s historic commitment to the primacy of the student experience as the principal rationale for its activities and the acknowledgement of the centrality of ethical and spiritual dimensions of human behavior to educational experiences. We should rely on the other resources of the University in developing programs of the first rank and should develop programs that take advantage of the governmental and quasi-governmental institutions that play a dominant role in our community.

The size of the faculty should be increased in both number and scholarly distinction. Junior faculty should be recruited from the finest academic programs in the world and be provided support comparable to that of peer institutions, including mentoring by senior colleagues. Each academic area within the School should be encouraged to nominate outstanding senior scholars for appointment to the faculty. An appointments committee consisting of the Area Coordinators, the Dean of Faculty and the Dean should evaluate potential senior appointments. Development activities should emphasize the need for endowed professorships to attract and retain key faculty. Individual faculty should be given incentives and rewards to contribute to the School in ways that make best use of their particular talents. Faculty activities and performance should be made more transparent to students and colleagues.

MSB’s identity has become blurred over time, making it seem indistinct from many of its competitors. This has been caused both by the actions of other schools (e.g. the actual or claimed development of international business programs) as well as by events such as frequent turnover in the School’s leadership that have distracted it from such strategic issues.


McDonough Business

Elaine Romanelli, “A Premier, Distinguished Business School in the Nation’s Capital: Strategic Plan for the McDonough School of Business,” May 1, 2003.




MSB’s students are both highly qualified and diverse. They tend to have communitarian natures that make them a valuable resource in producing productive change at the institution. They are eager for such change and wish to play an active part in bringing it about. Actions should be taken to enhance the pride they take in the School and in themselves.

move across organizational boundaries within the School should be created. Underperforming areas should be critically evaluated.



Academic Programs
The School’s academic programs deserve thorough review in terms of both curricular content and delivery. The Undergraduate Program differs markedly from those in place at peer institutions. The MBA curriculum does not appear to reflect a conscious and consistent educational/intellectual perspective. In the process of reviewing these programs, care should be taken to distinguish between and skills or techniques and between material best transmitted through classroom activities and that better learned through out-of-class activities.

between such tracks and career choice and (c) increase the rigor of many core courses. It should also address the mechanisms through which high quality core teaching, teaching versatility and new course development can be rewarded and encouraged among faculty.


The identity and distinctive virtues of the School must be effectively and consistently communicated to those groups whose knowledge of them is vital to our interests. To achieve this, a substantial effort should be undertaken to learn more about these constituencies, their current perception of the McDonough School, how they were formed and how they might be changed.

Students’ opinions should be actively solicited and considered when policies that affect them are being evaluated. Particular efforts should be undertaken to build stronger alumni relationships among current and former students and between students in the School’s different degree programs. The School’s academic programs should not accept students who are deemed unlikely to make positive contributions to the educational process. Additional efforts should be made to identify and attract the most able students for all of the School’s programs.

Recommendations: Recommendations:
Additional task forces containing students and staff as well as faculty should be appointed to review and redesign the School’s Undergraduate and MBA curricula. These efforts should endeavor to bring fresh perspectives to the problem, survey programs at other institutions and, especially, incorporate the core characteristics described in Vision/Identity above into the McDonough School’s educational activities. The redesigned Undergraduate Program should more closely resemble those at other leading private universities. In particular, it should (a) have substantially increased intellectual rigor and quantitative content (b) involve more experiential, out of class learning experiences that take advantage of our location in Washington, D.C. (c) spread business administration courses throughout the four year curriculum instead of concentrating them in the last two years and (d) develop an orientation that will introduce students to the basic dimensions of business activity and create a sense of common endeavor among them during the first year of their Georgetown experience. Consideration should be given to developing courses for students in other Schools at Georgetown who wish an introduction to the world of business. These courses should be separate from those offered to McDonough School students. In addition to asking faculty to redesign courses and course content in a manner consistent with the School’s Vision/Identity above, the MBA task force should consider (a) reducing the size of the core curriculum and (b) providing guidance to second year students regarding coherent groups of courses (“tracks”) and the relationship The School needs to devote substantially more resources to the areas of communication and marketing. This effort should begin with the hiring of a seasoned professional at a high level (e.g. Associate Dean) who would be charged with rapidly developing a marketing plan for the School.

MSB is understaffed relative to any of its peer schools. Many critical administrative functions are either absent or severely under-funded. These conditions have contributed to considerable stress, highly uneven performances across administrative functions, inadequate communication and collaboration among them and, in many areas, discomfort with new ideas/methods. Personnel rarely move between organizations, further contributing to administrative silos. In addition, these conditions have required many faculty members to assume administrative functions for which they are not well prepared, diverting them from their primary tasks of teaching and research.

Development and Alumni Relations
MSB has had a relatively late start in the area of fundraising due both to its relatively brief history and to the University’s rather late start in fundraising activities. Many alumni have a deep attachment to the School and have been major contributors to it and several of its initiatives, especially the new building. As critical as these efforts have been, they can and must be improved upon.

The School needs to integrate the development activities more closely with its other operations activities by, for example, having individual faculty more deeply involved. Additional accountability and responsibility for these activities needs to be vested in the School and, especially, the Dean. More resources need to be devoted to building alumni relationships, especially among recent graduates in ways that they will view as beneficial, e.g. networking opportunities. In addition, the School will look to assigning staff responsibility for corporate and foundation relations.

The School’s administration needs to be reengineered and reorganized in a manner consistent with its strategic goals and with methods and approaches taught in its classrooms. The recruitment, retention and advancement of key personnel need to be based primarily on their ability to contribute to the School’s progress. A chief operating officer needs to be appointed and charged with creating high quality, coherence and consistency across administrative areas. A sense of shared mission and collaboration needs to be developed. Opportunities for talented staff to

McDonough Business



Centers and Institutes





The McDonough School is home to a number of research centers. Each of these enterprises utilizes some combination of the School’s physical, human and reputational capital. Each has been in existence for some time.

Each Center should be asked to prepare a plan for its future activities which makes clear the measurable benefits that its activities will bring to the School. Based in part on these plans, thorough reviews of the institutional benefits and costs of these enterprises should be conducted to assess whether they have fulfilled the mission for which they were originally designed and/or whether that mission remains a high priority of the School. To encourage this review, the Task Force recommends that each Center’s affiliation with the School be slated to expire on August 31, 2006 unless specific action is taken to reauthorize it for an additional, specific (rather than indefinite) period.

The new building slated for groundbreaking in 2006 promises to greatly expand the potential for the School. It is truly critical to the School’s future and it needs to be initiated and completed as soon as possible. In the interim, the School suffers from severe overcrowding with respect to the availability of both classrooms and offices.

Relationship with the University


Efforts should be made to ameliorate the School’s short-term space problems. The School’s understaffing as well as the projected growth of the School’s programs for fully employed professionals requires that it seriously consider acquiring additional space prior to the completion of the new structure. Exploratory efforts should be undertaken immediately.

The School and the University need to consider the ways in which they are organized and interact. While the instructional responsibilities of the Undergraduate Program are shared with the College, this is not true of the school’s graduate and executive education programs which are essentially self-contained. Other such professional degree programs at Georgetown (e.g. Law) report directly to the President and are characterized by the devolution of primary fiscal and managerial responsibility to the School.

A governance system that provides the School with the flexibility, incentives and financial capabilities that characterize its principal competitors should be instituted. The most common model for achieving this end is through the creation of a graduate school of business that has the same approximate degree of autonomy as the University’s other professional schools and by the institution of financial arrangements and controls that encourage both the School and University to behave efficiently.

School Governance
Many of the School’s main governance processes appear to have changed little from those in place when the School was a small fraction of its current size. They appear to be better suited to achieving internal consensus than to responding to external threats or opportunities of the highly competitive marketplace in which we exist. In addition, they differ substantially from those in place at our peer institutions. They need to be interpreted in a manner that provides the School’s leadership with additional flexibility and perspectives. Responsibility and accountability needs to be more clearly focused. The roles and responsibilities of Area Coordinators need to be strengthened.

Executive Education
The McDonough School currently delivers education for working executives in two principal formats: (a) in its IEMBA and MBA-EP and Executive Masters in Leadership degree programs and (b) in the form of non-degree short courses, virtually all of which are of the “custom” variety in the sense that each is designed for the needs of a particular client. The degree programs appear healthy and well received with substantial enrollments. The short course programs, while generating substantial revenue, have made little or no financial contribution to the School or University over the past five years, while absorbing some of the School’s most scarce instructional resources.

Metrics of Success
Any plan for change should also include information on how those involved can measure progress made in achieving its goals. In the case of the McDonough School there are a variety of such measures, most of them interrelated in some way. These include:

Meetings of Area Coordinators and of senior administrators should occur on a regular basis and they should concern school-wide issues, the exchange of information and the encouragement of collaboration. Area Coordinators should become an important source of information and advice to the Deans regarding group and individual performance within their areas. The Faculty Peer Review Committee recommendations should be treated as advisory in the merit review process.

The quality and number of applicants to the School’s educational programs. The quality of the institutions with whom we compete for students, faculty and other resources. Rankings by publications and other enterprises that compare business schools. The number and significance of the scholarly publications by the School’s faculty. The degree of participation, both financial and non-financial, we elicit from our friends and alumni.

The course structure of the IEMBA and MBA-EP programs should be reviewed as part of the curricular review of the full-time MBA program described above. New leadership for the area should be sought. That leader, together with other parties, should evaluate the program of short courses. If these courses cannot be offered in a manner that generates significant positive financial returns to the School they should be discontinued.


McDonough Business

The New Capital for
By Alan Dessoff

Capital Market Firms


hen people in Washington talk about capital markets, they usually are referring to places like Dean & Deluca on M Street in Georgetown or the Sunday flea market on the Hardy School playground, across from the “social Safeway” on Wisconsin Avenue. These days, however, capital markets have another meaning in Washington. Political capital has become something of a financial capital as well, a hotbed of sorts of capital markets firms and specialty finance enterprises that are growing rapidly and adding another perspective to the local business climate. “There is a growing recognition that you don’t have to be in New York to provide creative financial solutions,” says Patrick M. Steel (IEMBA’00), managing director of investment banking at Friedman Billings Ramsey (FBR), the largest of the capital markets firms in the area. “You need to understand businesses, recognize opportunities and deliver solutions to your clients so they can achieve their goals.” FBR and the other firms are attracting substantial numbers of Georgetown alumni, many with MBAs from the McDonough School and others from the Law Center and the College. FBR counts 18 Georgetown graduates among its more than 750 employees, Steel reports. In addition to what Steel calls “a highly educated and talented employment base,” several other factors are driving Washington’s emergence as a center for financial firms. “The mid-Atlantic area, particularly the Washington area, has terrific demographic trends and great prospects for growth in and of itself, so it’s naturally going to attract a lot of businesses to the area, and the financial

firms follow,” says Michael Grisius (B’85), a managing director in the private finance investment group at Allied Capital Corporation. Proximity to federal agencies is important to some firms. FBR cites that as a “distinct advantage,” enabling it to provide clients “a unique perspective on legislative and regulatory actions that have far-ranging impact on business and investment decisions.” Many FBR employees have worked on Capitol Hill, in regulatory agencies or for Washington-based industry groups. A Washington Policy Analysis Group provides a regulatory and legislative overlay to the firm’s analyses of companies and sectors. “Being close to the decision-making process of the government has some real benefits in terms of understanding the direction of the economy,” Steel says. Michael R. McDonnell (B’86), executive vice president and chief financial officer of MCG Capital Corporation, says the economy itself, as much as anything else, is responsible for the growth of capital markets firms in Washington. “The economy is relatively strong and has been for an extended period. Even though interest rates are going up, they’re

Michael Grisius (B’85) managing director, Allied Capital

“The mid-Atlantic area, particularly the Washington area, has terrific demographic trends and great prospects for growth in and of itself.”
Michael Grisius (B’85)

Patrick M. Steel (IEMBA’00), managing director, FBR

McDonough Business


still pretty favorable. There’s an abundance of capital moving around and the marketplace for financial services businesses is extremely good. It’s a good environment for investing money, lending money and borrowing money,” explains McDonnell, whose firm employs seven Georgetown graduates. “People don’t realize all the activity that is going on in this area on the private equity side and the investment banking side,” adds Michael Blank (MBA’03), an associate in equity research at FBR. “Washington is no longer just government. There are more nongovernment jobs in this market than government jobs, and that’s spawning all sorts of industries. Finance is coupled with a lot of that activity. As other sectors grow, they are going to need supporting services, and banking is one of them.” “I don’t think it’s just that this is an amazing area for specialty finance companies. I think it’s more that a lot of opportunities have been created,” asserts Demetrios Diavatis (MBA’97), a senior vice president in institutional sales at FBR. Greg Bowie (MBA’03), an associate at Gladstone Capital, which invests in smalland medium-size private businesses, suggests that the continuing development of technology businesses in the area is one of the opportunities that support the emergence of the capital markets firms. “People started spinning out, forming their own businesses. It’s one of the reasons venture capital came here, following the entrepreneurs,” Bowie says. Several Georgetown alumni at financial firms in the area say the local lifestyle is a prime reason the firms have developed and succeeded here. “It’s very attractive relative to New York and other

places. The Washington area has a good deal of financial sophistication and is a desirable place to live. The quality of life is so good here that FBR has found it pretty easy to attract and retain good people,” says Patrick J. Keeley (B’70), group head and managing director of energy investment banking at the firm. “While Washington is not an insignificant city by any stretch, it’s still not New York. More people are finding that from a quality of life perspective, they would like to live in a place like this and maybe enjoy a shorter commute and more flexible lifestyle than they might in a larger city,” adds McDonnell. “It’s a nice place to live. If we can solve some of the traffic issues, it’s going to be even nicer,” declares Scott Bryant (MBA’03), senior associate in the merchant banking group at FBR. Whatever their market niches and their reasons for locating in the Washington area in the first place, the financial firms seem to be thriving, led by FBR. Founded in 1989 by three entrepreneurs with an initial investment of $1 million, FBR is the only major investment bank formed in the last 30 years and one of the nation’s most rapidly growing capital market firms. Now a top ten investment bank with a national franchise, it has one of the strongest equities distribution capabilities in the securities in industry and tallied $1.1 billion in total revenues in 2004. The firm reported a market capitalization of approximately $2 billion at the end of April 2005 and a strong and highly liquid balance sheet. At the close of 2004, FBR had shareholders’ equity of $1.6 billion and assets of $12.9 billion. Its firm-wide

revenue has grown at a compound annual rate of 36% since 1992. In 2004, the firm earned an industry-leading 22.3% return on shareholders’ equity with an after-tax net profit margin of 39.4%. FBR is structured as a real estate investment trust (REIT) with taxable subsidiaries that conduct investment banking, institutional brokerage and asset management businesses. The firm also invests for the benefit of its shareholders in a portfolio of REIT-qualified mortgage-backed assets valued at year end 2004 at approximately $11.7 billion, as well as in a portfolio of merchant banking and other long-term assets with a value of $442 million. FBR claims the foundation of its success is a thorough commitment to highly differentiated fundamental research and analysis. During a time of research cutbacks for much of the investment banking industry, FBR has been steadily building its research team, which now exceeds 130 persons who follow more than 595 companies. It expected to extend research coverage to 670 companies by the end of 2005. Unlike relative newcomer FBR, Allied Capital (NYSE: ALD) is one of the Washington area’s oldest financial firms, headquartered in the city since its founding in 1958. As one of the country’s leading business development companies (BDCs), a designation created by Congress to encourage the flow of public capital to small- and middle-market companies, Allied Capital has financed thousands of such businesses nationwide. “We view ourselves more like a private equity firm,” says Grisius. “We invest in private companies as owners and we lend to private companies. To the extent that we are lenders and providing debt capital,


McDonough Business

we play in the capital markets. We ourselves access those markets to raise equity capital as well as debt for our own balance sheet. So in that respect, Allied doesn’t fit neatly into any one box.” Grisius notes that while most private equity firms are established as private partnerships, Allied Capital’s status as a public firm since 1960 makes it unique. “It gives us some advantages competing in the marketplace,” Grisius says. “It means that we have permanent capital and a substantial equity base. Our market cap is just under $4 billion at this point. Also, we have a lower cost of capital than most of our competitors. Because we are public, we have good access to the equity markets. We can leverage our fund, which brings our cost of capital down even further.” With a staff of about 150, including a handful of other Georgetown alumni, Allied Capital is one of the most profitable companies on the New York Stock Exchange on a per-person basis, Grisius says. He notes that other firms, like MCG, are modeled on a similar structure. MCG has its roots in the banking industry. Its business originally was the media communications group division of Signet Bank, based in Richmond, Va. Its parent, Signet Banking Corporation, was acquired by First Union Corporation in 1997 and First Union changed its name to Wachovia Corporation in 2001 following a merger of the two. MCG was formed by management and affiliates of Goldman, Sachs & Co. to purchase a loan portfolio and certain other assets from First Union National Bank in a management buyout. MCG became a publicly traded company in 2001. Now MCG is a specialty financial services firm and leading BDC that supports the growth and value creation strategies of small- to mid-sized companies primarily in the communications, information services and technologies industries. Since 1990, it has delivered value for financial sponsors and operators in more than 415 diversified financings representing cumulative

investments in excess of $4 billion. Fiftythree percent of its customers have completed two or more transactions with the firm and 24% have completed at least three transactions. Other capital markets firms in the Washington area with Georgetown graduates include American Capital Strategies, Ltd., a publicly traded buyout and mezzanine fund; and CapitalSource, which provides senior loans to small- and mid-sized businesses through a variety of financing products. John K. Delaney (L’88), co-founder, chairman and CEO of CapitalSource, was the keynote speaker at McDonough School’s MBA “Careers Extravaganza” last September. He serves on the Board of Visitors at Georgetown Law Center and the Georgetown Board of Regents. At all the financial firms, Georgetown alumni cite the career benefits they gained from their student experiences. Bowie at Gladstone Capital, who previously was a Navy pilot, says Georgetown helped him “shift gears professionally” when he entered the business world, initially at Citigroup in New York. “It gave me the credibility and connections to get a job at a big firm, and then the connections to come down here, which is what I always wanted to do,” Bowie says. “Georgetown is a huge part of who I am,” says McDonnell. “I feel that I got an outstanding education there. I learned how to think and reason things through logically. Also, it’s one of the greatest universities in the world and it carries a tremendous reputation that has opened a lot of doors for me in business that otherwise might not have opened.” McDonnell adds that as a studentathlete (he played football), “I learned a lot of valuable lessons about teamwork that have carried over to business,” he says. Further, he met his wife on the Hilltop. “Without Georgetown, my life would be extremely different and nowhere near as good as it is. It was a great experience for me and one that I continue to value every day,” McDonnell concludes.

“Without Georgetown, my life would be extremely different and nowhere near as good as it is. It was a great experience for me and one that I continue to value every day.”
Michael McDonnel (B’86)

McDonough Business


corporate profile
Fourth in a series of articles highlighting significant collaboration between the McDonough School of Business and its corporate partners.

Friedman Billings Ramsey
Friedman Billings Ramsey (FBR) was founded in 1989 when Emanuel J. Friedman, Eric F. Billings and W. Russell Ramsey borrowed $1 million and, with 15 other employees, set up shop as a research and securities trading firm specializing in the finance and real estate sectors. It has become one of the most successful startups in the securities industry in the last half century. Today, FBR is a publicly held company with a market capitalization of approximately $2 billion at the end of April 2005 and total annual revenues in 2004 of $1.1 billion. It regularly ranks among the top ten investment banks in terms of the dollar value of U.S. public equity underwritings. As a firm, FBR also takes pride in being responsible corporate citizens. Beyond donating to charitable organizations, FBR supports and encourages its employees to participate in community programs. Education for disadvantaged and at-risk children is the main focus of the FBR Charitable Foundation, says Richard Walker, vice president of corporate giving.

Located in Arlington, Va., FBR has various connections with Georgetown and the McDonough School. “I can look out my window at the Car Barn where the MBAs are being educated,” says Patrick Steel (IEMBA’00), FBR’s managing director of investment banking. FBR employs 18 Georgetown graduates full-time. “Without a doubt, it’s the largest concentration of graduates that we have from any single academic institution,” Steel says. The relationship between FBR and McDonough provides “considerable mutual benefits,” Steel says. For FBR, “there is this terrific source of talented business undergrads and MBAs who are being

Eric Billings of FBR presents a gift of $25,000 to McDonough’s Capital Markets Research Center.


McDonough Business

educated just blocks away.” He notes that the firm has grown probably 100% in the last four years and “to meet the demand of that growth, we need to tap into more of the local talent here in Washington.” Meanwhile, FBR offers benefits to McDonough students through “the kind of deep capital markets knowledge and experience that our employees have,” says Steel. “We are pleased to be able to provide some of that experience and knowledge to students who have an interest in a career in the capital markets.” FBR underscored its relationship with the McDonough School in July when Eric Billings, one of the firm’s founders, presented a financial gift of $25,000 from the FBR Charitable Foundation to the School’s Capital Markets Research Center. It was accepted by Dean George Daly; David Walker, outgoing director of the CMRC; and Lynn Doran, the new director. “Georgetown is so close to us and a lot of our philanthropy is driven by our employees and their interests, so this made a lot of sense to us,” says FBR’s Richard Walker. He adds that “the Capital Markets Research Center is right up our alley. It couldn’t fit our corporate profile better.” The gift “supports the fact that FBR is absolutely committed to growing the relationship with the McDonough School of Business,” says Steel, who has been appointed to the CMRC’s Board of Advisors.

“I’ve always felt that Georgetown’s focus as a university has been on teaching and interaction with students. I had countless wonderful experiences with professors throughout the time I was there. They had real world business experience and were incredibly thoughtful and instructive people. To me, that was the most valuable part of my experience at the McDonough School.”
Patrick Steel (IEMBA’00)

“The School’s curriculum was tough and the environment was very demanding, just like working in an investment bank. But the big thing was teamwork. The classes had a lot of diversity, with students from different countries and with different educational and professional backgrounds. You had to work with people with different styles in teams under tight deadlines. Getting practice doing that was really valuable.”
Scott Cottrell (MBA’03)

Associate Research Analyst

Managing Director, Investment Banking

“The biggest thing for me at the McDonough School was working in a team environment, because everything I do here is pulling together teams, like a research analyst and a client or a group of bankers and a client or a partner and a new account we’re trying to break into. It’s a team-based approach.”
Demetrios Diavatis (MBA’97)

“The investment banking curriculum within the finance curriculum was extremely strong and it has served me well for what I have done since coming out of school. Also, the strategy classes and the strategy curriculum supported very well looking beyond the numbers to focus on what the real business is.”
Scott Bryant (MBA’03)

Senior Associate, Merchant Banking Group “There are a couple of things I got from the McDonough School. One is the networking that helped me get this job and helped me grow. There also was the close teamwork atmosphere, working in multicultural groups and taking that experience outward.”
Michael Blank (MBA’03)

Senior Vice President, Institutional Sales

“It was a relatively small school, which facilitated access to faculty. The business school had a very good faculty, and I assume it still does today. The small class size, the interesting subject matter and the programs that were made available to business students locally were all very attractive.”
Patrick J. Keeley (B’70)

Associate, Equity Research

Group Head and Managing Director, Energy Investment Banking

McDonough Business


Tropaia Awards
Georgetown University’s McDonough School of Business recently announced the faculty award winners from the School’s 2005 Tropaia Exercises. Tropaia is a Greek word that refers to a monument in honor of a military victory; the School uses “tropaia” as trophy or award in regards to the Exercises.
This year’s winners include:

Professor Finalist for Outstanding Faculty Award
Sandeep Dahiya was one of four finalists for the 2005 Dorothy Brown Outstanding faculty award chosen by the students of Georgetown.

Faculty research Award —

George Houston Classroom
Many alumni have stepped forward with contributions to the new McDonough facility to name a classroom in honor of George Houston. Additional funds at all levels are needed to complete the funding for the one million dollar tiered classroom that will bare Houston’s name. To discuss your interest in honoring George Houston, or other naming opportunities, contact Michael Boyd, Director of Development, in the Office of Alumni and University Relations at (202) 687-4104 or email at To make a gift, see enclosed envelope or go online to and select the McDonough School of Business, Business School Facilities designation.

Professor Catherine Tinsley

Joseph F. LeMoine Award for Undergraduate and Graduate Teaching Excellence—
Professor Bardia Kamrad

Dean’s Distinguished Service Award—
Professor David A. Walker

Peter W. Gonzalez, Jr., Award in Adjunct Faculty Teaching— Professor Kevin Welber

Professor Tinsley studies how factors such as culture, reputations, negotiator mobility, and perceptions of fairness influence how people negotiate and how they manage conflict. Professor Kamrad specializes in (real) options pricing and risk management issues in operations. Professor Walker specializes in global financial markets and institutions, applied microeconomics and applied econometrics.
Professor William Droms welcomes the families, students and faculty present at the Tropaia Exercises.

Professor Sandeep Dahiya stands with other Dorothy Brown Outstanding Faculty award nominees

Faculty and Dean’s Fellows Named
Citing outstanding scholarship and contributions, Georgetown University’s McDonough School of Business’s interim Dean Reena Aggarwal was named new Dean’s Fellows. In recognition of outstanding scholarship, teaching and service, Associate Professor Paul Almeida was named Ann and Thomas Stallkamp Faculty Fellow and Professor Bob Bies was named Joseph S. Sebes, S. J. Faculty Fellow. Professor Almeida’s expertise is in the area of strategic management, with a focus on technology and international business. Professor Bies specializes in organizational behavior and leadership. For their significant scholarly contributions, Professors Allan Eberhart, Patti Fairfield, Bardia Kamrad, Cathy Tinsely, Teri Yohn, Rohan Williamson and Lee Pinkowitz were named Dean’s Fellows. Each fellowship lasts for two years.

To learn more about the facility, go to

Faculty look on as students are honored with Tropaia awards.


McDonough Business

alumni connections*
Benefits and Services for McDonough School of Business Alumni
Online Job Postings MBA & IEMBA Alumni Groups

The MBA/IEMBA alumni job board is for McDonough MBA and IEMBA alumni. For more information, visit the MBA and IEMB Alumni website. Other online job postings are also available through MonsterTrak,’s executive site,, ExecuNet and Degree Hunter.
Wall Street Alliance Online Community

McDonough MBA and IEMBA alumni groups have been established across the United States and overseas with a focus on networking functions, including relationships with alumni from other business schools.
University Alumni Clubs

Visit hoyasonline and update your contact information, access email forwarding, search the alumni career network and more!
Alumni Career Services
Career Advice From hoyasonline Career Network Members

Create and participate in networking opportunities for financial professionals and graduating students. Contact the Wall Street Alliance at (212) 074-0884.
Entertainment and Media Alliance

Forty-seven Georgetown University alumni clubs exist worldwide. The clubs serve as an excellent way to meet other university alumni and offer a variety of activities of particular interest to McDonough School alumni.
University Alumni Special Services

Search all Georgetown University alumni and talk with alumni who have agreed to offer advice in selected career fields. You may also do an Advanced Search by class and employer.
Career Tools
Available to Career Network members (All MBA/IEMBA alumni are members)

Founded by McDonough School alumnus Richard L. Battista (B’89), GEMA fosters and supports career development for alumni and current students within the media and entertainment communities.
Alumni Clubs Career Programs

The University Alumni Association’s special services include an alumni credit card through MBNA, alumni travel opportunities worldwide and low-cost life and medical insurance.

Wanted: Writers
McDonough Business feature stories are open to freelance writers. The common denominator for our articles is that they feature interesting people in the McDonough School community doing remarkable work. Our stories focus on alumni, faculty or students of the McDonough School of Business. We are interested in a broad spectrum of activity in and beyond Georgetown University, including stories that focus on the research, scholarship and creativity currently being done by faculty and students in the McDonough School as well as the business ventures, philanthropic contributions and success stories of alumni in the workforce. If you have a story to pitch, please send a brief query to Tell us who you are and what kind of article you would like to write.

The Georgetown University alumni clubs offer career-related programs, such as workshops and panel discussions featuring alumni who have made career transitions.
MBA & IEMBA Class Programs

Access premium research databases, an exclusive Web search engine covering more than 100,000 company job sites and useful tips on conducting an effective job search. Enjoy a special relationship between Georgetown alumni and Lee Hecht Harrison, located in 50 states and 20 countries. To join, go to hoyasonline and select Alumni Career Services.
Global Workplace

Class officers prepare electronic newsletters, and help in reunion organizing and the school’s fundraising efforts. Volunteers are being sought for all classes. Contact Robert P. Johnson at (202) 687-3738 or
Class Reunions

An international career management and development platform for alumni of the world’s top 50 business schools. Join and search a database of international jobs, access salary surveys and discover tips on finding a job in the world’s key employment markets.

Reunion weekend was established to celebrate the 5-year anniversary of classes each June. Reunion 2005 runs from June 2, 3, 4, 2006. Undergraduate alumni should contact Matthew T. Lambert at (202) 687-4336 or MBA and IEMBA alumni should contact Robert P. Johnson at (202) 687-3738 or

* *
McDonough Business 29

alumninotes undergraduate
Alumni Notes are accepted on a firstcome, first-served basis because of space constraints. MBA and IEMBA alumni should send notes via email to the class correspondent indicated. Otherwise, email your notes to, or send them to Editor, McDonough Business, Georgetown University, 206 Old North, Washington, D.C., 20057, or fax them to (202) 687-2017. We do not accept engagement or pre-birth announcements. Posting notes on hoyasonline is another option. Go to and click on “My Information” in the upper left corner.

Richard E. Wagman, chair of the


Beatriz (Menedez) Tadie and Patrick Tadie (’85) are proud to

board and chief executive officer of G.A. & F.C. Wagman, Inc., has been elected 2004 – 05 chair of the American Road & Transportation Builders Association.

After a twenty eight year career with Ernst & Young, LLP, Mark Quinn has recently joined McGladrey & Pullen, LLP where he will be leading the audit practice for the Massachusetts offices.

‘77 ‘79

Doreen Amorosa, director of Talent Acquisition at Avaya, led a workshop at the National Association of Colleges & Employers on recruitment metrics. Ayava was ranked by The Wall Street Journal as a top employer for MBA students and was also on the 2005 Universum Communications “Top 100 Employers” list. She also helped improve Avaya’s rank as a desired employer on by ten percentage points over one year.

announce that their daughter, Christine Maria, has accepted a spot in Georgetown University’s class of 2009. She will be enrolled in the School of Foreign Service. Patrick was recently promoted to managing director in The Bank of New York’s Structured Finance Division. He manages approximately 400 professionals in locations worldwide. Patrick recently wrote an article that was published in the July edition of International Finance Law Review entitled, “Trustees and Technology in Securitization,” concerning the role technology plays in the capital markets. Beatriz and Patrick live in Princeton, NJ with Christine and their two other children, James and Elizabeth.

Christian Michael Knaebel has recently settled into Cologne, Germany and has joined a leading German advertising agency as a managing partner. He is still involved with a couple of projects in the German and international media scene, namely cable television and digital television programming. He would like to stay in touch with GU alumni and welcomes any visitor to town.



Kenneth Alberto Coto writes: “A

Carol Hartigan Prince and her husband John are delighted to announce the Aug. 30, 2004 birth of their son, James William, joining two year-old brother Jack. Carol is VP of marketing and business development with RR Donnelley.


lot has changed over the last 18 months. After courting Katrina Gonzalez (CAS’94) for a long time, she finally cracked in July 2001 while we were both living in New York City. A couple of years thereafter, we got engaged and moved home to Miami in early 2004. I’m now working with Merrill Lynch in private banking and Katrina remained with American Express and does her New York job virtually from Miami. We just bought and renovated a home, so you’re all welcome in sunny South Florida.”
Mary Roberts Feichthaler and her husband Eric Feichthaler (Law’97) have had an exciting six months. Their son Eric Paul Feichthaler, Jr. was born at Healthpark Hospital in Ft. Meyers, Florida, on October 25th 2004, at 10:02 pm. He weighted in at seven pounds, two ounces and is twenty inches long. Eric, Sr. became a partner at the law firm of Adams, Feichthaler and Brinson LLP on March 1, 2005 and was also elected mayor of Cape Coral, Florida on April 5, 2005. Eric has become the second youngest person to become mayor of Florida’s third largest city. He took office in April for four years. Mary


Cynthia Yochum Fessick gave


birth to her first child, Andrew John, on May 19, 2003. She is taking time out of her career to be a stay at home mom and has continued her athletic pursuits: she is in the Women’s Club Championship at Rivercrest Golf Club.

Vittorio Marcello Corbo and his


Dean Sperantsas, an investment

analyst and securities arbitrator with the National Association of Securities Dealers, has eared the prestigious Chartered Financial Analyst designation.

wife Francisca would like to announce the birth of their third child. Vittorio hopes to spend more quality time with his three children, Isabella, Vittorio and Grazia, and his wife. He has been working independently for the past two years, developing commercial real estate projects in transit areas. He has also been working as a consultant and as a director in a few mid-sized companies.


McDonough Business

opened her own CPA firm specializing in corporate taxation in May 2005.
Jesse L. Saglio married Tara Lynn Karpinski of Mattituck, NY on April 23rd, 2005 in a small ceremony in Aqubog, NY. Pete Cyr (SBA’94) served as his best man. They honeymooned in Tahiti. Shortly thereafter, he joined Evercore Partners in the M&A group after seven years at Lazard.

A Passion for Business
Steve Paluszek (B’79) was drawn to business at a young age. Whether riding to deliver papers on his paper routes or painting houses, he found the concept of entrepreneurial independence and financial rewards of business intriguing. So when his father, John Paluszek, encouraged him to take advantage of the DC location and reputation of Georgetown, he visited the school and promptly fell in love. “Fortunately, I was accepted,” Paluszek joked. Paluszek’s undergraduate years at McDonough read like a who’s who of the Georgetown Community. Paluszek lived down the hall (second floor of New North) from current Georgetown President John DeGioia and took classes from George Houston (see Bellwether feature, inside back cover). “George Houston had such a passion for teaching and accounting,” said Paluszek. “It felt so good to be in his class, and I appreciate my time with him. He is a wonderful advocate for Georgetown University.” At Georgetown, Paluszek came to understand how fortunate he was to be surrounded by a community of leaders which provided for significant personal growth. Spiritually, “the Jesuits affected me in a way that I had a much better understanding about life, respecting others and helping those less fortunate. That is something I try to remember and practice each day of my life.” Paluszek’s relationship with Georgetown is not just a fond memory. The Jean and John Paluszek Scholarship was established in honor of his parents with the goal of providing assistance to students who otherwise might not be able to attend Georgetown — currently three students are recipients of this scholarship. He is involved in the development of the McDonough School community in his position as co-chair of the Wall Street Alliance and as a member of the Board of Regents. The Wall Street Alliance has established a scholarship fund that currently assists ten students each year in attending Georgetown. He also participated in the Board of Governors and chaired the Annual fund in the past. “We must always do more,” Paluszek said. “Respect and help others, and being passionate about what you do — your family, your work and Georgetown.” He is currently a partner at PRB Investors LP, a hedge fund company that focuses primarily on small and mid-sized banking companies. Paluszek earned his MBA from NYU’s Stern School of Business.


Laurie Ann Berenson writes: “In

addition to being “mom” to Caitlin, I’m now my own boss! I’m running a home-based résuméwriting business, Sterling Career Concepts. We’re also expecting our second child this December.”


Garth Arevalo has moved from

Los Angeles to Tampa with the Air Force. His new position takes him to the Middle East 50-70 percent of the year. He is responsible for a team of contracting officers who negotiate business arrangement to support the troops in the region. He says, “it’s great doing something you believe in!”
Natalie W. Barthe is still enjoying

life in New York City. Recently, she temporarily retired from Morgan Stanley and gave birth to twin boys, Brian and Benjamin, in July 2005. Husband Brett is a partner at BBR Partners, an asset management firm in New York City.
Dale C. George is still living in

Maryland. His wife recently gave birth to their son Ethan in March 2005. He hopes that all are well, especially the Wild Things from Village C East.
Ryan Anthony Kuder is currently

working as a product manager for eBay, managing global content management systems. He and his wife Amanda live in San Jose with their two kids, Ashley (3?) and Jack (4 months). Ryan is training to run the San Francisco Marathon in October and is a mentor for the Leukemia and Lymphoma Society’s Team in Training program.

McDonough Business 31

alumninotes undergraduate
Ronald Gordon Rosier gave birth

to her second child, Noah Gordon, on December 24, 2004. Now with two kids under two years old they are pretty busy.
Gabriel Rabinovici and his wife Pamela Friedland Rabinovici would like to announce the birth of their son Henry Alexander on July 22, 2005 in their current residence of Geneva, Switzerland.


among the groomsmen. Both of the groom’s parents graduated from Georgetown, Patricia Sagurton Machir (C’74) and Edward Machir (’74). Patrick is a candidate for an MBA at Penn’s Wharton School and is in his second year. He previously worked for five years on Wall Street at Bear Stearns. His wife, Katie, works as a regional director of undergraduate admissions at Penn.
Robert Alan Cimperman and Erika Jones-Trujillo (B’99) were

Jelena Bosanac decided after

working in New York for three years, it was time to move back to Europe to be closer to home. She is currently working as a Currency Option Trader at Lehman Brothers in London.


Rupali K. Patel is a 2005

rotations, three in L.A., one with a non-profit, and three others either domestic or international. Each rotation is in a different department. Currently, he is in the Office Services/Leasing Rotation, working on such project as business continuity (disaster recovery), IT infrastructure evaluation, leasing, and the company’s internship program.
Dan Gargan was drafted to the

Patrick Joseph Ball is a second

graduate of GW Law School and is living/working in Philadelphia. He says, “if you’re coming through, I’ll buy you a cheese steak!”
Roger B. Gill is working at Merrill Lynch in New York. He has moved into Equity Sales back in April, putting together trading ideas for institutional clients.

year full-time MBA student at the University of Michigan, Ann Arbor. After seven years in private sector finance, he is using his MBA to transition into international development with a focus on finance. In the last three years, he has worked in microfinance and small business financial consulting in Nigeria, Poland, Romania, Armenia and the Palestinian Territories.


Jamie Kraska received her MBA

from the University of Chicago Graduate School of Business in June 2004.
Wesley Alan Russell is currently a

married on June 21, 2003. They live in Fairfax, VA where Rob is a director at an IT consulting company, ExcelaCom, and Erika develops multimedia learning software at IBM for federal government clients. Rob completed a Masters of Science in the Management of IT at University of Virginia in 2005. He also started a software company that created a software testing product called Screen Scavenger, available at Rob is in the exploratory phase of launching another venture to provide cobranded mobile phone features through non-profits and other affinity organizations.

Colorado Rapids as the 43rd pick in the Major League Soccer Draft. He was featured in a Senior Profile in The Hoya, where he said he hopes to play European soccer and eventually use his marketing degree to design commercials for athletic companies.

‘03 ‘05

Gillian Hearst-Shaw has

launched her clothing line, AnGil. She is responsible for business and marketing, while her partner handles creativity.

Interested in contributing to the new McDonough facility? Go to the Dividends section of the magazine on page 28 to find more information.

Mitch Fox is currently interning in

second year medical student at Washington University in St. Louis.
Christina Zaloum now works at

‘00 ‘01

Nicole Renee (Roach) Bolisay

IBM Corp. in the Mergers & Acquisitions group after completing her MBA at Columbia in 2004.

was married in April 2004 and lives and works in Los Angeles. She currently works for McKinsey & Company and loves it!

Frankfurt, Germany with Monitor Group, a management strategy consulting firm. He’ll join the firm full time in San Francisco in September. He is working on a strategy update for a major European health care company
Michelle Smith works in D.C. as a dispute associate for Deloitte Financial Advisory Services. She’s particularly interested in anti-moneylaundering programs, and her most recent project involved reviewing one company’s compliance with those laws prior to being purchased by another company. Vlad Vojnovic works in L.A. with American Funds in the company’s Global Rotation Program. He begins with seven four-month

Patrick Machir was married on August 6, 2005 to Catherine (Katie) Herbst in New Vernon, N.J. His brother, Tim Machir (C’05), served as Best Man and Paul Quinlan, Tim Fitzsimmons and John McBride, all ’99 grads, were


Emily (Main) Ballard and

Michael Ballard (C’00) announced the birth of their first child, William Francis, on Sept. 29, 2004. The family currently resides in the rocky mountains of Denver.


McDonough Business

alumninotes mba
Barry Khan, owner of A-1 Foam


Jaime Vasquez was named the


Keep in Touch
We encourage all business school alumni-undergraduate, MBA, EML and IEMBA-to send your news and photos to us or to your class correspondents. We do not accept engagement or pre-birth announcements. Send your news to Moved? New job or promotion? Update your own profile or search thousands of undergraduate, MBA and IEMBA alumni by geography, industry, program, year of graduation, position, or other criteria at alumni.

Rich Sherman writes: “As Tony Corsello mentioned on the

and Fabrics in Santa Ana, CA was featured in The Orange County Register for his involvement in the Cal State Fullerton student consulting project. He accepted an offer from the University to host five MBA students, who developed a 500 page study detailing how one of Khan’s products, a custom foam mattress, could become a separate, full-time retail business.


2005 recipient of the National Society of Hispanic MBA’s Corporate Executive Brillante Award. The award is the most prestigious honor granted by the Society, and is given to outstanding leaders whose work and contributions reflect the Society’s mission “to foster Hispanic leadership through graduate management education and professional development in order to improve society.”

Douglas S. Knopper, formerly

Senior Vice President and General Manager at DoubleClick, has joined the commerce platform provider BitPass as CEO.


Lorraine Herr would like to

remind the class of 1990 to send their information to
Eileen Louise Utter was married

to Mr. Jeffrey Loustau on February 12, 2005 in San Francisco. Fellow MBA’90 classmates Libby Powell and Monte Carlo were on hand for the celebration.
Mary Beth Lyons passed away on

GUMBA web site, we ran into each other in Chicago, late in the evening, as I was searching to meet up with some colleagues at a bar. I did not recognize Tony at first, but he looked like the kind of guy who would know a lot about bars. It was fun catching up with him, even if it was just briefly. Also, my wife Jennifer Herron and I took a trip to Geneva this summer in June and spent the weekend with Rafe Slattery and his wife Tania and their 15 month son, Aiden. Rafe seems to be doing great, and is working for the World Health Organization in Geneva. Their son is awesome, a very cute little blonde-haired kid. Finally, also, I found out that Lori Greiner and her husband Neil had a baby girl in January, named Neve. I’m hoping to catch up with her next time I am in the Denver area.”
Kevin Wrathall left Oracle to


March 16, 2005. She is survived by her husband Steven and daughters Katie and Maegan Warner.

start a degree program in Oriental Medicine. He lives in Portland, Oregon with his wife and five year old son.
Tony Corsello writes: “Our son,

Harvey Chimoff has joined the

Tate & Lyle Global Marketing Team as Director of Marketing. He will support the senior management team, lead the overall marketing efforts, as well as work with the Sales and Research & Development teams. Prior to joining Tate & Lyle, Harvey co-founded and managed Primos Trading Company, LLC. He has also held a number of executive positions within Unilever North America and was a senior consultant at Langberg, McHugh & Company.

Taylor Travers Simmons currently works for XM Satellite Radio. His prior jobs were with Winstar Communications, Simmons Associates, Go Communications Corporation, and Information Gateways Corporation. He married Ellen McPherson in 1994 and their daughter Alexandra Simmons was born in 1998. He greatly enjoyed seeing so many of his MBA classmates at the 10-year reunion.


Pace Anthony, was born on March 25, 2005. He joins brother Marek (5 years old) and sister Helena (20 months). My wife Laura and I are still enjoying life in Seattle, WA where I am a Vice President with Washington Mutual.”
Scott Shore wrote from Balad,

Iraq. He says it was “Friggin’ hot”, but the weather is starting to cool. His unit is a transportation unit supporting logistics operations in Iraq. The fun part is being with soldiers, as well as the free movies and the facilities that are open 24 hours such as the pools, the gym and the “morale tent” (think of a

McDonough Business


alumninotes mba
big rec room). He has it better off, being part of the logistical forces than some of the smaller bases that are out in “Indian Country.” “Those Soldiers are constantly dodging explosives, mortar rounds, heat, and crawly things: theirs is a much tougher job.” He said that the downside is missing his two daughters, Alexandra and Victoria, who are five and two years old. Scott will be in Iraq for a year, along with about 200,000 of his closest friends.
Antal and Cheryl Stevens Runneboom celebrated the birth of

their daughter, Ella Julianna Maria Runneboom, on June 3, 2005. The family lives in New York City.
David Miers joined Roland Berger

Strategy Consultants after completing his MBA in 1998 — firstly based in London, England and then in Berlin, Germany. From September 2005 CEO of Cirrus Airlines, based in Saarbrücken, Germany.
Andrea Stueve Stokes has


Carole Banks Russo was recently

promoted to Business Development Manager at the International Consumer Electronics Show (CES) in Arlington, VA. The largest tradeshow of any kind in North America, CES had 142,000 attendees, 2,500 exhibiting companies, 1.4 million sq. ft. of exhibit space with representatives from 110 countries! This means her two-year-old daughter Isabella has quite a doll collection from around the world.

moved on to a new position at Synovate, one of the largest market research firms in the world, after six years as Director of Research at the Travel Industry Association. Her position is Vice President in Synovate’s Travel & Leisure practice, where she will be doing business and product development. She and her husband had a daughter, named Isabelle after her grandmother, in October 2004.

David Alexander Sommer writes: “After 4 years at Continental Airlines in Houston, I resigned to travel around the world for seven months. I spent 2/5 months each in Africa and Europe, plus another two months in India/Tibet/China. Overall I hit 40 countries in 30 weeks. I just got back, and now I’m getting ready to start working for Sabre Airline Solutions as a Revenue Management consultant. I probably will be living in Atlanta. I am expected to be on the road three weeks a month. My email is”


Logan as a healthy 8lbs, 1.8oz and 20 inches long. Alisha is reported as doing very well, and both are adjusting just fine to having a daughter waddling through the home. Their first child, their dog Callie, is reported as taking everything in stride. Cliff is currently a Director at The Advisory Board Company and can be reached at
Antonio Sierra was featured in a Businessweek article highlighting the responsibilities of an MBA in an asset-management firm. The article, called “Keeping an Eye on the Data,” can be seen online at hools/mbapremium/aug2005/bs20 050812_3608_bs046.htm.


Stephen Tansey was featured in a


New York Daily Record article entitled, “Moment with a Manager: York Container COO Thinks Outside the Box.” Tansey discusses his successes and failures, his family and his mentors in the February 2005 article.

Paul Kates and his wife Ilene


Eduardo N.T. Andrade (MBA/JD)

was named to the Board of Trustees of the Westport Public Library. He is vice president, associate general counsel for, Inc. and is a trustee and chairman of the executive committee for the Rectory School in Pomfret, CN.
Diana Cortes married Kent Ostling

in Bogota, Columbia on July 30, 2005. They will reside in Stockholm, Sweden, where Kent is from.
Scott and Katherine Schwetman Rosen are the proud parents of their son Jack who was born March 15, 2005 in San Francisco, CA.

welcomed Noah Andrew Kates into the world on July 21, 2005 at approximately 12:52 PM. Noah weighed 9 lbs, 1 oz. and measured 21 inches. The family is still living in Manhattan, getting ready for a move to Livingston, NJ. Paul is currently employed at Lucent Technologies as an Account Executive focused on the services side of business for Verizon. Paul keeps in regular touch with fellow MBAs Marcelo Teixeira, Trey Harvin, Lana Simkina and Yizhi Wang.


Antonio noted that he was going to hit the road to promote his new article, but he was bumped from Leno when Justin Timberlake made a surprise visit. Antonio recently accepted a position with The Rock Creek Group (formally Carlyle Asset Management Group, LLC) in Washington, DC and can be reached at
Scott Bryant recently joined

Peter Gasca, Class Correspondant At long last, Cliff Johnson and his wife Alisha welcomed their new daughter, Logan Bane Johnson, into the world on Saturday, September 3rd at 5:39pm. And although a girl never reveals her weight, Hollywood tabloids report

Washington, DC based Pine Creek Partners on November 7th as a Principal. While the position offered substantial health benefits, increased responsibilities, broader visibility, and a bump in pay, Scott has stated that the main reason he accepted the position was the location, “a dangerously close walk to the Tombs and the Waterfront.” Scott started his new position two days after the first birthday party of their daughter, Sadie, a late night extravaganza featuring copious amounts of applesauce. Scott lives with his wife, Lori, and Sadie in Landsdowne, VA and can be reached at


McDonough Business

Georgetown MBA Students and BearingPoint Consultants Team Up to Assist Local Transitional Housing Organizations


Sam Akintola moved back to

London from July 2004 to June 2005, and is now living in Paris, France. Contact information is on Hoyasonline.
Woo Suk Chang moved back to

wo Washington DC non-profits that assist homeless families in the transition to permanent housing, the Transitional Housing Corporation (THC) and Samaritan Ministry of Greater Washington (SMGW), asked BearingPoint to assess its business and the programs offered through its residential facility in Northwest Washington.


Seoul, Korea, and works at Korea Investment Corporation, where he manages Forex Reserve of Korean government.

BearingPoint assembled a team of BearingPoint staff and Georgetown University MBA students to address the client’s needs pro bono. The team included four BearingPoint consultants (Donna Bernier, Brian Fitzpatrick, Jamie Baker (MBA’02) and Robert Wong (MBA’02), 4 MBA students ( Joshua Cook (‘04), Anuvrat Joshi (‘05), Yeqing Li (‘05), and Ameeta Patel (‘05), and Georgetown Professor Richard America. Working closely with BearingPoint, the students had an opportunity to experience first hand many of the opportunities and challenges of a consulting project, from interacting with clients to completing data analysis with limited information and under tight deadlines. In addition, students were introduced to BearingPoint’s approach to managing projects and delivering high quality professional services. The team evaluated the suite of services that THC and SMGW offer to residents of its Partner Arms I facility in Northwest Washington, compiled a historical snapshot of THC and SMGW’s past performance and developed recommendations for future improvements and growth. The team based its analysis and recommendation on interviews with program staff, residents, and volunteers, and an analysis of historical data. In addition, the team compared the Partner Arms I’s services with the strategies and practices employed by other transitional housing service providers in the Washington area. The team found that THC and SMGW have achieved a strong track record of success through well-established processes and careful case management services. Looking forward, the team presented a number of recommendations to improve methods of measuring performance, to strengthen programs offered to its residents, and to better articulate and promote its achievements. The students’ support and participation were greatly appreciated, and the results of the evaluation were well received. Currently, THC and SMGW are developing a strategic plan to implement many of the recommendations that were made by the BearingPoint-Georgetown team.
More information on Transitional Housing Corporation:

Hiring? Think Georgetown.
If you are recruiting for internships or full-time positions, hire a Hoya. For MBA students, contact the MBA Career Management Center at (202) 687-3741 or

For undergraduates, contact J. Michael Schaub in the MBNA Career Education Center at (202) 687-3493 or

More information on BearingPoint, Inc.: <>

McDonough Business


alumninotes iemba
Andrew Tichenor has relocated from Herndon, VA to Washington, DC.

‘02 ‘05

A Strategic Move
When David Chavern (IEMBA’03) entered the IEMBA 8 class, he was “the classic guy juggling a lot of balls: two young kids and a wife who is a full-time doctor taking lots of calls.” But by the time he graduated in 2003, he had become a master of time management and learned that “you can teach an old dog new tricks.” While the unique schedule and international focus of the IEMBA program was what initially drew Chavern to Georgetown; he found the challenge of expanding his academic horizons personally fulfilling. “My most memorable Georgetown experience was our business plan residency,” he said. “We had to do a plan for a new company and present it to a group of venture capitalists; it was difficult, challenging but at the same time, really rewarding to get that interaction between our studies and real business people. It was a good dose of reality.” As the Vice President and Chief of Staff at the U.S. Chamber of Commerce, where strategic thinking is the majority of his job, Chavern finds Paul Almedia’s and Stanley Nollen’s strategy classes “extremely valuable.” “The quality of education regarding strategy is of a national caliber. In the D.C. area in particular, most people are dealing with services and strategic issues of one kind or another,” Chavern notes, “This is a services business town. In my career, and in D.C., the Georgetown University degree really stands for something.”

Eric Kessler was featured in

The Washington Post for his firm’s work with the distribution of funds to non-profit organizations. He founded Arabella Philanthropic Investment Advisors, LLC to help families and corporations with foundations to distribute money wisely.

McDonough Business feature stories are open to freelance writers. The common denominator for our articles is that they feature interesting people in the McDonough School community doing remarkable work. Our stories focus on alumni, faculty or students of the McDonough School of Business. We are interested in a broad spectrum of activity in and beyond Georgetown University, including stories that focus on the research, scholarship and creativity currently being done by faculty and students in the McDonough School as well as the business ventures, philanthropic contributions and success stories of alumni in the workforce. If you have a story to pitch, please send a brief query to Tell us who you are and what kind of article you would like to write.


McDonough Business



Orphanages Benefit from IEMBA Students’ Generosity
hen Professor Bardia Kamrad traveled to Puebla, Mexico with the IEMBA class of 2002, he began a tradition that still continues today.


During the IEMBA’s Mexico residency, Professor Kamrad inquired about possible orphanages in the area. One of the hotel personnel provided the needed information. “On the way out to see and learn about the orphanage, one of the students, Phil Hagan (IEMBA’02), asked me where I was headed,” said Kamrad. “I told Phil, never mind—let’s go, and you’ll see!” And before long, Professor Kamrad, his student Phil, and their guide Gabriel were in a cab on the way to the outskirts of Puebla. “The neighborhood was as I had anticipated, but expectations and reality don’t always merge easily,” remembers Kamrad. “I was struck by the amazing poverty of the general area as well as by the Franciscan-run orphanage that housed about fifty young boys. You must see it to understand the gravity and the depth of their poverty.”

More research into the orphanage revealed that the Franciscan brothers received no government aid and what there was in the way of support came sporadically, often through individuals who had lived at the orphanage at one point in their life. “I was confident that we, at Georgetown, could make a difference,” Kamrad said. With some advanced planning, a year later when it was time for the IEMBA class of 2003 to go, they had raised over $3,000. These monies, along with gifts of toys, were split between the boy’s orphanage and a newly found girl’s orphanage, which housed fifty girls under the age of 12. “The impact these gifts make is huge,” noted Kamrad. “I am so grateful to have come across individuals with big hearts such as the IEMBA students. They are willing to work and plan to help make life a bit easier for another human being.” The IEMBA class of 2004 raised close to $2,000 for two orphanages in Mexico City, which was the location of their residency. One of these orphanages cared for children and infants with AIDS, while the other served as more of an educational facility.

The IEMBA class of 2005 found themselves back in Puebla, Mexico when visiting the VW plant. They raised over $5,500 for the two orphanages and brought the children toys, personal care items and toiletries. Their generosity deeply touched so many people’s lives. This year, not only will IEMBAs be helping in Peubla, but here in their own back yard of Washington as well. “The momentum has continued in the IEMBA program, and we have goals of buying beds, water heaters and paint in the upcoming years,” said Professor Bardia Kamrad. The generosity of our students makes them stand out beyond the classroom and brings to life the goodness in a business education.”

“I was confident that we, at Georgetown, could make a difference.”
Professor Bardia Kamrad

McDonough Business


Reunion MBA class of ’85

embers from the MBA classes 1985, 1990, 1995, 2000 and the IEMBA class of 2000, returned to Georgetown June 3rd to 5th for the 2005 Reunion. About 170 alumni, spouses and guests attended the Reunion weekend and participated in a weekend of alumni events around campus. MBA and IEMBA Reunion Class Chairs: John and Susan Roy, MBA’85, David Burke, MBA’90, Scott Shore and Alison Van Dyke, MBA’95, Shane Hartzler, MBA’00, and John Kevill, IEMBA’00, organized and led their respective class reunion efforts.


MBA and IEMBA alumni came from across the U.S. and abroad for the chance to reconnect with each other, to revisit Georgetown, and to attend the Friday night Dean’s Reception and Class Parties, as well as the Saturday night Reunion Dinner at the Four Seasons Hotel in Georgetown. The two alumni who traveled the farthest were Faidi Aabidi, MBA’95, and Faysal Hamza, MBA’95, who came from Saudi Arabia for the Reunion.


McDonough Business

MBA class of ’95

Highlighting the Four Seasons Dinner was a presentation by Professor Pietra Rivoli on her recently published and widely acclaimed book, “The Travels of a T-Shirt in the Global Economy.” Keith Ord, Dean of Faculty, also gave remarks during the dinner on the many positive developments taking place at the McDonough School. Recent developments include the arrival of a new Dean, the launching of the two new academic programs, the MBA Evening Program (MBA-EP) and the Executive Master’s in Leadership (EML), and the planned construction of a new 188,000 square foot Business School building.

McDonough Business


Class of 2005
McDonough School of Business graduation events took place from May 19-22. The graduation ceremony began with Senior Convocation in the McDonough Arena on May 19. On Friday, the McDonough School of Business gave Tropaia awards of leadership to students and faculty, followed by the Senior Ball in the evening. Three hundred and seven undergraduates graduated at The McDonough School of Business Commencement Ceremony, held on Healy Lawn on May 21. One hundred and thirty five of those graduates received academic honors. The Commencement speaker was Eugene S. Kahn, former Chairman and CEO of May Department Stores. The ceremony was followed by the Dean’s Reception. The Master’s of Business Administration program graduated 244 students. The speaker was the Honorable Francis A. Keating, President and CEO of the American Council of Life Insurers and the former Governor of Oklahoma. Forty seven students graduated from the IEMBA program on April 23, 2005 at 4 p.m. Paul Almeida was given the Outstanding Teacher award, Ilkka Ronkainen offered the Faculty address to students and Reena Aggarwal gave the Dean’s Address to students. Ten students were inducted into the Beta Gamma Sigma honor society.
Captions top to bottom, left to right Faculty, staff, students and families gather in the Healy Courtyard for the Dean’s Reception. MBA students process to the commencement ceremony. The Undergraduate speaker Eugene S. Kahn addresses the MSB class of 2005. Undergraduate students of the McDonough School of Business prepare for their graduation day. MBA class of 2005 listen as their commencement ceremony begins. An MBA student receives her degree. Student speaker at MBA commencement. Student celebrates graduation. Interim Dean Reena Aggarwal addresses the Class of 2005.

Alma Mater Hail, oh Georgetown, Alma Mater, Swift Potomac’s lovely daughter, Ever watching by the water, Smile on us today; Now her children gather ‘round her, Lo, with garlands they have crowned her, Reverent hands and fond enwound her, With the Blue and Gray. Wave her colors ever, Furl her standard never, But raise it high, And proudly cry, “May Georgetown live forever” Where Potomac’s tide is streaming, From her spires and steeples beaming See the grand old banner gleaming Georgetown’s Blue and Gray. Throned on hills beside the river, Georgetown sees it flow forever, Sees the ripples shine and shiver, Watching night and day, And each tender breeze upspringing, Rarest woodland perfumes bringing, All its fold to fullness flinging, Flaunts the Blue and Gray. Robert Collier 1894


McDonough Business

one who leads or initiates

George R. Houston (B’61)
George Houston’s familial connection to Georgetown goes back much further than his first year here in 1956. “My family has been associated with Georgetown since its founding: my maternal grandfather, many generations ago, was Notley Young, a cousin of John Carroll,” Houston notes. Alumnus and long-time Georgetown professor and administrator, George R. Houston (B’61) has returned to his DC roots and to exemplary volunteer service to the University and the McDonough School of Business. Professor Houston taught accounting to generations of Georgetown students and received numerous teaching awards and honors, including an honorary degree in 1982 from the University and the Distinguished Professor of Accounting Award in 1992. He also received the John Carroll Medal in 1981 and the Alumni Admissions Program Award in 1992. Houston returned to Georgetown on a parttime basis as an adjunct lecturer in accounting the year after he graduated. He accepted a fulltime faculty position in 1966 and was a McDonough faculty member and administrator until 1994. During that period, Mr. Houston also served as treasurer (1970-92), vice president for financial affairs (1974-90), senior vice president and treasurer (1990-92) and managing director of the endowment fund (1992-1994). During his administrative tenure, he played a major role in the growth of Georgetown’s endowment fund and he introduced “three campus budgeting,” a process requiring each of the university’s academic campuses to produce a “break-even” budget. But these accomplishments are not the side of Georgetown that Houston remembers. “My most fond Georgetown memory clearly is my relationship with thousands of students,” he said. “It was a privilege to share a classroom with them and now to see how successful they have become. Their success made all those Sunday night reviews very worthwhile.” He became President of Mount Saint Mary’s College and Seminary in 1994 and served there until June 2003 when he became President Emeritus and also received an honorary degree. Although now “retired,” he continues a prodigious volunteer schedule, serving on almost a dozen boards and foundations including the Council of Independent Colleges and the Foundation for Independent Higher Education. Professor Houston also serves on the Accreditation Committee for the Middle States Committee on Higher Education and the NCAA Recertification Committee. He rejoined the McDonough School of Business Board of Advisors in the fall of 2003, and immediately agreed to lend his support to the fundraising efforts for the new McDonough School facility. This campaign has raised over $70 million through September 2005 toward a goal of $82.5 million.
Career Highlights: “Of course, highlights Former Alumni Activities: Treasurer of the University, treasurer of the National Alumni Association and treasurer of the Washington Alumni Club. Houston joked, “the only one of the organizations that had any money was the Washington Club.” Life as a Georgetown Professor: “During

my undergraduate days, I had substituted for a faculty member,” Houston said. “Thus, I was bitten by the teaching bug. In those days, the faculty was part time, so I combined the practice of accounting with the teaching of accounting. I brought ‘real life experiences’ into the classroom that made the introductory accounting course more interesting.”
Family: Houston’s 87-year old mother lives

in the metropolitan area as well as one sister and her family. He has another sister in North Carolina and a brother in southern California.
Hobbies: Professor Houston’s biggest hobby

include my 33-year teaching career at Georgetown,” he said. Houston also commented that he had a wonderful time serving as president of Mount Saint Mary’s College and Seminary. During his second year at the Mount, he taught an introductory accounting course that used the same text book he had used at Georgetown. But his classes at the Mount had only fourteen students; at Georgetown they had over 100!
Education: Graduated first in his class at

is reading novels, biographies and histories.
Affiliations: Currently serving on the boards of trustees/directors of the College of Notre Dame, the Catholic Distance University, the Woodstock Theological Center, the Marion and Henry Knott Scholarship Foundation and St. Mary’s Ryken High School. He is a member of the Finance Council of the Diocese of Arlington, Virginia, a member of the Financial Advisory Committee of the Maryland Province of the Society of Jesus, and a member of the DeMatha Catholic High School Advisory Committee. His View of the Value of Business Education: Houston states, “There is no

Georgetown, where he was a member of Beta Gamma Sigma, the Business Honor Society. He wanted to study accounting. “Georgetown had the best accounting program coupled with a liberal arts education,” Houston said. In addition to his undergraduate degree from Georgetown, Professor Houston holds an MBA from George Washington University and is a Certified Public Accountant, having achieved the highest score on the CPA exam in the District of Columbia in 1961.
Current Alumni Activities: Member of the

Board of Advisors of the Business School, member of the Washington Alumni Club and fundraising for the new business school building.

question that businesses drive the economics of the nations of the world. And there is no question, as we have seen far too often, that some business could have been better managed if they had paid attention to ‘values.’ A ‘value-oriented’ business education is precisely what Georgetown offers. By supporting Georgetown, we are supporting values in business.”
McDonough Business c3

Save the Date!
June 2, 3 and 4, 2006
For more information Undergraduate Alumni Matthew T. Lambert Director of Class Advancement and Parent Programs (202) 687-4336 MBA and IEMBA Alumni Robert P. Johnson Director of MBA & IEMBA Alumni Programs (202) 687-3738 Reunions Planned


’56 ’61 ’66 ’71 ’76 ’81 ’86 ’91 ’96 ’01




Non Profit Organization US Postage PA I D Washington D.C. Permit 3901

Georgetown University the mcdonough school of business Box 571147 Washington, D.C. 20057-1147