B U S I N E S SROBERT H. SMITH SCHOOL OF BUSINESS • UNIVERSITY OF MARYLAND • FALL 2007 VOL. 8 NO. 2

Uniting behind Smith’s ambitious $90 million capital campaign

GreatExpectations

PLUS: Sports Management at Smith ° Eye on Ads ° Lessons from Hollywood

Web Shopping WisdomNew study provides insight into con-sumer behavior online

15 Smith Accolades

CONNECTIONS26 John Boyle ’76 Honored27 Teresa Iannaconi, MBA ’78,

on Ethics30 Connecting Entrepreneurs

with CapitalM&A Competition AttractsTop Schools

31 PhD Awards

FEATURES2 Smith Business Online

10 Smith at a Glance28 Alumni News and Notes30 Upcoming Alumni Events31 Alumni Events Photo Gallery32 Last Word

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Contents

GREAT EXPECTATIONSThe Smith School’s ambitious

$90 million capital campaign is aninvestment in greatness

LEADERS DIGEST U.S.

A Passion for EntrepreneurshipShady Grove undergrads enjoy theresults of hard work, dedication and alittle guerilla marketing

Turning Trash into TreasureSmith students put their innovativecomposting station to work on campus

Sports Management at SmithGoing the whole nine yards to equipstudents for the business of sports

6 Global Security and EnterpriseResilience

6 Real World, Real Time GlobalSupply Chain Game

LEADERS DIGEST WORLDWIDEThe GlobetrottersExecutive MBAs spend two weeksstudying abroad

9 Sheepskins in Shanghai9 The India-China-U.S. MBA

KNOWLEDGE TRANSFERBreaking into the Big BoxSmith research is changing the waycompanies compete for shelf space

Eye on Ads What’s best: a picture, ora thousand words?Managing Your MoneyWhen investing in mutual funds, bewary of blindly following the crowd

A Lesson from HollywoodYou might be losing millions by working with your friends

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SMITH BUSINESS FALL 2007 VOL. 8 NO. 2

Cover Story4

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SMITH BUSINESS O FALL 2007

Smith Business is published twice a year—spring and fall—by the Robert H. SmithSchool of Business at the University ofMaryland, College Park.

Smith Business welcomes input fromalumni, partners and friends on articles andbusiness issues. Please send all correspon-dence to the editor.

EDITORIAL ADVISORY BOARDHoward Frank, DeanV. Scott Koerwer, Associate Dean,

Professional Programs and ServicesRosetta Clay, Director of Alumni

Programs and Special EventsJoanne Ferchland-Parella, MBA ’06, Assistant

Dean for External RelationsJeff Heebner, MBA ’06, Managing Director,

Office of Marketing CommunicationsLawrence A. Gordon, Ernst & Young

Alumni Professor of Managerial Accounting,Director, PhD Program

N.R. Prabhala, Associate Professor of FinanceRhonda Reger, Associate Professor of

Management and OrganizationRoland Rust, David Bruce Smith Chair in

Marketing; Chair, Department of Marketing;Director, Center for Excellence in Service

Marguerita Chen, ’93 Financial Advisor,American Express Financial Advisors

Loretta Downey, Empower IT, Inc.Maya Rao, MBA ’05, Associate, InvestmentBanking, Sandler O’Neill & Partners, L.P.

EDITORRebecca Winner

CONTRIBUTORSAlissa Arford-Leyl, JOUR ’94Sara EvansJeff Heebner, MBA ’06Carrie Taschner, JOUR ’02Angela TodaRebecca Winner

DESIGNJeanette J. Nelson, University Publications

PHOTOGRAPHYAlissa Arford-Leyl, JOUR ’94; Stan Barouh;John T. Consoli ARHU ‘86; Lisa Helfert JOUR’92; Scott Suchman; August Jackson;Kevin Novak

ILLUSTRATIONPatti Look; Jeanette J. Nelson

Robert H. Smith School of BusinessOffice of Marketing Communications3570 Van Munching HallUniversity of MarylandCollege Park, MD 20742-1815Tel: 301.405.7282Fax: 301.314.6685 http://www.rhsmith.umd.edueditor@rhsmith.umd.edu

Copyright ©2007 Robert H. Smith School ofBusiness. This publication is produced by theOffice of Marketing Communications.

SMITHBUSINESS nline

» KEVIN PLANK ’96, FOUNDER, UNDER ARMOUR,

RECEIVED THE 2007 SMITH LEADERSHIP

EXCELLENCE AWARD AT THE DEAN’S

UNDERGRADUATE AWARDS BANQUET ON MAY

3. THE SMITH SCHOOL’S LEADERSHIP AND

EXCELLENCE AWARDS HONOR BUSINESS LEAD-

ERS AND ORGANIZATIONS THAT HAVE MADE

SIGNIFICANT AND POSITIVE IMPACTS ON THEIR

INDUSTRIES AND THE COMMUNITY IN THE

MID-ATLANTIC REGION. READ MORE ABOUT

THIS YEAR’S AWARD WINNERS AND SEE HIGH-

LIGHT PHOTOS FROM THE UNDERGRADUATE

AWARDS BANQUET ONLINE.

Getting a Global Perspective» Smith students are producing materials that can help you better

understand the issues facing your counterparts around the globe.The Smith School’s Black MBA Association debuted a new resource,the Africa Economic Review, in May 2007. The school’s MBA FinanceAssociation produces Smith Asia Business Review. Both can be viewedat our Web site.

Avoiding the Hidden Dangers of File-Sharing» If you’re worried about identity theft, then avoid downloading a file-shar-

ing client onto your home computer. The risks of peer to peer file-sharingwas one of the presentations at this year’s Fourth Annual Forum onFinancial Information Systems & Cybersecurity: A Public Policy Perspective,held on May 23. Read more online.

Beating the Market» Two student-run funds—the Mayer Fund, managed by MBAs, and the Senbet Fund,

managed by undergraduates—reported beating Standard & Poor's 500 Index in theiryear-end performance presentations. Read more online.

LearnSmith Podcastswww.rhsmith.umd.edu/podcast

NetworkOnline registration for alumni eventswww.rhsmith.umd.edu/alumni/

RecruitHire Smith studentswww.rhsmith.umd.edu/career/

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THERE’S ALWAYS MORE GOING ON AT THE SMITH SCHOOL THAN WE CAN POSSIBLY FIT INTO SMITH BUSINESSMAGAZINE. GET MORE NEWS, ARTICLES AND INFORMATION ONLINE AT OUR WEB SITE,WWW.RHSMITH.UMD.EDU/SMITHBUSINESS.

WWW.RHSMITH.UMD.EDU/SMITHBUSINESS

Click to

WEB POLL: The federal government has mandatedthat most Americans must have an electronic healthrecord by 2014, with assistance from the Smith School’sCenter for Health and Information Decisions Systems(see page 22). Are you confident that privacy concernswill be adequately addressed?

» Log on to the Web site and let us know atwww.rhsmith.umd.edu/smithbusiness.

Last issue’s Web poll results:Do TV and the movies dispro-portionately represent businesspeople as unethical or corrupt?

YES: 76% NO: 24%

FALL 2007 O SMITH BUSINESS

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LEADERSDigest

Entrepreneurs find success by workinghard at something they love.This same driveand passion pushed a group of undergraduatestudents at Smith’s Shady Grove campus toform a club and spend months planning anentrepreneurship conference, held April 14.

The conference, titled “Turning YourPassion Into Profit,” attracted nearly 250people who took part in presentations andbreakout sessions conducted by successfulentrepreneurs. Skip Yowell, co-founder ofJanSport, delivered the keynote address, shar-ing how he turned a passion for hiking intothe No. 1-selling daypack brand in theworld.The event also featured a formerMarine with his own career consulting firm,a founder of a private global investmentfirm, the head of a toy company, and arestaurateur.

“The goal was to get real-world experi-ence,” said conference chair Eric McCoy,now a Smith senior and one of the foundingmembers of the club that planned the event,a chapter of the national CollegiateEntrepreneurs’ Organization (CEO).Theclub founders are all members of theEntrepreneurship Fellows program of theSmith School’s overarching UndergraduateFellows Program, designed to give studentshands-on co-curricular experiences in specific concentrations.

The Entrepreneurship Fellows each havean eye toward running their own venturesand the CEO members figured setting up aconference with diverse entrepreneurs asspeakers was a great way to gain insight intostarting a business.They set their sights onorganizing the conference almost immediate-ly after forming the club last fall.

“All the members of the club worked sohard – it was really a collaborative effort,”said Laila Wardak, now a senior at Smith,who served as chair of the logistics commit-tee for the conference.The student organiz-ers used their own connections and someSmith School connections to recruit speakersand line up catering and event supplies.Theydid a lot of guerilla marketing by hanging

signs, sending e-mails, even creatingFaceBook and MySpace pages about theevent. One club member’s sister evendesigned the conference Web site remotelyfrom Guam.The group also lined up anhour-long stint as in-studio guests on aWashington-area radio program to publicizethe event.

“If you watched all our members, it wasjust an amazing experience.Almost all wereworking one-on-one with CEOs and nego-tiating deals,” McCoy said.

He said it was these “real deals” that willreally build the resumes of the students andgive them a leg up in job interviews.Theskills they practiced—networking, closingdeals, event planning—will prepare them forthe business world.And McCoy said some oftheir experiences were unforgettable, such assharing dinner with Yowell of JanSport afterthe conference.

Associate Dean for UndergraduatePrograms Pat Cleveland—along with LukeGlasgow, Smith program director at Shady

Grove, Jay Liwanag, assistant director ofundergraduate programs at Shady Grove, andTyser Teaching Fellow Oliver Schlake—championed the club and the conferencefrom the start and helped the students planand publicize the event.

But Cleveland gives all the credit to thestudents.

“They’re the ones who have done all thework. ... I just said ‘go, guys, go’ and theyreally made this all happen,” she said.

Beyond the conference, the CEO clubhas remained active, helping with entrepre-neurship activities at some MontgomeryCounty high schools.And nearly immediatelyafter their first conference success, the groupwas already talking about planning nextspring’s event. –CT

Read more about the CollegiateEntrepreneurs Organization, including aprofile of student Eric McCoy, at SmithBusiness Online.

A Passion for EntrepreneurshipShady Grove undergrads organized a top-notch conference with hard work,dedication and a little guerilla marketing.

SKIP YOWELL (INSET, RIGHT), FOUNDER OF JANSPORT, TURNED HIS PASSION

FOR HIKING INTO THE WORLD’S DOMINANT DAYPACK BRAND.

SMITH BUSINESS O FALL 2007

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LEADERSDigest

Business ExcellenceLegg Mason Inc.

Leadership ExcellenceKevin Plank, President and Chief Executive Officer, Under Armour

Leaders for the Digital EconomyBeth Perlman, CIO and Senior Vice President, Constellation Energy, for individual excellence

Blackboard Inc., for corporate excellence

Public ExcellenceGerald L. Stempler, GDS Enterprises, LLP

The University of Maryland’s

Robert H. Smith School of Business

congratulates the winners of the

2007Smith

Leadershipand

Excellence Awards

You’ve heard of turning trash into treas-ure.Well, some enterprising undergraduatesare turning food waste into…dirt.Alongthe way, they also turned it into a topgrade.And with a little luck, they mightturn it into a prosperous business as well.

Their story begins with a class assignmentfor the Quality Enhancement Systems andTeams (QUEST) program, one of the SmithSchool’s Undergraduate Fellows programs.Each year, sophomores in the QUEST class“Introduction to Design and Quality” workon a project that will allow them to applywhat they are learning to a real-world prob-lem. Last year, that project involved partici-pation in the “ecoimagination” challengeco-sponsored by GE and mtvU—MTV’s24-hour college network—which calledupon students to create a process, product orservice to make the world a cleaner, greener,more efficient place.The students—JuliaPerskie, operations management and infor-mation systems;Vighna Rajesh Karyampudi,mechanical engineering; Joel Liebman,finance and economics;Anna Volper, market-ing; and W. Nathaniel Brown, aerospaceengineering—decided to focus their projecton a way to improve the University ofMaryland’s composting program.

Composting takes organic waste, such asfood and paper products, and accelerates its

decomposition into fertile soil rich withorganic material.The university composts 90tons of food, paper and other biodegradablewaste each year, but the students found thatthis was a paltry 10 percent of what the uni-versity could compost.That is significantbecause an effective composting system cansave money.

“The university has a per-ton cost tohaul away trash, but a significantly reducedper-ton cost to haul away compost,” says JoelLiebman.The composting company willeventually be able to sell the composted soil,so it charges less to haul away compost thanto haul away trash.

Clearly it made economic sense to sepa-rate compostable materials from plain trash.So what was keeping the university frommaking the most of this opportunity? Thestudents found that defining the problemwas, well, half the problem, and by far thehardest part of their assignment.

Here’s what they discovered: the dishroom, where dishes are scraped, is plaguedwith high staff turnover, making it hard totrain workers in proper sorting techniques.And during the dining room’s peak traffictimes, there wasn’t enough time to sortcompost from plain trash anyway.

After wrestling for a while with theseseemingly intractable problems, the group

Turning Trash Into TreasureSmith students put their innovative composting station to work on campus.

FALL 2007 O SMITH BUSINESS

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had an epiphany: Moving the responsibilityfor getting compostable material into a com-post bin from the workers to the studentsneatly resolved all those issues.

Of course, that opened up a whole newset of problems. How could the group gettheir busy and hard-working fellow studentsto take on extra work, even this tiny bit ofextra work? The group spent hours survey-ing and observing the behavior of freshmanand sophomores in the North CampusDiner, trying to figure out what wouldencourage people to sort their compostablematerials from trash.

“We asked ourselves ‘What is the simplestthing that would solve all the problems?’”says Nate Brown.Their answer: theCompoStationTM, an eye-catching bin in amovable cart that includes a place to parktrays, freeing up your hands to scrape yourplate, and a built-in scraping device, makingit quick and easy for students to dump theirfood before taking their trays and dishes tothe dishwashing line.

The group started out with much morecomplicated designs, but after talking withadvisor Gerald Suarez, executive director ofQUEST, they pared their product down tosomething that is effective but also cheapenough to produce commercially.

The CompoStation now sits in the NorthCampus Diner, and Dining Services at theUniversity has asked the group to producemore that can be used at other dining areason campus. But they can also imagine a cus-tomer base that includes other universities,hospitals, and mall food courts.

The Dingman Center forEntrepreneurship has been an importantsupporter of this nascent venture, providingthe group with cash for their initial market-ing and educational materials, which thegroup posted around the Diner to encouragestudents to use the CompoStation.

These budding entrepreneurs aren’t total-ly sure where their venture is going—theywant to see if the CompoStation can reallysave the university enough money to be acommercially viable project.

Learn more about the QUEST programand the Undergraduate Fellows program atSmith Business Online.

WHAT THEY LEARNEDNate Brown: We found out that the prob-lem was the important part. It took usmore time to find the problem in the com-posting system than it did to create the solu-tion. Once we found the real problem, wecould solve it and make a difference.Joel Liebman: We learned a lot about theentrepreneurial spirit and what it takes tostart your own business. How manysophomores learn to write a business plan—and not just learn about it, but do it? It wassuch a real-life, eye-opening experience. Inever expected to find something like this ina classroom.Rajesh Karyampudi: We also learned aboutthe true value of networking. We e-mailed, phoned, interviewed, and met witha great number of people for this project.

They helped take our project beyond theclassroom and into the business world.Anna Volper: The experience overall wasgreat. The QUEST program is a great step-ping stone, and it was amazing that wecame out of it with this product. Thewhole process of creating somethingwas worthwhile.Julia Perskie: When you are able to identifythe problem, it is so much easier to keepgoing because you know that what youare working on is real. This was morethan just a class; it was more than just agrade on a piece of paper. We want to con-tinue with this project because that is whatQUEST is all about. –AT

LEFT TO RIGHT:

ANNA VOLPER, NATE BROWN,

JOEL LIEBMAN, RAJESH

KARYAMPUDI, JULIA PERSKIE

SMITH BUSINESS O FALL 2007

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LEADERSDigest

Security is a hot topic, but it’s not one thatis easy to get your arms around. Our increas-ingly global and interconnected society isforcing us to think of security, whether ofinformation or infrastructure, in entirely newways. Scholars and security experts cametogether to address a wide range of globalsecurity concerns at the Global Security andEnterprise Resilience conference sponsoredby the Center for International Business andResearch (CIBER) at the Smith School onApril 12 and 13.

Alfred Berkeley III, chairman and chiefexecutive officer of Pipeline Financial Group,Inc., and Pipeline Trading Systems LLC, andkeynote speaker for the conference’s Thursdaysessions, describes the difficulties faced in pro-tecting the nation’s infrastructure.The problemis complex because 95 percent of the nation’sinfrastructure—water and electric utilities,telecommunications companies—are privatelyowned.These infrastructure companies areinterested in competing effectively, and some-what less interested in cooperating to reactquickly and effectively to security threats.

Conference topics focused on a variety ofissues related to both global security andenterprise resilience.What are the effects ofglobal terrorism on the corporate world?How does human behavior affect cybersecu-rity? How can organizations manage risk, inan increasingly smaller and flatter world?How can organizations ensure regulatorycompliance in a world of multiple standards,often driven by special interests or specificindustry needs? What economic incentivesare required to make information sharingdesirable?

A complete list of conference presenta-tions is available at www.rhsmith.umd.edu/ciber/globalsecurity/speakers.html.To learnmore about CIBER, visitwww.rhsmith.umd.edu/ciber/. –RW

Loosen up the mouse-clicking muscles and rev the mentalengine: Twelve teams of students from around the worldgeared up for the conclusion of the most intense Web-basedvirtual supply chain game of their lives.

Each team was competing for international glory — the first-place title in theinaugural Global Supply Chain Competition, hosted by the Smith School and partnersDelft University of Technology in the Netherlands and Sun Microsystems. The Web-based game is a revolutionary real-time simulation developed by researchers at theSmith School and Delft University of Technology in the Netherlands in which playerscompete virtually from their home campuses to manage the most efficient supplychain. Each three-member team proudly represented its nation with a portfolio ofhigh-tech products to source and sell for the highest profits and market share.

All the action took place in real time, with teams participating from their homecountries across the globe. You could sense the tension—even over the phone andSkype voice over Internet lines connecting the players—as the final moments of the90-minute game ticked away.

“Players, we’re now entering the final round of competition. Good luck!”announced Alexander Verbraeck, co-developer of the game from Delft. He traveledto College Park with co-developer Stijn-Pieter Van Houten to referee, call the play-by-play and run the technical aspects of the game.

Smith Supply Chain Management Center co-directors and game co-developersSandor Boyson, research professor, and Thomas Corsi, Michelle E. Smith Professor ofLogistics, ran game operations from the sidelines, both anxious for the outcome of thefirst full-scale global competition of their game, more than five years in the making.

The Smith team worked feverishly, but alas, the sweet taste of victory was nottheirs that March 27 morning. Though the home team held the lead for most ofthe competition, the final frenzied minutes proved too much for the Terps’ riskyinventory strategy. In the end, the winner’s podium was dominated by internationalcompetitors. The University of Groningen team in the Netherlands went wild, heardcheering and clapping by phone, as Verbraeck announced they'd captured the topspot, as well as portable GPS systems for each team member. Second prize, AppleiPods, went to the team from SooChow University in Taiwan, and third prize, digitalcameras, went to Nankai University from China. –CT

Real World, Real Time, Real Stress:Smith’s Global Supply Chain Game

Smith CIBER Hosts GlobalSecurity Conference

The sports industry is enor-mous and fast-growing, withthe basketball audience inChina alone larger than theentire U.S. population.Thenew Smith UndergraduateFellows program in SportsManagement will introducestudents to the business issuesand capabilities required tosucceed in this complex busi-ness arena.

This special academic pro-gram is part of the SmithSchool’s Undergraduate FellowsProgram, which allows studentsto enroll in specialized course-work, and participate in relatedaction learning through intern-ships and co-curricular activities.Designed to deepen studentunderstanding and capabilitiesand to build community amongstudents, faculty and profession-als, the Sports ManagementFellows program is a great fit forthe Smith School’s large cadre ofstudent athletes as well as under-graduates who are interested insports industry.

What makes this programunique is its emphasis on themulti-faceted business aspect of sports. Patricia Cleveland,associate dean of undergraduatestudies, says,“The SportsManagement Fellows programbuilds on the already solid baseof our undergraduate businessmajors, providing in-depth,specialized education about thebusiness of sports.The partner-ships we are forming will provideexecutive speakers, internshipsand other learning opportunitiesthat will enhance our students’educational experience.”

Sports Management Fellowswill take four courses in addition

to the regular Smith School cur-riculum, exploring the world-wide enterprise of sports.Thefirst course in the program is ahigh-level introduction andoverview of the athletics enter-prise, featuring executives fromintercollegiate and professionalsports as well as the ancillaryservices and products industry,such as apparel, equipment andcontract negotiations.

A major part of the coursewill feature Deborah A.Yow,nationally-respected director ofathletics at the University ofMaryland’s top-level NCAADivision I athletic program, whohas taught as a guest speaker atthe Harvard School of Law andin other prestigious academic andprofessional settings.Yow will be

actively involved in teaching thefirst course in the program,accompanied by her senior pro-fessional staff, who will covervarious areas in the managementof intercollegiate athletics.

The executive course will befollowed by intensive specializedcoursework in project/eventmanagement, integrated market-ing communications withemphasis on sports and athletics,and culminating in an athletics-focused section of the requiredbusiness capstone course in policy and strategy.

An impressive team of industry leaders is being assem-bled to provide expert input tostudents. In addition to Yow, thelineup includes Under Armour’sCEO Kevin Plank ’96, BillKraus, senior vice president of

marketing, and Lew Strudler,senior director of corporatemarketing for Washington Sports& Entertainment (WSE), whichmanages the Wizards, Capitalsand Mystics.

Internships will be offeredwith WSE, Under Armour andthe University of MarylandAthletics Department, whichoffers paid 10-month post-baccalaureate internships inoperations, marketing and compliance for students pursuing professional careers in intercollegiate athletics.

Phil Evers, faculty championfor the Sports ManagementFellows program and associateprofessor of logistics and publicpolicy, notes that this programhas been received with enthusi-asm from the sports community.

“People in industry have beencoming to us to get involved.There has been very stronginterest, because there is a great need for people with solidbusiness skills in the industry,”says Evers.

The Sports ManagementFellows program begins in spring2008. Other new Fellows pro-grams being offered in the 2007-08 academic year includeBusiness Process Fellows, GlobalOpportunities Fellows, ElectronicMarketing Fellows, and fourFinance Fellows Programs—Emerging CFOs, FinancialMarkets Fellows (with Reuterscertification), Financial ServicesFellows, and the Lemma SenbetFellows Investment Fund. Moreinformation is available at ourWeb site. –RW

WHAT MAKES THIS PROGRAM UNIQUE IS ITS EMPHASIS ON THE MULTI-FACETED BUSINESS ASPECT OF SPORT AND THE INVOLVE-

MENT OF PRESTIGIOUS INDUSTRY PROFESSIONALS SUCH AS DEBORAH YOW (UNIVERSITY OF MARYLAND ATHLETICS), KEVIN PLANK

(UNDER ARMOUR) AND BILL KRAUS (WASHINGTON WIZARDS, CAPITALS AND MYSTICS).

Sports Management at SmithGoing the whole nine yards to equip students for the business of sports.

FALL 2007 O SMITH BUSINESS

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SMITH BUSINESS O FALL 2007

Students can learn about the tenets ofglobal business in class, but there’s no substi-tute for experience.That’s why the SmithSchool gives all of its Executive MBA andcustom MBA students in Asia, Europe andthe United States the opportunity for real-life global experiences through the globalelectives courses offered at Smith learninglocations around the world. Each May andNovember executives from both the UnitedStates and China are given the option totake their elective courses in College Park,Beijing or Shanghai.

“You can read about a flat world, butmeeting people half-way across the globe,taking a course with them, and exchangingviews on common problems helps you reallyget it,” says Rob Sheehan, Smith academicdirector of Executive MBA and executivedegree programs.

Smith builds a global component into allof its Executive MBA programs.The mostrecent global elective was offered in May2007, when participants in Smith’s ExecutiveMBA program in College Park and theSmith-GSBA Global Executive MBA pro-gram in Zürich exchanged knowledge andperspective in an advanced strategy coursewith peers drawn from Smith’s Beijing,Shanghai and Tianjin Executive MBA andcustom MBA programs.As part of the coursestudents worked on a “living case study” thatexplored a real-time problem facing Shui OnDevelopment Limited, a major Chinese real-estate development company.

“The course provided me with insightinto the perspectives that executives fromother parts of the world use to evaluate andanalyze business problems and opportuni-ties,” says Bambo Bamgbose, vice presidentand CFO of e-Management, Inc., who tookpart in the May 2007 global elective.“It alsoprovided me with an opportunity to seehow business is conducted in a country witha different political and economic system.”

For Cahba Kingwood, regional executivewith Sun Microsystems, Inc., who took partin a global elective last year, the time spentwith his classmates was as important for his

education as the academic material beingtaught.“Because of the interaction I hadwith the Beijing students who were in myclass, I got a good understanding of howChinese people see business, how they viewthe U.S. market and what the areas forgrowth are,” says Kingwood.“We were ableto have business conversations; we interactedin team projects in class and had social timessuch as dinners and sight-seeing trips. I alsohad the chance to reconnect with some ofthe students who came to College Park fromShanghai in May 2006.”

If you’re interested in a global elective,Bamgbose and Kingwood have some practi-cal advice.“Students taking a global electivein a location with a time difference of morethan eight hours should give themselves suf-ficient time to adjust in order to be ready to

go when the classbegins,” saysBamgbose.Andplan some extratravel time afteryour class, addsKingwood:“You’llmake a lot of newfriends during thecourse who can giveyou advice on whereto go and what to seein the host country.They are brilliantfolks, and you canlearn a lot from yourcolleagues in the othercohorts.” –RW

SMITH BUSINESS O FALL 2007SMITH BUSINESS O FALL 2007

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LEADERSDigest

Bringing Global Learning to LifeWhen it comes to a true global education, you have to be there.

On April 15, 18 men and women became the first graduates of the Smith School’s ShanghaiExecutive MBA (EMBA) program. Caps on, gowns pressed, these business executives are wellarmed for success in the fast-moving global, digital economy.

“I have no doubt that we will continue to hear great things about this group of graduates,particularly as China continues to rise as a major global, economic power,” said Howard Frank,dean of the Smith School.“It’s with great pleasure that I congratulate these executives on theiraccomplishment and welcome them to the Smith School’s global alumni community.”

The Smith School, with its partner the University of International Business andEconomics (UIBE), has offered its Executive MBA and Executive Education programs inChina since 2003.The EMBA program is offered in Shanghai and Beijing.

Members of the graduating class included native Chinese citizens and expatriateAmericans from a wide range of industries. Chris Brown, country managing director ofJaguar and Land Rover in China, says,“As I moved into general management, I was keen toround out my skills in finance, strategic planning, and managing innovation.The structure ofthe China program, combined with the curriculum and reputation of the Smith School,offered the best fit for me.”

“All the students in our class are from varied backgrounds.We have people from differentwalks of life and definitely people from different career paths and experiences,” says BinglaiChen, another student in the Smith School’s Shanghai EMBA program.“When you puteverybody together with such an exceptional program, people tend to open up and startsharing.We build upon what we learn in class and really learn from each other,” says Chen,quality manager at Whirlpool Corporation.

Connect with your fellow Smith alumni in the United States and around the worldthrough the eAlumni Network, http://alumninetwork.rhsmith.umd.edu. –AT

FALL 2007 O SMITH BUSINESS

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Smith School to Deliver GlobalConsortium MBA Program inIndia, U.S. and ChinaSmith School associate dean of profes-

sional programs and services V. Scott

Koerwer recently traveled to Beijing,

China, to announce a new Global

Consortium MBA program at a press

conference held on April 17 at the

University of International Business and

Economics (UIBE).

Senior leaders from UIBE, Smith’spartner institution in China, and theManagement Development Institute(MDI) in India were present. The two-year, full-time program, set to launch infall 2008, will be focused on globalentrepreneurship and is designed tooffer global insight and entrepreneurialexperience from within the world’s keymarkets. Students will complete thefirst year of the program at their respec-tive home institutions. During the sec-ond year they will come together toparticipate in three modules; the firstheld at the Smith School in the UnitedStates, the second at UIBE in China andthe third at MDI in India.

“As the world’s most significantemerging economies, China and Indiawill have a major impact on 21st-centu-ry global business,” said Howard Frank,Smith School dean. “The creation ofprograms that support opportunities forour faculty, students and staff to active-ly engage internationally represents avital element of the Smith School’sglobalization strategy and support oftruly world-leading faculty research andcurricula.” –AT

Smith’s First Shanghai EMBA Class Graduates

SMITH BUSINESS O FALL 2007

Rankings Round-up

#5 in Research, World

#17 MBA Program, U.S.

#30 MBA Program, World

#5 Public Business School

#2 Value for the Money category

(among top-20 U.S. schools)

#2 Placement Rate for the MBA

Class of 2006 (among top-20

U.S. schools)

Financial Times, 2007

#25 Full-time MBA Program

#11 Part-time MBA Program

#6 Information Systems

#12 Supply Chain/Logistics

#19 Entrepreneurship

#22 Management

#23 Production/Operations

#25 Marketing

U.S.News & World Report, 2007

#9 Offering Greatest

Opportunity for Minority

Students

Princeton Review,“Best 282 Business

Schools,” 2007

SMITH AT A GLANCE

Smith in the News

Washington Post – June 4, 2007 – JIEZHANG, assistant professor of marketing, isquoted in a special report about the connec-tion between teenage shoppers and retailsuccess.

CNN’s Lou Dobbs Tonight – June 3, 2007 –PETER MORICI, professor of internationalbusiness, is interviewed about the U.S. tradedeficit during a democratic presidentialdebate special.

The New Yorker – May 28, 2007 – Featurefatigue research from ROLAND RUST, hold-er of the David Bruce Smith Chair inMarketing, REBECCA HAMILTON, associ-ate professor of marketing, and DEBORAVIANA THOMPSON, PHD ’06, is high-lighted in a column about the complexity oftechnology.

Wall Street Journal – May 15, 2007 – PETER MORICI, professor of internationalbusiness, is quoted about private equity firmCerberus Capital Management’s deal to buyChrysler.

CBS Evening News – May 14, 2007 – PETERMORICI, professor of international business,is interviewed in story about the Cerberusdeal to buy Chrysler.

New York Times – May 12, 2007 – Dot-comera research from DAVID KIRSCH, associateprofessor of management and entrepreneur-ship, and BRENT GOLDFARB, assistant pro-fessor of management and organization, isprofiled from a story in Strategy + Business.

Wall Street Journal – April 28, 2007 –ANILGUPTA, Ralph J.Tyser Professor of Strategyand Organization, and Smith alumna HAIYANWANG, MBA ’95, contributed a full-pagearticle on how firms can develop successfulbusiness strategies for China and India.

Entrepreneur.com – April 18, 2007 – FormerDean RUDY LAMONE talks about theDingman Center for Entrepreneurship,which he founded in 1986, and its early success in a story about the shift that turnedAmerica into a nation of entrepreneurs.

10

MBAIBMCitigroupWR GraceBlack & DeckerFannie MaeFreddie Mac

IBMReznick GroupBeers & CutlerT. Rowe PriceGeneral ElectricJP Morgan

Bank of AmericaBooz Allen HamiltonAccentureCampbell Soup Company

Top Employers and Recruiters

UNDERGRADUATEPricewaterhouseCoopersDeloitteKPMGAccentureErnst & Young

HOW MANY SCHOLARSHIPSDID THE SMITH SCHOOLGIVE LAST YEAR?

185 total—146 undergraduate scholarships and 39MBA scholarships.*

*THESE FIGURES REFLECT THE

2006-2007 SCHOOL YEAR.

Q:

a:

FALL 2007 O SMITH BUSINESS

11

KnowledgeTRANSFER

At the Smith School, collaboration acrossfunctions and disciplines is common, but so iscollaboration with business practitioners, whobring real-world problems for real-worldsolutions. For example, recent research byP.K. Kannan, Harvey Sanders AssociateProfessor of Marketing, is changing the wayat least one manufacturer designs its products.

Kannan, who began his academic careerin engineering, partnered with ShapourAzarm, professor of mechanical engineeringat the University of Maryland’s A. JamesClark School of Engineering, on an initialgrant proposal to the National ScienceFoundation (NSF).The two wanted to lookat how manufacturers could design productsthat had robust engineering performancebut were also robust from a marketing per-formance perspective.The research projectwas received with enthusiasm, not just fromNSF but also from Black & Decker, whoprovided one-third of the $450,000 thatfunded the project.

Kannan and his colleagues used a smallBlack & Decker power tool as the subject oftheir study, and designed a decision supportsystem to help the company choose whichcharacteristics to include in the product’sdesign. Black & Decker promptly imple-mented the decision model once it was fin-ished. But in the process of refining and dis-cussing the data with company leadership,Kannan discovered that Black & Deckerexecutives had a secondary—and equallyperplexing—problem. It wasn’t enough todesign a tool that met the end-user’s needs if“big box” purveyors like Wal-Mart or HomeDepot declined to stock the product.That’sbecause these large retailers have becomeincreasingly powerful in recent years and arenow dominant in many product markets.For example, Home Depot controls 50 per-cent to 60 percent of the market for thesmall, hand-held grinder that was the subjectof Kannan’s study.

Through this close collaboration withBlack & Decker executives, Kannan and hiscolleagues realized that manufacturers neededto consider the preferences of the retailer aswell as the needs of the product’s end user.

Using data taken from the original study,Kannan was then able to springboard intothis new research area.

The results were published in MarketingScience last spring.“New ProductDevelopment Under Channel Acceptance,”authored by Lan Luo, PhD ’06, Universityof Southern California, Kannan, and BrianRatchford of the University of Texas atDallas, develops an approach to positioningand pricing a new product that directlyincorporates retailer’s acceptance criteriainto the development process.

Kannan’s model incorporates the retailer’sprice assortment and potential reactions ofcompeting manufacturers.That turns out tobe an important consideration, becausecompetitors are also reaching the marketthrough the same big box retailer, and acompetitor’s moves could affect Black &Decker’s product acceptance. Kannan usedelements of game theory in the model tohelp plan the manufacturer’s moves as wellas predict the moves of competitors.

“We are looking at the overall market—end user, big box retailer, potential competi-tors—and trying to anticipate what competi-tors might do in response to our product.Wetake those anticipated responses into account

and try to come up with a design that willmake maximum profit for the manufacturerand the channel retailer, while still beingvery useful for the end user,” says Kannan.

The model develops marketing forecastsand profits associated with different designalternatives by using individual-level con-sumer preferences, the retailer’s existingproduct assortment, and the retailer’s andcompetitor’s potential price reactions inresponse to the entry of the new product.Because of the intense competition newproducts face when coming to market, thisframework could have a significant impacton the decisions manufacturers make whendesigning new products.

Black & Decker isn’t the only companythat will be able to benefit from thisresearch.The framework Kannan developedcan be adapted to any industry where prod-ucts have to pass through a dominant retailerto reach the market, such as electronics orconsumer packaged goods.

“New Product Development UnderChannel Acceptance” was the lead article inthe March 2007 issue of Marketing Science.For more information about this research,contact pkannan@rhsmith.umd.edu. –RW

>>MARKETING

Breaking into the Big Box Recent research is changing the way companies compete for shelf space.

When a large retailer like Safeway orWalgreens puts a circular in your Sundaypaper or mailbox, its goal is to increase over-all store traffic and sales and enhance theirstore’s image.These stand-alone circulars areknown as feature advertisements, a form ofcooperative advertising between retailers andmanufacturers. Manufacturers pay retailers tofeature their products, while retailers coordi-nate ad placement and combine the manu-facturer’s products with their own privatelabels and unbranded products. Feature adsoften appear in the U.S. as stand-alone mail-ings or as supplements in the local Sundaynewspaper.

Manufacturers and retailers invest signifi-cantly in feature ads—about $3 billion in theU.S. in 2003—so maximizing their effective-ness is an important goal for marketers.

Michel Wedel, PepsiCo Professor ofConsumer Science, and Jie Zhang, assistantprofessor of marketing, examine the way thatdifferent design characteristics affect con-sumer attention to feature ads in a recentpaper,“Optimal Feature Advertising Designunder Competitive Clutter.”The study uses alarge-scale dataset of attention to over 1,100feature ads, provided by Verify International, aresearch company in the Netherlands.Consumer attention to the ads was moni-tored with eye-tracking technology.

Because multiple ads appear in the samespace, all competing for viewer attention, fea-ture ads are particularly prone to the negativeeffects of visual clutter.This paper is the firstto quantify—and thus model the effects of—such competitive clutter on feature ads.Theauthors constructed a model to examine thesurface size effects of five design elements—brand, text, pictorial, price, and promotion—and calculated how to maximize the effec-tiveness of the entire ad display.

One of the problems faced by designers offeature ads is the competing demands of retail-ers and manufacturers. Manufacturers want thead for their own product to be most promi-nent on the page, but retailers have to balanceattention to the products of each manufactureras well as their own unbranded or private labelproducts. Maximizing the total attention to thead display meets the needs of both retailers andmanufacturers, because it leads to higher totalattention to all individual ads on the page.

“The ad display should be segmentedmore effectively,” says Wedel.“You want people to find the ad more quickly and lookat it longer.”

The pictorial element is almost always toolarge relative to the other elements of the ad.Because pictorial has a big impact, it doesnot need to take much space to be effective.Text should also be given less space in an ad,but for the opposite reason.Wedel andZhang found that text has little effect inattracting consumer attention, so there is no

point in wasting valuable ad space on it.Reducing the relative size of the pictorialand text elements frees up space in the ad forthe elements that need to be larger, likebrand, price and discount information.

Wedel and Zhang’s recommendations canbe implemented without requiring manufac-turers and retailers to spend additional money.They derived the optimal designs with the adsizes unchanged, so the placement cost of eachad is the same.“Our recommendations can beimplemented at no additional costs, so retailersand manufacturers get the benefits withouthaving to pay a penny more,” Zhang says.

Then there is the multi-billion dollarquestion: do more eyeballs on the page reallytranslate to higher sales in the store? Wedeland Zhang are exploring this question for afuture paper. For more information aboutthis research, contact mwedel@rhsmith.umd.eduor jiejie@rhsmith.umd.edu. –RW

>>MARKETING

Because the pictorial element has a big impact, it doesnot need to be large to be effective. Text should also begiven less space in an ad, but for the opposite reason.

SMITH BUSINESS O FALL 2007

12

Eye on Ads Understanding the effect of five keydesign elements lets retailers opti-mize the effectiveness of featureadvertisements.

KnowledgeTRANSFER

FALL 2007 O SMITH BUSINESS

It might seem like a safe bet to mimic thetrading strategy of mutual funds. But RussWermers, associate professor of finance,cautions investors to be wary of blindly following the herd. In a recent study,Wermers and co-authors Nerissa Brown,PhD ’05, and Kelsey Wei, University ofTexas at Dallas, analyzed quarterly stocktrades by U.S. equity mutual funds followingthe recommendation revisions of sell-sideanalysts across all U.S. stocks from 1994 to2003.They observed that when analystsrevised stocks upward, the mutual fundstended to respond by buying in herds—purchasing the same stock during the samecalendar quarter more than would beexpected by random chance.When stockswere revised downward, funds tended torespond by selling in herds.

The stocks bought by herds had an initialincrease in price, but after about six months,the prices of those stocks went into a rever-sal and dropped sharply. Stocks sold by herdsexperienced exactly the opposite pattern—first they went down in price, but then theyrose again.

This indicated to Brown,Wei and Wermers thatmutual fund managersare overreacting tothe recommenda-tions of analysts.“This is the firsttime that anyonehas found solidevidence, on awidespread scale,that any type ofasset managersdestabilize marketsthrough their trades,actually pushing pricesaround and away from thefundamental prices of theshares,” says Wermers.

Wermers has looked at the way mutualfunds affected the market before, in researchcovering fund trading from 1975 to 1994

and published in the Journal of Finance in1999.At the time, he found that mutualfunds acted as a stabilizing force, drivingstocks toward a fair price. Now mutual fundmanagers are destabilizing the market. Sowhat has changed?

Part of the answer may be that there areso many more mutual funds now. In 1994,mutual funds held 13 percent of all equities.In 2005, they held 22 percent, about doublethe share of ownership of the entire stockmarket. Mutual funds also trade more, partlybecause trading costs have dropped signifi-cantly. So, it is likely that far in excess of 22percent of trading activity can be attributedto mutual funds.

The professors also found that mutualfunds that did poorly over the past yearwere more likely to herd on analysts’ signals,perhaps because managers of losing fundsare already at risk of losing their jobs andthus more likely to seek the safety of invest-ing with the crowd.That way, if they con-tinue to perform poorly, at least they willnot stand out.

This almost seems to argue for acontrarian investing strategy—

watch what the majorityof mutual fund man-

agers do, and thendo the opposite.But Wermerscautions thatindividualinvestorsshould not takeon such a strategy without

considering thesubstantial risks

involved: with manystocks, the reversal pat-

tern did not hold, andinvestors could lose a great

deal of money trying to profit on it.For more information about this

research, contactrwermers@rhsmith.umd.edu.

WHY WORKING WITH FRIENDS IS BAD FOR YOUR BUSINESS

It is common wisdom that to be suc-cessful in Hollywood, “it’s not what youknow, it’s who you know.” And film dis-tributors choose to work with productionteams that they have had prior relation-ships more often than not. But accordingto recent research by David Waguespack,assistant professor of management andorganization, this may be keeping thefilm industry from reaping the mostpotential profits.

He found that when distributors workedwith friends, their friends’ films stayed intheaters longer and sold four times as manytickets as much as other films. So it seemslike distributors benefit from working withproduction teams they know. ButWaguespack argues that this is actually aself-confirming dynamic—an effect thatoccurs because the distributors give thosefilms better release dates, larger budgets,and more promotion, creating the right cir-cumstances for a film’s success. Afteraccounting for the effect of those factors,films in which the principals have prior rela-tions with the distributor actually performedworse at the box office than other films.

Because distributors give preferentialtreatment to their friends, they may be for-going a more beneficial relationship thatwould result in greater success, and thusgreater profits. In the end, the problem isnot that the films of prior partners don’t dowell in the box office—it’s that anotherproject might do even better.

This may be true in other industries aswell, says Waguespack. Perhaps venturecapitalists are also creating or limiting thesuccesses of businesses presented to thembased on their own expectations. “What isreally driving performance?” saysWaguespack. “Is it that venture capitalistsare really good at picking the best newbusinesses? Or is that success based on theeffort that the investor puts into the compa-ny afterward?”

An expanded version of this article isavailable at the Research@Smith Web site,www.rhsmith.umd.edu/research/ras/may2007/

>>FINANCE >>M&O

13

Managing Your Money When investing in mutual funds, beware of blindlyfollowing the crowd.

Research has always been an importantpart of the Smith School’s mission, and weare achieving global recognition for thequality of our thought leadership. In the2007 Financial Times MBA rankings, theSmith School was ranked #5 in researchproduction in the world, based on the num-ber of faculty research articles published inworld’s top academic journals.

“This is a clear testament to the SmithSchool’s place among a handful of schoolsworldwide that are truly leading manage-ment education, practice and research,” saysDean Howard Frank.“Our faculty sit at theforefront of the reinvention of traditionalbusiness models to create knowledge fortoday’s global, digital economy.”

Smith faculty are not creating thisknowledge in a vacuum, however.They areactive in the business world as well as theresearch world, generating ideas and tech-

niques that are being adapted by Fortune500 companies and reshaping business prac-tices worldwide. (See the article about P.K.Kannan’s recent research in partnership withBlack & Decker for a great example of theway Smith research is changing the waypeople do business).

Alumni can reap the benefits of theSmith School’s research prowess in a numberof ways:

• Subscribe to our corporate newsletter for quarterly updates on recent research findings atrhsmith.umd.edu/newsletter/leading.

• Work directly with faculty and stu-dents on your company’s real-timebusiness challenges through SmithAdvisory and Collaborative Services(SACS). Learn more atrhsmith.umd.edu/sacs.

• Develop your company’s talentthrough a custom executive educationprogram.

Learn more at rhsmith.umd.edu/execed/custom.html. –RW

KnowledgeTRANSFER

>>TRANSPORTATION

SMITH BUSINESS O FALL 2007

14How can you get, and keep, your cus-

tomers’ attention when they are cruis-ing your Web site? The answer

depends on what stage a customeris at in the purchasing process. In

the first stage, consumers are justweeding down their choices.

But in the second stage, they areactually choosing which item to pur-chase.Wendy Moe, assistant professor ofmarketing at the Smith School, has

examined both these stages usingdata from online purchases of

weight loss aids and meal replacements.Moe found that in stage 1, where con-

sumers are screening the wide choices avail-able to them, they tend to use simpler men-tal decision rules than in stage 2, where theyare making purchase decisions on the nar-rowed-down choices from stage 1. Price andsize tended to be important in the first stage,but flavor tended to be more important inthe second stage.

The research findings have strong impli-cations for promotional design and targeting.From a managerial standpoint, it is impor-tant to identify which product attributes arebeing used for screening decisions, for pur-chasing decisions and for both.This infor-mation combined with the knowledge ofhow a product is performing in the twostages can enable managers to devise bettertargeting strategies.Also, if consumers show ahigh preference for variety in stage 1, it pos-sibly indicates greater consumer uncertaintyand therefore perhaps a need for more edu-cation in the form of product information.

Although these results may be applicableto other products, Moe is quick to point outthat her analysis was done on weight lossaids and meal replacements.Thus, it is notentirely certain that analysis of other prod-ucts will reveal similar results.

An expanded version of this article maybe found on the Research@Smith Web site,rhsmith.umd.edu/research/ras/may2007/. –RW

How Your Online Customers Choose Products

Smith School Ranked Top Five in Research Worldwide

Buy NowBBuuyy NNooww

FALL 2007 O SMITH BUSINESS

15

Michael Ball, Orkand Professor ofManagement Science, has beenelected vice president of theINFORMS Transportation Scienceand Logistics Society. He will serveas vice president during the 2007-2008 academic year, and as presi-dent during the 2008-2009 aca-demic year. Ball co-organized aSymposium in Honor of the 70thBirthday of George Nemhauser,held at Georgia Tech on July 26and 27.

Zhi-Long Chen, associate profes-sor of decision and informationtechnologies, was on the programcommittee of “The 3rdMultidisciplinary InternationalConference on Scheduling: Theoryand Applications” (MISTA-07) heldin Paris, France in August.

Anil Gupta, Ralph J. Tyser ofProfessor of Strategy andOrganization, has been appointedas incoming program chair (for2007-08) of the InternationalManagement Division of theAcademy of Management. He willbecome division-chair elect in2008-09 and division chair in 2009-2010. The IM division has over2,700 members.

Mark Loewenstein, assistant pro-fessor of finance was awarded theSmith Breeden Distinguished Paperprize of the Journal of Finance.

Roland Rust, David Bruce SmithChair in Marketing, is the 2007winner of the DistinguishedMarketing Educator Award, givenby the Academy of MarketingScience. He received the award atthe AMS conference in CoralGables, Florida in May.

Rust helped to launch a newINFORMS section on ServicesScience. He was also named to theInternational Panel of MARS,International Monitoring ofActivities and Research in Service,sponsored by the FraunhoferInstitute in Germany.

EDITORIAL APPOINTMENTS

Gurdip Bakshi, Dean’s Professor ofFinance, and Dilip Madan, profes-sor of finance, have become thenew editors of the Review ofDerivatives, a top field journal inthe area of derivative securities,which will now be housed at theUniversity of Maryland.

Wedad Elmaghraby, assistant pro-fessor of decision and informationtechnologies, has been appointedassociate editor at ManagementScience.

Itir Karaesmen, assistant professorof management science, has beenreappointed as associate editor ofthe Journal of Revenue and PricingManagement. She was appointed tothe Editorial Board of InternationalJournal of Revenue Management.

Raghu Raghavan, associate pro-fessor of decision and informationtechnologies, has been appointedArea Editor for Telecommunicationsand E-Commerce at the INFORMSJournal on Computing.

Rebecca Ratner, associate profes-sor of marketing, was appointed tothe Editorial Board of the Journal ofConsumer Research, one of the topfour journals in marketing.

Faculty Awards and Honors

Smith has excellent teaching faculty,but each year the school honors thosewho go above and beyond the usualstandards of excellence to motivate andinspire as well as educate. Smith Schoolcongratulates the winners of the 2007Allen J. Krowe Teaching Awards andLegg-Mason Award.

Krowe Faculty Awardss Anand Anandalingams Elinda Kiss

Krowe PhD/Adjunct Faculty Awardss Eugene Cantors Bruce Michelsons Mike Pfarrers James Spina

Legg-Mason Awards Raghu Raghavan

Smith School Honors Teaching Excellence with Krowe and Legg-Mason Awards

s Joyce Russells Erich Studer-Ellis

Smithour world

our studentsTransforming

Marylandthe moment is here

this is our time

we are rising

FALL 2007 O SMITH BUSINESS

17

THE SMITH SCHOOL seeks to raise $90 million inprivate funding over the next seven years as part ofGreat Expectations,The Campaign for Maryland.This isa vital part of the school’s strategic mission, because ourgrowth and vision far outstrip any expectation of publicfunding. In fact, only about 10 percent of the SmithSchool’s operating funds come from the state ofMaryland.The growth Smith has experienced over thepast 10 years has been privately funded—by revenueproduction, as the school has expanded its graduatelevel and executive education programs, and by thefinancial support of alumni and friends.

The $90 million goal is ambitious, but so are theSmith School’s expectations: To become one of the topglobal business schools, as measured by the school’sstature in research and teaching, and the quality andplacement of its students. As we look to the next 10years, it is clear that the Smith School’s rise to greatnessdepends on recruiting and retaining the best studentsand the most accomplished faculty.And to do that, weneed resources.

State funding is not and will never be sufficient toallow us to compete with the nation’s top private institu-tions. Private contributions from alumni and friends arenot just important, not just necessary; they are crucial.

So far the campaign has raised $43 million and is ontrack to reach our halfway goal—$45 million—bySeptember 30.

“The Great Expectations campaign will support theSmith School’s transformation from excellence to great-ness,” says Dean Howard Frank.“We’re putting a stakein the ground.This is the moment when we say we arechanged, we are never going back, and we are going tobe one of the world’s greatest business schools.Wealready have the students, the faculty, the facility, andthe leadership.

“In fact, in our pursuit of greatness we have doneeverything we can to increase all revenue streams, but itnow requires significant philanthropic funding to move usto the next level.This campaign and this moment in timesets the stage for the future, and determines whether wecan achieve our great expectations,” says Dean Frank.

The Great Expectations campaign will make it possible for the Smith School to achieve its true poten-tial as one of the world’s premier institutions of business education in the 21st century. In order for the SmithSchool to continue to produce top business professionalsfor the region, the country and the world, we need youto participate. Be a part of our bright future.We are rising.

BRINGING THE BEST STUDENTS TO SMITHWe must continue to attract the boldest and brightestyoung men and women of each new generation.Scholarships allow the Smith School to compete for thebest students—and we are competing with the bestschools.When students list what schools they are con-sidering along with Smith, the names are impressive:Wharton, Michigan, Duke.

Many people understand the need for undergradu-ate scholarships. But PhD scholarships have becomeincreasingly important as well.The Smith School hasbecome well-known for producing not just cutting-edge management research, but also cutting-edgeresearchers. Funding for PhD students allows us tobring into the program men and women who produceground-breaking research and go on to appointments attop schools in the United States and around the world.

There is also an urgent need for scholarships to sup-port MBA students.We must be able to offer competitivefinancial aid to attract and keep students who want toattend Smith—and who we’d like to have—but whocannot turn down a greater financial aid offer elsewhere.

“We are losing some terrific potential students

Since 1938, tens of thousands of talented men and women have received an excellent business

education at the University of Maryland’s business school. But now the school has come to a transfor-

mational moment in its evolution. It is time for the Smith School to complete its ascent to greatness.

GOAL:

$30MILLION$30 million for SmithUndergraduate Fellowsprograms, undergradu-ate scholarships andgraduate scholarships

GREA

T EXP

ECTA

TIONS

Helping StudentsReach the Stars

SMITH BUSINESS O FALL 2007

18

Year 1921Maryland’s first formal business

curriculum established

1938College of Commerce established;

W. Mackenzie Stevens appointed dean

1940Undergraduate business program

accredited by AACSB

Milton Matthews ’68, co-chair

of the Smith School’s Great

Expectations campaign, knows

that success is sweet. By his

own admission, New Jersey kid

Milt Matthews was just aver-

age academically in his high

school years. But he could run

fast, and his fast feet got him a

four-year track scholarship to

the University of Maryland.

Matthews ran with the opportu-

nity, earning both an ACC

championship and a marketing

degree from the business

school. Thirty years later,

Matthews is retired from his

position of vice president and

chief customer officer for The

Hershey Company.

Matthews joined Hershey in

1972 after serving five years in

the U.S. Marine Corp as a

captain/naval aviator. During his

tenure with Hershey, he saw the

food giant grow from $250

million to $5 billion. After being

named VP of sales in 1989,

Matthews dedicated himself to

developing Hershey’s next gen-

eration of leaders. “Developing

human capital is one of the key

elements that I took away from

my business school education,”

says Matthews.

“Developing people was a

primary goal I tried to accom-

plish at Hershey. There’s an old

Chinese proverb: If you want

one year of prosperity, grow

wheat; if you want 10 years of

prosperity, grow trees; if you

want 100 years of prosperity,

grow people. I was diligent

about growing our employees at

Hershey, and am now enthusi-

astic about the opportunities for

growth that can come from a

scholarship,” says Matthews.

Matthews and his wife

Becky have endowed two

scholarships: one to the Smith

School, and one to the

University of Maryland men’s

track program, recognizing the

important effect both communi-

ties had upon his life. Matthews

says that being a Maryland

alumnus has given him a sense

of family and loyalty, much like

his feelings toward the Marine

Corps and Hershey.

“Maryland’s education pro-

vided me with unbelievable

opportunities. Scholarships are

there to provide others an

opportunity to pursue their own

dreams,” says Matthews.

THE ONLY THING SWEETER THAN SUCCESS MAY BE

ENCOURAGING THE SUCCESS OF OTHERS.

Spotlight: Miguel Dieguez, MBA candidate 2008

Miguel Dieguez is an impressive guy. A lieutenant commander in

the U.S. Navy, Dieguez provides leadership and management to a

large contingent of Navy engineers. But two years ago he realized

that he needed to bring his skills to the next level to be most effective

for his team and to position himself for advancement. So he began

looking for MBA opportunities in the Washington metropolitan area.

“I selected the Smith School because the faculty and students

seemed to have a close relationship, and I knew it was the best busi-

ness school in the region,” says Dieguez. While his commitment to

attending the Smith School was high, the financial aspects were a

burden, especially because his wife is currently finishing a law

degree. The Navy is paying for part of his degree, but the Milton

Matthews Scholarship will allow Dieguez to spend more of his energy

on his education and less worrying about his finances. MIGUEL DIEGUEZ, LEFT, MILT MATTHEWS ‘68, RIGHT

19

FALL 2007 O SMITH BUSINESS

because of these resources issues, even though for themand for us the Smith School was the best possible fit,”says Dean Frank.“Our MBA programs have risen inthe rankings and in respect, but as we rise, the competi-tion gets steeper and we must offer more financial aidthat is competitive with other top schools. Financial aidhas become a critical piece of the puzzle for us.”

Smith alumni have been generous in their supportof scholarship funds, and today 80 named scholarshipsexist. But the need is still much greater than what canbe provided through currently available scholarshipfunds.That is why building the scholarship program issuch a vital part of our Great Expectations campaign.

1942J. Freeman Pyle appointed dean; school’s

name changed to College of Business andPublic Administration (BPA)

1947First MBA degrees awarded

1962MBA program among the first accredited by

AACSB; Donald O’Connell appointed dean

When you speak to anyone who

knew Charles B. Edelson, former

professor of accounting, you are

painted a portrait of a forthright,

intellectually curious, erudite,

and remarkably generous per-

son. For 41 years he was an

integral part of the University of

Maryland’s business school,

working tirelessly to improve

the lives of students and devel-

op best practices within the uni-

versity through his leadership

roles in the accounting depart-

ment, University College, and

the business school’s first foun-

dation.

His son Allan Edelson, a

director with Deutsche Bank

Berkshire Mortgage Inc., recent-

ly endowed a scholarship in

honor of his father’s life and

commitment to the school,

which has gone from strength to

strength in the years since

Edelson’s retirement. “I think my

dad would be very happy and

proud to see how well the

school is doing. He was always

interested in the entrepreneurial

aspects of business, so I think

he would also be pleased at

what a strong entrepreneurship

program the school has devel-

oped,” says Allan Edelson.

Charles Edelson helped

shape the business aspects of

the business school, creating a

workable accounting system

and serving as assistant dean of

administration for a number of

years. Edelson shared his pro-

fessional expertise with col-

leagues, too. “He freely gave

his advice to faculty, and many

of us, myself included, had

Charlie do our tax returns,” says

former dean Rudy Lamone.

And if “Charlie” did your tax

returns, you were guaranteed

that they would be beyond

reproach. Edelson’s commitment

to ethics and his reputation for

ethical behavior was so well

known that one student report-

ed, “When I have a moral

dilemma I think to myself ‘What

would Professor Edelson do?’”

Lamone remembers that

Edelson was very involved with

students on a personal level,

and they adored him. “He was

very respected and loved by his

students, because he cared,”

says Lamone. “He always had

time for his students.”

Some of those students

went on to become Smith

School faculty, including Gary

Bulmash, Tyser Teaching Fellow,

and James Bedingfield, profes-

sor emeritus of accounting and

former chair of the accounting

and information assurance

department. “I had Charlie for

income tax accounting, which

was probably my least favorite

subject in accounting,”

Bedingfield recalls. “But he kept

the class interesting by relating

the regulations to incidents

from the tax problems of enter-

tainment and political figures.

He was a great instructor.”

“He was very happy to see

students do well,” adds Allan

Edelson. “And many of them

went on to become partners in

the Big Eight accounting firms.”

Allan Edelson never took a class

from his father, but he was priv-

ileged to see an entirely differ-

ent side of the Smith School

than most students. “The uni-

versity was such a huge part of

my life growing up,” he says.

“The faculty here were like my

extended family.”

Allan Edelson hopes the

Charles B. Edelson Endowed

Undergraduate Scholarship will

encourage intellectually curious

kids to pursue a career in busi-

ness—whether in accounting,

finance or entrepreneurship—

that will improve both their lives

and society at large.

“Universities are among the

most important institutions we

go through in our lives, so sup-

porting and strengthening them

is important for our children and

our society,” he says.

WHAT WOULD PROFESSOR EDELSON DO?

SMITH BUSINESS O FALL 2007SMITH BUSINESS O FALL 2007

FEW OTHER BUSINESS SCHOOLS CANMATCH SMITH in the area of research production.In the 2007 Financial Times MBA rankings, the SmithSchool was ranked No. 5 worldwide in research, aranking based on the number of faculty research articlespublished in world’s top academic journals.

But rankings and statistics are a small measure of theimpact this research makes on a global scale. Smithresearch influences everything from the way that theFAA allocates airport runway space to the way eBayaggregates seller reviews. From healthcare technology tohigh finance, the Smith School is pursuing research thataffects the way people live and do business.

The extraordinary scope and scale of this research isdriven and fueled by our phenomenal faculty. Brilliant,original and creative, they provide the impetus for theschool’s prodigious research output.They are superstarsin their fields, academic innovators who are advancingbusiness thinking and education.

Smith faculty are so respected, and their research andteaching skills so valued, that they are a frequent targetof raiding by other top business schools.To succeed inits quest for greatness, the Smith School must retain toptenure-track faculty and continue to attract the best inthe business.The school has a very competitive salaryprofile but needs additional endowed positions to com-pete with the academically elite private business schools,and compensate for the high cost of living in theregion, as it pursues future top-level recruiting.

1965First major research grant award

1966Doctoral program established

1973School re-named College of Business

and Management (CBM)Rudolph P. Lamone appointed dean

GOAL:

$15MILLION

$15 million forendowed chairs andprofessorships

Attracting and RetainingWorld-Class Faculty

FALL 2007 O SMITH BUSINESSFALL 2007 O SMITH BUSINESS

21

1975Part-time MBA program established

1992William E. Mayer appointed dean

1993Van Munching Hall constructed

REZNICK GROUP

Smith accounting faculty will get to pursue new research thanks

to a gift from the Reznick Group. The Reznick Group Faculty

Research Fellows program will provide research awards to sup-

port the recruitment of new accounting faculty and encourage

existing research by current faculty. Reznick’s commitment of

$150,000 over five years will strengthen the academic excellence

of the accounting and information assurance department in a

world where the field of accounting is in a state of continuous

change and evolution.

“This gift is part of our commitment not just to the Smith

School, but also to the profession of accounting,” says David

Kessler ’85, principal with the Reznick Group. Accounting is one

of the Smith School’s most popular majors for undergraduates,

with 561 students in 2007.

The Reznick Group and the Smith School enjoy a mutually

beneficial partnership. Two of the organization’s founders, David

Reznick ’59 and Stuart Fedder ’59, graduated from the

University of Maryland and remain involved with the campus. The

organization was founded in the Washington, D.C., region 30

years ago. Since then the firm has grown to enjoy a national rep-

utation for excellence and integrity. It is now the 17th largest

accounting services firm in the United States, with a work force

of about 1,300 employees.

The organization recruits heavily at the Smith School. “We

benefit from having high-caliber students coming out of the

Smith School,” says Kessler. This year the firm hired 45 Maryland

graduates for its Baltimore and Bethesda, Md., offices—up to

40 percent of their total hires for both offices. The firm counts

90 alumni among its work force, and 14 of these are principals

with the firm.

“Our founders could never have imagined the incredible suc-

cess we have enjoyed, part of which the Smith School made pos-

sible with talent, says Risa Guber, national principal for human

resources. “The school’s blueprint on our landscape is incredible.”

Kessler says it is the Smith School’s combination of rigorous

academics, practical experience and active mentoring that makes

its accounting graduates such desirable hires. But the Reznick

Group also helps shape the new generation of accounting profes-

sionals through its involvement with the school’s ethics focus.

Leslie Mostow, principal with the Reznick Group, is a frequent

speaker at the school’s ethics classes.

Kessler says that supporting the Smith School is one way the

Reznick Group enhances the future of accounting, particularly in

the mid-Atlantic region. “Ultimately, we are investing in our

future when we invest in the Smith School.”

SMITH BUSINESS O FALL 2007

22

YOU MIGHT BE SURPRISED at the many waysresearch at a business school can affect people’s lives.Research at the Smith School is changing the waybusiness leaders think and work. But it is also having animpact on the way you travel, the way you shop andthe way you manage your health.

The Smith School’s 11 research centers andNetcentric Research Laboratories are tackling the issuesthat will define the business environment of the future.The Dingman Center for Entrepreneurship is promot-ing and supporting the ground-breaking ideas and nas-cent businesses that will provide economic growth andprosperity in the region for years to come. Increasedfunding for the centers and laboratories will continueto make this possible for years to come.

Learn more about the work going on in the labsand centers at Smith Business Online.

1995CBM becomes the Maryland Business School

1997Howard Frank appointed dean

1998School renamed the Robert H. Smith School

of Business in recognition of a $15 millionendowment gift from Robert H. Smith ’50,

co-chairman and co-chief executive officer ofthe Charles E. Smith Companies.

GOAL:

$5MILLION$5 million for programsupport of the researchcenters, NetcentricResearch Laboratoriesand the Dingman Centerfor Entrepreneurship

Imagine the day when all of your

medical history is digitized, available

to you at a moment’s notice from your

laptop or cell phone. You will be able

to track your own blood pressure,

blood sugar and cholesterol—a great

motivator to stick to your diet and

exercise plan. You will be able to set

up e-mail reminders to prompt you to

get your annual check-up and refill

your prescriptions.

Imagine that you receive a phone

call from your elderly mother, who has

a question about one of her medica-

tions. Because you have been given

authorization by your mother to view

her health records, you are able to

check on the prescription in question.

You also see that it is time she visited

her cardiologist. You go online to

schedule an appointment with your

mother’s doctor, and at the moment

you set up the appointment, your

mother’s insurance company automat-

ically receives a notice to start the

referral paperwork.

Digitizing personal health records

promises to reduce health care costs,

improve patient outcomes and give

ordinary people more control over their

own personal health management.

Digital records can link everything in

the world of personal health care, from

the medical to the financial.

So what kinds of technologies will

make digital health records not just

possible, but readily accepted and

easy-to-use? What are the other

opportunities that information tech-

nology offers for improving patient

safety and quality of health care,

while at the same time reducing

costs?

The Smith School’s Center for

Health Information and Decision

Systems (CHIDS) is addressing this

pressing problem in research projects

ranging from the investigation of

mobile computing in hospitals to leg-

islation related to health IT and its

impact on the health care industry.

There is a huge range of barriers to

digitizing health records, from the

purely technological issues that have

to do with interoperability, databases

and information security to organiza-

tional, behavioral and economic

issues. Ritu Agarwal, Robert H. Smith

Dean’s Chair of Information Systems,

and director of CHIDS, is working in

the center with a team of faculty and

students to explore these issues,

which may someday make it easier

and more affordable for you to man-

age your own health.

Supporting Innovation to Change the WorldAround Us TECHNOLOGY HAS ALREADY TRANSFORMED THE WAY YOU DO BUSI-

NESS. NOW IT IS CHANGING THE WAY YOU MANAGE YOUR HEALTH.

GOAL:

$40MILLION$40 million—$20 millionfor Van Munching HallNorth Wing and buildingrenovation, and $20 million for technologypartnerships

FALL 2007 O SMITH BUSINESS

23

2002Van Munching Hall addition (103,300 sq ft)

constructed

2003Executive MBA programs established in U.S.

and China

2005Global Executive MBA program established

Undergraduate Fellows program establishedSilent phase of Great Expectations

campaign begun

TECHNOLOGY PARTNERSHIPSTechnology is integrated into the fabric of every Smithclass throughout the curriculum in a way few otherschools are able to achieve. Innovative coursework inte-grates the traditional pillars of management educationwith the latest and most advanced technological toolsto produce leaders who are able to hit the ground running out in the real world.Through partnershipswith leading corporations such as SAP, Reuters, Oracle,and Sprint Nextel, the Smith School enables studentsto gain hands-on experience with the software applica-tions used by organizations throughout the world.Upon graduation, Smith students are already adept withthe software programs they will need in their first jobs.This competitive edge is one of the reasons why Smithgrads are so strong in the workplace.

CONSTRUCTION AND RENOVATIONThe Smith School’s technologically advanced home inVan Munching Hall has helped the school differentiateitself as much as its innovative curriculum and phenom-enal faculty. But space is continually an issue, as theschool adds additional faculty and graduate students,and additional executive- and graduate-level programs.With the final stages of North Wing construction nowunder way, the school anticipates having additionalspace for undergraduate classes; more and better qualityspace for faculty and doctoral students; and increasedand more flexible space for Executive MBA and customexecutive education programs.

The North Wing expansion is predominantly fund-ed by private donations, and in recognition of donors’generosity, rooms in the North Wing will be named fordonors. Naming opportunities still exist, including fiveclassrooms, an executive meeting room, and a confer-ence room. For more information on how your gift canleave a legacy, honor a loved one and contribute to anexcellent learning environment at the Smith Schoolplease go to www.rhsmith.umd.edu/give.

Creating the Most AdvancedLearning Environment

SMITH BUSINESS O FALL 2007SMITH BUSINESS O FALL 2007SMITH BUSINESS O FALL 2007

24

2006Executive MS in Accounting

program launched

2007Global Consortium MBA launched

Halfway point reached in Great Expectationscampaign

2008North Wing construction complete

The company donated the use

of its SAP Business Suite, a

collection of enterprise soft-

ware widely used by businesses

to forecast demand, optimize

inventory, manufacturing

resources and scheduling, dis-

play key information metrics,

and drive business intelligence,

to the Smith School. If the

Smith School were to purchase

this software, the cost would

be in excess of $1 million annu-

ally. SAP Business Suite is used

in both undergraduate and

graduate supply chain manage-

ment classes and is a key part

of the Netcentric Supply Chain

Laboratory.

Other schools may put up

PowerPoint slides of this soft-

ware in the classroom, but

Smith School students actually

use the software to solve prob-

lems for dummy corporations

and practice on simulated sup-

ply chains. The supply chain

program is built around the

software, showing how it is

used to drive business decision

making—and giving students

the chance to use it. It’s an

example of the Smith School’s

commitment to integrating

technology into the classroom

in a way few other schools

have achieved.

Thomas Corsi, Michelle E.

Smith Professor of Logistics

and co-director of the Smith

School’s Supply Chain

Management Center, also

appreciates the increased mar-

ketability that familiarity with

the software brings to students.

“Corporations regard experi-

ence with this software as a

significant advantage for our

students in hiring decisions.

When corporations hire Smith

graduates, they know there will

be a very short learning curve.

Because our students under-

stand how these programs

work, they are able to be effec-

tive much more quickly.”

It’s a win-win situation for

SAP as well, says Heather

Czech Matthews, SAP’s region-

al director, University Alliances-

America. “The big benefit for us

is in providing educational

value for the communities we

do business in, and providing

an educated work force to our

customers and partners.”

STUDENTS IN THE SMITH SCHOOL’S SUPPLY CHAIN

MANAGEMENT PROGRAM ARE GETTING DIRECT HANDS-

ON EXPERIENCE WITH SOME SOPHISTICATED SOFTWARE,

THANKS TO SMITH PARTNER SAP.

THE SMITH SCHOOL enjoys an enviable positionamong U.S. business schools, with academic programsthat attract outstanding students, a faculty that isrespected worldwide, and a reputation for research and teaching excellence that has inspired business and government partners to invest in Smith programsand people.

But for the Smith School to take the next step—tomove from excellence to greatness—additional financialresources will be required.These resources will enableus to recruit and retain world-class faculty who will

advance business knowledge in the netcentric era, providea state-of-the-art facility for 21st century business education and research, and attract and support a diversestudent body who will become the next generation ofglobal business leaders.

You can play a key role in Smith’s ascent to greatness.Your contribution to the Great Expectationscampaign can help the Smith School become one of the world's great business schools.You can give Smith School faculty and student the ability to better our world.

FALL 2007 O SMITH BUSINESS

25

2012Conclusion of Great Expectations campaign.

$90 million goal reached!

SMITH STUDENTS CAN DO FINANCIAL RESEARCH JUST LIKE THE PROS,

USING THE SAME SOFTWARE AS THE PROS, THANKS TO THE SMITH

SCHOOL’S PARTNERSHIP WITH REUTERS.

The Smith School provides students

and faculty with access to Reuters

3000 XTra, the firm’s premium desktop

product, which is used by financial

analysts around the globe. For finan-

cial professionals who spend their

days in cross asset sales trading, the

hefty price tag—around $1,400 per

person, per month—is justified. The

Smith School’s Netcentric Financial

Markets Lab is able to use the same

software because of the deep discount

provided by Reuters.

Reuters 3000 XTra is a very sophisti-

cated, highly configurable tool that is

perfect for those doing theoretical or

highly analytical financial work, but in

consequence users need a fairly thor-

ough understanding of the software in

order to use it effectively. The Smith

School gives students significant

hands-on experience with the software

from the start of their business educa-

tion. “Students use the system right

from the first finance course, which is

taken by all Smith students,” says

Chuck LaHaie, director of finance tech-

nology and applications at the Smith

School. “They do research on a corpo-

ration, using the software to retrieve

financial data, history of prices, project-

ed growth rates, stock market indices,

and corporate bond data, and then

write an analysis of the corporation.”

“The Smith School is the largest

academic environment using the soft-

ware,” says Tom Browder, vice presi-

dent of Reuters Training. “Other univer-

sities with whom we work tend to only

have about 10 terminals running the

program. The Smith School has 60. It’s

the largest Finance Lab I’ve ever seen.”

The partnership has had benefits

for Reuters as well as the Smith

School. In 2004, school faculty, in part-

nership with Reuters training staff,

developed a Reuters 3000 XTra certifi-

cation course which was recently

expanded into a full-year program.

This certification, which is unique to

the Smith School, gives finance stu-

dents an important edge when seeking

employment on Wall Street or with

financial services firms. Now Reuters

is thinking of offering a Smith-Reuters

co-branded training program for its

clients using the modules developed

for the school’s certification course.

“We’ve also been bringing in

interns from the school,” says Browder.

“It’s the first time Reuters has taken

interns in its client training branch. We

were so impressed that we just hired

one of the interns full-time.”

Y O U R I N V O L V E M E N T H E R E

SMITH BUSINESS O FALL 2007SMITH BUSINESS O FALL 2007SMITH BUSINESS O FALL 2007

26

John Boyle ’7660 SECONDS WITH…

Connections

JOHN BOYLE ’76 was presented the Dean’sOutstanding Alumni Service Award during theSmith School’s 7th Annual UndergraduateAwards Banquet last May. The banquet honorsgraduating seniors, faculty, alumni, and corpo-rate friends of the Smith School for theiraccomplishments and achievements.

Boyle received the award, the first of its kindat the Smith School, to honor his longstandingcommitment to and involvement with theschool, serving on the Board of Visitors and theRobert H. Smith School of Business Foundation.

“I just enjoy being helpful to where I can,”says Boyle, “and I’m proud of the progress theschool has made. I had a great experience at theuniversity, and I think it is important for alumni tocome back and share their time and contribute toits continued success.”

After graduating from the Smith School,Boyle worked in commercial banking in theWashington, D.C., area before going to NewYork to pursue an MBA at Columbia University.After a number of years in investment banking,

Boyle took up his present position, working withthe outsourcing consulting firm EquaTerra Inc. asManaging Director and Financial ServicesIndustry Practice Lead.

His career is busy and demanding, but Boyleneeds no coaxing to spend time at Smith. “Ienjoy coming down to Board meetings and theMayer Fund presentations,” says Boyle. “I likethe fact that the fund gives students a uniqueopportunity, something extra that blends theiracademic lessons with a real-world experience inmanaging money. The program and the qualityof the students are impressive, and it is great tosee them go on to successful careers.”

Boyle lives in Tuxedo Park, NY, with his wifeSusan ‘77 and sons Jack and Connor.

Read more about the 2007 UndergraduateAwards Banquet, including the announcementof the 2007 Smith Leadership and ExcellenceAward recipients, atwww.rhsmith.umd.edu/ugradawardsbanquet/.

Be an Angel InvestorThe Dingman Center for Entrepreneurship isgrowing its Capital AccessNetwork program, whichprovides open and efficientaccess to early-stage capitalfor entrepreneurs in theWashington, D.C., metroarea. The program helpsactive, accredited angelinvestors to connect withthe entrepreneurs of start-up companies, many of whom are fellowSmith alumni! ContactMelissa Carrier,mcarrier@rhsmith.umd.edu,for more information, orvisit the Web site atwww.rhsmith.umd.edu/dingman/programs/CAN/

JOHN BOYLE ’76 RECEIVES DEAN’S OUTSTANDING ALUMNI

SERVICE AWARD FROM DEAN HOWARD FRANK.

Accounting TeachingScholars DinnerStudents, faculty members, cor-

porate partners, and alumni cele-

brated a year of accomplishment

at the Accounting Teaching

Scholars dinner on April 26. The

Accounting Teaching Scholars, an

Undergraduate Fellows program,

are undergraduate accounting

students who serve as discussion

leaders and teaching assistants

for the Smith School’s introduc-

tory accounting courses while

reviewing material in preparation

for the CPA exam.

FALL 2007 O SMITH BUSINESS

27

Under the towering ceiling of the ComcastCenter, 780 undergraduates, 300 MBA stu-dents, 50 EMBA students, and 12 doctoralstudents received their Smith School degreeson May 21.

Delivering the keynote address wasTeresa Iannaconi, MBA ’78, partner withBig Four accounting firm KPMG and mem-ber of its Board of Directors. Iannaconispoke from her extensive experience in regu-lation and compliance, including nearly 20years with the Securities and ExchangeCommision (SEC).

Iannaconi remembered the gender biasshe experienced as a woman in a traditionallymale-dominated industry, as well as the difficulty of negotiating the work-life balance“before it was even called the work-life bal-ance.”While employed at the SEC she pursued

an MBA, and had actually begun work for aPhD when the opportunity came to live inItaly for a few years, courtesy of her hus-band’s job. Despite the fact that it derailedher academic career, Iannaconi jumped at thechance to spend some time abroad.“Don’tpass up the opportunity for adventure,” sheadvised students.

After her return from Italy, Iannaconiused her network to get a job at the SECagain, and went on to hold the highest-ranking accounting position ever held by a woman at the SEC.

Later, at KPMG, Iannaconi becamefounding chairman of the KPMG Ethics andCompliance Committee, which allowed herto influence the corporate culture of thisgiant accounting firm on a subject dear toher heart.“Ethics means more to me than

job security. Ethicsinvolves doing theright thing, in the rightway, at the right time,because I’m a member of a broadcommunity, and I want that community tothrive, and not merely survive.”

No one involved in the recent, highlypublicized accounting scandals woke up onemorning thinking that today would be theday they’d cook the books or steal corporatefunds, said Iannaconi.“The moral of thestory is simply don’t start to compromise,even a little. Because once that begins, it isimpossible to control.”View the video ofIannaconi’s speech and see photo highlightsof commencement on our Web site,www.rhsmith.umd.edu/news/stories/2007/graduation.html.

Temptation to ramble. Recruiters are on tight schedules, so letthem direct the conversation. If possible, keep your answers undera minute. If the interviewer wants more detail, they will ask for it.

Faking knowledge. Be honest about not knowing the answer.Ask for a minute to think about the question further, or offer toget back to the interviewer via e-mail once you have the opportu-nity to do your research. Along these lines, don’t paint an exag-gerated picture of your talents; they could come back to hauntyou later in the interview process.

Using pedestrian self descriptors. Standing out is the nameof the game. Nine other candidates may have asserted strongleadership skills. Connect yourself with a vivid example of this traitand you are more likely to be remembered.

Shedding a negative light. It is tempting to negativelydescribe where you have been (and why you are leaving) in aneffort to justify a career or job change. Stay away from anythingthat could potentially rub someone the wrong way.

Failing to conduct preliminary research. Your interview isthe first indictor of how you will perform on the job. Show initia-tive and smarts by learning as much as you can about the compa-ny and the person who is interviewing you before the interview.Prepare original questions and seize the opportunity to have agenuine conversation with the recruiter.

Too much money talk. Even in a strong job market, don’toveremphasize the compensation piece by bringing up salary dur-ing an initial meeting. First demonstrate how you can contributeto the company. Once you are desirable, salary can become a toolfor bargaining.

The Smith School’s Office of Career Management (OCM) offerscareer assistance to alumni as well as current students. Have aquestion for the OCM? Submit it via e-mail toeditor@rhsmith.umd.edu.

Ask the OCM Q: WHAT ARE RECRUITERS’ TOP COMPLAINTS?

A: According to a recent BusinessWeek survey of recruitersfrom top companies, there are a number of missteps thateven well-prepared job-seekers can make to quickly shiftthe tone of an interview in the wrong direction.

Avoid these interview blunders:

Iannaconi Speaks at Commencement

SMITH BUSINESS O FALL 2007

28

Connections

’50sRobert C. Pearson ’57 is seniorvice president-investments ofRENN Group in Dallas, Texas, andvice-president of the fund.

’60sSandy Bass ’66 has joined ColdwellBanker Griffith and Blair AmericanHome in Topeka, Kan., as a salesassociate. Previously, Bass workedfor the U.S. Postal Service, retiring in2004. He has a bachelor’s degree inbusiness from the University ofMaryland and an MBA from BakerUniversity. He is a specialist in resi-dential real estate sales.

Jay H. Nussbaum ’66 is founderand COO of Agilex Technologiesand serves on the board of direc-tors for Victory AcquisitionCorporation.

’70sEli Bronstein ’74 is the director ofthe Office of Budget, Office ofChief Financial Officer, for the U. S.Department of Energy.

Jeffrey W. Church ’79 wasappointed CFO of AlbaTherapeutics Corporation inBaltimore, Md.

Scott Cunningham ’73 is vicepresident of investor relations forEdison International, an electricpower generator and distributor insouthern Calif., and an investor ininfrastructure and renewable ener-gy projects with assets totalingmore than $36 billion.

Stephen Heise, MBA ’76, hasbeen named vice president ofhuman resources at FoxwoodsResort Casino, Conn.

Thomas V. Inglesby ’79 is seniormanaging director of GSC Group,Corporate Credit Group and chiefexecutive officer of GSCInvestment LLC.

Don Paris ’77 was selected as oneof the smartest 50 CPAs in theWashington, D.C., metro area byWashington SmartCEO magazine.

James D. Russo ’73 is founder ofCardinal Financial Corporation,serves on its board and is trusteeof TESST College of Technology.

Neal Shear ’76 is co-head of secu-rities sales and trading for MorganStanley, taking joint responsibilityfor all product businesses with theexception of investment banking.

Marc Schneebaum ’76 is current-ly president and CEO of Sensorsfor Medicine and Science, Inc.(SMSI), an emerging medicaltechnology company. Previously,he served as senior vice president,finance, business developmentand administration, and CFO ofGenetic Therapy, Inc. (GTI), abiotechnology company.

Robert Turner ’74 has beenappointed vice president of thegovernment programs group ofComtech EF Data, which manufac-tures a broad spectrum of satellitecommunications products.

’80sAndrew Baer ’80 was named CIOfor Comcast Cable, the country’sleading provider of cable, enter-tainment and communicationsproducts and services. He lives inPhiladelphia, Pa., with his wife.

Richard “Rich” Blankenship ’80,MBA ’89, has acquired the prac-tice of Blankenship & Poppell,CPAs, in Tallahassee, Fla., primarilyserving closely-held businesses andtheir owners. Blankenship is 2007president of Tallahassee’s NEBusiness Association, serves on the FICPA’s Federal TaxationCommittee for the Florida Instituteon Federal Taxation Conference,and is a member of the TallahasseeRegional Estate Planning Council.

Randall B. Ellis ’88 is director offinancial reporting for theUniversity of Virginia.

Gregory Guillaume, MBA ’87, isvice president of financial planningand analysis for Atlas Air WorldwideHoldings, Inc., the parent companyof Atlas Air, Inc., and Polar AirCargo, Inc., which together oper-ate the world’s largest fleet ofBoeing 747 freighter aircraft.

Robert G. Isaman ’85 is presidentof Terex Construction, a diversifiedglobal manufacturer with revenueof $6.4 billion.

Roger Lingle ’87 was named presi-dent of QoVox, a subsidiary ofDatameg Corporation, whichdevelops network monitoring and

fault isolation tools and services fornext generation network services.

Jim O’Brien, MBA ’81, was hiredas head coach of the IndianaPacers basketball team.

Max Peterson ’84, MBA ’86, isvice president of the federal civiliansales group for Dell, Inc.

Frank Ruane ’89 was appointedvice president, purchasing andmaterials management, of OlympicSteel, Inc., a leading U.S. steel serv-ice center focused on the directsale and distribution of large vol-umes of processed carbon, coatedand stainless flat-rolled sheet, coiland plate steel products.

Craig Schwartz ’87 is the InternetCorporation’s Assigned Names andNumbers (ICANN) Chief GenericTop-Level Domain (gTLD) RegistryLiaison. In that capacity he leadsthe team responsible for registryrelations. Craig’s primary focus iscreating the implementation pro-gram for the new gTLD deploy-ment project.

’90sJason G. Bernzweig ’95 is vicepresident of Sun EuropeanPartners, LLP, an investment servic-es firm.

John Bocianowski, MBA ’97, andHeidi Keller Bocianowski, MBA’97, are proud to announce thebirth of their third daughter,Charlize Louise Bocianowski, onOctober 27, 2006. Both work infinance and planning for IBMGlobal Services. The family lives inNew York with daughters Kayla,Jocelyn and Charlize.

Michael T. Ebaugh ’97 joined thefirm of Tydings & Rosenberg LLP.

Fred Funk, MBA ’95, is vice presi-dent for commercial services, EssexCorporation.

Andrew Glaser ’99 was named a2006 Rising Star by FederalComputer Week magazine. Theaward recognizes the outstandingwork of younger people in thegovernment information technolo-gy community. Glaser, a managingconsultant in IBM’s Supply ChainManagement Practice, was recog-nized for his work leading thestrategic sourcing development forthe Office of the Secretary ofDefense, Assistant DeputyUndersecretary of Defense forStrategic Sourcing and AcquisitionProcesses.

Ron R. Howell ’94 is presidentand CEO of The Health Network,which recently merged with GTCTelecom Corp, a nationwideprovider of wireless, long distanceand business process outsourcingservices.

John Murcott, MBA ’95, is co-founder of Fatwire Software, aWeb Content expert. The compa-ny is number 26 on the New YorkTechnology Fast 50.

Beatriz R. Perez ’91 is senior vicepresident of Integrated Marketingfor the North America group ofthe Coca-Cola Company. She wasrecently appointed to the board ofdirectors of North AmericaHoldings, Inc.

James M. Rallo, MBA ’95, is CFOand treasurer of Liquidity ServicesInc., a leading provider of compre-hensive asset recovery services forbusinesses and the public sector.

Michele Reing ’93 has joinedCapStar Hotel Company as CFO.

Quinetta Roberson, PhD ’99, waschosen as an Emerging Scholar byDiverse Issues in Higher Education.She is an associate professor ofhuman resource studies at CornellUniversity School of Industrial andLabor Relations.

’00sDax Basdeo, PhD ’06, is executivedirector of the Cayman IslandsInvestment Bureau, a governmentagency that focuses on issues relat-

Alumni Notes

FALL 2007 O SMITH BUSINESS

29

ing to business development andinward investment.

Brad Bondroff, MBA ’02, is presi-dent of The Asset Store, a compa-ny he co-founded in 2004 withDan Shuman, JD/MBA ’02.

Maria Chkeri ’03, program special-ist with CORT, organized a classreunion of her fellow Shady Groveclassmates to celebrate the openingof the third Shady Grove building.

Dominic Crapuchettes, MBA ’04,founder and co-manager ofNorthStar Games, was excited tosee his popular board game, Wits& Wagers, on sale at Target stores.A digital version of Wits &Wagerswas recently released for the XboxLive Arcade.

Kathy Crosby, MBA ’06, is CEO ofGoodwill Industries, Greater GrandRapids, Mich. “Without the Smithexperience,” says Kathy, “I wouldnever have had the courage topursue this next level in mycareer.”

Ricardo Cuellar ’02 and RicardoKotlik ’03 won the Harvey RussellAward for leadership and contribu-tions in establishing PepsiCo NorthAmerica’s first Latino EmployeeNetwork in the Western region.

Robert W. Deichert Jr., MBA ’06,is vice president of AOL MediaNetworks Advertiser Operations.

Jeff Dugan ’03 is a tight end withthe Minnesota Vikings.

Matt Fleischer, MBA ’05, presi-dent and COO of Hook & Ladderbeer, announced that his companywill purchase and restore an his-toric fire station in Silver Spring,Md.

Ingar Grev, MBA’05, is the ownerand CEO of the Washington, D.C.,Arlington, Va., and Alexandria, Va.,offices of The Growth Coach, aleader in small business coaching.

Anu Kumar, MBA ’04, is vice presi-dent, product marketing manager,for Bank of America.

Jordan Lichman, MBA ’06, is co-founder of Sunscreen Mist, aunique spray-on sunscreen system,and an exclusive distributor for SunTreatment Center.

Luis Malave, MBA ’03, was namedCOO of Insulet Corporation, adeveloper and manufacturer of aninnovative product for the treat-ment of diabetes.

Laura McGann, MBA ’03, partnerat boutique management firm TheClarion Group, was named one ofthe Top 40 Under Forty inHartford, Conn., where she liveswith her husband and new daugh-ter Mia.

Sowmya Murthy, MBA ’05, is anassociate at Bearing Point.

Goozex, Inc., the online videogame trading company created byMark Nebesky, MBA ’06 andValerio Zanini, MBA ’06, receivedthe Official Honoree Distinction forthe 11th Annual Webby Awards,known as the “Oscars of theInternet.”

Zoey Rawlins, MBA ’06, soldSHOP DC, a Washington, D.C.,shopping and fashion guide shefounded during her time as aSmith student. It was acquired byWashingtonpost.NewsweekInteractive (WPNI) and has beenrelaunched as “DC Scout.”

John Snead, MBA ’00, recentlyjoined Smith Barney as a financialadvisor working out of the Towson,Md., branch. He lives in Baltimorewith wife Ginny and sons Jack (4)and Will (2).

Smith School Mourns Loss of Board Member Mike Corvino

The University of Maryland community is mourning the loss of Mike

Corvino, president of JanSport and a valued member of the Smith

School’s Board of Visitors. Corvino, an avid Terps fan, played foot-

ball for the University of Maryland from 1979 to 1982. He was killed

in a car accident on Saturday, July 14, 2007.

As a board member, Corvino was very involved and committedin his consultative role with the school. Most recently, he helpedbring JanSport's founder, Skip Yowell, to the Smith CEOEntrepreneurship Conference, which was held in April. (Read moreabout the conference on page 3). In May 2006 he talked withSmith Business magazine for an article in the fall 2006 issue. A pod-cast of a portion of the interview is available at Smith BusinessOnline.

Corvino’s charm and infectious enthusiasm—for his work atJanSport, the opportunities of new technology and most especiallyfor Smith students—will be sorely missed.

SMITH BUSINESS O FALL 2007

30

Connections

18th Annual Smith Alumni Chapter Golf TournamentSeptember 20, 2007

University of Maryland Golf Course

A fundraiser and networking opportunity

for alumni and friends. Spend a day on the

course! Proceeds support scholarships, pro-

grams and other initiatives of the school.

Alumni Mentor Program Kick-Off EventOctober 6, 2007

Van Munching Hall

The Alumni Mentor Program Kick-Off event

pairs mentors and protégés together based

on specific career clusters. The event fea-

tures an overview of the Alumni Mentor

Program in addition to discussing the

resources provided to the mentors and pro-

tégés by various Smith School departments.

Following the program, mentors and pro-

tégés are invited to meet with their cluster

over lunch in the Pownall Atrium.

M&A Finance Case CompetitionOctober 11-12, 2007

Van Munching Hall

Teams from top U.S. schools participate in a

competition that simulates an actual merg-

ers and acquisitions pitch meeting to Wall

Street bankers and corporate executives.

The competition will include a networking

reception for stu-

dents to mingle

with other schools,

judges, and invited

guests, while pro-

viding recruiting

opportunities and

prizes for the win-

ning teams.

Homecoming WeekendOctober 19-21, 2007

University of Maryland

Come back and see what’s new at Van

Munching Hall, and tailgate with fellow

alumni in front of Van Munching. There will

be activities for all – kids included! The

Terps football team will take on Virginia at

Byrd Stadium.

NAWMBA (National Association of Women MBAs) NationalConference and Career FairNovember 2-3, 2007

Van Munching Hall

CIO Forum November 9, 2007

Van Munching Hall

Annual meeting of top chief information

officers, technology strategists, and aca-

demic researchers, in mid-Atlantic states.

Events are highly interactive and focus on

the most important issues confronting tech-

nology strategists in the emerging digital

economy.

Baltimore Area Alumni Networking EventNovember 13, 2007

Featuring Robert J. “Bob” Lawless,

Chairman of the Board & CEO of

McCormick & Company, Inc., the largest

spice company in the world and the leader

in the manufacture, marketing and distribu-

tion of spices, seasonings and flavors to the

entire food industry.

Full-Time MBA Case Competition –Final RoundJanuary 20, 2008

Van Munching Hall

See the Smith School’s finest MBA students

compete for cash prizes and bragging

rights in this annual event.

Up

com

ing

Eve

nts Please visit www.rhsmith.umd.edu/alumni for the most up-to-date details, including

cost and how to register.

This fall, Smith MBA students will get thechance to test their financial mettle in theschool’s first-ever Mergers & Acquisitionscompetition, organized and hosted by theMBA Finance Association and sponsored byCredit Suisse and Lehman Brothers.Teamsfrom top business schools, including CarnegieMellon University’s Tepper School ofBusiness, Columbia Business School,University of Pennsylvania’s Wharton School,University of Virginia’s Darden School ofBusiness, and Yale School of Management, willcompete for $8,500 in prizes.Teams of up tofour students will each compete over a two-day period October 11-12 in a competitionthat will simulate an M&A pitch meeting toWall Street bankers and corporate executives.Smith School faculty and industry professionalswill act as judges.

Alumni are invited to attend the secondround presentations on Friday, October 12,in Van Munching Hall. For more informa-tion, visit the competition Web site,www.rhsmith.umd.edu/macompetition/.

First Mergers & AcquisitionsCompetition at Smith

Title Sponsors:Credit Suisse and Lehman Brothers

Gold Sponsors:Marriott, Constellation Energy,

Black & Decker

The Smith School will host the 25thAnnual National Conference and Career Fairsponsored by the National Association ofWomen MBAs (NAWMBA) on November2-3, one of the largest such events ever host-ed by the school.The event, which isexpected to attract up to 1,000 students,recruiters and other professionals from acrossthe country, will feature keynote speakers,opportunities for networking, a case compe-tition, and a career fair.The Smith Schoolwas selected as the host site from severalWashington, D.C., area business schools, andis being organized by Smith student mem-bers of NAWMBA. NAWMBA is a not-for-profit organization dedicated to empoweringwomen MBAs in order to propel morewomen into leadership positions in corpo-rate American and enhance the diversity ofthe nation’s workforce. For more informa-tion, visit the conference Web site atwww.mbawomen.org.

National Association ofWomen MBAs

FALL

Don’t miss our networking events in Seattle and

New York this fall! Please visit the Smith Alumni

Web site for details,

http://www.rhsmith.umd.edu/alumni.

FALL 2007 O SMITH BUSINESS

31

The 27th Annual Doctoral ProgramAwards Banquet on Thursday, May 10, wasan opportunity for the school’s faculty anddoctoral students to celebrate the accom-plishments of the past year.And what a yearit was! Arjang Assad, Dean’s Professor forExtraordinary Service and professor of man-agement science, noted the continuedupward trajectory of the Smith School’s doc-toral program, as the school produces bothexcellent research and excellent researcherswho go on to placements at some of theworld’s best business schools.This year theplacement list includes McGill Univeristy,University of California at Davis, NationalUniversity of Singapore, and NationalTaiwan University.

As the Smith School has become morewell known for the quality of its researchprogram, more people have wanted to pur-sue PhDs here.Alex Triantis, professor offinance and chair of the finance department,reported that the department received 200applications for just three open doctoral can-didate positions this year.

Larry Gordon, Ernst & Young professorof managerial accounting and director of thePhD program, congratulated this year’sDoctoral Award winners:

27th Annual DoctoralProgram Awards BanquetHonors PhD Students

Frank T. Paine Award for AcademicAchievement

Corey Angst

Tuck Siong Chung

Sharon Hill

Allan N. NashOutstanding DoctoralStudent AwardAnimesh

Christian Hofer

Steven Johnson

Shweta Oza

Abraham GolubMemorial DissertationProposal Prize(Restricted toManagement Science)Si Chen

Marvin A. JolsonOutstandingMarketing DoctoralStudent Award

Tuck Siong Chung

The Gerald andDeana StemplerCompetition Award(For Research Relatedto FamilyOwned/ControlledBusinesses)Vandana

Ramachandran

Alumni Events Photo Gallery

Many more events are coming your way this fall! Get the latest news on upcoming

events at www.rhsmith.umd.edu/alumni/, or call 301-405-5777.

2007 Alumni Mentor Program Awards LuncheonAlumni Mentor Program steering committee members

Landon Johnson, MBA ’99; Glenn Gargan ’87, MBA ’02;

and Jean-Yves Van Halle ’96, MBA ’04 joined with fellow

alumni at the 2007 Alumni Mentor Program Awards

Ceremony, held to recognize the outstanding achieve-

ments of the 2006-2007 Cluster of the Year, Mentors of

the Year and Cluster Coordinator of the Year.

2007 Dean's Undergraduate Awards BanquetKevin Fallon ’93 joined fellow alumni as a presenter at the

7th Annual Dean’s Undergraduate Awards Banquet, a cel-

ebration of the accomplishments and achievements of

members of the Smith Community including students, fac-

ulty and corporate partners.

2007 Alumni Mentor Program WeekMentors Jodi Sweed, MBA ’02, and Mark Koepsell ’77,

MBA ’82, were two of the participants at the 2007 MBA

Alumni Mentor Program Week, an annual event designed

to showcase the best of the program and its participants.

In addition to networking, mentors and protégés gain the

opportunity to explore skill sets and career paths in a less

formal setting.

2007 Spring MBA Grad PartyStephanie Bauer, MBA ’03; Dean Abrams, MBA ’07; and

Melanie Avery, MBA ’07, enjoy a quiet moment at this

semi-annual event, hosted by the MBA Alumni Committee

to honor the achievements of the semester’s MBA gradu-

ates and give MBA students and alumni an opportunity to

network and celebrate.

Smith 2007 CommencementThousands of alumni, friends and family gathered to cele-

brate the achievements of over 1,100 Smith School gradu-

ates at the Smith School’s commencement on May 21.

Congratulations to all our graduates!

SMITH BUSINESS O FALL 2007

32

Last Word

There are really only three ways you canget money: You can earn it, someone cangive it to you outright, or you can steal it.

Since we are not in the business of stealingmoney, someone must give to us what we donot earn through our programs. Smith is partof a public institution, so you may wonderwhy our success depends on giving from ouralumni, corporate partners and other friends.Although there was a time when the state pro-vided nearly our entire budget, today we relyon the state for just 10 percent of our funding.So fundraising is essential.

Furthermore, at the upper end of the busi-ness school environment – where Smith nowstands – there is no significant differencebetween private institutions and public schoolsin terms of cost structure.To compete for thebest faculty, we must pay them what theycould earn at the top private institutions.Andit was no less costly to build the North Wingon University of Maryland ground than itwould have been on Harvard or Whartonground. Our competition is made up of thebest business schools regardless of their publicor private status.Are we competitive?Absolutely, and with the support of our alumniand friends, we can become even more so.

We attract remarkable students, such asthose building the university composting cen-ter featured in this issue of Smith Business. Ourfaculty is exceptional – the fifth best of anybusiness school on earth according to the

Financial Times.And our facilities are first-ratewith the addition of Van Munching Hall’s newNorth Wing.

I am confident that the momentum wehave seen at Smith over the last decade willcontinue. But fundraising is essential if theSmith School is to realize its destiny as one ofthe world’s truly great business schools.To pro-vide the most advanced learning environment,we must constantly invest in facilities and newtechnology. Since I arrived at Smith, we havefunded more than $60 million in facilities, sopart of our fundraising goal is to pay for thoseimprovements.To attract and retain world-classfaculty, we must create endowed chairs andprofessorships.And to provide the best oppor-tunities for students, we must deliver scholar-ships and create innovative programs.Theschool’s new capital campaign touches each ofthese important areas in a very real way.

This fall, the Great Expectations campaignwill reach an important milestone as we markthe halfway point of our $90 million goal.Youwill be hearing much more about our progressover the next year. I hope you will join me insupporting this effort as we work to earn ourplace among the world’s great business schools.

Fundraising Paves theRoad to Greatness

HOWARD FRANK, DEAN

Smith.ThereforeI am» leading globally

As head of Verizon Information Services inAsia, Greg Hanifee oversees 300 employeesand directs publishing in three languages.His successful career in telecommunicationshas taken him from Washington, D.C., to Prague and now Shanghai. With a passion for international business and an MBA fromthe Robert H. Smith School of Business, Greg is leading globally.

Are you ready to take the leadwith a Smith MBA?

Applications for the 18-month Smith Executive MBA are now being acceptedfor November 2007 admission. ContactSharon Johnson at 301-405-0777.

FULL-TIME MBA / PART-TIME MBA EXECUTIVE MBAEVENING MBA EXECUTIVE TRACK

www.mbasmith.com

Greg HanifeeGENERAL MANAGER

Verizon Information Services, AsiaSmith MBA 1986

G L O B A L I Z A T I O N : E N T R E P R E N E U R S H I P : T E C H N O L O G Y[ ]

Consider making a gift to the Robert H. Smith School of Business that helps the School, you and your heirs. Here are some options.

° Living TrustName the Smith School of Business as a beneficiary of assets in a living trustYour BenefitControl of trust for lifetime; possible estate tax savings

° BequestName the Smith School of Business in your will Your BenefitA donation exempt from federal estate tax

For more information on the various ways to make a gift to the Smith School of Business, go to

www.rhsmith.umd.edu/give or contact:

° Retirement Plan GiftName the Smith School of Business as beneficiary ofthe remainder of the assets after your lifetimeYour BenefitAvoidance of heavily taxed gift to heirs, allowingless costly gifts

° Charitable Lead TrustCreate a trust that pays a fixed or variable incometo us for a set term, and then passes to heirsYour BenefitReduced size of taxable estate; keeps property infamily, often with reduced gift taxes

Joanne Ferchland ParellaAsst. Dean for External Relations

301-405-9454

Elizabeth MitchellDirector of Development301-405-8141

Planningyour Estate?

Nonprofit Org.U.S. Postage

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