2000 MSB Magazine Winter

Business Without Borders

Letter From London

The Challenge of Transnational Production

WINTER 2000 volume 12 number 1Businesst h e r ob e rt e m m e t t mc d on o u g h s c ho ol of b u s i n e s s

Georgetown

Georgetown Business is published during the academic year by The McDonough School of Business for alumni, parents,friends, and business colleagues.

Dean Christopher P. Puto, Ph.D.

Senior Associate DeanJohn Mayo, Ph.D.

Editor Elizabeth Shine g’99

Contributing Writers Kathryn Mahon PeachKenneth Starr mba’00Bindu Vaswani b’00Julie Mangis

Designer Nancy Van Meter

Photographer Keith Tishken

Inquiries and updates should be sent to:

Georgetown Businessdean’s officegeorgetown universitythe mcdonough school of businessold north buildingwashington dc 20057

phone: 202-687-4080

Georgetown Businesswelcomes opinions and commentsexpressed by its readers. Lettersshould be addressed to:

the editorGeorgetown Business

dean’s officegeorgetown universitythe mcdonough school of businessold north buildingwashington dc 20057

WEL

CO

ME

LETTER FROM THE DEAN

In my first year and a half here, many positive developments have occurred, and it

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

change doesn’t occur overnight. In this issue, you will read about our international gradu-

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

town’s international reputation and its location in the political capital of the world. Our

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

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

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

arrival to achieve these results.

Within these pages, you will see some more changes-new faculty, each of whom brings a

special expertise to complement our academic strengths, new faces in key leadership posi-

tions within the MBA office, and in some cases, such as student life and MBA alumni

affairs, completely new positions. Each of these individuals will contribute to moving the

school toward new levels of achievement. Again, this won’t happen overnight. But watch

these pages closely, and over the next couple of years, you will see the academic and

administrative initiatives of these talented members of our community bear fruit, just as

our international efforts have flourished. Our strongest constant is thoughtful progress.

I hope you enjoy the first Georgetown Business of the new millennium, the first issue

under the direction of the new editor, Elizabeth Shine. Liz Liptak, Georgetown Business’

founding editor, has left Georgetown to pursue new opportunities. Thanks to Liz’s creativ-

ity and vision, this publication has grown from a newsletter to a magazine with a circula-

tion of approximately 16,000, and a valuable asset in chronicling the progress of the

McDonough community.

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

administrators.

Christopher P. PutoDeanThe Robert Emmett McDonough School of Business

1

CONTENTS

Inside Information . . . . . . . . . . . . . 2

Business Without Borders . . . . . . . 7

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

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

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

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

Georgetown MBA Program RankedNumber One for Hispanics

Hispanic Business magazine ranked theMcDonough School of Business as the number oneMBA program for Hispanics in the United Statesin its September 1999 issue.

The rankings evaluated the nation’s accreditedMBA programs using five criteria: enrollment (boththe actual number of Hispanics and the percentageof Hispanic students compared to total enrollment);faculty; recruitment efforts and support organiza-tion; retention rate; and academic merit.

Georgetown distinguished itself with its highpercentage of Hispanic students (12 percent), itsoutstanding recruitment efforts and support organi-zations, and its 93 percent retention rate.

“Georgetown has an incredible reputation inLatin America,” said Professor Ricardo Ernst, aVenezuelan native. “Georgetown is also known forits excellent student/faculty relationship. Faculty tryto get involved with the students and their activities.”

Ernst noted that Hispanic students in George-town’s MBA program also find a welcoming com-munity in the Inter-American Business Association(IBA), a student club that sponsors lectures, pro-duces a newsletter for students and alumni, andcompiles the resumés of club members into a book,which it sends to numerous companies with officesin Latin America.

“We are pleased to learn of our number oneranking by Hispanic Business,” says Larry Abeln,associate dean and director of graduate programs.“Unquestionably, the learning experience ofGeorgetown MBA students is enhanced by thediversity of the student body, including our 37 per-cent international representation.”

Other graduate programs listed in the top 10include the University of Michigan, Stanford Uni-versity, the University of Texas at Austin, and DukeUniversity.

Commerce Secretary Highlights New Chapter in Middle East Trade

The possibilities for increased foreign investment in the Middle East duringthe 21st century will ultimately depend on whether leaders in the region are ded-icated to making peace and establishing economic reforms, said U.S. Secretary ofCommerce William M. Daley during an October 7, 1999, address to McDo-nough students and faculty in Gaston Hall.

“It will be the character of Middle East leaders who decide whether we startthe next century with a real breakthrough to end the Arab-Israel conflict,” saidDaley during his speech on “Trade and the Middle East: The Next Chapter.”“Whether peace can be achieved will depend not only on political questions, butalso on whether real people feel the benefits of peace in their daily lives.”

Daley spoke on the eve of an 11-day business development mission to theMiddle East designed to encourage trade and investment opportunities for U.S.companies. The commerce secretary, accompanied by 20 business leaders, visitedJordan, Israel, the West Bank and Gaza, Egypt, Saudi Arabia and the UnitedArab Emirates.

Although Daley said that Middle East leaders might not see eye-to-eyewith U.S. businesses, he noted that the region’s leaders realize their nations willremain economically isolated unless stability is increased in the region and tradebarriers are demolished. The Middle East currently receives only 2 percent of allforeign investment.

“I am going to the region more optimistic than I ever have been,” saidDaley, who has visited the region four times since being named commerce secre-tary in 1997. “While we do not know the ultimate outcome, we know this forsure: for the first time in several years the character of the peace process haschanged. ... I am convinced this new chapter in peace can bring new opportuni-ties for American businesses, and at the same time help the people of the MiddleEast get jobs.”

Inside Information

2 The McDonough School of Business

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

Goldman, Sachs’ CFO Presents An Academic Roadshow to Georgetown MBAs

Ateam from Goldman, Sachs & Co. traveled to Washington on Septem-ber 28, 1999, to give Georgetown MBAs an academic roadshow on the processof taking a firm public.

Speaking to students in Professors Reena Aggarwal and Gary Blemaster’scourse, “Going Public and Valuation,” David Viniar, Goldman, Sachs’ CFO,addressed the aspects involved in taking Goldman, one of the oldest existingpartnerships on Wall Street, public.

Students prepared case analyses of the Goldman IPO before Viniar’s visit, andhad the opportunity to question Viniar after his presentation. “This was a greatopportunity for our students, and they were very well prepared for the visit,” notedAggarwal. “David was quite impressed with the questions students asked.”

Before class, Viniar discussed current trends in global financial markets andtheir impact on Goldman and its competitors at a reception for McDonoughstudents and faculty.

“Revolutionary changes in information technology, particularly the Internet,have been one of the most powerful forces in globalization and the breakdown ofbarriers,” he said.

Viniar observed that globalization, technology, and deregulation have madethe financial services industry more complex and competitive. “Pressure will growmore intense to adapt and firms like Goldman Sachs ... will need to undergoconstant reinvention to be able to excel and succeed,” he said. “Firms that fail todo this will be left behind.”

Citing Goldman’s distinctive culture as central to the firm’s success, heemphasized the importance of recruiting and acculturating quality people togrow the firm’s business. Noting Goldman’s six managing directors and 109employees that are Georgetown alumni, Viniar called the university “a greatsource of talent and leadership for Goldman Sachs.”

Capitalizing on Intellectual Capital

Leading corporations maintain their strate-gic advantage today based on their ability to createshareholder value from intellectual capital ratherthan from tangible assets. In August, second-yearMBA students learned more about how intellectualcapital is a key asset in maximizing revenue.

During a weeklong integrative course, “CreatingWealth in the Knowledge Economy,” studentsexpanded their understanding of capital to includehuman, organizational, intellectual and customercomponents, and to view those components assources of wealth creation.

In sessions taught by executives from KPMGPeat Marwick, United Parcel Service and CiscoSystems, students learned why intellectual capitalhas become a key driver in formulating competitiveadvantage, and how to shape a business modeltoward maximizing return from a company’s intel-lectual resources.

Case discussions focused on Internet-basedcompanies such as Amazon.com, and studentslearned how to derive revenue streams from intel-lectual assets including licensing, patents, joint ven-tures, alliances, and royalties. Students were alsotaught how to align customers’ assets and needswith internal intellectual capabilities and skills, andhow to quantify this capital in balance sheet andeconomic-value added (EVA) calculations.

Dr. Peter Keen, a noted business strategist andauthor, highlighted the impact of intellectual capitalin changing the dynamics of investor valuation.“The new valuation is a price/vision premium —buying a vision of the company as it will be,”observed Keen. “People, process and technology arechanging the way we value companies. If you holdstock options in a company like Amazon.com, youbetter believe in this.”

3Winter 2000

David Viniar, Goldman, Sachs’ CFO with MBA student and Professor Reena Aggarwal

Former Procter & Gamble CEO Identifies Character as Key to Success

Character is the key to forging strong leadership in an individual’s personaland professional life, said John E. Pepper, chairman of the executive committee andformer CEO of Procter & Gamble, in an address to faculty, students and their par-ents during McDonough’s annual Business Day on November 6, 1999.

“Every [successful] person I have seen has had ... one thing in common,”Pepper said during his keynote address “Does Character Count?” “They havebeen very clear and very passionate about what they are doing, and it has been apurpose they honestly believe to be worthy of their best efforts.”

Becoming a good leader requires dedication, said Pepper, as well as passion,authenticity, truth, enthusiasm and respect for others, qualities not usuallyesteemed in the business world. He noted that he prays regularly for wisdom,courage and persistence to pursue these values in his own life.

“These qualities of leadership and character become real ... only as we livethem to the best of our ability every day,” he said. “If my life is any example,doing this will not produce a life free of tension or frustrations. ... But in the end,it will produce a life filled with a good measure of personal satisfaction, growthand joy.”

Before his address, Dean Christopher Puto presented Pepper with the 1999Business Leader of the Year award. Jacqueline Carriero (B’00), co-chair of the1999 Business Day Steering Committee, lauded Pepper for adhering to his val-ues while leading the company to success. Pepper joined Procter & Gamble in1963. Past recipients of the award, which was created in 1983, include HowardSchultz, CEO of Starbucks, in 1998; and Jim Wolfensohn, president of theWorld Bank, in 1997.

CRC Conference Examines Consumer Credit Issues

Privacy and consumer information issues werehighlighted as key concerns facing the consumer andmortgage credit markets during a two-day sympo-sium hosted by McDonough’s Credit Research Cen-ter (CRC) November 3 and 4, 1999.

“Privacy and the Regulation of Personal Infor-mation,” a paper by Fred Cate, professor of law atIndiana University Law School, was the conference’shighlight.

Cate’s paper examined consumer informationflows, which are the lifeblood of financial servicesfirms, said CRC’s director Michael Staten. Statennoted that the Financial Services ModernizationAct of 1999, which allows banks, insurance andsecurities firms (like CitiGroup) to combine theirservices, raises issues of consumer information flows.Staten noted that regulating personal information is“what many believe to be the most important publicpolicy issue facing the financial services industryover the next decade.”

Staten said Cate’s topic was noteworthy becauserecent federal legislation addressing consumer priva-cy protections promises to spur state legislation byvirtually inviting states to pass more restrictive priva-cy protection laws, if they deem it appropriate.

The symposium, “Consumer Credit in the 21stCentury,” commemorated 25 years of policy-orient-ed research conducted by the CRC. Nine paperswere presented on a cross-section of topics, fromtrends in borrowing behavior and credit education totechnology’s impact on the industry.

The center, which moved to Georgetown in1997, was founded in 1974 by Robert W. Johnson, afinance professor at Purdue University. It is the onlyacademic research center in the United States devotedto studying the economic issues of consumer credit.


John E. Pepper, former CEO of Procter & Gamble

Inside Information

Congressman Stark Lectures Accounting Undergraduates

More than 40 undergraduate accounting majors in Professor ThomasCooke’s taxation course met on Capitol Hill in October for a guest lecture by theranking minority member on the House Ways and Means Committee.

Rep. Pete Stark (D-Calif.) discussed the concept of progressive taxation, pasttax laws and deductions, and the politics of taxation in general, then fielded stu-dents’ questions during the hourlong session on October 22, 1999.

“I always try to address student groups when I have the time,” said Stark,who has served as a representative for California’s 13th district since 1973. “Ibelieve that everyone has the responsibility to assist in educating our youth, and Iwant to do my part.”

The private session with Stark was arranged by Christina Nystrom (B’00),who had interned in the congressman’s office. Shortly after the course began, sheproposed the idea to Cooke, who jumped at the chance.

“If we don’t take advantage of what’s available in D.C., we’re missing theboat,” Cooke said. “Stark is a major player on the Ways and Means Committee,which is where all the tax laws originate. We’re studying this in class, and it’sgood for students to hear what’s happening from a legislator’s perspective.”

The taxation course presents an overview of the U.S. Federal IndividualIncome Tax System, explained Cooke, adding that the course also examines taxbills being proposed on Capitol Hill. Most students are upper-level accountingmajors who plan to work as CPAs after graduation.

Cooke also sponsors half-day trips to the Supreme Court, the U.S. DistrictCourt, and the D.C. Superior Court for his business law class.

5Winter 2000

Business Basics for Elementary Students

McDonough undergraduates are teachingthe basics of business to elementary students in theDistrict’s public schools.

In one of the first area programs organized andstaffed by undergraduate students, members of thebusiness fraternity Delta Sigma Pi teach basic con-cepts of investing, family economics, taxation, andstate and regional economic issues to students fromkindergarten to fourth grade once a week.

Delta Sigma Pi members Phil Kostrowicki(B’01) and Nicole Pohmer (B’01) spearheaded theprogram in the 1999 spring semester in conjunctionwith Junior Achievement, an international volunteerorganization that trains professionals to teach busi-ness in elementary and high schools. Six McDo-nough fraternity members were involved in thespring; in the fall semester, 26 volunteered.

“We wanted to increase the fraternity’s com-munity outreach,” said Kostrowicki. “With JuniorAchievement, we can use our knowledge to helpeducate elementary students about the fundamentalconcepts of commerce. Our aim is to give somethingback to the city, and hopefully make a difference,however small, in a young person’s life.”

This is the first time the D.C. office of JuniorAchievement, which usually recruits professionals tovolunteer, has used students to participate in theclassroom. “We decided that the McDonough stu-dents would be a good match for the elementarystudents,” remarked Amy Headley, volunteer man-ager for Junior Achievement of the National CapitalArea, Inc. “They’re enthusiastic about the subjectmatter, and the youngsters relate to them more easilythan to older adults.”

Junior Achievement gives McDonough stu-dents two hours of training and orientation, andthen organizes visits to the school where studentswill learn to conduct in-class observations and workwith the classroom teachers.

Plans are under way to expand volunteer oppor-tunities with the program to all undergraduate busi-ness students.

Professor Thomas Cooke’s taxation class on Capitol Hill

CalTrek Sells California Firms on Georgetown MBAs

The call of the Wild West led more than 60 Georgetown MBAs to the SanFrancisco Bay area this January to conduct interviews or investigate careeropportunities with firms such as Cisco Systems, Intel, Hewlett-Packard, IBM,Apple, Sun Microsystems, The Gap, Levi-Strauss, Ebay, Clorox, Yahoo, Cnet,Netscape, 3Com, Oracle and several Internet start-up firms.

The firm visits were organized by CalTrek, an MBA student group thatfacilitates career searches with California industries, provides networking oppor-tunities, and educates students on West Coast industries and lifestyles. CalTrektargets firms to visit based on the strength of Georgetown MBA alumni repre-sentation at the firm. “The end goal is to land jobs, and this is best accomplishedthrough alumni advocates,” says John Street (MBA’00), co-president of CalTrek.

Noting that the number of student and firms participating in CalTrek isdouble last year’s number, Street agrees that the current fascination with Internetcompanies is a motivating factor in MBAs heading west. “The Internet craze willnot last much longer,” says Street. “To head out to California is the opportunityof a lifetime.”

Street is an example of CalTrek’s effectiveness — his CalTrek visit last yearresulted in his internship with Apple. Other students interned with IBM EmergingTechnologies, Octane Software, Pandesic, Intuit, Intel, and Dynamic Solutions.

Before the trip, a student committee compiled a resumé book, completewith information about the McDonough MBA program, for all CalTrek targetcompanies. This year, a Survival Guide was published, providing informationabout dress codes, logistics for firm visits, company fact sheets, as well as a socialcalendar featuring events organized by CalTrek.

“Competition for the best jobs is thick,” says Street. “The best MBA pro-grams send delegations to visit California firms, ... Our competitive advantagelies with the well-roundedness of Georgetown MBAs and our active alumni basein California.”

Connelly ProgramHosts InternationalEthics Conference

In conjunction with the

International Society for

Business, Economics and

Ethics, Georgetown’s Con-

nelly Program in Business

Ethics hosted a conference

November 5, 1999, on

“Corruption: Ethical Chal-

lenge to Globalization.”

Five papers were pre-

sented, each one address-

ing the theoretical and

practical aspects of cor-

ruption as one of the

many ethical challenges

to globalization.

Participants included

the U.S. Office of Govern-

ment Ethics, the Ethics

Resource Center, and sev-

eral non-governmental

organizations.

The conference was

one of several meetings

being held worldwide

preliminary to the Second

World Congress on the

Ethical Challenges of

Globalization that will be

held in Sao Paulo, Brazil,

in July 2000.


Inside Information

7

s the recent Middle East peacetalks demonstrate,reaching agreementamong variousgroups in thisregion of the worldis no mean feat.

International Recruitment:

by Kathryn Mahon Peach

ABusiness Without Borders


dents as the reason they opted to pursue anMBA on the Hilltop. “The MBA pro-gram’s international strength, and the abil-ity to draw on courses from the foreignservice program were definitely factors inmy applying to Georgetown,” saysMendelsohn, who earned her bachelor’sdegree from Columbia University in Mid-dle Eastern Studies, and speaks French,Arabic and Hebrew.

Recruiters recognize this strength aswell, notes Jackie Wilbur, associate deanand director of MBA career management.For the Class of 1999, 50 percent of all joboffers made were for international employ-ment, which includes: employment outsidethe student’s home country; transnationalemployment, or positions located beyondthe borders of the company’s home coun-try; and jobs with international content, ifnot location.

“Approximately 70 to 80 percent of ourstudents have language, work or studyabroad experiences, so we have a very inter-

nationally focused population,” says Wilbur.“That’s why the companies come here.They know it’s true of the university, theyknow it’s true about the business school.”Statistics bear this out — 37 percent of theClass of 2001 is from overseas.

For students who wish to study a for-eign language or improve their skills, theLanguage Learning program is offered.MBAs have the option of studying Frenchor Spanish through an intensive programoffered throughout the year. A weeklongvisit to France or Spain is also part of theprogram.

Students like Martin Hossfeld(MBA’99), a German citizen and a seniorconsultant in the New York office of Ora-cle Corp., the world’s second largest inde-pendent software company, said such lan-guage ability is important to success in aninternational career.

“The languages [recently] helped meto be considered for a job with a Germanclient in the States,” says Hossfeld, who

So when LauraMendelson (MBA’99) became the U.S.coordinator for Arthur Andersen’s Bethle-hem 2000 project in June, she knew shewould face challenges.

The project, which promotes tourismand improving the infrastructure in Beth-lehem for the millennium, required her toraise awareness among Jewish, Muslimand Christian groups in the region and inthe United States. Mendelson implement-ed a successful strategy to commit this dis-parate group to help with fund raising andsupport for the project.

She credits this achievement to heracademic experience at Georgetown, espe-cially the team projects which required herto work with foreign students.

“The case studies and team work atGeorgetown provided an opportunity forinteractions with people who have differ-ent life experiences. It taught me to be tol-erant and to look at things from a new per-spective,” she says. “Dealing with otherareas of the world, you realize things don’talways work the same way as at your homebase. You need to learn how to ask questionsin a way to get the results you want, and youlearn that from working with others.”

Like Mendelson, many GeorgetownMBAs find that they learn the skills needed to succeed in an international busi-ness environment. An impressive 34 per-cent of the graduates of the MBA Class of1999 accepted international positions upongraduation, and when asked, many stu-dents cite the international aspects ofGeorgetown’s curriculum, faculty and stu-

9Winter 2000

believes that being multilingual will con-tinue to open doors for him in business.Thenumber of students with qualifications sim-ilar to Hossfeld’s international ones drawcorporate recruiters to conduct on-campusinterviews for international jobs. MBAsare clearly interested in working overseas.In 1999, 20 percent of job offers acceptedthrough on-campus recruiting were foremployment outside the student’s homecountry. Of this 20 percent, 11 percentwere U.S. citizens who work abroad and 89percent were non-U.S. citizens employedoutside their home country. In addition, 20percent of the class accepted transnationalemployment. Of all accepted job offers, 14percent were international in content.

“The evidence that we are interna-tional is in these statistics,” says DeanChristopher Puto. “Our graduates practicewhat we teach in the program.”

Among the recruiters who madeoffers to Class of 1999 graduates for inter-national positions were ABN AMROBank, Booz-Allen & Hamilton, ChaseManhattan Bank, Enron Capital Markets,Kraft Foods International, Pricewater-house Coopers and Tidewater Inc.

ABN AMRO, the Dutch-basedinternational investment bank, has namedthe Georgetown MBA program one of thesix core MBA programs worldwide thebank solicits for recruits to its internationalmanagement associate program. “We arelooking for people who can manage acrossproduct functions and also manage acrosscultures,” says Hassan El-Nahas of ABNAMRO’s international human resourcesdivision. “Georgetown is a hidden gem inthat we find MBAs who are high qualityand who have an international perspective.That internationalism is very much in linewith what we are looking for.”

Professors Stan Nollen and KasraFerdows, co-chairs of the InternationalBusiness Task Force, note that the taskforce’s findings further verify Georgetown’sstrength in international business, includ-ing internationally focused faculty and stu-dents, as well as its location in the politicalcapital of the world.

“This message comes from recruiters,”says Nollen. “We’re able to produce stu-dents and graduates who are, for the mostpart, willing and able to take up a jobassignment in a range of cultures. Theyhave the language or cultural sensitivity forforeign experience.”

For Andrea Marshall (MBA’99),group projects and case studies come tomind when she reflects on the roleGeorgetown played in helping launch herinternational career.

An American working in London forRoland Berger & Partners, a Germanstrategy consulting firm, Marshalldescribes her work as “a real-life casestudy.” She credits the international stu-dent body and team component ofGeorgetown’s MBA program as helpingher gain invaluable experience on how todeal with a range of nationalities, all whilemeeting deadlines and producing high-quality work.

“The challenges — andfrustrations — associated with group workwere something I was used to from myMBA experience,” she says. “The fact thatGeorgetown has a relatively internationalstudent body really makes a difference tome in my current position. At George-town, we were required to work in projectgroups that often comprised people frommany different countries and backgrounds.... I think I have an advantage because I amaccustomed to working in this internation-al context.”

Tiffany Rieke’s (MBA’96) experienceis similar to Marshall’s. Georgetown’sMBA program enabled her to pursue acareer in global telecommunications. “Thecase studies, mostly international, com-bined with [foreign] group membershelped me gain many viewpoints on howto approach problem solving,” says Rieke,who manages countrywide strategic mar-keting in France for Siemens, the Germanelectronics company.

Faculty contribute significantly to theprogram’s pervasive internationalism andare a “critical resource for developing inter-national business,” according to the taskforce. Twenty-six percent of business facul-ty claim nationality of a country other thanthe United States. This cosmopolitan out-look is reflected in their research: ProfessorKasra Ferdows is examining the challengesof transnational production (see page 14);Professor Ricardo Ernst recently wrote abook on global operations management;Professor Johny Johansson is the co-authorof a business bestseller on Japanese mar-keting; Professor Stan Nollen is co-authorof a text on emerging markets in EasternEurope, and Professor Rob Grant (seepage 13) and Paul Almeida are studyingknowledge management in multinational


corporations. Professor Carla Inclanreceived a grant from the National ScienceFoundation to study international financialderegulation. Many other Georgetownprofessors also are examining how theglobal marketplace effects disciplines fromfinance to strategy.

When faculty do internationalresearch, their knowledge and insights arepassed onto students in the classroom, saysNollen, adding that “in the natural pro-gression of taking courses, you’re going toget data and cases and observations thatare internationally infused.”

Michael Schmeltzer (MBA’99), gen-eral manager for e-commerce strategies atcorporate travel firm Rosenbluth Interna-tional, notes that faculty not only includedinternational case studies into the curricu-lum, but encouraged foreign students toshare their knowledge and experiences as atool for learning.

“Faculty always looked to understandhow situations might be different if anoth-er country’s environment were to be con-sidered and drew in foreign students todiscuss,” says Schmeltzer.

Directing courses abroad is anotherway faculty stay involved with internation-al business. Each summer, Professor Jose-Luis Guerrero-Cusumano directs theGeorgetown Graduate Program in Inter-national Management at Oxford Universi-ty. During the six-week Oxford program,students take three tutorials from Oxfordprofessors and European business leaders,and conduct on-site visits to internationalbusinesses to learn about foreign businesspractices first-hand.

Marshall, who participated in the pro-gram during the summer of 1998, said theexperience led her to her current position.Although not specifically designed as anetworking experience, many students use

the opportunity to explore job possibilities,says Guerrero.

In designing the new MBA curricu-lum, Lawrence Abeln, director of graduateprograms, notes the committee felt it essen-tial to require an international businesscourse during the first year, as well as theGLOBAL Experience, a 12-week coursefor second-year students that includes aweeklong study trip to New Delhi, London,Buenos Aires or Hong Kong.

“The best way to obtain an interna-tional education is actually to go overseasand experience the culture and the busi-ness climate in another region. That expe-rience cannot be substituted by U.S. class-room experience,” Abeln says.

The New York Times recently high-lighted Georgetown’s program, one of onlythree in the United States to require astudy abroad experience, noting the course“reflects educators’ attempts to go beyondthe textbook in addressing the increasinglyglobal nature of business.”

With the introduction of the new cur-riculum in 1998 – 1999, MBA studentsalso now have 13 international electivesfrom which to choose, including a courseon investing in emerging markets taughtby George Munoz, president of the Over-seas Private Investment Corp., an inde-pendent U.S. government agency that pro-vides investment services to U.S.companies investing in emergingeconomies.

Editor’s Note: This January, The FinancialTimes ranked Georgetown’s MBA program 28in its second annual ranking of 75 MBA pro-grams worldwide, up six places from last year.

11Winter 2000

As businessgrows increasingly more global, studentswith international skills are going to bemore valuable in the marketplace, Ferdowssays. Building on Georgetown’s alreadystrong international business program, isan option.

“We think international is a fit forGeorgetown because we’re in Washington,we have an experienced and diverse groupof students, and faculty, and we alreadyhave put a lot of energy into this so thereare some assets that we can leverage,” hesays. “But you have to choose your areasvery carefully.”

The task force suggests offeringMBAs more international career directionby highlighting the skills, extra-curricularactivities, and internships necessary tobuild such careers.

“Students need better, earlier informa-tion about what kinds of elective courses fitwell with a possible range of career options,”Nollen says. “This need is generated by thegreatly multiplied number of electives inthe new curriculum.” And while George-town continues its quest to improve inter-national business education, students willcontinue to benefit.

“The Georgetown experience provid-ed me with immense confidence,” saysSmrithi Prahbu (MBA’99), who is fromIndia and now works as a consultant forAmerican Management Systems. “Work-ing with different people and learningthrough their experiences gave me theconfidence that allowed me to competeeffectively in any job market.”


Although the GLOBAL 2000 experienceis new to the MBA Class of 2000, theroots of this program reach back sevenyears to Georgetown’s highly acclaimedInternational Executive MBA program.

An 18-month, intensive program forfull-time employees with at least eightyears of work experience, the IEMBAprogram is designed to equip mid-careerprofessionals for executive positions.

The curriculum includes half-semes-ter modules and two overseas residencies.The success of the overseas residencies ledto the implementation of the GLOBALexperience in the redesigned MBA cur-riculum.

In the IEMBA overseas residencies,student teams are assigned to work on aconsulting project with multinational orlocal corporations with operations in anemerging market. For six months prior tothe residency, students research their proj-ect, often drawing on internationalresources (e.g. embassies) in the Washing-ton area to understand local issues affect-ing their projects. Once on location, theygather additional information and presenttheir report to the sponsoring company.Latin America and Asia are popular desti-nations for the residences.

Jeff Ward (IEMBA IV) works forLockheed Martin and recently was askedto represent a multicompany task force toexamine software development opportuni-ties in Asia. “A year ago, I wouldn’t havehad a clue about half the issues involved,”says Ward. “My IEMBA experience [inIndia] was a real benefit, because I wasexposed to all the issues involved in doingbusiness overseas in the program.”

Lessons Learned On the Road:IEMBA

A global perspective is not limitedsolely to the overseas residencies. Acrossthe curriculum, faculty use internationalcases to illustrate the dynamics of con-ducting business overseas. With approxi-mately 50 percent of an average IEMBAclass consisting of professionals who areeither foreign or have lived/workedabroad, students tend to take a more cos-mopolitan approach to problem-solving.

“The IEMBA program attracts indi-viduals who have extensive internationalexperience — from the non-Americanworking in the U.S. to the ex-patriotworking abroad,” notes Lisa Kaminski,

IEMBA students visit the Taj Mahal during the India Residency.

director of the IEMBA program. “Thismix makes for lively discussions in theclassroom and beyond.”

IEMBA students come from indus-tries with strong international connections,such as defense and telecommunications,multinational corporations and interna-tional agencies, and many find the IEM-BA experience helps them assume newresponsibilities.

“Operating overseas, you don’t knowwhat you don’t know until you go throughit,” says Michael McCarthy (IEMBA II),who credits the program for his careertransition from real estate to investmentbanking. “You learn to ask the questions,to think outside the box.”

Elizabeth Shine (G ’99)

13

Arriving in London from Milan lastmonth, I seemed to be the only non-Ital-ian on the flight. As soon as the planelanded, the cell phones were out, and bythe time the cabin doors were opened,dozens of conversations were in progress.What interested me about this scene wasthe realization that most of these youngItalians were living and, presumably, work-ing in London.

Statistics prove this. Approximately55,000 Italian citizens, 65,000 Germans,and a similar number of French are work-ing in London, and immigration is grow-ing rapidly. Today’s immigrants are pre-dominantly professionals, working ininvestment banks, management consult-ing, and information technology.

Why London? It’s not the weather orthe cuisine — though the former hasimproved marginally (global warming) andthe latter hugely.

Young, educated Europeans flock toLondon for the same reasons ambitiousyoung Brits head to the States. Employ-ment opportunities that arise from a flexi-ble labor market, learning opportunitiesthat arise from international firms, and thescope for initiative, innovation and fast-track advancement make London a magnetfor continental Europe in the same way thatthe United States has been a magnet to go-getters from all over the world.

Britain’s unemployment rate, thoughhigher than that of the United States, isamong the lowest of the larger EuropeanUnion countries. Employment protectionlegislation, which stifles career mobility inmany European countries, is less restrictivein Britain.

The emergence of Britain as one ofthe more dynamic, entrepreneurial andtechnology-driven countries in Europeowes much to the political changes that

have reshaped attitudes and social struc-tures as well as economic policies. TheThatcher Revolution of 1979 –1990reduced the power of the labor unions,shifted most of the state enterprise sectorto private ownership, created the condi-tions for an enterprise culture, and helpedundermine much of the traditional Britishclass system. Despite the rhetorical differ-ences, Tony Blair’s Labor government hasdeviated little from the overall direction ofThatcher’s policies.

The evidence of London’s emergenceas a European center is everywhere. WhenI left London in 1986, it was one of theworld’s great cosmopolitan cities. But themix of nationalities largely reflectedBritain’s colonial heritage. Today, ambi-tious new immigrants attracted by theopportunity Britain offers are balancingthat mix.

The new cosmopolitanism is reflectedin London’s professional soccer teams:Chelsea football club has an Italian man-ager and only one British player; Arsenalhas a German manager, and a majority ofnon-British first-team players. In thefinancial sector, too, overseas players domi-nate. Immigrants have long been the mostinnovative and entrepreneurial of the Cityof London’s financiers.

Many of London’s investment bankswere started by immigrants: Rothschildand Schroder (Germany), Lazard (France),and Hambros (Norway). Almost all havesince been acquired by overseas companies,and today, the biggest players in Londonare the Americans—Merrill Lynch, Citi-Group, Morgan Stanley Dean Witter,Goldman Sachs. This U.S. dominance hasreinforced London’s position as an interna-tional financial center: Most banks havetransferred major parts of their internationaloperations from New York to London.

The influx of American banks hasaffected London’s cosmopolitan mix. Closeto 50,000 U.S. citizens are living in Lon-don. In mid-November, American food-stuffs, such as sweet potatoes and pecanpies, appeared in our local supermarket.Work habits have changed too. The morn-ing rush hour once peaked between 8:00a.m. and 8:45 a.m., followed by a mini-rush of stockbrokers arriving in time forthe market opening at 9:30 a.m. It wasthen a short morning before lunch.

The American investment bankschanged all that with their 7:30 a.m.breakfast meetings and working lunches.This year, the London Stock Exchange’sopening time was moved forward to 8 a.m. in order to bring it into line withFrankfurt.

So what of the old London? Let metake you to a Sunday morning street mar-ket in the East End. We’ll have jellied eelsfrom a shellfish stall, followed by a trip to apie and mash shop, and come back on ared, double-decker bus. It’s still there, justlook, round the corner from the Starbuckscoffee shop.

Robert Grant is a profes-sor of strategy at George-town, and a native ofBritain. During Fall1999, he was a visitingprofessor at the University of London’sBusiness School.

Letter from London

Faculty


The animated meeting of theWorld Trade Organization(WTO) in Seattle last December

was merely a reminder that transnationalproduction is spreading faster than manyof us imagined.

More and more, companies are mak-ing different parts of their goods and serv-ices in different countries and movingthem across national borders for furtherwork, storage, sales, repair, or even recy-cling. Consider, for example, that from1950 to 1997 the world output increasedsix times but world trade increased 18times. Reduction of tariffs (brought aboutnot only by the WTO and its predecessors,but also by the EU, NAFTA, Mercosur,and other pacts) should be credited for thistrend. However, other factors are alsobehind it. Most notably, e-commerce, witheasier connection to both worldwide cus-tomers and suppliers, is pushing thesecross-border transfers to record levels.

Clearly the logistics of transferringthese goods and services around the globewill become a greater challenge to manycompanies. This challenge is not only indealing with international suppliers andcustomers, but also in managing the inter-national flows within the company itself.

Rise of Transnational Production

A surprising number of cross-bordertransfers are intra-firm — i.e., from onepart to another part of the same company.In the United States, for example, about athird of the exports and 40 percent of theimports are intra-firm: BMW in Spartan-burg, S.C., imports engines from BMW inGermany and exports Z3 models toBMW sales companies all over the world;Hewlett-Packard imports keyboards fromits subsidiary in Singapore and exports

components to many of its factories out-side the U.S. This practice is not limited tomanufacturers; the U.S. offices of Infosys, aprovider of software services, produces partof its “service” in one of Infosys’ 11 soft-ware factories in India.

These intra-firm trades have beenincreasing rapidly. Share of intra-firmtrades in the total trade went from 37 per-cent in 1977 to 53 percent in 1983 to 60percent in 1993 (World Investment Report,1996). This is partly due to the fact thatforeign direct investment, in spite of itsyear-to-year volatility, continues toincrease faster than both growth in worldoutput and trade. The annual growth rateof global foreign direct investment from1986 to 1990 was an astounding 25 per-cent, and from 1991 to 1994 it was 13 per-cent, still several times faster than thegrowth in world output or trade. Evenafter a slowdown due to the 1997 Asianeconomic crisis, it has continued to grow ata very high rate.

The Managerial Challenge

All this is creating new challenges formanagers. Those in manufacturing mustchange a subtle but deeply ingrainedmindset about the role of foreign factories.They need to become convinced that a for-eign plant can be more than a means forgetting tariff and trade concessions, cheaplabor, capital subsidies, or reduced logisticscosts. These might have been their expec-tations in the past but, to prepare better forincreasing transnational production, theyneed to take a fresh look at other potentialsof a foreign factory. These factories can beused also to serve international customersbetter, support domestic plants, generatenew knowledge, and bring needed skillsand talent to the company. These are less

tangible benefits and are realized mostly inthe long term. They require investmentand deliberate plans. It is not easy to con-vince skeptical colleagues to invest now forthe promise of these hard-to-measure ben-efits in the future.

Managers in service compare a similarchallenge. They, too, need to think howtheir operating units, even when spreadacross different regions and countries, cansupport and leverage each other. For exam-ple, how might Andersen Consulting (AC)offices in London leverage the resourcesand knowledge that reside in AC offices inNew York or Tokyo? The issue is basic:How can a company avoid creating a dis-jointed group of operating units and,instead, create an integrated network —where each unit reinforces the others?

Organizing for Transnational Production

Nestle has almost 500 factories in 70countries, BASF 200 in 39 countries, and3M 80 in 44 countries. How are these fac-tories organized in each company’s globalnetwork? How do they relate to one another? How about the 25,000 restaurantsrun by McDonald’s, more than 100 resortvillages at Club Med, and AmericaOnline’s (AOL) service centers in morethan 10 countries: How does each operat-ing unit relate to the other units in eachcompany’s global network?

There are many marketing, produc-tion, logistics, and even legal factors thatshape the structure of each network. Butmy research shows that the glue that turnsa disjointed group of production units intoan integrated network is essentially hownew operational knowledge is generatedand absorbed. Generation and absorptionof knowledge may be different capabilities,

FORUM

The Challenge of Transnational Production

15Winter 2000

but they need similar resources. This isparticularly true for operational knowl-edge. Operational knowledge is the realknow-how of the company—the recipe forproducing its goods or services. Technolo-gists, engineers, computer specialists, labtechnicians, quality experts and otherknowledge workers who apply a new pro-cedure in a production unit can also gener-ate other new procedures. These are thecompany’s knowledge resources. Some-times these resources are more than justemployees; for example, they may includeexpensive specialized facilities and equip-ment. How a company allocates thesevaluable resources in the network is a keyindicator of whether it is building an inte-grated or a disjointed production network.

There is no universally optimal pat-tern for distributing these resources in anetwork. Rather, I have found that theoptimal pattern depends on two attributesof the company’s key operational knowl-edge: How explicit is this knowledge andhow fast it changes. If this knowledge is, orcan be, made explicit (as in the case ofMcDonald’s or Coca Cola, where all oper-ational procedures are spelled out in manu-als), then most of the company’s knowl-edge resources can be kept at the center (orheadquarters). Sometimes codifying theknowledge may require substantial invest-ment—for example developing expert sys-tems (such as those Dell has developed) orinstituting strong incentives for codifyingthe tacit knowledge (as Anderson Consult-ing and Booz-Allen & Hamilton havedone). In general, more knowledgeresources can be kept at the center whenkey operational knowledge is more explicit.

If the critical knowledge is inherentlytacit (for example, how to entertain guestsat a typical Club Med resort), strict manu-

als and expert systems are not effective andcan even be a hindrance. In these compa-nies, those on the frontline need flexibilityto react and innovate, and they need to bequalified to do that. Therefore, knowledgeresources in these companies are moreeffective in the production units, wherethey can help production and develop newprocedures, than in the headquarters. Sinceoperating manuals cannot transfer the newprocedures, key personnel would have tobe moved among the units to transferknowledge and maintain a global standard.

What if the tacit knowledge is chang-ing fast and moving the experts betweenunits is too slow to cope with the pace ofthis change? AOL, for example, faces sucha situation. Key operational knowledge atAOL is changing very rapidly, and there islittle time to codify it into operations man-uals. Specialists and experts cannot bedivided among different international unitsand are usually too busy to keep up withthe latest changes. They do not have muchtime to spend on codifying their knowl-edge into operating manuals and, even ifthey did, the manual is likely to be obsoletesoon. Transnational production in thesecompanies pose a dilemma: On the onehand they must keep a critical mass oftheir scarce knowledge resources at theheadquarters and, on the other hand, allo-cate enough to each operating unit to let itoperate efficiently and generate newknowledge.

Any company that wishes to developsuperiority in transnational productionultimately faces the same dilemma. Howcan you design a global production net-work that can cope with fast changing —hence, essentially tacit — productiontechnology and procedures, yet avoidduplication and scattering of the compa-

ny’s scarce knowledge resources? Superiorcompanies are already showing the way.They are distributing more of their knowl-edge resources in their production unitsworldwide and to avoid duplication, theyare creating centers of excellence in manyof them — lead operational units that cap-ture and develop knowledge not only forthemselves but also for the rest of the com-pany. The best way to characterize thearchitecture of such networks is to visualizea group of interdependent units – as opposedto dependent or independent production sites.

Professor Kasra

Ferdows is the

Heisley Family

Professor of Global

Manufacturing

at the McDonough

School of Business.

This article is based

on his latest

research.

Faculty


In June, I was appointed senior associ-ate dean of the McDonough Schoolof Business. As part of this assign-

ment, I am responsible for the academicgrowth and development of our faculty.

During the past year, our faculty pub-lished more than 170 articles in refereedjournals, in addition to books and bookchapters. They serve on 59 editorial reviewboards for leading journals around theworld. McDonough faculty have also pro-vided Congressional testimony andreceived press coverage for their research.

This year, we are especially proud tonote that Professor George Brenkert wasnamed editor of The Journal of BusinessEthics, the premier journal in its field. Ourjunior faculty also show much promise:Assistant Professor Ken Cavalluzzo’s doc-toral dissertation was named the outstand-ing dissertation in the field of managerialaccounting.

To keep our peers apprised of McDon-ough faculty research, we will annuallydetail publications and conferences inGeorgetown Business. Following is a sample ofMcDonough faculty activity for 1999.

John Mayo, Senior Associate Dean, McDonough School of Business

Assistant Professor Paul Almeida pub-lished “The Localization of Knowledgeand the Mobility of Engineers in RegionalNetworks” (with Bruce Kogut) in the July1999 issue of Management Science.

Professor Alan Andreasen is servingas the interim executive director of theSocial Marketing Institute, a new organi-zation for the advancement of the scienceand practice of social marketing. The Insti-tute is the recipient of a $655,000 one-yearplanning grant from the Robert WoodJohnson Foundation. In addition,

Andreasen is organizing the first nationalsummit of top marketing executives inlarge nonprofit organizations. The sum-mit, which has received a $48,000 grantfrom the David and Lucille Packard Foun-dation, will be jointly sponsored by theMcDonough School of Business and theSocial Marketing Institute.

The University of South Floridarecently announced the establishment of theAlan Andreasen Distinguished LectureSeries that will provide a grant and hono-rarium to a speaker at their annual confer-ence on Social Marketing for Health.

Associate Professor Reena Aggarwal

and Largay Professor David Walker servedas program chairs for the fifth annual con-ference on “Alternative Structures forSecurities Markets,” sponsored by theNasdaq Stock Market and hosted by theCapital Markets Research Center in Sep-tember 1999. The conference attracted adistinguished group of stock market chairsand others who provide the senior leader-ship and management of stock markets inemerging markets as well as public officialswho regulate these stock markets. Forty-seven different nations were represented,including Thailand, Uganda, Turkey, theCzech Republic, Malaysia, Romania,Egypt, China, Mexico, Russia, Vietnam,Bangladesh, Estonia, Cyprus, Mongolia,India and Latvia.

The conference keynote speaker wasGary Perlin, senior vice president and chieffinancial officer of The World Bank. Con-ference program topics included corporategovernance of stock exchanges, the role oftechnology and the Internet in stock trad-ing, globalization of markets, regional har-monization, new developments in emergingmarkets and the changing role of develop-mental institutions. Participants visited theNasdaq-Amex market in New York.

Professor Aggarwal’s publications in1999 include: “The Rise and Fall of theAMEX Emerging Company Market-place” (with Jim Angel) in volume 52 ofThe Journal of Financial Economics; “CapitalRaising in the Offshore Market” (with IanGray and Hal Singer) in volume 23 of TheJournal of Banking and Finance; “Price Dis-covery in Initial Public Offerings and Roleof the Lead Underwriter” (with Pat Con-roy) and “Stabilization Activities byUnderwriters after New Offerings,” bothto appear in forthcoming issues of The

Journal of Finance. In addition, Aggarwalcollaborated with Associate ProfessorAllan Eberhart and New York University’sEdward Altman on “Equity Performanceof Firms Emerging from Bankruptcy” inthe October 1999 Journal of Finance.

Associate Professor Robert Bies wasan editor for volume seven of Research onNegotiations in Organizations.

Professor George Brenkert, director ofthe John F. Connelly Program in BusinessEthics, has been named the editor of Busi-ness Ethics Quarterly. He will assume theeditorship in June 2000.

Assistant Professor Ken Cavalluzzo

was the 1999 recipient of the OutstandingDissertation Award for ManagerialAccounting from the American Account-ing Association. His dissertation, “Compe-tition and Cost Shifting in GovernmentAgencies,” appeared in the Journal ofAccounting Research. A second paper byCavalluzzo has been accepted by the Jour-nal of Business.

Professor Ricardo Ernst’s book GlobalOperations Management and Logistics: Textand Cases (with Philippe-Pierre Dornier,Michel Fender and Panos Kouvelis) hasbeen translated into Chinese and will betranslated into Portuguese for publicationin Brazil. Ernst has also published “TheEffect of Selling Packaged Goods onInventory Decisions” (with Panos Kou-velis) in Management Science. Ernst andBardia Kamrad are also collaborating on

Research and Activities

17Winter 2000

“An Economic Model for EvaluatingMining and Manufacturing Ventures withOutput Yield Uncertainty” for OperationsResearch.

Associate Professor Ron Goodstein

and Devon DelVecchio submitted an arti-cle for publication in a forthcoming issueof Diversity in Advertising entitled “TheRole of Ethnicity in Celebrity Endorse-ments: Moving Beyond Racial Pairing.”Goodstein also authored “The Effect ofArchetypal Embeds on Feelings,” an arti-cle on how subliminal advertising affectsemotions, with Andrew Aylesworth (Bent-ley College) and Ajay Kalra (Carnegie-Mellon), which was accepted for publica-tion in a forthcoming issue of the Journalof Advertising. In the May 1999 issue of theJournal of Marketing Research, Goodstein

published “The Impact of AdvertisingPositioning Strategies on Consumer PriceSensitivity” (with Ajay Kalra).

Associate Professor Jose Guerrero-

Cusumano published articles in the Jour-nal of the American College of Cardiology,Quality Engineering, TQM Magazine andInformation Sciences on such varied topics asepidemiological approach to quality assess-ment in echocardiographic diagnosis, qual-ity at the crossroads of organizationalexcellence and the academy, next-genera-tion quality management, and multivariateexponential families and the Taguchi lossfunction.

Assistant Professor Carla Inclan

received a three-year grant in 1998 fromthe National Science Foundation to studyinternational financial deregulation. She isalso co-author, along with Reena Aggarw-

al and Ricardo Leal, of “Volatility inEmerging Stock Markets,” published inthe March 1999 issue of The Journal ofFinancial and Quantitative Analysis.

Associate Professor Bardia Kamrad’swork, “Production, Operating Risk andMarket Uncertainty: A Valuation Perspec-tive on Controlled Policies” with S. Lele(University of Maryland’s Smith School)

appeared in the May 1999 issue of IIETransactions: Scheduling and Logistics. Heco-authored with Ricardo Ernst “Evalua-tion of Supply Chain Structures throughOutsourcing and Postponement,” forth-coming in The European Journal of Opera-tional Research. Kamrad’s papers, “On theStochasticity of Innovation Diffusion: AValuation Framework for Advertising andPrice Policies,” with S. Lele and Robert

Thomas and “An Economic Model forEvaluating Mining and ManufacturingVentures and Output Yield Uncertainty,”are under review at Management Science andOperations Research, respectively.

Professor Joseph Mazzola published“Lagrangian-Relaxation-Based SolutionProcedures for a Multiproduct CapacitatedFacility Location Problem with Choice ofFacility Type” with Alan W. Neebe (Uni-versity of North Carolina) in The EuropeanJournal of Operational Research in 1999.

Professor Marcia Miceli collaboratedwith researchers at Indiana University on“Can Laws Protect Whistle-Blowers?”in Work and Occupations in 1999 and “Consequences of Satisfaction with PaySystems” in the January 2000 issue ofIndustrial Relations.

Assistant Professor Glen Schmidt wasnamed a finalist in spring 1999 in theGeorge Nicholson competition for beststudent paper sponsored by INFORMS,the Institute for Operations Research andthe Management Sciences. The paper, achapter of his dissertation, was written in1998. More recently, Schmidt received agrant from Stanford University’s Integrat-ed Manufacturing Association to conductresearch in manufacturing operationsmanagement.

Assistant Professor Akhtar Siddique

has collaborated with C.R. Harvey (DukeUniversity’s Fuqua School), on two arti-cles: “Autoregressive Conditional Skew-ness” which appeared in the December1999 issue of the Journal of Financial andQuantitative Analysis and presents a new

methodology for estimating time-varyingconditional skewness; and “ConditionalSkewness in Asset Pricing Tests” willintroduce a mean-variance-skewness mod-el for developing optimal portfolios offinancial securities in the Journal of Financein June 2000.

Associate Professor Craig Smith pub-lished a detailed examination of briberyentitled, “Social Contracts and MarketingEthics” (with Thomas W. Dunfee andWilliam T. Ross Jr.) in the July 1999 issueof the Journal of Marketing.

Assistant Professor Jeanine Turner

and T. McCain (Ohio State University)collaborated on a chapter, “Teaching MassCommunication and Telecommunication,”in the 1999 textbook Teaching Communica-tion: Theory, Research, and Methods pub-lished by Lawrence Erlbaum Associates.Her article, “Patient Satisfaction withTelemedicine in a Prison Environment”with H. Mekhjian, M. Gailiun and T.McCain (all at Ohio State University)appeared in the Journal of Telemedicine andTelecare in May 1999. Turner also pub-lished an article, “Telemedicine: EmergingE-Medicine” with S. Mun (GeorgetownUniversity Medical Center), in the fallissue of The Annual Review of BiomedicalEngineering, and her work, “Generating theVirtual Office Visit,” will be published thiswinter in Managing Healthcare InformationSystems with Web-Enabled Technologies.

Assistant Professors Rohan William-

son and Lee Pinkowitz jointly published“The Determinants and Implications ofCorporate Cash Holdings” (with TimOpler and Rene Stulz) in the April 1999issue of the Journal of Financial Economics.The authors studied publicly traded U.S.firms during 1971-1994, finding some evidence of a static tradeoff model of cashholdings. They also found that successfulfirms tend to accumulate more cash thanpredicted by the static tradeoff model wheremanagers maximize shareholder wealth.

Third Century Campaign Continues Momentum

Three anonymous gifts totaling $3 million have brought the

total raised to date by the McDonough School for the Third

Century Campaign to $67 million.

Each of the gifts fulfills goals laid out for the Third Century

Campaign. A gift of $1.5 million has been designated for facili-

ties, bringing the total raised to date for the new business

school building to $20 million. A $1 million gift will be used at

the dean’s discretion, in consultation with the donors, and a

$500,000 commitment has been made to faculty development

funds, intended to help faculty develop and explore new and

innovative techniques for delivering state-of-the-art classroom

instruction.

“These gifts are timely, as they provide critical resources

that can be used now and also for future needs,” commented

Dean Christopher Puto.

Two For the Price of One: Matching Gifts

Corporate matching gifts provide significant income to

McDonough each year. Last year, $650,000 was received in

matching gifts from corporations such as Exxon, AT&T, Merrill-

Lynch, Arthur Andersen and Ernst & Young. Many companies

offer matching gifts at a one-to-one ratio, and some match at a

two-to-one ratio. Some not only match employees’ and spouses’

gifts, but also gifts made by retirees.

Contributors must request a matching gift form from their

employer, which is completed and submitted with the contribu-

tion. Georgetown University completes the paperwork and

returns it to the employer, whereupon the match is issued.

Contributors receive recognition credit for both their own

gift and the matching gift. This means that they qualify for

membership in Georgetown’s gift societies based on their gift

plus the matching gift. For example, a $5,000 gift matched dol-

lar-for-dollar by the employer could qualify a donor for the Blue

& Gray Society, which requires an annual commitment of

$10,000 to Georgetown.

“Matching gifts make an enormous difference, both to

Georgetown and to the individual donors,” says Scott

McDaniel, associate director of the annual fund. Interested

donors may contact McDaniel for further information at

202.687.6677.

Chase Manhattan Gives First Gift

in Minority Fellowship Program

Agift from Chase Manhattan Bank to fund a full tuition

scholarship for a minority MBA candidate is the first

success of a new minority fellowship program under way at

the McDonough School of Business. The scholarship will be

awarded in the 2000-01 school year.

“Georgetown is one of the key schools we look to in

our recruiting efforts,” says William Hoefling, executive vice

president at Chase Manhattan Bank. “We are impressed with

the diversity of its MBA population. In view of the strong

relationship we have with Dean Puto, we are confident we

will make an impact with this program.”

The program is aimed at recruiting and developing min-

ority MBA students for corporate leadership positions. The

McDonough School was ranked as the number one MBA pro-

gram for Hispanics in the September 1999 issue of Hispanic

Business, and the fellowships are expected to increase minority

interest in pursuing an MBA at McDonough. Currently, minori-

ty students comprise 15 percent of MBA student enrollment.

Participating corporations will sponsor fellows not only

with direct financial aid for two years but also will provide

internships, mentoring and networking opportunities for

students in the program.

“The Minority Fellowship Program will not only expose

these students to a leading curriculum,” says Dean Christopher

Puto. “It also will provide a supportive learning environment

enhanced by contacts with corporate mentors.”

Corporations interested in supporting this program should

contact Agnes Connolly, director of corporate and foundation

relations for Georgetown University, at 202.687.3524.

Dividends

19Winter 2000

Second-Year MBA Student Authors Winning

Paper in Corporate Community Relations

A paper written by a McDonough MBA studentwon first place in Boston College’s Center forCorporate Community Relations’ annual com-petition in August 1999.

In “Corporate Responsibility and the NewBusiness Paradigm,” Alison Habiger(MBA/F’00) described how cyberspace repre-sents a new global space for corporate responsi-bility and focused on Internet privacy todemonstrate how companies will be forced toalter their policies as various concerns aboutconducting business in this new medium arise.Her faculty advisor, Professor Mary Culnan, isthe author of the 1999 Georgetown InternetPrivacy Policy Study on online privacy.

Habiger received a $5,000 award, funded bymajor corporations including Clorox, CocaCola, Diageo, Ford, Merck, Prudential andTime-Warner.

“Alison’s paper stood out from the pack,” saidSteve Rochlin, research director at the Center.“We’re very pleased to give her the award.”

The papers, judged by three of Boston Col-lege’s business faculty and three corporate man-agers, are evaluated on the basis of scholarshipand relevance to practice. Previous winnersinclude students from the University of Oregon,Stanford University and the MassachusettsInstitute of Technology.

Georgetown Team Places Third in National

Black MBA Case Competition

A team of four McDonough MBA studentswon third place in the annual National BlackMBA Association Case Competition in Sep-tember 1999.

Teams from 26 MBA programs traveled toAnaheim, Calif., to participate in the competi-tion, sponsored by DaimlerChrysler. First placewent to University of Michigan’s team, and theUniversity of Virginia’s Darden School’s teamwon second place.

“The McDonough team faced rigorouscompetition,” said Christopher Puto, dean ofthe McDonough School. “Their placementamong the nation’s leading MBA programsspeaks volumes about their accomplishment.”

Inga Riggins (MBA’00) Nita Brown(MBA’00) David Williams (MBA’00), and JamesThompson (MBA’01), won a $6,000 team prize.The case involved a small family-owned automo-tive parts business and the owner’s sons’ differingvisions for the future of the business.

Two MBA Students Win $15,000

In Texaco Scholarships

Robert Kitterman (MBA’00) and Mary Reese(MBA’00) each won a $7,500 scholarship awardfrom the Texaco Corporation in September 1999.

John J. O’Connor, Texaco’s senior vice president presented the awards to Kittermanand Reese in a ceremony at Georgetown onSeptember 30, 1999.

The scholarship awards are made to second-year MBAs with an interest in the energy indus-try and a minimum grade point average of 3.25.Kitterman and Reese are the first recipients ofthe awards at Georgetown. Other recipientsinclude students from the business schools atColumbia University, Duke University and theUniversity of Michigan.

Chase Manhattan Bank Awards $10,000 to

Georgetown MBA Student

Tracy Young (MBA’01) is the recipient of a$10,000 Chase Manhattan Bank Scholarshipfor the 1999-2000 academic year. Prior toGeorgetown, Young, an African American,worked for four years as a certified publicaccountant for KPMG in Baltimore, Md. “Thetuition award will allow me to pursue my aca-demic goals and further enhance my careerdevelopment,” said Young, who plans to work incorporate finance.

Undergraduate Business Student Receives

Beta Gamma Sigma Award

Ryan Egan (B’00), has won a $1,000 scholarshipfrom Beta Gamma Sigma (BGS), the undergrad-uate business honor society. Egan, who was

selected for membership in Georgetown’s chapterof the society in his junior year, won the scholar-ship on the basis of superior academic perform-ance, his essay application and an interview.

“For a student to even be selected for mem-bership in the society means that he must be inthe top seven percent of his class,” said BGSAssociate Executive Director Vicki Klutts. “Toreceive the award, he must be one of the verytop business students.”

A finance major with a 3.8 grade point aver-age, Egan currently serves as co-vice presidentfor BGS’ Georgetown chapter. He is also a tutorfor the Sursum Corda tutoring program.

Accounting Student Wins American Society of

Women Accountants Award

Kathleen Saunders (B’00) is the recipient of thePast Presidents’ Award of the D.C. Chapter ofthe American Society of Women Accountants’annual scholarship. The $750 scholarship isawarded to an accounting student with out-standing academic performance who presentsthe best essay on the future of accounting. Saun-ders’ paper explored the topic of taxation andInternet companies.

McDonough Undergraduates Garner Various

Corporate Awards

McDonough undergraduates are the recipientsof a number of merit-based, competitive awardsfrom leading corporate entities. Students whohave won scholarships this year include: JessicaNavarro (B’01), who receives $7,500 annuallyfrom the Starr Foundation; Antoine Dickerson(B’01) receives $4,000 yearly from the law firmof Morrison & Foerster; Nicole Adams (B’00)won $4,000 from Merrill Lynch for the 1999-2000 school year; Michael Yaeger (B’03) willreceive $2,500 annually from The Boston Globe;Melissa Hoffam (B’03) receives $1,000 annuallyfrom McDonald’s Corporation; and ChristopherBledsoe (B’03) receives $1,000 annually from theFord Salute to Education.

McDonough Student Scholarships and Awards


Finance Professor Focuses on Real-WorldApplications of Research

Quadrupling the value of a com-pany’s stock is no mean achieve-ment. If you’re a tobacco compa-ny, it’s nothing short of amiracle. Assistant Professor San-deep Dahiya’s research showshow a small tobacco company’sstrategic response to litigationincreased shareholder value.

In “Wealth Creation andDestruction from BrookeGroup’s Tobacco LitigationStrategy,” Dahiya and his co-author, New York University(NYU) professor David Yerma-ck, argue that by breaking withthe larger tobacco companiesand being the first to settle outof court the litigation broughtby the U.S. attorney general onbehalf of the states, Brookenegotiated very lenient terms forthe company.This removed theprospect of further lawsuits andincreased shareholder value. “Itwas a risky strategy,” notesDahiya, “but it paid off. Stockprices almost quadrupled, andshareholders did very well.”

Dahiya sees wider implica-tions in his research as to howcompanies under duress respondto litigation. “The handgunindustry is facing litigation fromthe states similar to tobaccocompanies,” says Dahiya, pre-dicting that some companiesmay respond as Brooke did.

A native of India, Dahiyajoined the McDonough facultythis fall, after earning his doc-

torate in finance from NYU’sStern School of Business.Focusing on internationalfinance, Dahiya’s dissertationexamined the impact on finan-cial markets when nationsdefault on their loans. He hasalso investigated the impact ofcorporate financial distress oninstitutions that lend to andinvest in corporations.

Prior to earning his doctor-ate, Dahiya was a project financemanager with the IndustrialCredit and Investment Corpo-ration of India (ICICI) in NewDelhi, the only Indian companylisted on the New York StockExchange. Although he tookthe position knowing he wouldeventually return to school, hebelieved it was important thathe have a real-world context forhis research.

“I believe that financeresearch shouldn’t deviate toomuch from the real world,” hesays. “You should try to look fora practical application to yourresearch.”

e-Trust

What can savvy marketers doto affect consumer behavior onthe Internet? Information relia-bility, Assistant Professor Mar-lene Morris believes, is one ofthe key elements affecting con-sumer choice.

“Because the Internet ande-commerce are so new andlargely unregulated, informationmust be presented in a way thatconveys reliability,” says Morris,a new McDonough facultymember. “Information reliabili-ty is one of the things that turnsbrowsers into buyers.”

Morris measures informa-tion reliability by a number ofcues, including the timelinessof the information offered,transparency used to generateinformation and its source.“Trust is a marketable com-modity that’s especially impor-tant on the Internet,” observesMorris. “Giving extra assur-ance [to Internet customers] atfirst builds loyalty later on.”

A recent graduate ofDuke University’s FuquaSchool of Business, Morris’interest in this topic grew outof her marketing doctoral dis-sertation. Her dissertationfocused on how contextual fac-tors that signal the reliability ofinformation will influence notonly choice but also the timingof an intended purchase.

E-commerce is a hot topicat the moment, but Morrisbelieves e-consumers are not

so different from regular retailcostumers. “E-commerce is anew environment, but many ofthe fundamental aspects ofconsumer behavior still apply,”she says.

Morris’ other researchincludes the timing of pur-chase decisions, especiallydecision delay, issues of con-trol in consumer decision-making and consumer atti-tudes toward foreign products.In the next year, she plans toexamine differences in reliabil-ity perceptions and perceivedrisk in Internet environmentsacross gender and ethnicities.

“Differences exist acrossgender and ethnic backgroundin how much people trustinformation that is presentedand their intended purchasebehavior,” she notes. “Thesedifferences may have someinteresting implications formarket segmentation on theInternet.”

Faculty and Staff NEWS

Assistant Professor Marlene MorrisAssistant Professor Sandeep Dahiya

21Winter 2000

The Business of Ethics

To some, business ethics is anoxymoron. But Assistant Pro-fessor Edward Soule marrieshis ethics scholarship with 20years of first-hand experienceconfronting ethical issues inthe business world. He usesthis experience in the class-room, where he works to instilla sense of social responsibilityin his students.

The business experience“allows me to breathe some lifeinto the issues, particularlysome of the technical issues,because I’ve done them andcan speak a little more passion-ately about them,” said Soule, aformer public accountant fromSt. Louis, who recently earnedhis doctorate in philosophyfrom Washington University.

In 1996, Soule interruptedhis doctoral studies to serve asinterim chief financial officerfor TransWorld Airlines fol-lowing the crash of Flight 800.The company, which had beenemptied of its cash and valu-able assets after a leveragedbuyout, faced financial andoperational difficulties. Work-ing for a company that was in astate of chaos “rounded out”Soule’s business experience —and made him “scurry back tothe university” after six shortmonths.

Now that Soule’s found ahome in academia, he has sethis sights on a new goal. “Iwant to be a good teacher, andI want to do top-notchresearch,” he said.

Soule plans to research theethics of genetically engineeredplants and foods. Though thecontroversy raging in Europeover this technology has yet toreach the United States, Soulehas begun researching the fit-ting response of business tothis thorny issue.

“There is tremendouspromise with this technology,it’s just that there is alsoincredible risk,” he said. “Youdon’t want to stifle the industryand not allow this new tech-nology. At the same time youwant to align the cost and therisk with the companies thatbenefit from it.”

An Eye on the Bank (Power) Balance...

Assistant Professor Lee Pinko-witz is watching bank balances,but not in the conventionaldollars and cents way. Pinko-witz, along with McDonoughAssistant Professor RohanWilliamson, has examined theeffect of bank power on thecash holdings of industrialfirms in three different coun-tries.

“Basically, we argue thatin a bank-centered economy, ifthe banks have too much pow-er, they will use it to benefitthemselves at the expense ofthe industrial firms,”Pinkowitz said. “One way theyseem to do this is to force thefirms to hold too much cash ondeposit in the bank.”

They found a naturalexperiment in observing coun-tries with different financialstructures: the United States,with its decentralized monitor-ing system; Japan, which had ahighly centralized structurewith very powerful banks; andGermany, with its powerfulbanks and equally powerfulcorporations. They foundJapan held much more cashthan the United States andGermany, which they correlat-ed with bank power.

As noted in their research,“During periods of high bankpower, firms’ cash holdings are

consistent with banks extract-ing rents. We conclude that theJapanese banks persuade firmsto hold higher cash balancesthan firms in the United Statesand Germany. This is contraryto widely held beliefs about theJapanese governance system.”

Pinkowitz, who recentlyearned his doctorate fromOhio State University, came toMcDonough this fall. Hetaught “Business FinancialManagement” to undergradu-ates, and challenged them tosee “the elegance and beauty”of finance. Students like IavorBalabanov (B’01) saidPinkowitz’s enthusiasm forfinance made the requiredcourse interesting. “It’s aninteractive class with real-lifeapplication. It really hits thespot,” Balabanov said.

Assistant Professor Lee Pinkowitz Assistant Professor Edward Soule


22 The McDonough School of Business Winter 2000

Risky Business

Assistant Professor BennettZelner’s research aims to pro-vide a broad comparative meth-odology for comparing globalpolitical risk. And more thanjust make an academic contri-bution, he hopes governmentsand firms will find some practi-cal application in his work.

“A lot of times what acompany needs is to have amore scientific methodologythat really allows it to makecomparisons across very dis-parate investment environ-ments,” Zelner said. “[I] wantto provide the methodology fordoing comparative analysis.”

Zelner’s interest in devis-ing such a methodology growsout of his previous research,which has focused on how dif-ferences in political institutionsaffect investment patterns ininfrastructure industries, par-ticularly electric and telecom.Georgetown’s location in thepolitical capital of the worldprovides the ideal environment.

“With the kind ofresearch I do, you always wantto have contacts in the businessworld and the policy world.D.C. couldn’t be a better placefor me,” he said.

Zelner, who earned hisdoctorate in economics fromthe University of California atBerkeley’s Haas School ofBusiness in May, 1999, spenthis first semester at George-town interviewing managers

from firms throughout theUnited States as part of hisresearch. This spring, in addi-tion to teaching three sectionsof strategy to undergraduates,Zelner and fellow researchersfrom Berkeley and Whartonare visiting Asia, Latin Ameri-ca, and Europe to interviewnearly 30 managers. They hopeto gain a better understandingof how managers of independ-ent power production industryare evaluating political risk.

“I wanted to be groundedin the real world,” said Zelnerof his research. “The early aca-demic training, particularly ineconomics, is very theoretical,and it’s easy to go down thatpath. But I realized that Icould take these ideas andactually apply them to the realworld, something that I findmore fulfilling.”

IN THE MEDIA

l Professor Jim Angel commented on the New York Stock Exchange’s

decision to begin quoting stock prices in dollars and cents in the Decem-

ber 3, 1999, edition of The Washington Post (Sandra Sugawara).

l Professor Ken Cavalluzzo’s research on race-based lending differ-

ences was featured in a November 23, 1999, article in The Wall Street

Journal, “Financing Small Business: Banks Turn to the Internet for Loans

to Small Businesses.” (Joshua Harris Prager).

l Associate Dean for Graduate Programs Larry Abeln was quoted in

the November 7th, 1999, edition of The New York Times (Debra K. Deck-

er) on MBA study abroad programs.

l Professor William Droms was quoted in Money magazine’s Novem-

ber 1999 cover story on retirement (Lisa Reilly Cullen).

l The Washington Post (John Schwartz) quoted Professor Mary Cul-

nan in an October 23, 1999, article on the IRS’ proposal to use electronic

mail to speed up the delivery of tax information.

l The October 4, 1999, Financial Times’ Mastering Strategy section

mentioned Professor Robert Grant’s knowledge management research

(Laura Empson). One of Professor Grant’s publications, “Towards a

Knowledge-Based Theory of the Firm,” was mentioned in the article’s

further reading section.

l Professor Reena Aggarwal was quoted in the October 2, 1999, edi-

tion of The Dallas Morning News (Katie Fairbank) on NASDAQ’s initial

steps toward a public offering.

l Professor Mary Culnan was quoted in BusinessWeek’s e.biz section

(Timothy J. Mullaney) on September 27, 1999, in an article titled “Build-

ing the Perfect Shareholder.”

l The September 25, 1999, issue of the International Herald Tribune

(Mitchell Martin) quoted Professor Jim Angel in an article that discussed

the slow consolidation of global stock exchange markets.

l Professor Ron Goodstein was quoted in the August 29, 1999,

edition of The Washington Post (Jamie Baylis) on Nintendo’s Pokemon

toys craze.

Assistant Professor Bennett Zelner


23Winter 2000


Young MIT Dean TakesHelm at Georgetown MBA Program

The youthful entrepreneurialspirit that one normally associ-ates with twentysomethingspioneering Internet startups ishardly endemic to the morestable and traditional halls ofacademe. But with a focus oncreating an electronic MBAcommunity and hiring newfaculty in innovative areas,Larry Abeln, the new associatedean of the MBA program,seems more in tune with anentrepreneur than with theaverage academic administrator.

Dubbed the “youngestMBA director in the world” byThe Financial Times’ DellaBradshaw, Abeln’s techno-vision and energy are a para-doxical mix of experience andyouth. After graduating magnacum laude and Phi Beta Kappafrom the University of Penn-sylvania in three years, he was alabor negotiator for thePhiladelphia Inquirer. Uponcompleting his graduate workat Cambridge University, hebecame director of alumnirelations at the MassachusettsInstitute of Technology’s (MIT)Sloan School of Management,and within six months wasnamed dean of MIT/Sloan’sMBA program at age 26.

Building an electroniccommunity and increasing thenumber of faculty teachinginnovative courses are twoimmediate goals that Abelnsees as key in building theGeorgetown MBA brand.

Since arriving at George-town, he has made leveragingtechnology to improve MBAprogram quality a priority.He is overseeing a redesign ofthe admissions web site, andinitiated the production of theExecard — a promotional CDthe size of a business card thatcontains information about theprogram. Under his direction,a mega-screen monitor to runstock quotes and breakingfinancial news will be installedin the student lounge. Hislaundry-list of future technologyinitiatives include on-line add/drop course procedures, a newMBA web site, and a coursepriority registration system.

Envisioning the George-town MBA electronic commu-nity as a place where studentslearn about new disciplinessuch as e-commerce, hebelieves it can also become apremier recruiting ground fortechnology firms, especiallythe Northern Virginia tech-nology corridor.

Learning about new disci-plines requires expandingcourse offerings, which meanshiring new faculty, and givingcurrent faculty the resourcesfor new course development.“We need to recognize themarketplace has changed,” saysAbeln. “We need to ensure ourfaculty can deliver programs inthese new areas.”

Abeln’s vision for theMBA program reflects DeanChristopher Puto’s mission tobuild the school’s reputation.

“Larry’s experience at atop-five MBA program will beinstrumental as the McDon-ough MBA program continuesto gain recognition,” says Puto.

Elizabeth Shine (G ‘99)

Larry Abeln, the new associate dean of the MBA program

During Abeln’s leader-ship, the MBA program con-sistently ranked in the top fiveprograms in the nation in U.S.News and World Report rank-ings. Abeln expanded programenrollment by 37 percent,doubled applications to theprogram, implemented on-line course bidding and regis-tration for students, and creat-ed a series of interdisciplinarymanagement tracks within theMBA curriculum.

After six years at Sloan,Abeln wanted to make a largerimpact at a younger program,and Georgetown was search-ing for a full-time professionalto head its MBA program.“Looking at all the top MBAprograms, I felt that if any ofthem had an underutilizedbrand name, it was George-town’s,” says Abeln.


As part of a continuing effort to strengthenthe MBA program, McDonough DeanChristopher Puto restructured the MBAoffice this fall. Major changes in the MBAoffice include the appointment of a full-time professional to serve as the associatedean and director of graduate programs (seeprofile on Larry Abeln, page 23), and a new,separate student life office, several new staffjoin the International Executive MBA(IEMBA) program, admissions and careermanagement. Other initiatives include refo-cusing the office’s commitment to studentservices, building an electronic MBA com-munity, and growing the IEMBA program.Below the assistant deans of each entityshare insights on their positions and goals.

Robert Wheeler, assistant dean and directorof admissions

Wheeler (MBA’99) was named director ofadmissions in May 1999. While an MBAstudent, he served as president of the stu-dent body, an experience that he believesgives him credibility among the studentsand prepared him for his role as director.

He is responsible for recruiting a classeach year that meets the MBA program’shigh standards. For the Class of 2001, theMBA program received 1,922 applicationsand enrolled 257 students with an averageGMAT score of 641. Georgetown places apriority on ethnic, racial and sexual diversi-ty, as well as diversity of backgrounds,undergraduate degrees, and professionalexperiences. Thirty-six percent of the Classof 2001 is female. International studentshave significantly increased to 37 percent,reflecting the program’s dedication to astrong international culture.

Teamwork is a crucial element in theMBA program, and students who learn to

view issues and solve problems from a vari-ety of viewpoints are better prepared forthe business world, Wheeler said.

“Inside and outside class there is a lotof sharing of knowledge, and a diverse stu-dent body allows you to see the questionfrom different perspectives. It helps toopen your mind,” he said.

The admissions office is using tech-nology to promote the MBA program andin January introduced the Execard, a busi-ness-card sized disk that fits inside a CD-ROM. This card, which is sent to prospec-tive students, provides a four-minute videopresentation of the program.

Wheeler noted the office also isupdating its Web site, which when com-pleted will allow prospective students toschedule class visits, information sessionsand interviews online, as well as follow theprogress of their applications.

Other new MBA admissions staff:

Monica Gray, associate directorAmy Brooks, office managerMarion Barber, receptionist

Maureen Hall, assistant dean and director of student life

To improve the quality of the MBA stu-dent experience, a separate office of stu-dent life has been created (student life pre-viously was part of the admissions office).

Hall was appointed over the summerto lead this new office, having worked withGeorgetown MBA students since 1990. Inher new capacity, Hall is responsible forvarious aspects of student academic andco-curricular life, including MBA studentacademic advising and registration, settingthe class schedule, graduation, and over-seeing student government, clubs, and spe-cial events.

“Our mission is to assist MBA stu-dents achieve their goal of successfullyobtaining their degree,” said Hall. “Wewant to be responsive to their needs andalso make sure no one is overlooked in theprocess. I hope, along the way, we are cre-ating a sense of community that will con-tinue long after they leave Georgetown.”

This fall, Hall and her staff were alsoimmersed in logistical planning for thelaunch of the GLOBAL 2000 Experience,helping to prepare the program’s 260 stu-dents for their overseas internships inLondon, Hong Kong, Buenos Aires andNew Delhi this spring.

Restructured MBA Office Focuses on Serving Students’ Needs

Robert Wheeler, assistant dean and

director of admissions

Maureen Hall, assistant dean and

director of student life

In response to student requests, theoffice is increasing its Web-based services,including adding an online calendar, whichfeatures daily events of interest to MBAstudents. Student life also moved theMBA face book online this fall, whichallows classmates to view and search foreducation, previous employment andinternship information about their fellowstudents via the computer.

An ongoing effort for Hall and herstaff is to help the program’s large interna-tional population feel more at home. Stu-dent life staff is exploring ways to expandthe orientation for international studentsand improve support services, such ashousing assistance. Providing them moreWeb-based resources as well as partneringfirst- and second-year international stu-dents is also in the works.

Other new student life staff:

Kelly Keegan, assistant directorKristen Washington, administrative assistant

Jackie Wilbur, assistant dean and director ofMBA career management

Wilbur has served as director of careermanagement since 1994. Her office intro-duces students to the career services avail-able to them as soon as they enter theMBA program. On the corporate side,Wilbur emphasizes quality over quantity,developing relationships with firms inwhich the majority of students are interested. On-campus recruiting is pro-vided frequently during the fall and springsemester, based on employer demand.

Wilbur’s goal is to provide individual-ized service to students and corporations.“We’re interested in getting to know thestudents individually and helping themachieve their goals,” said Wilbur.

Wilbur is working to make her officea paperless one. Technological improve-

25Winter 2000

ments in services include Hoya-Link, aresume book and service for employers,which now is available on paper, disk andvia the Web. And to keep students up-to-date on the latest technological issues, theoffice will establish the CyberCafé thisspring, to provide a networking opportuni-ty for MBA students, local alumni andemployees from technology firms to dis-cuss technology and business.

Other new career management staff:

Toni Della-Ratta, associate director Milissa Leavey, coordinator for corporaterelationsQuiyana Washington, administrative assistant

Lisa Kaminski, assistant dean and director ofthe International Executive MBA program

Kaminski joined the MBA staff this fallafter 18 years at the Massachusetts Insti-tute of Technology’s (MIT) Sloan Schoolof Management, where she was director ofspecial executive programs. At George-town, she is responsible for all aspects ofthe International Executive MBA (IEM-BA) program, including curriculum plan-ning, faculty selection, student admissionsand services, and alumni activities.

“I came to Georgetown because I wasimpressed with the quality of the IEMBAstudents,” said Kaminski. “And also becauseI saw that Georgetown is an organic com-munity — faculty and administrators hereare committed to helping students growacademically and professionally.”

She aims to make the program morecompetitive by continuing to improve thecurriculum in order to attract the highestcaliber of professionals. Discussions onhow to grow the seven-year-old program —either by increasing the number of studentsor expanding how the program isdelivered — are also under way.

Kaminski also aims to develop a multi-faceted relationship with the corporationsby encouraging them to sponsor IEMBAstudents, serve as guest speakers, and pro-vide consulting projects for student resi-dencies, thus ensuring the curriculum isboth rigorous and relevant to the businesscommunity.

Other new IEMBA staff:

Julie Cole, assistant director

Other new MBA office staff:

Veronica Culbert-Mehigan, administrativeofficer to Larry Abeln

Jackie Wilbur, assistant dean and

director of MBA career management

Lisa Kaminski, assistant dean and

director of the IEMBA program


Taking the lead from other top-tierMBA programs, Dean Christopher Putorecently appointed Robert P. Johnson asdirector of MBA Alumni Programs andVolunteer Board Relations. The newly cre-ated position is designed to strengthenMBA alumni and board outreach and toestablish a more integrated level of services.

Working with Georgetown Universi-ty’s Alumni Association, Johnson will beresponsible for MBA alumni programdevelopment as well as the McDonoughSchool’s two principal volunteer advisoryboards.

“I wanted to send a message to ourMBA graduates that I realize how impor-tant they are to the future of the school,”said Puto in announcing the new position.“Graduates of business schools with whichwe compete expect a level of corporate andalumni networking assistance. Theseschools have come to rely on their MBAgraduates for assistance with career plan-ning and student recruitment as well asfinancial support. McDonough is no dif-ferent, and we aim to build a mutually pro-ductive relationship with our graduates.”

Johnson most recently served as direc-tor of development at McDonough, lead-ing the school’s development team in sup-port of the Third Century Campaign.During his 11 years as director, he servedon the Alumni Relations Task Force,developed the business school section ofthe campaign plan, recruited volunteersand secured a number of major gifts. In

addition, he has helped faculty membersseek grant support and helped studentgroups meet their fund-raising needs.

This spring, Johnson plans to surveyMBA alumni regarding the level of volun-teer involvement they are willing to giveand services they would like to have. Theresults will enable the school to move for-ward in building a meaningful and respon-sive alumni relations program.

“Our office aims to serve as a singlepoint of coordinated service for MBAalumni,” says Johnson. “Once we knowwhat level of commitment and services ourMBA alumni wish to have, we will do ourbest to support them.”

Robert P. Johnson, director of MBA Alumni Programs and Volunteer Board Relations

Johnson Named to New MBA Alumni Affairs Position

We encourage all business school

alumni – undergraduate, MBA,

and executive MBA – to send us

class notes. To send notes,

fax them to 202.687.2017,

e-mail them to

[email protected],

or mail them to

Elizabeth Shine, Editor,

Georgetown Business,

Georgetown University, McDo-

nough School of Business, 206

Old North, 37th & O Sts., NW,

Washington, D.C. 20057.

Alumni with questions can

contact Elizabeth Shine at

202.687.4080.

27Winter 2000

85 Wesley Combs is afounding partner of WiteckCombs Communications, a strate-gic marketing and public relationsfirm based in Washington, D.C.,that focuses on critical socialissues. Recent work includes help-ing rollout the new ChristopherReeve Paralysis Foundation anddeveloping niche marketing plansfor the gay market for companiessuch as American Airlines andCoors Brewing. Wes also wasrecently named one of the 25 mostinfluential gay and lesbian corpo-rate executives in the UnitedStates by the Gay Financial Net-work (GFN.com).

88 Ronald D. Martin recentlyjoined Catalyst Consulting GroupInc. as director. He is responsiblefor forming Catalyst Ventures, thenew venture-capital arm of Cata-lyst Consulting. Ronald and hiswife, Phyllis, now live in Chicago.He can be reached via e-mail [email protected].

88 Mark S. Spring continuesto represent employers in all areasof labor and employment law forthe California law firm of Faust-man, Carlton, DiSante, Freuden-berger. He also was recentlynamed managing director of thefirm’s Sacramento, Calif., office.Mark is married to Sheila Y.Spring (Greaves) (B’90), who isbusy raising their two daughters,Arielle and Nicole. Sheila also isdoing some acting for local com-mercials and industrial training

videos in the Sacramento area.The Springs reside in El DoradoHills, Calif.

90 Barney Danzansky ispresident of OnLoan.com, a mort-gage Web site that allows individu-als to check their credit, obtain aproperty’s market value, and getpre-approved for real loan optionstailored to their qualifications.

91 John Sliwinski and hiswife, Sarah, welcomed the birth oftheir first child, Emma Louise, onJune 9, 1999. The family resides inAtlanta, where John is the market-ing manager for CON-TEK Val-ues, a division of Emerson ElectricCo.

95 Jeff Duchesneau wasawarded a Rotary AmbassadorialScholarship for 1999 – 2000,allowing him to study at the Uni-versity of Costa Rica and travelthrough Central America givingspeeches on American life.

69 Frank E. Maloney Jr.

was elected president of theEighth Judicial Circuit Bar Asso-ciation at their June 1999 annualmeeting. Frank also has a lawpractice in Macclenny, Fla.

71 Juan M. Bracete relocatedto El Salvador in September 1998.In addition to running his ownconsulting firm there, he also has aU.S. immigration law practice andcontributes to a weekly column onimmigration and international lawissues for a major local newspaper.

80 Stephen Irza-Leggat hasbeen working at The Trust forPublic Land, a nonprofit landconservation organization, for thelast 10 years. He is now the seniorfinance manager for the NewEngland region. Stephen wasmarried in June 1999, and liveswith his wife, Anne, in Concord,Mass.

84 Craig J. Scheuerle hasbeen with Grubb & Ellis Co.practicing commercial real estatefor the past 12 years. He special-izes in office tenant representa-tion. Craig also welcomed thebirth of his fourth son, Eric, onNovember 20, 1999.

Alumni NOTES

UNDERGRADUATE


Glenn and Silvia Hodges hadtheir first child, John Black, inMay 1999. Glenn is currently onthe global integration team ofDaimlerChrysler.

Steve Ryan recently joined Nex-tel Communications in a market-ing role.

Mitch Rubinstein, now vicepresident and executive producerof CBO Interactive, a design andadvertising company, has set up aWeb-based Georgetown MBA’92bulletin board. To subscribe, visitwww.egroups.com/group/gumba-alum/.

93Class Agent: Jordan O’Neill

[email protected]

Class agent Jordan O’Neill leftRiggs Bank in June to become avice president at Chevy ChaseBank, where he originates office-building loans. His personal resi-dential loan portfolio has shiftedfrom his old house in Bethesda,Md., to his new one in Northwest,Washington, D.C. He can bereached at [email protected].

Matt McElroy left his job atAmerica Online. He’s living in theWashington, D.C., area, seekingthe next great opportunity.

Kyle Lynch was promoted atFannie Mae in the investor rela-tions department. He is still livingin a townhouse in Alexandria, Va.

Jane Ashton Hawes along withher husband Dick, daughter,Emma, and son, Colin, traveled toChicago this summer to visit rela-tives and tour the city. Jane writesthat Cathy and David Burke losttheir beloved dog Oprah, who hasgone up to the Great MBALounge in the Sky. Our condo-lences. A lovely blond pug, Jewel,has taken her place.The Burkes canbe reached at [email protected].

Roland Manger will be movingto Palo Alto, Calif., in February2000 to build the U.S. operation ofEarlybird Venture Capital. Rolandplans to keep his current apart-ment in Munich.

91Class Agent:

Mary Pat Blaycock

[email protected]

Class agent Mary Pat Blaycock

includes a plea for more e-mailaddresses, which would allow herto contact more classmates. Pleasesend all information to her e-mailaddress as listed above.

Mary Jean Duran is the directorof diversity at Disneyland in Ana-heim, Calif.

92The Class of 1992 is looking for anew class agent. Please contactElizabeth Shine at [email protected] if interested.

Jon Gafni and his wife, Nina, hada second child, Joseph, in August1999. Jon also recently joinedLucent Technologies’ InterNet-working Systems group.

90 Class Agent: Lorraine Herr

[email protected]

Class agent Lorraine Herr andhusband, Michael, are living inChicago. Lorraine recently fin-ished running her second Chicagomarathon on an unseasonably coldmorning.The Herr’s son, Emerson,celebrated his first birthday inSeptember and he has totallycharmed his mother and father.Lorraine asks that classmatesplease keep in touch by sendingupdates to her e-mail addressabove.

Beth Laboe Edgar and husband,Jason, had a daughter, IsabelAnne, in February 1999. Bethwrites that sleepless nights arefinally paying off with smiles andcoos, funny expressions and noisesfrom the wee one. The new momis investigating part-time employ-ment or a job-share situation at3M. Jason is busy working towardhis MBA.

In May 1999, Steve Straske andhis wife, Janice, had a baby girl,Mary Stephen. Now sisters Ellyand Davis have a little sibling tofawn over. Steve also shared thatthere was a mini-reunion of theclass golf aficionados. Steve, Bob

Maruszewski, Stuart Arm-

strong, Brad Calkins and Fred

Wakeman met at Pebble Beachfor a weekend on the links.

MBA

ALU

MN

I NO

TESTaylor Simmons, wife, Ellen,

and their baby daughter are doingwell. They enjoy vacationing oftenin their villa in Charles County,Md.

Dave Roover quit his job atState Street and took a job at asoftware startup doing just abouteverything, including develop-ment, marketing and finance. He,wife, Michelle, and son, Ben, areliving in the Boston area and aredoing well.

94Class Agent: David Gee

[email protected]

Class agent, David Gee, is mov-ing once again. He moved to Parisin January 1999 with IBM. Nowwe’ve moved back to Silicon Valley.He joined Sun Microsystems,where he is the vice president ofthe marketing, software and plat-forms division. He and his wifeare expecting their first child, agirl, in January 2000.

A note from David Gee:I’d like to take a moment to thankEric Saucedo for all his time andeffort. Eric ([email protected]) is actively putting togeth-er an e-mail list of everyone in ourclass. If you’re online, please drophim an e-mail, and he’ll add youto the list.

I’ve heard so far from three mem-bers of the Class of ‘94 who havebeen bitten by the dot.com entre-preneurial bug. Simon Black,

Matt Tucker and Brian Christie

are all building new Internet busi-nesses.

29Winter 2000

Dave Goldberg is director ofcorporate development withChoice Hotels International andis making technology decisionsfor this hotel chain.

Ben & Liz Rabinowitz are theproud parents of Maya Zoey, bornin July 1999.

Michael Harman was married toMary Palmer over the Fourth ofJuly weekend in Miami. Amongthe grooms men were Numa

Jerome and Victor Hugo III.Michael is working as a produc-tion supervisor with Freightlinerat their Portland, Ore. truck man-ufacturing plant as part of hisDaimlerChrysler managementrotation program.

Stephanie Prager is still atMattel and is managing Toy Story2 and Disney activities, which shesays is much more exciting thanCabbage Patch Kids.

Frank and Carol Ann Manzella

are expecting another baby inMarch 2000, who will join theirwonderful 3-year-old, Casey.Frank is working at GE Capitalin Connecticut.

Herve Francois is happily mar-ried and works for CSFB Tech-nology Group on Long Island,N.Y.

Nina Bronk Kelner left AmericaOnline about a year ago, had asecond daughter, and is now consulting with Discovery Com-munications Inc. in their onlinedivision.

Stefan Stuerwald is consultingwith SRI Consulting in MenloPark, Calif.

Drew Schwartz lives in Boulder,Colo., which he loves. Drew wasappointed president of Wall Tech-nology in June 1999. He saw Sam

Kobayashi, Mike Vechery andJohn Jacobs in July 1999 inBreckenridge, Colo., at Ron

Drozd’s wedding. He also sawStefan, Patrick and Mary Var-

gas at the Marc Gross weddingin Sonoma, Calif., in July. Drew isexpecting to run the Columbusmarathon with Brad Norton,

whose wife is expecting triplets inNovember 1999.

Paddy Magee recently gotengaged to Regina McGroar, andis working in London at J.P. Mor-gan. He is currently defendingNatWest from a hostile bid.

Adam D. Struve is an invest-ment officer at the InternationalFinance Corp. in Washington,D.C.

95The Class of 1995 is soliciting anew class agent. Please contactElizabeth Shine [email protected] ifinterested.

Ana Valenzuela moved to theBay area from Madrid, Spain tobecome a researcher in the mar-keting group at the University ofCalifornia, Berkeley.

AMATO’S MIDAS TOUCH

The next time someone tells you that

it’s bull to believe you can beat the stock

market, refer them to Lehman Brothers’

“10 Uncommon Values,” an annual listing

of stocks that have beat the market by an

annual average of 7.5 percentage points

over the past 50 years.

Lehman’s director of global equity

research, Joseph Amato (B’84), oversees

“Uncommon Values.” Each July, the firm

announces its’ 10 best stock picks for the year. “The returns have been

nothing short of extraordinary,” Amato says. “For the past year, our 10

stock picks were up over 50 percent, while the market was up 20 per-

cent.” Last year’s top picks included Applied Materials, which was up

137.9 percent; Comverse Technology Inc., up 113.9 percent; and MCI

WorldCom Inc., up 91.3 percent. In July 1999, Amato was featured in a

BusinessWeek article documenting Uncommon Values success.

When not displaying his Midas touch with Uncommon Values,

Amato oversees 150 senior analysts around the world who cover more

than 1,200 companies. The long hours that are necessary to communicate

with analysts from New York to Tokyo, not to mention market-impacting

situations that may arise in any country on any given day, make for a

position with more than its fair share of stressful moments.

“The time differences, the fact that you find yourself on the

phone all hours of the night dealing with issues, problems, you really

have to enjoy it,” says Amato. “If you don’t, you’re not going to be able

to put in the effort it takes to succeed.”

Amato was a student at Georgetown during the 1980s, the

“decade of greed.” Yet his advice to students considering potentially

lucrative careers on Wall Street is that money as the sole motivation for

success won’t cut it.

“At times, different professions are in vogue, working on Wall

Street, for Internet companies,” Amato says. “Given the enormous effort

you will need to put forth to be successful in any field, you really need to

enjoy the work you do.”

Joe Amato (B’84)


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Class Agent: Julie Jaoudi

[email protected]

Class agent Julie Jaoudi and herhusband of two years, DavidWodynski, recently bought ahome in Arlington, Va. In July1999, she was promoted to direc-tor of business development forAmerica Online’s music division.Her work takes her to New Yorkand California where she has beenable to connect with Georgetownfriends. Please feel free to reachher with any news [email protected].

Leslie and Erik Alvarado andtheir baby, Mara, moved into ahome in Princeton, N.J., close toLeslie’s new job in global market-ing for Bristol-Myers Squibb.Erik’s consulting company contin-ues to thrive.

Dale Bell bought a house inChevy Chase, Md., and was pro-moted to manager at ArthurAndersen’s Office of GovernmentServices in Washington, D.C.

Durga Bobba recently asked forGeetika Bohil’s hand in mar-riage. They plan to be married onMarch 25, 2000, in New Orleans.

Clay Buckley continues to enjoysuccess in his job with AmericaOnline’s business affairs depart-ment. Clay’s son, Fletcher, nowhas a little sister to play with. Thelatest addition to Clay’s family:Eleanor Clay, born September 2,1999.

Pedro Herrera led a team ofGeorgetown MBAs from theclasses of 1996 and 1997 on theInca Trail to Machu Pichu in Peruin November 1999. The groupalso spent four days exploring theAmazon jungle. This is his follow-up trip to last year’s Argentinaadventure. Pedro is still living inNew York, working for WarburgDillon Reed.

William Hervey is working forthe Oneida Indian Nation as thedirector of intergovernmental rela-tions. Bill and his wife, Nikki,have a beautiful new son, Alex,who is 7 months old.

Michelle Joseph is the proudmother of a 3-year-old boy, AustinCyril. In July 1999, she establisheda strategic marketing solutionsconsulting group, klick consult-ants,which focuses on e-marketingopportunities.

Amy Kauffman has been aresearch fellow at the HudsonInstitute since July; she is thedirector of the campaign and elec-tion law project. Amy and herhusband, Ken Weinstein, are alsothe extremely tired parents of a 5-month-old son, Harrison Asher orHarry as they call him, and a 2-year-old daughter, Raina. Theylive in Georgetown, only twoblocks from campus.

Timarie Kilsheimer recentlyaccepted a new job withEduNeering as the healthcareproduct manager and is still hap-pily based in the Washington,D.C., area

Carol Tracy Carr is living inBoston and is working as the asso-ciate intellectual property counselfor MIT’s Office of SponsoredPrograms. She loves having a jobwhere she can concentrate on justthe legal aspects of intellectualproperty.

Alex Christianson recently gotengaged to Luzmila Toledo; theirwedding will be in May 2000.Professionally, Alex is still enjoy-ing success at MCI WorldCom ininternational marketing.

Yi-Ching (Helen) Chen has herown business as an internationalpurchase office for overseas buy-ers. She works with her clients totest products and develop soft-ware. Her company is called H2OElectronics. Feel free to contactHelen at [email protected].

Sara Conner has recently givenbirth; we’re anxiously awaitingmore details. Congratulations!

Alexei Dmitriev is working asthe regional vice president forTeleglobe Communications Corp.in Northern Virginia. His contactinformation: tel: 703-755-2246/e-mail: [email protected]

Bob Gabriel and his wife, Megan,are still living in Georgetown, andhave three young children: Mar-garet, 5 years, Will, 3 years, andHonor, 8 months. Bob is aninvestment advisor with SalomonSmith Barney in Washington, D.C.

Stephen Gaull is still in projectdevelopment and finance withBechtel Enterprises in Sao Paulo,Brazil, covering private infrastruc-ture and pulp and paper. He isenjoying the good life in Braziland going to the beach on theweekends. Stephen says there’s anextra bedroom in the apartment ifanyone is interested in visiting.

Dwight Gibbs is still the chieftechie geek of the Motley Fool.Dwight and his wife, AmandaDory, live in Alexandria, Va., andhave an exciting addition to thefamily: Thora Clare, who wasborn on September 20,1999.Mom, baby, and Dad are all doingwell, though two out of the threeare somewhat sleep deprived. Formore info, check out http://www.geocities.com/tmfdwight.

Pankaj Gupta became a perma-nent staff member of the WorldBank Group earlier this year. He isnow working in the projectfinance and guarantees group; hiswork includes power projects inLaos, Bangladesh and Sri Lanka,and oil and gas projects in Chad,Cameroon, Bolivia and Brazil. Healso is working on providing bankguarantees on structuredbond/notes issues for Thailand,Argentina and Brazil.

John Herd is living in suburbanPhiladelphia and teaching U.S.history to 11th graders at Con-estoga High School. He alsocoaches high school lacrosse in thespring.

Alumni NOTES

31Winter 2000

Rebecca Kovrlija left her job asgeneral manager of interactiveservices at 1-800-FLOWERS forher new job of taking care of herdaughter, Emily Jane, born April21. Emily is a really tough boss!

Kerrie Shaheen Liggio marriedAndrew Liggio on October 161999 in Rumson, N.J. All of theusual crew were there; Beth

Swaggart was Kerrie’s maid ofhonor. Andrew and Kerrie alsobought a home last summer inCranbury, N.J. Congrats toAndrew and Kerrie!

John Loncto recently started lawschool at University of CaliforniaLos Angeles.

Jennifer Barsema Lunger mar-ried Tony Lunger on May 22, 1999.

John MacKethan marriedLogan Harrell in October 1999;they honeymooned in Australia.John is working at National Geo-graphic. John says all GeorgetownMBAs should subscribe to thenew magazine he works for,National Geographic Adventure.

Lisa Graham McCormack andher husband have a son, MatthewScott, born February 22, 1999.Lisa’s new boss is little Matthew,as she left MCI WorldCom and isstaying home.

Wendy Moe is on the move. Asof fall 2000, she will be a market-ing professor at the University ofTexas, Austin.

After two years in Africa (Nige-ria), Daniel Moss recently movedto stunningly beautiful Rio DeJaneiro, Brazil, where he is theassistant area manager for Tide-water Marine International(TDW).

Sandra Nouhra married PhilippHoffmann and has a new babyboy, Julian, who is 8 months old.Sandra left Ernst & Young Parisand is now in Dubai, United ArabEmirates.

In March 1999, Richard Oren

accepted an opportunity to be thelicensing manager for The JimHenson Company. Previously,Richard had been in brand mar-keting at Mattel. He now overseeslicensing of all Henson properties,including Classic Muppets, Bearin the Big Blue House andFarscape. He also bought his firsthome in New York in September1999.

Brian Powilatis is at MercerManagement Consulting as a sen-ior associate doing work in finan-cial services and digital businessdesign. He and his wife bought ahome in Old Town Alexandria,Va.

Anne Pusey and her husbandLarry Roberts recently moved toWolftrap, Va. She is still workingat America Online and is startingto travel quite a bit on the job.

Jeff Rothschild was recentlymarried. He and his wife are liv-ing in New York City and areboth practicing attorneys.

Andrew Sachs and his wife,Heather, live in Los Angeles.Andrew is working at a merchantbank called Standard CapitalGroup. In addition, Andrew con-tinues to make angel investmentsin start-up Internet companies.His first investment just wentpublic last month (eGain Com-munications- EGAN).

Luis F. Sánchez moved back toMexico and is chief financial offi-cer at Grupo IUSA. The recentaddition to the family is his sec-ond daughter, Ana Paola.

Ramiro Sanchez left Bechtel fora new and improved opportunityat Bidcom. He’s having a greattime at his job and hangs out onthe weekends with other George-town MBAs in the San Franciscoarea.

After two years with WarburgDillon Reed, Stefan Schmitz

decided it was time for a changeand recently accepted a new posi-tion with J.P. Morgan – still inNew York City.

Emanuele Tosi is still at MCIWorldcom doing wholesale mar-keting. The new family addition isa second son, Piero Samuel, bornin April 1999.

Rob Vanrenterghem and hiswife have wonderful 2-year-oldidentical twin girls and are livingin Northbrook, Ill. Rob is a brandmanager working in Kraft’s pizzadivision. His division sellsDiGiorno, Tombstone, Jack’s andCalifornia Pizza Kitchen brands.Rob’s wife, Cynthia, is staying athome to raise the girls and work-ing part time for an Internet start-up, onenest.com. If anyone swingsthrough Chicago, give them a callat (847) 509-9750.

In September, Mustafa Abdel-

Wadood married Neemat AbdelWadood. Mustafa is based inCairo with Orascom, the largestEgyptian conglomerate; and trav-els frequently to New York.Mustafa is the director of businessdevelopment and investments.

Ed Whitehouse and his wife,Teresa, and son, Alex, relocatedback to Northern Virginia fromCalifornia. They are building ahouse near Leesburg and living inAshburn temporarily. Ed recentlytook a job working for LouisRukeyser as the managing editorfor Rukeyser’s newsletters. Ed’sfocus these days is to oversee thelaunch of a Rukeyser Web site.They hope to launch in early Feb-ruary 2000.

MBA


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Class Agents:

Andrea Alexander

[email protected]

Jane Oyugi

[email protected]

Megan Mulvihill

[email protected]

Rochelle Cheng

[email protected]

The McDonough School of Busi-ness will survey the Class of 1997in fall 2000 on behalf of TheFinancial Times, for the paper’sannual business school rankings.To expedite this process, theSchool of Business would like tosurvey the class via e-mail. If youare interested in participating,please send your e-mail address toRob Johnson [email protected].

Max Smith and Wendy Parker

had a baby boy on August 1, 1999,Austin Hayward Smith.

Grace de Fries and husbandSteve Aroesty had a daughter,Margaret Anastasia, on March 26,1999. Grace took five months offfrom work to enjoy the pleasures—and nighttime feedings—of moth-erhood. She is now back to workat AT&T Solutions, trying to sur-vive as a working mom. Steve,Margaret and Grace also movedfrom Manhattan to Long Beach,N.Y. They welcome anyone whowants to join them for some beachand surfing fun next summer.Their new address is 83 KerriganSt., Long Beach, N.Y. 11561.

Todd Corley a consultant in theglobal diversity and workforcechange management practice forTowers Perrin in New York, pub-lished an article in The Journal ofCareer Planning and Employment(Summer 1999). The article,“Becoming an Employer ofChoice for Generation X: TheElements of the Deal,” examineswhat motivates and satisfies dif-ferent employee groups, particu-larly those who were shaped bytechnological developments dur-ing their formative years and cometo work with a different set ofexpectations about work/life bal-ance. Todd can be reached at ([email protected]).

Roger Marcincuk was promotedto manager in Ernst & YoungLLP’s mergers and acquisitiongroup. He also played in the U.S.Golf Association’s Mid-AmatureChampionship in St Louis. Rogerrecently moved into a newly con-structed home in Las Colinas,Texas, and always welcomes visi-tors.

After two years of practicing lawwith Shearman & Sterling inFrance, Adlai Hardin moved toShearman & Sterling’s HongKong office in August. He expectsto be there for several years andwould be delighted to hear fromanyone with any connections inhis neck of the woods. E-mail himat [email protected].

Kristin Nonnenmann Carcieri

(‘94) and Matt Carcieri welcomedtheir first baby, Nicholas Matthew,on July 8, 1999. All three are happyand healthy in Cincinnati, Ohio,where Matt and Kristin both workfor Procter & Gamble. Matt is anassistant brand manager on thePringles brand, and Kristin is tak-ing time off from her job in marketresearch to be home with Nicholas.

98Class Agent: Brian Knox

[email protected]

Brian Knox ([email protected])reports that the theme for thisinstallment must be change —many classmates have moved onto bigger and better things in thepast several months. He is stillworking at Amerada Hess Corp.,pumping gas on the graveyardshift. Actually he is working in thesupply and logistics department,responsible for providing financialanalysis and modeling for finishedproduct purchases/sales.

Sachin Anand works in Balti-more as a senior consultant forKPMG’s health care practice.

Rob Barnett works in the SanFrancisco area for KPMG’s eco-nomics consulting services group.His job responsibilities includeasset valuation and transfer pricingdocumentation for multinationalclients.

Doug Beeman left US West inAugust to join eyeRIS, Inc.(growth software) in Denver,which builds intelligent decisionsupport systems for finance, oper-ations and marketing. He reportsthat Marcio Avillez and his wifeLisa, had a baby boy, Lucas Andre,in July 1999.

Tamara Berner moved fromWheat First Union in Richmond,Va., to KPMG as an economicconsultant in the San Franciscoarea.

Josh Blatt works for Pricewater-houseCoopers in Tysons Corner,Va. He and his wife, Kimberly,were married in November 1999and honeymooned in Hawaii.

Jocelyn Byrne has moved fromrainy Seattle to San Francisco,where she works for a start-upcalled Linuxcare Inc., specializingin training and support for theparent company, Linux.

Tom Carpenter moved frombeing a buy-side equities analyst atThe Bank of New York to CIBCWorld Markets as an associateInternet analyst. As a lifelongCincinnati Reds fan, he wasextremely pleased/shocked by theReds strong finish this season.

Ricardo Colin has joined BancoBandeirantes, the largest Por-tuguese bank, as a manager oftheir foreign exchange desk. Hisprimary job functions are tradingG-7 and Latin American curren-cies for the bank.

Alumni NOTES

33Winter 2000

DISABLED ALUM BUILDS A RAMP TO THE

CORPORATE LADDER

In July 1994, Jennifer Sheehy

(MBA’97) had one foot on the first

rung of the corporate ladder. A first-

year MBA student, she was intern-

ing as a market researcher for the

Anheuser-Busch brewing company

in St. Louis, Mo., and had been

offered a position following gradua-

tion. Her career was on course.

A swimming pool accident, in which she severely damaged her

spinal chord, altered those plans. Paralyzed from the neck down, Sheehy

underwent a year-and-a-half hospitalization and physical therapy. Con-

fined to a wheelchair, Sheehy was forced to reconsider her future plans.

Despite the challenges inherent in such a step, she decided to return to

Georgetown to complete her MBA.

“I had to take the initiative,” says Sheehy. “Just as in the business

world, where it takes perseverance and focus and determination to

accomplish things, it was important for me to get back to those activities

that made me a part of community, society, life...”

Sheehy graduated in 1997 with honors, receiving Georgetown’s

Outstanding Student Leader Award. That year, Diet Coke and Glamour

magazine awarded her one of their “Women at Their Best” awards, an

award that honors women for extraordinary achievements. For the past

two years, she worked for the National Organization on Disabilities

(NOD), traveling around the country to speak with CEOs and increase

employment opportunities for the disabled.

This January, Sheehy joined the White House Task Force on

Employing Adults with Disabilities. She will work with private corpora-

tions to create regional training centers to train those with disabilities for

technology careers. “Only 29 percent of Americans with disabilities are

employed,” she notes. “We’re working to dispel the myths that keep

employers from hiring the disabled.”

Like any savvy MBA, Sheehy provides a bottom-line rationale for

her cause. “Americans should take this effort very seriously,” she says.

“It’s very expensive to keep disabled people on the public rolls. We have

an excellent opportunity here to provide employment opportunities for

the disabled while increasing business productivity.”

Dan Driscoll is a fixed incomesalesman, specializing in corporatebonds, at Barclay’s Capital in NewYork City. He and his wife, Jenny,had a daughter, Alexis, in August1999.

Courtney Dur has left the won-derful world of fashion and L’Ore-al to become a brand manager forDom Perignon champagne. Shelives in New York City.

Rob Dyer is an investment advi-sor in private wealth managementfor Morgan Stanley. He managesinvestment portfolios of high net-worth individuals (like himself )and medium-sized institutions.

Nicholas Faure works for aninvestment bank in Greenwich,Conn. His work includes raisingcapital for investment funds aswell as handling private place-ments for Internet companies.

Mitchell Fenster is an invest-ment officer for an equity fundmanagement group in Washing-ton, D.C. His group runs a fundinvesting largely in telecom com-panies, financial services firms andhotels in sub-Saharan Africa.

Chris Gergen is co-founder ofSMARTHINKING, an onlinestudent tutoring service. Chris wasrecently named by Washingtonianmagazine as one of 100 Washing-tonians to watch.

Antwone Harris has joinedDirecPC at Hughes Network Sys-tems as a marketing/businessdevelopment manager.

Jeremy Kestler is with TheCoca-Cola Company, developingtheir worldwide decision supportsystem for marketing. He andwife, Lisa, were married in June1998.

Nicole Kinnan left Marriott andthe Washington, D.C., area to joina start-up company called FIREOnline Training Inc. in San Fran-cisco. FIRE Online providesonline NASD exam preparationand corporate internal training forfinance, insurance and real estatecompanies. Nicole creates newonline courses and markets/man-ages their development.

Hal Lambert will move fromGreenwich, Conn., to Dallas,Texas, to join J.P. Morgan’s privatebank as a large cap equity portfoliomanager. He says he will greatlymiss living in the highest per capi-ta city in the United States.

Ben Liebich left his job at Price-waterhouseCoopers to joinSalomon Smith Barney in theequity research department. Hiscurrent assignment has him pub-lishing investment commentarieson business service companies.

Carolynn McMeekin works inAtlanta for SunTrust EquitableSecurities in their investmentbanking division. She is heavilyinvolved in both buy-side and sell-side M&A transactions, privateplacements and public offerings.

MBA

Jennifer Sheehy (MBA’97)


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have received significant venturefunding and have launched anupdated version of their Head-light.com Web site. They reportthat Headlight.com is currentlythe leading provider of onlinetraining for small and medium-sized businesses.

Eric Olson has moved to a smallInternet company called Cyveil-lance to work on e-business intel-ligence. He also recently obtainedhis license to fly.

Lisa Price left her job at Marriottand now works for LockheedMartin, specializing in financialanalysis of growth opportunitiesfor her division.

Ashish Shrivastava transferredwithin PricewaterhouseCoopersfrom the government consultingpractice in Washington, D.C., tothe financial risk managementpractice in New York. He is cur-rently on assignment in Seoul,South Korea.

Cheryl Stevens is living in Bel-gium and is treasurer—MiddleEast, Africa, and GeneralExport—for Procter & Gamble.

Chris Stauder markets interestrate derivatives and structuredproducts for large insurance com-panies for Barclay’s Capital. Healso ran the New York Citymarathon in November 1999.

Jen Ullyot has moved withinAmerica Online to the interactivemarketing group. She createsadvertising and promotionalopportunities for the sales department.

John Venusti left his job withHSBC Securities and has joinedING Barings-Furman Selz as anequities analyst in their chemicalsdivision. In his spare time, he likesto fish and bowl.

99Class Agents:

Mike Pastore

[email protected]

Jose Luis Bedolla

[email protected]

Gabriel Montana married Clau-dia Linares July 3, 1999. The cere-mony was held in Bogata, Colum-bia. Five MBA ‘99s attended theceremony – Nancy Lee, Yaprak

Gungor, Ralf von Jena, San-

drine Piret-Girard and Shep

Rogers.

Brian Bizzano married Ann Eliz-abeth Ingram at Georgetown’sDahlgren Chapel on September18, 1999. The ceremony was com-plete with bagpipes and a swordarch, provided by Captain JaySparling, USMC, and Lt. MarkHuber. Ann works for Health-South Corp. specializing in ortho-pedic sports medicine andwomen’s health therapy.

Karen Snow married Tim Bun-

nell in Boston in October 1999.Corrie Mills, Darcy Chamides,

Shellie Holubek, Alex Li, Gauri

Sohoni, Smrithi Prabhu, Raj

Kohka (’98) and Jen Brandeen

(’00) all attended.

Sandro Bortesi married CiraGarcia Duffo on July 17, 1999, inBarcelona, Spain. Cira was anexchange student at Georgetownduring the fall 1998 semester. Jose

Luis Bedolla and Tobias Gubitz

attended the wedding.

Maxine Pressler married PaulTeller on July 24, 1999, in NewYork. They now reside in Wash-ington, D.C.

Ted Huang married Lysle Buch-binder on July 25, 1999, in Berke-ley, Calif. Alex Li attended.

David and Kim Flanagan weremarried on October 2, 1999, andspent their honeymoon in Bali.Matt Dublin and Stewart Cush-

man both attended the wedding.

Meredith Simmons (’99) andJoe Orlando (’98) were marriedon October 30, 1999, in Manhat-tan Beach, Calif. Several membersof the Class of ‘98 attended, inclu-ding: Maren Sturm, Jeff Nel-

son, John Stokes, Andrea

Steuve, Rob Dyer, MaryJo

Lock, Jeff Hild, Vince Wad-

whani, Katherine Schwetman,

Scott Rosen, Bill McDonald,

Brian Knox. Allison White, Jen-

nifer Phillippe and Alycia Drap-

er. They honeymooned in Kauai.Joe works at Credit Suisse FirstBoston and Meredith works forPowerBar.

On July 16, 1999, at 6:42 p.m.,Nathan Will became the proudfather of a baby boy, Nathan James“Jake” Bartlett-Will.

George and Sarah Valaika arethe proud parents of a son, GeorgeDouglas, born November 21, 1999.He is named for his two grandfa-thers, not after his father or Doug

McCabe.

Alumni NOTES

35Winter 2000

96Class Agent:

Thom Arnsperger

[email protected]

Michael Schmeltzer moved toPhiladelphia to take a new posi-tion as general manager at Rosen-bluth International, which special-izes in e-commerce strategies.

97Class Agent: Lynn Miller

[email protected]

Mitch Murata is vice president ofbusiness development and repre-sentative director for Japan atSolutionBank Inc.

98Class Agent: Debbie Weil

[email protected]

Restaurant entrepreneur Tony

Brown was recently cited by theWashingtonian magazine as one of100 Washingtonians to watch.

99The IEMBA Class of 1999 isseeking a class agent. Please con-tact Elizabeth Shine [email protected] if interested.

Shing-Huei Li (Elliott Li) is liv-ing and working in New Jersey asa financial analyst for AT&TSolutions.

Martin Hossfeld lives in NewYork and is a senior consultant forOracle Corp.

Alejandro Zuzenberg lives inthe Washington, D.C., area, work-ing for Boze-Allen & Hamilton,as a senior consultant.

Sven Dharmani is working inVirginia as a management con-sultant for PricewaterhouseCoop-ers LLP.

Smrithi Prahbu is working inVirginia as a consultant for Amer-ican Management Systems.

IEMBA In Memoriam

Maura Murphy (B’00)

Twenty-year-old Maura Murphy (B‘00),died in her sleep June 22, 1999, in NewYork. Her death was caused by heartarrhythmia, a condition that was notdetected until after she died.

Murphy, a native of Haverford, Pa.,was studying finance. She had been a con-gressional intern in Washington, D.C.,and had studied abroad at the UniversidadComplutense de Madrid. She was spend-ing the summer working for MorganStanley Dean Witter, a Wall Street invest-ment banking firm.

“Maura was a wonderful person witha wonderful sense of humor and a wonder-ful love of life and other people,” saidKevin Wildes,S.J., associate director of theKennedy Institute of Ethics. Wildespresided over a memorial Mass for Mur-phy at Georgetown in October 1999.

Jesse Star Langley (B‘99)

Jesse Langley (B’99) lost his battle withbrain cancer on October 30, 1999, at hishome in Culver City, Calif. He was 22years old.

A native of Australia, Langley waspassionate about many things. “Had Jessebeen able to pursue his dreams, he wouldhave eradicated children’s cancer, been atop studio executive, winner of 47 Acade-my Awards, philanthropist ...stand-upcomedian, Pulitzer Prize winner, lovinghusband and proud father, psychologist,[and} CEO of at least two major multina-tional corporations,” wrote his mother andsister for his eulogy.

A memorial service was held Novem-ber 4, 1999, at Georgetown. Gifts in Lan-gley’s name may be made to the NationalChildhood Cancer Foundation, P.O. Box60012, Arcadia, CA 91066-6012.


MBA Alumni Services

Robert P. Johnson was appointed directorof MBA Alumni Programs and VolunteerBoard Relations in the McDonoughSchool of Business. He provides theopportunity for additional alumni servicesin addition to those already offered by theGeorgetown University Alumni Associa-tion (see page 26).

University Alumni Clubs and McDo-nough Alumni Groups

McDonough graduate alumni may partici-pate in a global network of GeorgetownUniversity alumni clubs throughout theUnited States and around the world(www.georgetown.edu/alumni).

McDonough School graduate alumnialso have the opportunity to join alumnigroups in Washington, D.C., New York,Japan and Mexico (www.msb.edu/alumni).

The clubs and groups are organizedand managed by local alumni.

Career Services

The MBA Career Management Officeprovides graduate alumni with career assis-tance via their Web site, which is updatedweekly with position listings(www.msb.edu/dept/grad/mbacm). TheGeorgetown University Alumni Associa-tion provides career services through theHoyas Online (www.georgetown.edu/alumni) alumni career network, whichincludes the names of more than 12,000University and business school alumni.

Georgetown Business and Georgetown magazines

These university-published magazines,featuring articles by and about faculty,students and alumni, are provided free toall business school alumni. Alumni stay in touch with the school and with fellowalumni through the alumni notes section.To submit an alumni note, please contactElizabeth Shine at [email protected].

Reunions

The McDonough School will begin offer-ing an annual reunion weekend June 2-4,2000, coinciding with the Main Campusreunion. Events will be scheduled in thenew McDonough School Graduate Cen-ter and will give MBA alumni a specialfocus. The classes of 1985, 1990, 1995 and1999 will be featured. All alumni are wel-come to attend.

Educational Opportunities

McDonough Executive Programs offersnon-degree programs on a variety of busi-ness topics (www.georgetown.edu/dept/ExecEd/). MBA alumni also are being sur-veyed this spring by mail to determinetheir interest in business coursework toupdate their knowledge in new and emerg-ing fields.

The University Library

MBA alumni may use the Joseph MarkLauinger Library for a $100 annual fee(www.library.georgetown.edu). Beginningwith the Class of 2000, McDonoughSchool graduate alumni will receive a one-year complimentary membership to theLauinger Library. For details, please con-tact Mary Ann Green at 202.687.7446.

New MBA Alumni Services

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

Georgetown University Alumni Association at georgetown.edu/alumni, you’ll learn about many programs

and services exclusively for you in a secure password-protected Web site. Hoyasonline is also your gateway

to the greater Georgetown University community and the latest campus news and events through the

redesigned and expanded georgetown.edu Web site.

Inaddition, hoyasonline will offer a number of services that will enable designated

volunteer leaders to do their jobs more efficiently.

• Find your friends through the Alumni Directory. You can

search the alumni directory by name, city, school, or class

and even update your personal information online.

• Register for a permanent Georgetown e-mail addressto stay connected forever. This e-mail forwarding service

will not replace your existing Internet Service Provider

(ISP), so you will need to update us whenever you change

your e-mail address.

• Participate in discussions to stay more closely connected

with each other.

• Access the Career Network to find Hoyas who have

volunteered to give career advice or advise other alumni

making job decisions and transitions.

• Keep up-to-date with the latest Alumni Association

events and services — reunions, club events, and other

programs for Main Campus, Law, and Medical alums.

• Play an important role in developing the Georgetown

online community through “flash surveys.”

Through your active participation in all these services, you’ll help create your Georgetown online community

for the future. Visit hoyasonline at georgetown.edu/alumni and find out how many ways there are to connect

with the Georgetown spirit in cyberspace. Follow the instructions on the Web site to get your net ID. And check

us out often for new features!

JOINour new and improved Alumni Association website!

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Documents

2000 MSB Magazine Winter