Fall 2015 Newsletter V2

An annual update of the major occurrences in the MSAE program,

our faculty, and the lives of our alumni. Fall 2015

Ten years ago the De-

partment started the

MSAE program with

the purpose of bring-

ing a quality graduate

program to our best

undergraduate stu-

dents. One of these students was Brent

Bartsch. Brent stood out as he was some-

one who loved to discuss economics, poli-

tics, and just about anything else for hours

on end, which I would refer to as

“Bartsching”. As a new faculty member

here at UND, it was fun to interact with

someone who was so passionate. Brent

unexpectedly passed away in July, while

teaching in China. He will be missed by his

family, friends, and those he taught while

in China. I would like to think that part of

his legacy is the continued success of our

program and our MSAE graduates. His

classmate and friend, Kristofor Paulson

provides a nice story that epitomizes

Brent. (p. 5)

Prof. Goenner

[email protected]

FEATURES DIRECTORS REPORT

Fall 2015—Economics Outlook Page 1

MSAE Thesis Awards P. 2-3

Faculty Profile—Prodosh Simlai P. 4

Remembering Brent Bartsch P. 5

Research Seminar Series P. 5

Student Profile—Colin Mummery P. 6

Alumnus Profile—Charles Denowh P. 7

Research Spotlight—International Matters P. 8

Recent Graduates P. 9

Applications 62

Acceptance Rate 69%

Online Students 86%

GRE Math Score* 62nd percentile

GPA* 3.30

2015 MSAE Class Profile

*Median of admitted students

mailto:[email protected]


MSAE Distinguished Thesis Awards By Kate Menzies

Jessica Clark is no stranger to hard work. As an economics student at the College of Saint Benedict, Clark ran cross country and track, while also serving as the president of the Economics Club. After earning her undergraduate de-gree, Clark knew she wanted to learn more about the fast-paced world of Economics.

“I knew I wanted a master’s degree and specifically one in

Economics because I wanted to gain the more advanced

quantitative skills needed to succeed as a business econo-

mist/analyst,” said Clark. “I had already worked as an ana-

lyst for a few years and saw first-hand that there was a

huge demand for people with high-level analytical skills.”

She quickly found that UND’s MSAE program was a perfect

fit for her.

With flexible course options and small class sizes, the

MSAE program allowed Clark to take classes part-time

while she was employed at UnitedHealth Group.

“I love that UND structured their program so that working

students could complete their degree in a reasonable

amount of time,” said Clark. “I also like the small class sizes

and the fact that there were traditional students in class,

so online students were mixed-in with the traditional aca-

demic environment.”

Clark chose to pursue the thesis track of the MSAE pro-

gram, which involves an extensive final research compo-

nent.

In her usual fashion, Clark tackled this task head-on and

was assigned Dr. Xiao Wang as her advisor.

“Xiao was incredibly helpful with my thesis,” said Clark.

“She was extremely supportive and encouraging, and

pushed me to produce something valuable.”

Her thesis, titled “The Effects of Income Inequality on Soci-

ety,” examined the relationship between income inequali-

ty and the health of citizens at the county level. It was se-

lected as the top one in the class based on a series of crite-

ria which included: clarity of writing and organizational

style, scope and significance of work, contribution to the

discipline, and overall substantive quality.

Clark’s well written thesis was honored with the MSAE Dis-

tinguished Thesis Award and she received $750.

“Jessica is very passionate about her research,” said Dr.

Wang. “She is also intelligent and hardworking. Jessica is

able to quickly understand my suggestions and work

through them. She has developed an excellent thesis.”

Allyson (Bender) Thompson, an analyst at FI Consulting in

Washington, D.C., was one of three MSAE alumni panelists

who judged the student theses. She also had high praise

for Clark’s work.

“Her topic was well chosen and prevalent. As the income

gap in the U.S. continues to increase, the impact this phe-

nomena has on health indicators can add value to the dis-

cussion on the accessibility of healthcare in the U.S.,” said

Thompson.

Clark’s experience with the MSAE program has already

helped her in her career as a Healthcare Economics Con-

sultant at UnitedHealth Group in Minnetonka, Minnesota.

“In my coursework, I used the statistical programs STATA

and R, and was able to almost immediately apply them on

the job to the benefit of my team,” said Clark. “I hope to

become a higher-level analyst and I know that the skills I

learned in the MSAE program will be invaluable.”

Awards—Continued

Patrick Mobley, also from the MSAE program, earned high

honors for his thesis titled “Do men matter? A current

population survey study of characteristics affecting de-

layed fertility,” which focused on recognizing whether

male circumstances have a statistically significant effect on

fertility behavior. He was selected as the runner-up and

received $250.

Mobley started the MSAE program in August 2011, while

he was working full-time for the United States Air Force.

“I decided to apply to UND’s MSAE program because of my

interest in Economics, and my knowledge that I would go

to a well-respected school with a developed online pro-

gram closely matching on-campus experiences,” said

Mobley.

Mobley was assigned Dr. David Flynn as his research advi-

sor. Together they closely examined the Current Popula-

tion Survey data to develop his thesis research.

“Dr. Flynn is a very intelligent and passionate instructor,”

said Mobley. “Much of the material he taught in class was

a motivating influence for my thesis topic.”

From his research, Mobley determined that just like wom-

en, men prefer childbearing at certain life stages and will

delay to maximize their own utility.

Currently, Mobley is working as a Research Data Analyst

for Allina Health, a large Midwest healthcare organization

in Minneapolis, Minnesota.

He credits the MSAE program with equipping him with the

knowledge and credentials needed to succeed in his posi-

tion.

“The MSAE program taught me the skills I need to perform

replicable and rigorous research,” said Mobley. “In my cur-

rent job, most of the analytical methods are more epide-

miological in nature, and the MSAE program helped teach

me how to assimilate new methods quickly and resource-

fully.”

The MSAE program helped Mobley transition from the mil-

itary into a job that better aligns with his talents and inter-

ests.

He hopes it will help others do the same.

“I would recommend this program to anyone interested in

advancing their knowledge of applied economics and re-

fining quantitative skills,” said Mobley.

MSAE students can be assured that their hard work in the

program does not go unnoticed. The MSAE Distinguished

Thesis Awards recognize quality research and solidify the

knowledge and skills students acquire during the program.

“The award validates the high quality of the MSAE pro-

gram by showcasing the excellent work of current MSAE

students with MSAE alumni,” said Thompson. “It allows

alumni to see the quality of students that will soon be

looking to join the workforce, which could potentially lead

to networking connections favorable for students during

their job search.”



FACULTY PROFILE

Prodosh Simlai

My current research interests span several topics, includ-

ing econometrics of financial markets, investments, em-

pirical asset pricing with a specialization in the cross-

sectional stock returns predictability; idiosyncratic volatili-

ty, market microstructure, and liquidity. The goals of my

research are to better understand the information con-

tent of trades by various groups of investors and the re-

sulting impact on future stock prices, and to explore the

role of different institutional and retail investors in finan-

cial markets.

Broadly speaking, I am interested in the empirical meth-

ods used in modern financial economics. My research fo-

cuses on the empirical techniques used most often in the

analysis of financial markets and how they are applied to

actual market data. I examine a set of tools that are useful

for modeling financial data and testing beliefs about how

markets work and prices are formed. A part of my re-

search focuses on new techniques in analyzing financial

data that can lead to empirical facts inconsistent with ex-

isting theories. I’m also interested in modeling tools that

allow us to forecast or predict risk, or volatility, when risk

is changing through time.

I maintain a strong commitment to teaching. I usually

teach Business Statistics and Introductory Econometrics

courses and find them to be a very rewarding experience.

I always believe that students should graduate with the

skills necessary to have a successful career as well as to be

productive citizens. In each of my classes, I emphasize

critical thinking and real-world applications of the statisti-

cal and econometric concepts we study. I engage students

with hands-on data analysis instruction and an abundance

of enthusiasm (and some occasional jokes!). I practice a

stimulating classroom environment that encourages stu-

dents to actively participate.

For example, every fall and summer I teach Econ 506,

which is a required Introductory Econometrics course for

MSAE students. The course objectives are to acquire a

basic understanding of the theory and methods of econo-

metrics and to gain practical experience in utilizing these

methods. This is a rigorous course designed for MSAE stu-

dents and my expectations are typically high. The end goal

of the course is for the student to learn how to conduct –

and how to critique – empirical studies in economics, fi-

nance, and related fields. The students use the tools de-

veloped in the course in homework and written assign-

ments so that they can develop an insight to theory and

its application. In the lectures, I go into more depth about

some aspects where we take advantage of the skills MSAE

students have acquired prior to taking the class. I often

use derivatives to optimize functions and compute the

effects of a change of an independent variable on a de-

pendent variable. I provide the essentials for this and en-

courage students to refresh their knowledge about it

when they need to. Econometric methods combine re-

sults from probability theory, calculus, and linear algebra;

so it is important to have an elementary understanding of

these to be able to grasp what econometrics is about. I

make every effort to make the course interesting, chal-

lenging, and most importantly useful for students in the

future. [email protected]


Seminar Series By Kate Menzies

UND’s MSAE program has a long-standing commitment to

quality research.

In order to expose students to emerging topics in the field

of Economics, the department created an Economics Sem-

inar Series. The Seminar Series brings in about 10-13 top

scholars during the academic year from prestig-

ious institutions, such as the University of Chicago, Stan-

ford, Yale, the University of Minnesota-Twin Cities, the

University of Wisconsin-Madison, and the International

Monetary Fund to present their research topics

to students and faculty.

The Seminar Series is funded by the MSAE program, the

UND Economics Department, and the Page Endowment

Fund.

“By attending the Seminar Series, students are able to

learn what is happening on the frontiers of research,” said

Dr. Chih Ming Tan, professor and Page Endowed Chair in

Applied Economics.

All of UND is invited to take a front row seat and listen to

the speakers, who spend about an hour and half pre-

senting the groundbreaking research they have done.

From there, attendees are able to provide their criticisms,

objections, and suggestions. In this way, the speakers also

benefit from the series. They receive constructive feed-

back to better perfect their presentations, which they will

eventually turn into journal article submissions.

“The Seminar Series is a wonderful opportunity to share

work in progress and receive feedback from the excellent

faculty at UND as well as the students,” said Dr. Jessica

Leight of Williams College, who presented at the Series

earlier this year. “I hope it is useful for the students to see

examples of what a degree in Economics is used for.”

Online students also have the opportunity to listen to the

speakers as well, as each session is recorded and posted

online.

“As an institution, we are always trying to push towards

raising research levels,” said Dr. Tan. (continued p. 6)

Remembering

Brent Bartsch March 4, 1982 – July 12, 2015

By Kristofor Paulson (MSAE 07)

Brent Bartsch, graduate of the Master of Science in Ap-

plied Economics (MSAE) program, passed away July 12,

2015. Brent came to University of North Dakota (UND) in

2000, after graduating from West Fargo High School.

While at UND Brent was involved in student government,

Omicron Delta Epsilon, Mortar Board, and National Society

of Collegiate Scholars. He received a Bachelor of Arts de-

gree in Public Administration, with a minor in Political Sci-

ence. He went on to receive a Master of Science in Applied

Economics.

After graduate school Brent taught Economics for MBA

students at University of Mary. Brent then decided to

teach English in Shenzhen, China in 2012. A few months

later he later moved to Shanghai, China to teach Econom-

ics at a high school. In 2014 Brent moved to Tianjin, China

to teach Economics at Ying Hua International School.

Brent was a great student and classmate. He could always

be counted on for spirited discussions about topics cov-

ered in classes. In addition to being a great classmate and

student Brent was a great friend. In addition to spirited

discussions, Brent played intramural sports with his class-

mates.

I had the great fortune to spend time with Brent while he

was living in China. He enjoyed talking about the great ad-

ventures he had while living in China. The best memory of

one of these visits in China was when Brent was trying to

buy a watch for 1 RMB in one of the markets. He frustrat-

ed many of the vendors and was often offered a pair of

socks for 1 RMB, but he still tried to get a watch for 1

RMB. He never did get a watch for 1 RMB. However, that

day was one of those typical days with Brent – frustrating,

hilarious, and with great banter.

Seminar Series—Continued The Seminar Series is a step towards that.

Economics faculty play an integral part in the Seminar

Series. In fact, many of the speakers that participate in

the Seminar Series, choose to do so thanks to the per-

sonal relationships formed with faculty during national

conferences and other events.

“Faculty get to learn about the exciting work being

done in the field and bring these emerging topics back

into the classrooms for students,” said Dr. Tan. “We

want to make sure that faculty are being connected to

the community at large.”

The Seminar Series is very broad in its focus, and be-

cause of this, speakers present on a variety of topics

including: macroeconomics, international trade eco-

nomics, health economics, environmental economics,

and labor economics to name a few.

“We try to cover the whole breadth of course subjects

relevant to our program,” said Dr. Tan.

By bringing in these well-established, influential schol-

ars, UND’s MSAE program is sending a signal to stu-

dents that research is vital to the field of economics. It

also demonstrates to students the kind of tools they

would need if they are interested in pursuing a PhD

beyond their master’s degree.

“As a graduate student working on my own research,

the Seminar Series gives me the chance to learn new

methods, techniques, and presentation skills from

those who are actively researching and contributing to

the field,” said Caitlin Elliott, a student in the MSAE

program.

“The idea of doing my own research and preparing a

thesis was always overwhelming for me until I began

attending the seminars,” said Elliott. “Professors from

some of the best economics schools in the country

come in to present their research and you realize that

it isn’t as intimidating as it seems.”

Dara Morehouse, also an MSAE student, found that

witnessing faculty participation and interaction with

the speakers was helpful.

“Knowing the kinds of questions the professors ask, we

can better prepare ourselves for similar questions and

how to approach them in our research,” said More-

house.

“During the seminars, it feels like your professors be-

come your peers,” added Elliott.

The Seminar Series raises the reputation of the depart-

ment and the program by providing up-to-date, rele-

vant content. In addition, students and faculty are able

to make valuable personal connections with each oth-

er and some of the top minds in the field of Economics.

Overall, the Seminar Series is a testament to the MSAE

program’s commitment to furthering graduate-level

education.

STUDENT PROFILE—

Colin Mummery By Kate Menzies Colin Mummery, a senior UND student from Durango,

Colorado, knows a good value when he sees one.

That’s why the UND combined Master of Science in

Applied Economics (MSAE) program was an obvious

choice for him to launch his quest for higher educa-

tion.

As a student of the combined MSAE program, Mum-

mery is able to work on masters’ level courses before

he officially graduates with his undergrad BA degree in

Economics and a minor in Aviation Management.

“Economists love to think about decisions with regard

to value added and opportunity costs,” said Mum-

mery. “For me, the MSAE program was a no brainer.”

UND’s MSAE program has proven its high quality. In

fact, it received national attention from the US News

and World Report, which ranked UND’s MSAE and

MBA programs 32nd out of nearly 1,000 schools.

With low tuition costs, small class sizes, and quality

faculty, it’s no surprise why students like Mummery

are eager to join. (continued p. 8)



ALUMNUS PROFILE: Charles Denowh By Kate Menzies

The University of North Dakota’s Master of Science in Ap-

plied Economics (MSAE) program continues to grow in

both numbers and prestige, with students from around

the country vying for an opportunity to obtain this premier

degree.

One such student is Helena, Mont., native Charles

Denowh. As a political consultant, Denowh was looking for

an opportunity to expand his professional development.

When looking into a degree that would complement his

career, Denowh knew that economics was a natural fit.

“Economics is tangentially applicable to my profession in

political consulting, but I think my primary motivation for

choosing the MSAE program was just curiosity and the

need for a challenge,” said Denowh.

The goal of the MSAE program is to provide students the

quantitative and applied skills required to succeed as an

economist involved in economic development, strategic

planning, consulting and applied research in a broad array

of institutional settings.

What sets UND apart is its hybrid teaching model, contain-

ing both on-campus and off-campus learning opportuni-

ties. Denowh completed his MSAE degree entirely online

and was pleased with the education he received.

“It was a challenging program, but rewarding. The applied

economics curriculum teaches you to look at problems in a

completely different way, which I’ve found valuable when

it comes to decision-making in my business,” said Denowh.

Before settling on UND, Denowh explored many other

economics programs, but none offered the same quality

education. “What really set UND’s program apart for me

was how entrepreneurial it seemed,” said Denowh.

Ultimately, the online component of the program sealed

the deal for Denowh.

“I think the online education world is becoming more com-

petitive now, but when I applied a few years back, most

programs still had an on-campus component, higher fees

or put other restrictions on their online programs. UND’s

attitude seemed to be that they really wanted to compete

for students by making the program accessible and flexi-

ble. It seems like some campuses see online programs as a

threat, but in my experience UND has taken the opposite

approach by embracing this great opportunity,” said

Denowh.

Overall, Denowh considers UND’s MSAE program to be top

-notch.

“The faculty are accessible and have a great diversity of

backgrounds that exposes students to the different direc-

tions that an education in applied economics can take

them,” said Denowh.

Denowh has been able to connect his degree to his con-

sulting career thanks to the analytical skills and critical

thinking components of the MSAE program.

“The field of economics is so incredibly diverse; it goes

way beyond monetary policy or fiscal policy. It really boils

down to how people make decisions. I’ve applied my eco-

nomics training to the work I do in politics by examining

things like how people make decisions in voting or how

money influences election outcomes,” said Denowh.

With affordable pricing, experienced faculty and both tra-

ditional and online learning formats, UND’s MSAE program

is one to beat.


Dr. Xiao Wang has been at the University of North Dakota

(UND) since August 2012, where she teaches International

Money and Finance, International Economics, and Princi-

ples of Microeconomics. While getting her Master’s and

Ph.D. in economics at University of Wisconsin – Madison,

her interest in international economics flourished. The

committee chair for Dr. Wang’s thesis was Dr. Charles En-

gel. Dr. Charles Engel is one of the editors of the Journal

of International Economics.

Dr. Wang is currently researching how financial con-

straints affect firms’ behavior on exports and Foreign Di-

rect Investment (FDI). With this research, she is hoping to

better understand individual firm’s financial decisions and

their trade behavior to see if the aggregate level influ-

ences the individual firms. She is also interested in figur-

ing out if the networks of the firms play a role in their de-

cision-making and whether the aggregate level and indi-

vidual firms’ economies are connected.

Dr. Wang’s dataset came from her undergrad Alma Ma-

ter, Peking University in Beijing, China. For other research

she has done, she has used the World Bank, individual

countries’ institutes (United States Census), and her net-

works to collect data. The

dataset she is currently

using is a clean dataset

that has both cross-

sectional and panel data

over several years. To

begin her preliminary re-

search, Dr. Wang usually

runs simple OLS regres-

sion to find the data

patterns, and explore if any economic theories can explain

those patterns. She mainly uses STATA and MATLAB to

run these regressions. She has had to make adjustment

for endogeneity in her model for net exports, individual

firms trading decisions, and financial environment.

Her research is important because of the increase of glob-

alization. With more and more countries opening up to

trade, we need to better understand the factors that are

influencing the globalization at both the aggregate and

individual levels. When the United States’ Great Reces-

sion of 2008 happened it didn’t just affect the United

States’ markets it also had affects on global markets.

[email protected]

RESEARCH SPOTLIGHT By Dara Morehouse (MSAE x15)

International Economics at the Individual Firm Level

Other Student News—Recent Theses Completed Bailey, Chris Lee (2015) Chile's Banking System: A Decade Of Change

Barvels, Dustin (2015) Using The Fama And French Five-Factor Model To Predict Industry Market Returns

Clark, Jessica Lee (2015) The Effects Of Income Inequality On Society

Crow, Chris John (2015) Are Larger Recalls More Damaging For Shareholders? Evidence From Us Automotive Recalls,

2005-2014

Elliott, Caitlin(2015) Changes In Consumer Behavior Since 1992: A Case Study On American Shopping Malls

Ferro, Thiago (2015) Robust Determinants Of Reservation Wages In Colombia

Feske, James (2015) The Aging Workforce And Their Impact On Workplace Injuries

Loebach, Michael (2015) Bank Efficiency Ratios - Can They Be Used To Reliably Predict Future Bank Performance?

Mills, Warren (2015) The Effects Of NAFTA On Consumption, Income And Employment

Ruggeri, David (2015) Marijuana Consumption And The Perception Of Harm


Mummery -

Continued

After Mummery graduates with his undergraduate de-

gree, it will only take an extra summer and one fall semes-

ter to finish the MSAE program. From there, Mummery

hopes to work as a financial analyst.

“I have an interest in equity markets, so I will pursue ana-

lyst positions with companies involved in this field. I also

have interests in the energy business and the energy com-

modity market,” said Mummery. “The MSAE program

greatly increases my competitiveness as a job applicant.”

The combined MSAE program adds extra value to a stu-

dent’s education by allowing students to advance their

critical thinking skills and further apply the concepts they

have learned in their undergraduate courses.

“I was interested in the program because it would allow

me to continue to exercise my intellectual curiosity,” said

Mummery. “The science of economics is fascinating and I

was keen to learn at the advanced level.”

Students wishing to enter into the combined degree pro-

gram should be mindful of the demands of graduate level

courses.

Mummery recommends speaking with professors in the

department to learn more information. He also advises

students interested in the program to evaluate the cur-

rent state of the job market.

“To garner a meaningful position in a competitive field, an

undergraduate degree alone likely won’t cut it,” said

Mummery.

Overall, the cost, convenience, and quality of UND’s MSAE

program make it one to beat.

Recent Theses continued Schonfeld,Brian (2015) The Impact Of Macroeconomic Variables On A Vector-Autoregressive Forecast Of Small Ticket

Equipment Lease And Loan Portfolio Performance

Smith,Richard (2015) Factors Affecting Unsatisfactory Performance During Air-To-Air Refueling In The C-17 Pilot

Checkout Course

Snook, Jesse (2015) The Child Support Tax: Determining The Effect Of Child Support On The Income Growth Of Non-

custodial Parents

Stangler, William (2015) An Anaylsis Of The Factors Influencing Self-Rated Health In East Asia

Troyer, Adrian (2015) New Employment In Post-1990s Algeria: Are Rapidly Added Jobs Positively Affecting Economic

Recovery?

Wolbeck,Ryan (2015) Output Gap As A Predictor Of Risk-Premium In The North American Financial Markets

Other Department news—Departments Merge The department of finance was merged into the department of economics in the fall of 2015. For the now the

change is mostly in name, but in the future we are hoping for improved synergies.


Nonprofit Org.

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Grand Forks, ND

Permit No. 10

Economics Department

University of North Dakota

Gamble Hall, Room 290

293 Centennial Drive, Stop 8369

Grand Forks, ND 58202-8369

SUPPORT ECONOMICS

If you’re interested in

learning more about how

to support the Department

of Economics or other pri-

orities at UND, please con-

tact:

Kim Woods

Director of Development

UND Foundation

701-777-4106

[email protected]

We want to hear from you!

New job? Get married? Starting a business? The

department wants to know what you are up to!

Email us at [email protected] to share any

exciting career/life news you may have. Feel free

to contact us to update your contact information or

email changes for the Alumni Directory.

Documents

Fall 2015 Newsletter V2