ROBERT H. SMITH SCHOOL OF BUSINESS • UNIVERSITY OF ... · SPRING 2006 O SMITH BUSINESS Robert H. Spicer IIaddressed the range of chal-lenges facing IT professionals at the Smith

B U S I N E S SROBERT H. SMITH SCHOOL OF BUSINESS • UNIVERSITY OF MARYLAND • SPRING 2006 VOL. 7 NO. 2

LEADERS FOR THE DIGITAL ECONOMY

Big School SmallSmith’s New

UndergraduateFellows

Program

Smith’s NewUndergraduate

FellowsProgram

Making theBig School SmallMaking the

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SMITH BUSINESS ONLINE

LEADERS DIGEST• Dingman Center for Entrepreneurship celebrates

its 20th anniversary.• eSmith portal is a cutting-edge electronic office

for Smith faculty, staff and students.• University of Maryland celebrates its 150th birthday.• Smith faculty and students respond to

natural disasters.• An international relief agency’s budgeting process

benefits from Smith insight.• Smith School’s China programs grow in the

Year of the Dog.

BOOKMARKET

SPEAKING OF BUSINESS

KNOWLEDGE TRANSFER• Web pop-up promotions may be more

useful than you think.• Employee turnover is heavily influenced by the

perceived fairness of pay allocation within yourorganization.

• The avian flu scare leads to fear-based marketing.• Smith professor Dilip Madan, PhD ’72, PhD ’75,

receives prestigious Von Humboldt award.

CONNECTIONS

LAST WORD

F E AT U R E S

D E PA R T M E N T S

LEADERS FOR THE DIGITAL ECONOMY

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Contents

MAKING THE BIG SCHOOL SMALLThe Smith School is reinventing

undergraduate business education with an innovative new program.

DAVID TRONE (CS ’88), MBA ’95BIG MONEY IN THE BIG CITYA Smith alumnus brings his insight and integrityto the world of finance.

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SMITH BUSINESS SPRING 2006 VOL. 7 NO. 2

SMITH BUSINESS O SPRING 2006

Smith Business is published twice a year—falland spring—by the Robert H. Smith Schoolof Business at the University of Maryland,College Park.

Smith Business welcomes input fromalumni, partners, and friends on articlesand business issues. Please send allcorrespondence to the editor.

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

Professional Programs and ServicesAllyson Yospe ’94, Acting Senior AlumniRelations DirectorJoanne Ferchland-Parella, Assistant Dean for

External RelationsJeff Heebner, Managing Director,

Office of Marketing CommunicationsG. Anandalingam, Ralph J. Tyser Professor of

Management Science, chair, decision andinformation technologies department, co-director, Center for Electronic Markets andEnterprises

Lawrence A. Gordon, Ernst & Young Alumni Professor of Managerial Accounting,director, PhD Program

Anil Gupta, Ralph J. Tyser Professor of Strategy & Organization, chair,management & organization department,research director, Dingman Center forEntrepreneurship

Burt Leete, professor, logistics, business and public policy

Roland Rust, David Bruce Smith Chair in Marketing, chair, department of marketing,director, Center for Excellence in Service

Lemma Senbet, Holder of the William E. Mayer Chair in Finance, chair, financedepartment

Loretta Downey, Empower IT, Inc.Rebecca Kerr, MS ’04, Pepsico. Inc.Nancy Kramek, MBA ’03, Development

Associate, Hammes CompanyKenneth Ng, Smith Media GroupPatrick Scrivens ’77, founder, chairman

and CEO, Advisory Associate, Inc.

EDITORRebecca Winner

CONTRIBUTORSAlissa Arford-Leyl, JOUR ’94Rani BalasubramanyamJanelle DowningJeff HeebnerAric MorrisonAngela TodaRebecca Winner

DESIGNJeanette J. Nelson, University Publications

PHOTOGRAPHYAlissa Arford-Leyl, JOUR ’94; Lisa Berg; JohnConsoli, ARHU ‘86; Lisa Helfert, JOUR ’92;Stan Barouh

ILLUSTRATIONMargaret Hall, ARHU ’84; 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://[email protected]

Copyright ©2006 Robert H. Smith School ofBusiness. This publication is produced by theOffice of Marketing Communications.

SMITHBUSINESS nline

“The Baby Boom Generation is highly fragmented. Each segment of the market thinks of itself as unique. The challenge for a firm is toidentify which segment or segments of the market it can serve most effectively.” » Janet Wagner, associate professor of marketing, explains the challenges

of marketing to Baby Boomers.

» The Smith School’s Lawrence A. Gordon willbe the plenary speaker at the ManagementAccounting Research Group Conferencein April 2006 at the London School ofEconomics, speaking on cybersecurity issues.

» Prominent private investor S. Tien Wongwas named an entrepreneur-in-residencewith the Dingman Center forEntrepreneurship.

LearnSmith Business Close-Upwww.rhsmith.umd.edu/news/sbcu/sbcu_archives_2005.html

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

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

Click to

92,000

Last issue’s Web poll results:Should companies berequired by law to ensure a certain level of informa-tion security?

Yes: 59% No: 41%

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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

» Smith’s first EMBA class in Chinagraduated in December with a grandceremony in Beijing, China.

WEB POLL: Should multinational companies compromise their corporate ideals on issues like censorship in order to succeed in restrictive markets?YES it’s okay to compromise traditional principles in order to

tap new markets. NO companies should work harder to find ways to succeed

in restrictive markets without compromising their ideals.

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

» » » » The Financial Times rates Smith’s MBA among the world’s best. » » » »

bricks were laid to complete thepaths in the new landscaping infront of Van Munching Hall.

SEE THE LATEST PHOTOS ONLINE.

SPRING 2006 O SMITH BUSINESS

Robert H. Spicer II addressed the range of chal-lenges facing IT professionals at the SmithSchool’s Sixth Annual CIO Forum onNovember 18, 2005. Spicer is executive vicepresident and chief information officer of Chevy

Chase Bank, a $14 billion enterprise with 250branches and over one million accounts in the

metropolitan Washington, D.C., area. Chevy ChaseBank is an important partner of the Smith School as a providerof scholarships and fellowships and a lead investor in the SmithSchool’s New Markets Growth Fund, a $20 million venture cap-ital fund headquartered at the Smith School.

The challenges posed by continuing technological transfor-mations are particularly crucial for the banking industry—afterall, they’re working with people’s money. The 9/11 terroristattacks made the banking industry realize that moving paperchecks by airplane was not a truly safe option. Banks are nowrequired to digitize paper checks and archive them for a periodof seven years. This ever-increasing amount of data has pre-sented storage and accessibility issues for the industry. Thenthere’s information security. Banks must counter fraud, provideanti-terrorist safeguards, provide reliable, foolproof methods

of authentification, protect customer privacy, and ensure thesecurity of customers’ financial data, all while complying withincreasingly complex federal regulations.

In his CIO Forum address, Spicer pointed out some of theunexpected ways in which technology is changing the bankingworld. Today more and more people use their bank debit cardsas an alternative to cash, a phenomenon Spicer calls “the digiti-zation of money.” This practice is slowly negating the primaryfunction of the thousands of ATM machines across the nation—providing $20s for consumers. Spicer discussed several possibleways the banking industry could maximize the investment thathas been made in this technology, including providing morepersonalized functions, like no-envelope deposits for both cashand checks and using the ATMs for direct marketing purposes.

Other sessions at the CIO Forum featured presentations andpanel discussions on information technology in the automobilemanufacturing and healthcare industries. Read more about theCIO Forum at Smith Business Online.

It has been 150 years since the stateof Maryland first chartered its neweducational institution, the MarylandAgricultural College, which eventuallybecame Maryland State College andfinally the University of Maryland.

Since then theuniversity hasbecome one ofthe preeminentpublic researchand educationalinstitutions in thenation.

The universityhas had a businessschool since just

1921, but business students have beenimportant contributors to the universi-ty’s success and reputation. Some ofthe school’s most famous graduatesinclude Samuel J. LeFrak ’40, whopresided over one of the world’s

largest building firms;the honorable HarryR. Hughes ’49, 57thgovernor of the state

of Maryland; Waldo Burnside ’49,CEO and president of legendaryWashington-area retailer Woodie’s;Robert H. Smith ’50, the real estatedeveloper and philanthropist forwhom the Smith School is named;Thomas V. Miller ’64, ’67 (Law),member of the Maryland State Senate;Gary Williams ’68, championship-winning coach of the Terps men’s bas-ketball team; Larry David ’70, creatorof the classic television series“Seinfeld” and HBO’s extremely popu-lar “Larry David Show,” and CarlyFiorina, MBA ’80, former CEO andchairman of Hewlett Packard.

Check out the Smith School historyWeb site for more information aboutbusiness school history. –RW

Banking On Change

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THE 1943 COLLEGIATE CHAMBER OF COMMERCE, A STUDENT CLUB, PLAYED AN ACTIVE PART IN STUDENT DEFENSE

WORK DURING WORLD WAR II AND HELPED PROMOTE CLOSER RELATIONS BETWEEN NEARBY BUSINESSMEN AND

STUDENTS OF THE UNIVERSITY.

gold colour build:pms 40-4: c30, m40, y70, k0 to match metallic pms 872

LEADERSDigest

How do you manage the huge amounts of datagenerated by today’s virtual networks? Andwhat do you do when you’ve invested millionsin a key piece of hardware, only to see it madeobsolete by new technology?

Happy 150th Birthday, University of Maryland!


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On April 5, 2006, the Smith School’sDingman Center for Entrepreneurship willcelebrate 20 years of fostering entrepreneur-ship in the region.The Dingman Centerwas started in 1986 with a gift from MichaelDingman, founder of Signal Corporation(later Allied Signal), under the auspices ofDean Rudy Lamone. Lamone had two goalsfor the center: to build an academic programfocusing on entrepreneurship for MBAs, andto build an outreach program that fosteredentrepreneurship in the Washington, D.C.,metropolitan area.

The Dingman Center was one of thefirst entrepreneurship centers in the nation,and its services became the model forregional entrepreneurship groups likeNetpreneur, the Washington Board ofTrade, and many area tech councils. It

provided important resourcesand advice for many nascentbusinesses in the Washingtonarea, particularly in the informa-tion technology industry.Thecenter launched the NationalConsortium of EntrepreneurshipCenters, a collection of universi-ty entrepreneurship centerswhich now has more than 250members nationwide.TheDingman Center helped create aclimate of support for entrepre-neurship in the region.

Twenty years later, the centernow focuses on incubating stu-dent-formed companies, and hasbeen instrumental in the launchof North Star Games, Hook &Ladder Brewing Company,SHOP D.C., and ArcxisBiotechnologies—allenterprises started bySmith students.The DingmanCenter hopes some of these busi-nesses will go on to imitate thephenomenal success of anotherSmith alumnus, KevinPlank ’96, founder of

Under Armour sports apparel.“The next Kevin Planks are oncampus today,” says Asher Epstein, directorof the Dingman Center.“We want to findthem and give them the help they need todevelop their businesses.”

The Dingman Center is focusedon very early stage ventures.This is the time when a fledgling com-pany most needs assistance, and reapsthe most benefits from great advice andready capital.“Eighty percent of companiesstart with less than $10,000 in capital, so avery small investment in a promis-ing company or technology hasthe potential to yield very bigrewards,” says Epstein.

Read more about the Dingman Centerat Smith Business Online.

Opening Doors for EntrepreneursSmith’s Dingman Center for Entrepreneurship Celebrates 20th Anniversary

LEADERSDigest

HUNDREDS OF HOPEFUL ENTREPRENEURS HAVE GOTTEN A JUMP-START

FROM THE DINGMAN CENTER, WHICH PROVIDES EVERYTHING FROM

TIMELY ADVICE TO SEED MONEY. THE CENTER SERVED AS AN EARLY

MODEL FOR SIMILAR ENTREPRENEURSHIP CENTERS LATER LAUNCHED

AT BUSINESS SCHOOLS AROUND THE NATION.

Leading Financial TheoristPete Kyle Joins SmithSchool Faculty

One of theforemost finan-cial theorists inthe world,Albert “Pete”Kyle, will jointhe SmithSchool as theCharles E.Smith Chair inFinance in July2006. He is bestknown for cre-

ating the “Kyle Model,” which providesa foundation for the modern theory ofmarket microstructure, a subfield offinance dealing with the process ofprice formation in financial markets.

“Our ability to attract a scholar ofPete’s stature says a great deal about thehigh quality of the Smith School and itsfinance department,” said HowardFrank, dean of the Robert H. SmithSchool of Business. “Pete has had anextraordinary career and impact on boththe canon of finance research and on ageneration of emerging scholars.”

Beyond his seminal contributions tothe theory of information and financialmarkets, Kyle’s research has had a perva-sive impact in areas such as asset pricing,investments, corporate finance andfinancial institutions. Kyle’s impact hasalso been extended beyond the stockmarket, and is reflected in markets forderivatives, bonds, and global tradingmechanisms, with policy implications forexchange design and market regulation.

Kyle joins the Smith School after serv-ing as professor of finance at the FuquaSchool of Business at Duke University. He received his PhD in economics fromthe University of Chicago in 1981. Healso held appointments at PrincetonUniversity and the University ofCalifornia at Berkeley, where he was tenured.


Dell Receives “Person ofthe Year” Award

Ro Parra ’82, Dell’s senior vice presi-dent of Americas operations, acceptedthe 2005 “Person of the Year Award”from the Smith School's Logistics,Transportation and Supply ChainManagement Society (LTSCM Society)and the Supply Chain Club (SCC) onOctober 27, 2005, on behalf of Dell.The LTSCM Society and SCC tradition-ally present the annual award to anindividual who has made outstandingcontributions to the logistics, trans-portation and supply chain manage-ment industry. The 2005 award wentto Dell in recognition of its corporate-wide contribution—and the effortsnot of a single person, but many—tothe field of global supply chain andlogistics management.

“Dell continues to represent thestate-of-the-art for supply chain andlogistics management resulting inoptimal competitive advantage andhigh financial performance for thecompany,” said William DeWitt,Tyser Teaching Fellow of logistics,transportation and supply chainmanagement. “On behalf of ourvery active student societies, I ampleased to announce Dell as thewinner of the person of the yearaward, and without a doubt, as theworld’s leading example of opera-tional efficiency and speed in adirect-to-customer business model.”

Read more or view video of thisevent at Smith Business Online. –AAL

On an average day, Smith School stu-dents, faculty and staff connect to eSmith,a virtual office, about 500 times. Over theWeb they access e-mail, personal files,timesheets, financial and statistical databas-es, and Web-based applications such asBlackboard and Lotus iNotes, using a sin-gle, secure login. “It’s like I’m sitting inmy office in Van Munching Hall when I’min a hotel halfway around the world inChina,” say the faculty and staff memberswho regularly travel around the globe forSmith’s international programs.

Since 2002, eSmith has been evolvinginto a comprehensive gateway that allowsthe Smith community to navigate througha network of public and private informa-tion, services, and business functions ofthe Smith School and the University ofMaryland.“The internal portal at Smith isextremely progressive,” says Holly Mann,director of technology at Smith.“Noother business school offers the same levelof access to tools for collaboration,research and personal productivity.”

Smith students and faculty appreciatehow they can easily access MicrosoftWindows applications while off-campus.“eSmith allows users to run real Windowsprograms throughtheir Web browsers,”says ErnieSoffronoff, SmithIT’s associatedirector for tech-nical operations.In the past, youhad to be on acomputer insideVan MunchingHall to accesstools such asLotusNotes,

Microsoft Project, Microsoft Visio, statisti-cal applications, financial and researchdatabases, and news content from sourceslike Dow Jones, Reuters, Hoovers, andLexis/Nexis.“Remote access to theseapplications give flexibility to the facultyto use their preferred tools no matterwhich campus they teach at, and givesconvenience to the students to be able towork anywhere at any time,” saysSoffronoff. Now, students at satellite cam-puses can get the same level and quality ofaccess to systems. Users running applica-tions over the Web can still access theprinters and disks on their local machines,a great convenience for many people.

Lotus Sametime and Lotus QuickPlaceare two collaboration tools available viaeSmith. Sametime is an instant messag-ing/video conferencing application allowing real-time chats: typing, audio orvideo depending on the user capabilities.QuickPlace is a virtual team room whereinvited users can post documents, chat,create a calendar, and conduct other virtual communications.

The Blackboard course managementsystem can also be accessed via eSmithand has more than 5,200 registered usersthis semester, 240 course sites covering

447 sections, with an average of45,000 hits a day.Blackboard is apopular teachingand learning envi-ronment, featuring arobust setting forcontent managementand sharing, onlineassessments, studenttracking, assignmentand portfolio manage-ment, and virtual collaboration.

To find out moreabout eSmith, visit

portal.rhsmith.umd.edu –AAL

eSmith: Taking Care of Business in the Digital Age

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DELL’S RO PARRA '82, CENTER, WITH KATHY YON,

SECOND-YEAR MBA STUDENT, AND UNDERGRADUATES

ANYA KROUPNIK AND BRITTANY FICHTER.

In the wake of Hurricane Katrina, emer-gency management staff encounteredsome unusual data management problems.After being inspected, buildings weremarked with a sign, like a large X. Butworkers from different federal and reliefagencies didn’t know what the otheragencies’ signs represented, so many build-ings were checked multiple times ormarked with multiple signs.

“A simple Web site could have solvedthis problem by telling the agencies how tointerpret these different signs,” says LouiqaRaschid, professor of information systems.“Data sharing in a disaster can be difficultto support, even at a very simple level.”

If technology can make the differencebetween success and failure for disastermanagement, how do humanitarianorganizations choose what kinds of tech-nology to use? Raschid, Katherine

Stewart, assistant professor of informationsystems, Sanjay Gosain, assistant professorof information systems, and MBA studentJulie Inlow are working to understand thetechnology adoption process in humani-tarian relief agencies, specifically the adop-tion of free, open-source software(F/OSS).The project is now in an earlystage and is funded in part by two grantsfrom the National Science Foundation.

One of the problems with disastermanagement is that many different agen-cies come together, each with their ownproprietary software. Interoperability is keyfor successful data sharing amongst agen-cies, which is why F/OSS may be unique-ly suited for disaster management.

“Companies like Microsoft and HPdon’t have much incentive to provideways for their software programs to talk toeach other, because that’s not how you

make money,” says Raschid.“With opensource software, people can go in andwrite extra code to make two pieces ofsoftware talk to each other.”

Some humanitarian F/OSS projects arealready in the works. CiviCRM is cus-tomer relationship management softwarethat helps agencies keep track of victims,organizations, camps, and relief supplies.Stewart believes even more humanitarianagencies will become interested in usingF/OSS because the open developmentprocess provides a better quality softwareproduct and more options for customiza-tion of software.“Open source is almostlike a peer review for computer code,” saysStewart.“Anyone can contribute to theproject, but then those contributions arescreened, evaluated and tested by a widevariety of people.”


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SMITH SCHOOL RESPONDS TO HURRICANE KATRINA:

Smith Study: Open Source Software Offers Helpfor Data Sharing in Disaster Management

LEADERSDigest

Smith Enrolls Students Displaced By Katrina

Shortly after Hurricane Katrina hit the Gulf Coast, the Smith School of Businesscoordinated with the University of Maryland’s Undergraduate Admissions andRegistrar offices to extend a helping hand by admitting at least 40 studentsfrom various schools affected by the hurricane. Mostly from Tulane and LoyolaUniversities, the students were admitted as visiting students at the University ofMaryland. Students were primarily from the Washington–Baltimore area whodesired to return home after the devastation.

Because students did not have access to their academic records—many ofwhich were lost to flooding—the University of Maryland and the Smith Schoolmade special arrangements to help displaced students. Counseling sessionshelped them find appropriate classes and assistance was given to help studentswith housing and help them assimilate into campus life. Student leaders wereasked to give special attention to displaced students by inviting them to socialactivities and involving them in extra-curricular activities throughout campus.

The Smith School also helped a small number of graduate students; by the end of the fall semester, all had moved on for various reasons. By springsemester, just five Smith undergraduates remained at Smith as post-HurricaneKatrina transfers. –AM


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I helped families figure out how to get FEMA assistance. Since Iwas not a FEMA employee, just a volunteer, wearing the FEMAshirt and badge was nerve-wracking at times. I workedon the FEMA IndividualAssistance program, whichhas its share of flaws.

The experience left me with the conviction that even tech-nology developed with great intentions may not be very usefulfor the final beneficiary if the individuals involved in strategizing,planning, architecting, and designing the technology have neverexperienced the same circumstances as the final beneficiary.

Getting assistance under the current system isn’t easy.Youneed to have a pretty good Internet connection—not easy tocome by after a hurricane, and for which you may need to standin a long line.You have to know allkinds of details about your property

and your family, from Social Security numbers to insurance policydetails, all while sitting in the dark because there’s no power, orsitting in a hotel three states away.

Sometimes things just go wrong with the system. If you some-how clicked on the wrong buttons on the Web site, or the personon the phone misheard or misunderstood you, you may neverreceive a check. If you miss an arbitrary deadline, you can bedenied assistance.There were moments when I thought the lottery system would offer someone better odds of assistance.

People on prestigiousand expensive waterfrontproperties lost theirhomes to flood and wind,along with people in the

low-lying areas of New Orleans that were inhabited by the poor.Essentially the hurricane put both rich and poor all on the sameground. Several applicants for assistance admitted they had neverknown what it was like to be homeless or live in a shelter.Theysobbed for their previous lack of sensitivity.

Volunteering was a truly great learning experience. It gave methe opportunity to work with nearly a thousand families over 30continuous days from 8:30 a.m. to 7:00 p.m. Many of them wereleft with absolutely nothing. I heard their stories, their sadness andtheir hopes. It was the most rewarding experience of my life.

Rani Balasubramanyam, a part-time MBA student, took some timeoff from work and classes to volunteer with the Federal EmergencyManagement Agency after Hurricane Katrina. She shares her story.

A Volunteer’s Storyby RANI BALASUBRAMANYAM

From Popcorn toPapadums…

The MarylandUndergraduate StudentEntrepreneurs (MUSE) Club,sponsored by the DingmanCenter for Entrepreneurship,raised funds for hurricanevictims by selling popcornand cotton candy to stu-dents in the Pownall Atriumand to business people dur-ing an Open House at theDingman Center forEntrepreneurship.

The Smith MBA Association raised $2,326 forHurricane Katrina victims by collecting donations inthe Pownall Atrium in Van Munching Hall. The initia-tive was headed by two first-year MBA students, NoahGreenberg and Leslie McDowell.

First- and second-year MBA students raised money forSave the Children, an international relief organization,at a “Munch for Relief” luncheon in Van MunchingHall. More than 20 MBAs took time from their busy

end-of-semester schedule to cook and serve the meal to faculty, staff and stu-dents. With great support from the Smith Schoolcommunity, the lunch raised $950 in just twohours. Proceeds were designated for earthquakevictims in Pakistan and India.

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SMITH STUDENTS FOUND WAYS TO RESPOND TO THE MANY NEEDS OF DISASTER VICTIMS WITH TYPICAL TERP GENEROSITY.


2006 marks the Year of the Dog in theChinese lunar calendar and it is also ayear that portends great things for theSmith School in China.

Welcome to Smith’s NewestAlums–the Beijing Class of 2006!Steve Feld, Smith School executivedirector and chief operating officerof professional programs, was onhand to help award certificates ofgraduation to the 34 members ofBeijing’s EMBA Class of 2006 in agraduation ceremony on January 22,2006.Also awarding certificates wasZhunmin Chen, the president ofSmith’s partner institution in China,the University of InternationalBusiness and Economics. Join us inwelcoming our most recent alumnito the Smith community!

China Business Plan CompetitionWill Soon LaunchThe success of last year’s ChinaBusiness Plan Competition, whichgave Chinese entrepreneurs theopportunity to compete before apanel of international venture capi-talist judges for cash prizes totaling$45,000, will be followed by thelaunch of the 2006 China BusinessPlan Competition.This year’s eventpromises to be even bigger and bet-ter with the addition of a thoughtleadership conference focusing onthe development of entrepreneur-ship, corporate intrapreneurship andinnovation in the China market.Thefinal round competition and confer-ence will take place on September13, 2006. Look for more informationand updates on Smith’s China Website: www.rhsmith-umd.cn.

Smith EMBA Launches inShanghai, ChinaThe Smith School welcomed thenewest members of the Smith globalcommunity in November 2005, withthe start of the first ShanghaiExecutive MBA (EMBA) cohort inShanghai.The Shanghai EMBAprogram followsthe launch ofSmith’s Beijingprogram in January 2003.

The classkicked off with areception at thePortman Ritz-Carlton onNovember 17.Present was a mixof American, Chinese and Europeanstudents, faculty and friends of theSmith School including Hugo De

Wit of the Graduate School ofBusiness Administration (GSBA) inZürich and Zürich-based studentsfrom the recently launched Smith-GSBA Global Executive MBA program.The group of 10 Europeanstudents was present to participate in the first Shanghai EMBA class

that took place thenext day.

The European andChina-based studentsheld a soccer matchafter the final class,organized by KarlHawkins, one of thestudents in the inaugu-ral Smith ShanghaiEMBA program.Competition was

friendly and it was clear that the stu-dents enjoyed the opportunity tolearn as well as relax together! –AT

SMITH BUSINESS O SPRING 2006SMITH BUSINESS O SPRING 2006

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LEADERSDigest

Smith School in China—Growing in the Year of the Dog

Smith Offers New MS in Accounting Degree

Scandals in corporate governance have led to intense interest in bestaccounting practices, especially after the passage of the Sarbanes-Oxley Act.The Smith School is offering a new degree, the Executive MS in Accounting,with a focus on internal auditing. This unique program will help meet thebusiness world’s critical need for accountants with advanced degrees andinternal audit specialization.

The Executive MS in Accounting was developed by Smith’s world-class fac-ulty in consultation with leading public accounting firms and other account-ing professionals. The program will be delivered in an executive format, withclasses meeting on Saturdays for 15 months. In addition to the internal audittrack designed for internal auditors, a general accounting track will also beoffered as an option.

The first cohort for the MS in Accounting will begin in fall 2006. Pleasecheck the Web site for more information, or call 301.405.9564.


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It began with a class project. It ended up changing the budget-ing process for an international relief agency and being honoredas a finalist for the prestigious INFORMS Wagner Prize. Smithstudent Rick Nidel, MBA ’05, Ioannis Gamvros, a Smith PhDcandidate, and S. Raghavan,associate professor of manage-ment science, used optimiza-tion methods to help deci-sion-makers at Catholic ReliefServices, an international reliefand development agency, allo-cate the agency’s budget in away that was aligned with itsstrategies and goals.

Raghavan was teaching theMBA elective “Decision Modeling with Spreadsheets,” showingstudents how to model different types of business problems.Nidel, who had worked for Catholic Relief Services for 10 yearsbefore becoming an MBA student, immediately saw the potentialof the technology to help the agency with its budgeting process.He approached Gamvros and Raghavan, who were interested inthe challenge presented by this real-world business problem.

Each year, the agency allocatesabout $75 million in unrestrictedfunds—donations which have notbeen designated for a specific pur-pose—to relief and developmentefforts in 99 countries. CatholicRelief Services wanted its budgetto reflect its priorities: the allevia-tion of poverty, the reduction ofHIV/AIDS, the empowerment ofwomen and the preservation andpromotion of civil liberties andhuman rights.The decision processneeded to be equitable, transparentand easily understandable to theagency’s stakeholders, includingdonors and managers of relief programs around the world thatreceive support from CatholicRelief Services.

Under Raghavan’s guidance,Nidel and Gamvros designed amodel and a spreadsheet tool forthe agency, defining a metric that

helped the agency maximize the investment impact of unrestrictedfunds.The model had to take into account a plethora of complexfactors, such as the agency’s philanthropic goals, the size of acountry’s population relative to its need, the availability of publicfunding, and the efficiency of the relief program.

The project was a perfect application of theory to practice.Gamvros, Nidel and Raghavan were recognized by the Institutefor Operations Research and the Management Sciences(INFORMS) as finalists for the prestigious Daniel H.WagnerPrize for Excellence in Operations Research, putting them in theelite company of large organizations like Merrill Lynch, GeneralElectric Global Research Center, and AT&T Labs.

Catholic Relief Services was also very pleased with the resultsof the team’s work. Sean Callahan, vice president of overseasoperations, says the model has allowed the agency’s decision-makers to approach budgeting decisions with increased consistencyand professionalism.“Once we decide the percentage of invest-ment in a country, we can then place that out over five years,enabling us to do a forecast model for our budgets over a five-year period,” Callahan says, describing how Catholic ReliefServices uses the model.“People know what funding they aregoing to have this year and in subsequent years.”

Dollars and SenseAn international relief agency’s budgeting process benefits from Smith insight.

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Bookmarket

In their new book, Strategy as Action: Competitive Dynamics andCompetitive Advantage, Curtis M. Grimm, Dean’s Professor ofSupply Chain and Strategy, and Ken G. Smith, Dean’s ChairedProfessor of Strategy, recommend an action-based approach tostrategic management.“Today’s global economy is very complexand dynamic.Things are changing all the time, technology ischanging all the time, and there is global competition,” saysGrimm.“In such a complex environment, companies can’t dostrategic planning the old way, by bringing a group together andstudying an idea for a year. Companies need to be doing strategyall the time by constantly studying their competitors and takingappropriate action.”

Grimm and Smith have been studying the successes and fail-ures of corporations for more than 20 years.They recommendthat firms not only move faster, but engage in a continual evalua-tion of their actions, in effect developing a strategy as they go byseeing which actions bring about the best results.

A certain amount of failure is the inevitable result.“Firmsneed to be really aggressive and take a lot of different kinds ofactions.They’re not all going to work,” concedes Smith,“but thefirms that are nimble have consistently done better than theircompetitors.” Grimm and Smith cite several examples of veryaggressive firms that have had success with this kind of strategicmanagement, such as Wal-Mart, and GE under the leadership ofJack Welch.Though not every action those firms took was suc-cessful, overall their actions led to tremendous success.

This kind of strategy depends on understanding your com-petitors and understanding the environment in which your busi-ness operates.The book focuses on helping business leadersunderstand how to exploit their firm’s resources and advantagesto take actions which either avoid or engage their competitors.When should a firm compete versus cooperate with rivals?When should a firm attack versus defend its existing position?How should a firm attack, defend against or cooperate withrivals? Real-life examples across many industries demonstrate thekinds of actions Grimm and Smith recommend.

Strategy as Action: Competitive Dynamics and CompetitiveAdvantage is published by Oxford Press and is available in book-stores and at Amazon.com.

S. I. Gass

and A. A. Assad

An Annotated Timeline of Operations Research:

An Informal History

Springer + Business Media, New York, 2005.

K. Smith

and M. Hitt

Great Minds in Management:

The Process of Theory Development

Oxford Publishing, 2005.

Strategy As Action

“Firms need to be really aggressive andtake a lot of different kinds of actions …firms that are nimble have consistentlydone better than their competitors.”

—Ken G. Smith

NEW BOOKS

Business is a race, and you’re not going to get anywhereif you’re not moving. By the time you wait to perfect an idea, it will be too late. The fastest firm is the best-performing firm, say Smith professors.

The following books authored by Smith faculty members were recently published.



11

Speakingof Business

“Their biggest enemy is themselves.They're in China and they're transfer-ring technology and know-how. Theyare pushing their suppliers to go toChina to lower their costs here sothey can import components. In theprocess of doing so, theGeneral Motors and Ford aremanufacturing competitorsfor themselves. In someways, they are giving awaythe family jewels.”Peter Morici, professor of logis-tics, business and public policy,comments on U.S. automakers inthe China market following newsof the debut of a Chinese automaker at the Detroit Auto Show.CNN/Lou Dobbs Tonight,January 10, 2006

“Any project involving technologybecomes high-technology if youhaven't done it before.”Henry Lucas, professor of information sys-tems, discusses how to effectively manage“technology risk” and avoid having routinetechnology chores, like installing a comput-erized billing system, from becoming costly.Inc. Magazine, December 2005

“The role of educators should be toinspire, motivate, persuade, stimulate.Learning should be directed at help-ing students understand the why, notmerely to recognize the what, when,where, and how. “

Gerald Suarez, executive education seniorfellow, in an opinion article that takes a lookat the U.S. educational system and theimpact of globalization on future U.S. com-petition. The Baltimore Sun,December 5, 2005

“You now have 10 planes doing whateight could do. That tends to exacer-bate delays.”Michael Ball, Orkand Corporation Professorof Management Science, offers insight as towhy airline delays and cancellations are onthe increase. USA Today, October 3, 2005

“What these fear-based appeals do isreally make you feel a loss of control.And what you want to do is alleviatethis loss of control by taking someaction, by taking your life back intocontrol.”

Joydeep Srivastava, associateprofessor of marketing, explainshow fear-based marketingworks, using tactics used byonline marketers of purportedavian flu remedies and preven-tatives as an example.PRI/Marketplace,November 10, 2005

“These are teams that dohave discretion and deci-sion-making authority.When they see a need,

they just move and they don't wait forauthority.”Hank Sims, professor of management andorganization, using the Salvation Armyresponse during Hurricane Katrina as a suc-cessful example of a group that can respondquickly to an external situation because ithas small independent teams making deci-sions on the ground. NPR/All ThingsConsidered, November 26, 2005

“If you want to be a world-class college of business and if you're notengaged in a multinational arena, then it fundamentally doesn't work.

Institutions that don't begin this process now are going to fail.”Scott Koerwer, associate dean of professional programs and services,offering insight into trends driving business education and the MBA market. Financial Times, January 30, 2006

KnowledgeTRANSFER

Web Pop-Up Promotions: Making the Web Experience More Enjoyable?

“Congratulations, you are the1,000,000th visitor to our Web site!” saysthe balloon-filled window box thatappears on your screen every time you goto that one particular Web site. Maybe youtry to mentally tune out pop-up Web ads,or have been so annoyed with the contin-uous interruptions that you physicallyblocked them by changing your Webbrowser preferences.

With a potential Internet audienceapproaching one billion, online advertisingis only going to get more pervasive and ifyour company has a Web site—informa-tional or e-commerce—new research fromthe Smith School marketing department isabout to change your online marketingstrategy.

This groundbreaking new research tellsus that a well-timed pop-up Web promo-tion can in fact enhance a user’s Web expe-rience and encourage a longer visit.Impossible? Wendy Moe, assistant professorof marketing, says,“Contrary to popularbelief that pop-ups are at best ineffective(because of the low click-through rates) andannoying at worse, there are positive indi-rect effects that may be underestimated.”

Moe conducted a large-scale fieldexperiment at a high-traffic movie reviewWeb site where the timing and placementof interstitial promotions being offered wasvaried. Interstitial promotions—or pop-upmessages, pop-under messages, bridgepages, and in-page animations—aredesigned to attract attention and interruptthe user’s experience at the Web site.

Obviously a Web user will be interrupt-ed by a pop-up ad, but what is the percep-tion of that interruption? Did the user seethe pop-up ad on a gateway (navigationalpage with links) or content page? Was thepop-up immediately on the screen, or wasthere a delay in its appearance? Did theuser click on it?

“There are two reasons why seeing apop-up ad would make a user visit more

pages on a Web site,” says Moe.“First, indi-viduals become more involved when facedwith an interruption that is on a lower-level content page, and second, the pop-upis less likely to be perceived as an interrup-tion, thereby avoiding any of the negativereactions that arise from being interrupted.”

Moe encourages experimentation and

customization of online advertising tomake it more positively received. “Findout what is right for your site. If users areis shopping and searching and they areinterrupted, they will be distracted. But ifthe ad helps them, they will stay longer,”says Moe.

Since more people are utilizing pop-upblockers, advertisers are going to get morecreative.“Pop-up ads may disappear,” saysMoe,“but advertisers are just going to getmore creative and find new ways to inter-rupt the user within the Web page.”

Before, little research had been con-ducted to explore the effect of pop-uppromotions beyond simply looking atclick-through rates, says Moe.“Notenough companies do online experimen-tation and this project could be the blue-print for similar research.Additionalresearch in this area would improve ourunderstanding of how individuals respondto promotional interruptions and helpmarketers design more effective promo-tional tactics.” –AAL

>>MARKETING

“If someone is shopping and searching and they areinterrupted, they will be distracted. But if the ad helps them, they will stay longer.”


12


Regardless of the amount oftheir salary, a majority ofemployees feel they are com-pensated unfairly.That’s impor-tant for managers, because howemployees perceive the fairnessof their compensation has astrong effect on employeeturnover.

Kathryn Bartol, Robert H.Smith Professor of Managementand Organization, studied payraises and pay levels and theeffects both had on voluntaryturnover. Her research shows astrong correlation between lowpay raise satisfaction andemployee turnover. Employeesuse pay raises to gauge the fair-ness of how they’re being treatedand a perceived lack of fairness appears tomake turnover more likely. Pay raises alsoseem to convey to employees some infor-mation about their current worth withinthe organization.

Bartol believes that turnover is heavilyinfluenced by the perceived fairness of payallocation within an organization.“A lotof times we hear that people leavebecause they’ll receive more pay some-where else, but this research indicates thatpeople really leave an organizationbecause of concerns about the fairness ofthe way they have been treated based ontheir pay raises,” says Bartol.

Pay raises seem to indicate to employeeshow their quickly their careers are pro-gressing within an organization, especiallyas compared to others—a phenomenonBartol calls “velocity.” Employees bench-mark their pay raises in respect to those ofothers within their organizations and alsowith respect to their own previous raises.An employee who is dissatisfied with payraises may use the pattern as a signal thatvelocity is insufficient, which may drive theemployee to look elsewhere.

The results of this study suggest thatorganizations and managers need to paymore attention to pay raise procedures

and outcomes.As raises depend more onperformance, which usually involves somesubjective assessment by supervisors, pro-cedural issues become more complex andare more likely to result in perceptions ofinequity and unfairness. Ultimately, satis-faction with pay depends less on the dol-lar value of a raise than on the employee’sperception of fairness, velocity and his orher own worth to the organization.

But how do you motivate and keepyour best employees when your organiza-tion doesn’t have a lot of extra cash?Bartol recommends employers considerother types of rewards in addition to payraises in order to retain their employees.“There are other types of rewards thanpay, and managers need to get away fromthe notion that everyone needs the sameexact set of rewards,” says Bartol.“Oneemployee may value a certain trainingopportunity, while another wants flextime and a third wants a particular officelocation.As long as they are comparableand done in an upfront manner, suchreward combinations can help managerscreatively meet workers’ needs to feeltheir contributions are valued and theorganization is concerned about theirwell-being.” –RW

Pay Levels and Pay Raises FEAR-BASED MARKETING

Remember the Y2K virus? As the clocksticked over to January 1, 2000, all theworld’s computers would suddenly resettheir internal calendars to January 1,1900. Power generators would ceasespinning and communication networkswould collapse. It didn’t work out thatway, of course, but on the strength ofthose fears people stocked up on cases ofcanned food and bottled water and builtshelters in their basements.

Today’s source of anxiety isn’t the Y2Kvirus (or SARS, or anthrax), it’s bird flu.And a whole host of products are sudden-ly being marketed to those fearful of amassive pandemic, bringing economicgain to those who know how to capitalizeon others’ fears.

Joydeep Srivastava, associate professorof marketing, says that fear-based market-ing works because it appeals to a con-sumer’s desire to gain some con-trol over a perceivedthreat. “The anxietycauses you to feel aloss of control,and you want toalleviate this lossof control bytaking someaction,” saysSrivastava.

On thewhole, fear-basedmarketing maydo our collectivepsyches somegood, by helpingus feel more incontrol of a scarysituation. So don’t feelbad about stocking upfor an emergency.

Listen to an NPR interviewwith Srivastava about fear-based marketing at SmithBusiness Online.

>>MANAGEMENT >>MARKETING

KnowledgeTRANSFER

>>FINANCE


14

Smith Professor Wins Prestigious Von Humboldt Award

Do you think of yourself as arugged individualist followingyour dreams, or as a providerand caretaker, sacrificing for theneeds of others? How you per-ceive yourself influences theinvestment choices you make,according to research conduct-ed by Rebecca Hamilton, assis-tant professor of marketing, andGabriel J. Biehal, associate pro-fessor of marketing.

For one of their studies,Hamilton and Biehal construct-ed a set of four print advertise-ments designed to evoke differ-ent self-views among partici-

pants.Two adsencour-aged viewersto consider their own goals, andthe other two encouraged view-ers to consider their responsibili-ty to others.

After viewing the ads, partici-pants were given a hypotheticalbudget of $5,000 to allocateamong four mutual funds.Consumers who saw themselvesas independent of othersfocused on promotion goals—achieving financial gains—andhad a higher tolerance for risk

when choosing mutual funds.Consumers who saw themselvesas interdependent and connect-ed with others focused on pre-vention goals—preventingfinancial losses—and were moreaverse to risk.

Is it possible to change a per-son’s risk preferences? Hamiltonand Biehal’s research indicatesthat an advertisement thatencourages consumers to thinkin an independent or interde-pendent way can influence theirchoices. “Our studies usedMBAs and undergraduate busi-ness students—subjects whohave had classes in marketing.Average consumers are proba-bly less aware of being influ-

enced by marketing messagesand may be even more likely tohave their risk preferences shift-ed by the marketing messagesof financial firms,” saysHamilton.

Though it is possible forfirms to shift consumers’ riskpreferences—and thus sell moreof a certain type of investmentvehicle—it may not be wise.Consumers who are influencedby temporary factors into mak-ing an investment decisions thatare not consistent with theirlong-term goals may not behappy with the investmentcompany in the long run.

Read more about thisresearch online.

Dilip Madan, PhD ’72 (Economics),PhD ’75 (Mathematics), professor offinance, has been chosen to receive a2006 Alexander von Humboldt ResearchAward in mathematics. Humboldtawards are considered among the high-est honors given to internationally rec-ognized scholars. The winners must benominated by established researchersworking at universities or other researchinstitutions in Germany; direct applica-tions are not accepted. Forty past recip-ients of the award have gone on to behonored with the Nobel Prize in theirfields, including five of the 2005 NobelLaureates.

The award, which carries a prize of50,000 Euro, about $60,000 at currentexchange rates, recognizes Madan’sbody of research in the field of mathe-matical finance.

The trading of derivative securities infinancial markets has exploded in thelast 30 years, and these securities are

hard to value accurately. Since theBlack-Scholes model was developed inthe early 1970s, literally hundreds ofvariations of derivatives valuation mod-els have been developed to value anexpanding set of derivatives. However,few have had as significant an impacton practice as Madan’s Variance-Gamma(VG) model (developed with EugeneSeneta of the University of Sydney).Their model uses a more accuratemethodology in accounting for the wayunderlying asset prices move throughtime. It is one of three pricing modelsused by Bloomberg (along with theBlack-Scholes model and the StochasticVolatility model developed by Smithprofessor Steve Heston.)

Beyond the VG model, Madan hasbeen incredibly prolific, publishingscores of papers. He was drawn tofinance because the problems presentedby that field are mathematically inter-esting. “They come to me with real

issues which are mathematical problemsand I try to help solve them,” saysMadan. His research focuses on improv-ing the quality of pricing models,enhancing the performance of invest-ment strategies, and advancing theunderstanding and operation of effi-cient risk allocation in moderneconomies.

Madan was nominated for the awardby Ernst Eberlein, a professor at theUniversity of Freiburg, Germany. Madanplans to collaborate on research withEberlein, traveling to Germany for sev-eral month-long trips over the course ofthe next several years. He will receivethe Humboldt Award in Berlin,Germany, this July.

Madan is a professor of finance inthe Smith School. He is ManagingEditor of Mathematical Finance and asso-ciate editor for the Journal of Credit Riskand Quantitative Finance.

Self-View and Marketing


15

Faculty Awards and Honors

Gurdip Bakshi, Dean’s Professor ofFinance, was appointed associateeditor for the journal Review ofDerivatives Research.

Michael Ball, Orkand Professor ofManagement Science, and MichaelFu, professor of management sci-ence, have received a $630,000grant from NSF under the specialinitiative on “Dynamic Data DrivenApplication Systems.” The title oftheir proposal is “Dynamic Real-Time Order Promising andFulfillment for Global Make-to-Order Supply Chains.” Ball hasbeen named area editor for trans-portation in the flagship journalOperations Research.

Robert Baum, associate professorof management and organization,has been invited to join the editori-al board of Journal of BusinessVenturing, the premier journaldevoted exclusively to the domainof entrepreneurship.

Chris Bingham, assistant professorof management and organization,won the Best Paper Award at the2005 Atlanta CompetitiveAdvantage Conference for hispaper on “Opening the Black Boxof Capability Creation: TheInternationalization ofEntrepreneurial Firms.”

Hugh Courtney, DistinguishedTyser Teaching Fellow ofManagement and Organization,has been elected to the Board ofDirectors of D&E Communications,a NASDAQ-traded communicationscompany that offers telecom, data,and video services in central andeastern Pennsylvania.

Bruce Golden, France-MerrickChair in Management Science, wasthe first Conoco-PhillipsDistinguished Lecturer atOklahoma State University inOctober 2005. He also presentedtwo lectures as DistinguishedSpeaker at the 31st Lunteren

Conference on the Mathematics ofOperations Research in Lunteren,The Netherlands.

Larry Gordon, Ernst&YoungAlumni Professor of ManagerialAccounting, has been appointed asthe International Representativefor Accounting for the 2008Research Assessment Exercise (RAE)in the U.K. The RAE is the processwhich determines the researchranking, and in turn research fund-ing, for the various departments(across all disciplines) at U.K. uni-versities for several years startingin 2008.

Anil Gupta, Ralph J. TyserProfessor of Strategy andOrganization, won the Best Paper(Runner Up) Award at the 2005annual meeting of the Academy ofInternational Business for his paperon “The strategic embeddedness ofglobal business teams.” The paperwas co-authored with PhD studentQing Cao.

Rebecca Hamilton, assistant pro-fessor of marketing, was named tothe editorial board of the Journal ofConsumer Research.

David Kirsch, assistant professorof management and organization,has received additional funding forhis “Dot Com Archives” project.The Library of Congress hasextended its funding agreementunder the National DigitalInformation InfrastructurePreservation Program (NDIIPP) foran additional two years, through2007, committing an additional$813,000, bringing total direct sup-port to $1,056,000. Counting addi-tional contributions from projectpartners, the project has received$2,209,000 in funding.

Stephen Loeb, Ernst&YoungAlumni Professor of Accountingand Business Ethics, chaired theAAA 10th Ethics ResearchSymposium in San Francisco.

James Peters, Chair and TyserTeaching Fellow of Accounting, wasawarded an Outstanding FacultyService Award by the University’sStudent Honor Council.

Raghu Raghavan, assistant profes-sor of management science, and G.Anandalingam, Ralph J. TyserProfessor of Management Science,co-edited a book entitledTelecommunications Planning:Innovations in Pricing, NetworkDesign and Management, publishedin November 2005.

Violina Rindova, associate profes-sor of management and organiza-tion, has been appointed to serveas associate editor for the Academyof Management Review July 2005-July 2008.

Debra Shapiro, Clarice SmithProfessor of management andorganization, is senior editor ofManaging Multinational Teams:Global Perspectives, published byElsevier/JAI Press in July 2005.Shapiro is co-editor of the 2005issue of The Academy ofManagement Journal, “The Role ofManagement Scholarship In thePublic Sector: Using the AMJ Forumto Move Forward.”

Ken G. Smith, Dean’s Chair andProfessor of Business Strategy, wasthe program chair for the 2006annual meeting of the Academy ofManagement in Hawaii. He movesinto the vice-president's role 2006,assuming the presidency in 2007.

Susan White, Tyser TeachingFellow of Finance, is a CTE-LillyFellow for the 2005-2006 under aprogram sponsored by the Centerfor Teaching Excellence (CTE) for promoting undergraduate education.


16

> <Making the Big School SmallSmith’s new Undergraduate Fellows program leverages big-schooladvantages to create a unique small-school learning experience.


17

With 1,800 juniors and seniors and 700

freshmen and sophomores, the Smith

School undergraduate student body is a

force to be reckoned with. But a crowd

is not necessarily a community, and in

some cases size can actually be a hin-

drance. But not for the Smith School.

Watch us leverage our big-school

advantages to reinvent the future of

undergraduate business education.

Welcome to the Smith Undergraduate

Fellows program.

> Size Matters <The Smith Undergraduate Fellows pro-gram was birthed at the intersection oftwo ideas.The first idea sprang from abenchmarking exercise conducted by theSmith School at a management retreat in2004. Smith School Dean Howard Frankand his team noted that schools offeringthe very best undergraduate education dif-fered from Smith in two significant ways:they were much smaller, and they werevery highly funded. Fewer students and anabundance of cash allowed for moreenrichment activities and a greater feelingof community among students. Frank andhis team began pondering ways to create asmall-school feeling in Smith’s big-schoolenvironment.

The second idea came from Universityof Maryland President C.D.“Dan” Mote, Jr.,who in his September 13, 2004 State ofthe Campus Address issued a promise: thatall students at the University of Marylandwould have the opportunity to participatein a special program during their timehere.The university devised the President’sPromise initiative to encourage the cre-ation of such special programs.

Together, these two ideas became therecipe for the Smith UndergraduateFellows Program: a series of specialized

tracks which would create small communi-ties of scholars within the larger SmithSchool community.“Once we realized thepotential of these tracks,” says Frank,“welooked at our size in a completely differentway. It was no longer a matter of how to fixa liability, but of how to mine the potential.”

Several specialized tracks already exist:the Quality Enhancement Systems and

Teams (QUEST) honors pro-gram, the Business Honors pro-gram, and College ParkScholars, the university’sliving/learning honors program.All are tremendously success-ful—and tremendously competi-tive.“We always have more stu-dents wanting to be a part ofQUEST or the honors programthan we have slots available,” saysPatricia Cleveland, associatedean of undergraduate pro-grams.“We have such an incred-ibly talented student body.Wewanted to make these specialopportunities available to everystudent.”

Starting in fall 2006, the FreshmanFellows track will give students thoseopportunities from the very beginning oftheir time at the Smith School.The largefreshman lecture course, Introduction to21st Century Business, will be dividedinto eight sections, creating eight cohortsof 40 to 45 students within thefreshman class. Co-curricularactivities will help developrelationships within thecohorts and a sense of com-munity.Throughout theirfreshman year, students willhave the opportunity to partici-pate in large group activities and cohortactivities, ranging from field trips andmovie nights to service projects. FreshmanFellows replicates the advantages of asmall-school environment—close-knit

relationships and com-munity—with theadvantages of a big-school environment—diversity of options andplenty of opportunities.

> Learn by Doing <In their junior and senioryears, students will again havethe opportunity to participatein a Fellows track that allowsthem to specialize in a spe-cific area of business.Thiswill help them preparefor the marketplacewithout sacrificing thedepth of their generaleducation.TheEntrepreneurship Fellowstrack, to be launched in fall2006, will offer four courses onthe principles and practices of entrepre-neurship, as well as co-curricular activitieswith the Smith School’s Dingman Centerfor Entrepreneurship. EntrepreneurshipFellows will participate in projects andworkshops, help organize business plancompetitions, and meet both entrepre-neurs and venture capitalists. It’s a learn-by-doing approach that will give studentsa jump-start as they head to the businessworld.

Smith already offers a Research Fellowstrack, where students work on research

projects with faculty members, and aSmith Technology Fellows track, wherestudents apply information technologyto business problems. By fall 2008, awide range of Fellows tracks will be

offered.“Many business schools havehonors programs, but no one is offeringanything like the scope and scale of theSmith Fellows program,” says Cleveland.“We’re able to support this breadth ofprogramming because our faculty spansuch a wide range of excellence.We’re not


18

g“We always have more students wanting

to be a part of QUEST or the honors program

than we have slots available. We have such

an incredibly talented student body. We

wanted to make these special opportunities

available to every student.”

just strongin one academic discipline.We’re strong inall of them.”

“No one else is really in a position todo what we’re doing,” agrees Frank.“Noschool has better students than ours, andwe have a great faculty.The fact that weare a large school is no longer a disadvan-tage. Now it’s a competitive advantage,because it gives us the means to create andsupport so many specialized tracks.”

In fact, the Smith School’s size—large,but not enormous—is perfectly and ratheruniquely suited to offer the Fellows pro-gram.“Small business schools don’t haveenough students to offer a large number oftracks, while huge business schools wouldalso need commensurately huge financialresources to support it,” explains Frank.

Co-curricular activities—extras thatsupport what students are learning in theclassroom—are a key component of theFellows program. Internships both in theUnited States and abroad, field trips to thefloor of a Midwestern factory or the NewYork Stock Exchange, retreats and confer-ences to foster leadership skills, all con-tribute to a student’s personal growth and

development.Thefinal result is a series

of experiences thatcould only happen at the

Smith School.The amount of time a stu-

dent will spend on his or her fel-lowship, outside of regular classes, varies

from track to track. QUEST studentsattend retreats off-campus, take team-based courses and participate in an inten-sive senior-year consulting project.Entrepreneurship Fellows will take fourextra courses and participate in activitiesat the Dingman Center.Supply Chain Fellowsmay take one additionalspecialized class to groundthe program, but most oftheir extra time will bespent attending tradeshows and doing aninternship on Fridaysthroughout their juniorand senior years.International Fellows,who will carry a doublemajor in internationalbusiness and a foreign lan-guage, will study abroadfor at least one semester.

Participating in aFellows track will repre-sent a significant commit-ment of time and energyfor students. Clevelandknows that not every stu-

19

One advantage of the Smith School’s size is thebreadth of specialized tracks we are able to offer.Some of the tracks under consideration are:

g Sports Management Fellows

g Leadership Fellows

g Consulting Fellows

g Computational Marketing Fellows

g Real Estate Management

g Biotechnology Management

g Business and the Arts

g Philanthropy and Not-for-Profit Management

g Certification in Reuters, Bloomberg,

Six-Sigma

In order to makegood on thePresident’s Promise,the Smith School will eventually offer20 or more suchtracks—in effect creating a series of smaller schools within the larger school.


QU

ESTWhen employers hires an alumnus from the Quality

Enhancement Systems and Teams (QUEST) pro-gram, they’re always extremely impressed. It’s not justthat the students are very adept at using quality tools—though they are—or that they have a great depth ofsubject matter knowledge—though they do. No, whatreally impresses employers is their engagement, theircommitment, and their ability to work as part of a team.

“Not everything that students need to learn can betaught in a classroom,” says Gerald Suarez, executiveeducation senior fellow and executive director of theQUEST program. “It is the experiential aspect of QUEST,combined with the classes, theory and tools we teach,

that helps students appreciate what ittakes to be a team player and work inan environment of collaboration.”

QUEST is an honors program run asa collaborative effort by the SmithSchool and the A. James Clark School ofEngineering, and admitting studentsfrom those schools as well as theCollege of Computer, Mathematical,and Physical Sciences. Over the courseof three years, high-achieving studentsprogress through four team-basedcourses led by interdisciplinary faculty,culminating with an intensive senioryear consulting project.

But what happens between classes isas important as what happens duringclasses. QUEST is an arena where studentsinteract with faculty, other students, cor-

porations, and business processes. In classes they’reabsorbing tools for quantitative and qualitative analysis.In co-curricular activities they’re learning to see a problemfrom multiple perspectives: how would the customer lookat this? How would an engineer look at this? How woulda business person look at this? The result is students whoact like, and are perceived as, professionals, even beforethey start work in the business world.

QUEST students also get many chances to beproactive about shaping their school experience. Forone recent co-curricular activity, students planned theagenda, hired the keynote speakers, planned thegames and simulations, even selected the menu.Organizing the event was as much a learning experi-ence as the event itself.

“What happens between courses is so important,”says Suarez. “QUEST is a learning community, givingstudents a place to practice and experience things likecollaboration, commitment and teamwork.”

Learn more about QUEST atwww.rhsmith.umd.edu/quest.

QUEST

dent will be interested in taking on extraresponsibilities outside of the SmithSchool’s already-demanding regular courseload, but she expects that at least 75 per-cent of students will choose to participatein a Fellows track.

> Managing the Cost <Students may have to worry about man-aging their work when they’re in aFellows track, but they won’t have toworry about managing the cost. Fellowstracks are included in tuition, aside from afew nominal fees for events. In fact, somestudents, like the Research Fellows, receive

generous scholarships orstipends for participatingin a Fellows track.

The Smith School hascommitted to runningthe Fellows programwithout additional coststo students, but that does-n’t mean that the programis cost-free.

Much of the initial cost ofthe Fellows program is beingabsorbed by the Smith School,with a jump-start from a formerundergraduate.Alumnus Robert H.


20

RESEARCH FELLOWSTwenty-two students participated in last

semester’s launch of Smith Research

Fellows, which allows undergraduates to

partner with faculty members pursuing

research projects. Students learn through

the research process and participate in

data collection and compilation, model-

ing, presentation and other tasks under

faculty supervision while earning a

stipend for their efforts.

The Fellows worked on a variety ofprojects, including:• writing white papers on the state of

electronic markets in various industries• gathering data for a study that

examined the self-serving bias as itaffects auditors’ beliefs about trade-offs between retaining audit clientsversus improving audit quality

• testing and demonstrating auctionmechanisms for a variety of applica-tions including industrial and govern-ment procurement, real-time ticketsales for sporting events, allocationof landing/take-off slots at airports

• gathering data about private securityofferings by public firms

• collection, coding, organization, andanalysis of detailed data aboutpatents, and corresponding dataabout the companies that use themfor research on the changing natureof intellectual property

• managing the distribution of the sur-vey instruments, collecting of surveyinstruments and coding andinputting of data for a study of themotor carrier industry’s adoption ofinformation technology to managesafety performance

• Web-based coding and analysis ofdata regarding how young start-upventures in the biotech sector evolve

For a complete list of projects andmore information about Smith ResearchFellows, visit the Smith Business OnlineWeb site.

RESEARCH FELLOWS EXPERIENCE by Janelle Downing, BA 2006

I applied for the opportunity to be a Smith Research Fellowin the fall of 2005. It is a unique experience because it pro-vides me with an opportunity to gain transferable skills likelearning statistical software packages, using scholarlyresources, developing and testing research hypotheses, andwriting research articles.

I am the Research Fellow for the Center for HealthInformation and Decision Systems (CHIDS), which was initial-ly formed to encourage and sponsor research to improve the

delivery and quality of healthcare through the use of Health InformationTechnology (HIT). I joined this research center because I am interested in learningmore about the U.S. healthcare system and in the future I wish to apply and devel-op this knowledge in developing nations. There has been an increased focus byPresident Bush, as well as other politicians and administrators, on improving ourhealthcare system which makes it exciting to be at the forefront of this type ofacademic research.


21

Smith ’50 made a major commitment tothe University in 2005.“About $9 millionof his gift is being put toward making theSmith Fellows program a reality,” saysFrank.“That $9 million will flow in tothe school over the next eight years.”Theuniversity has also made a significantfinancial commitment to the program.And other alumni and corporate partnershave already shown their support aswell—for example, Citigroup gave$10,000 to send emerging student leaders(a future Fellows track) to leadershipconferences.

Alumni will also have opportunitiesto contribute their time, talents andexperience to the Fellows program.Tracks will need mentors, guest lec-turers, and expert advisors.Alumnican hire student interns, sponsor stu-dent consulting projects, or host fieldtrips to their places of business.

“There won’t be a better buy for

undergraduate education anywhere,” saysFrank.“We have the resources, we havethe commitment, and above all we haveall these excellent students. I’m convincedwe can offer the best undergraduate busi-ness education on earth.This is the kindof challenge worth doing.”

Visit Smith Business Online for moreinformation about the UndergraduateFellows program.

TheSmith Schoolhas sought inputfrom alumni indeveloping theFellows program.Alumni SteeringCommittee membersinclude Kevin Fallon ’93,vice president of Bank ofAmerica Securities, AlbertKrall ’81, partner withAccenture, and LarryGiammo ’87, mayor ofRockville, Md.

I am currently collaborating with Corey Angst, PhD candidate and associatedirector of CHIDS, on a paper which examines a relatively new innovation knownas an electronic Personal Health Record (PHR). The PHR is receiving a lot of mediaattention and we are exploring various aspects of the design and use of the tech-nology. It is exciting because we are working with real data that was collectedfrom clinicians and other stakeholders using a Web-based survey. We hope to sub-mit this for publication to a health informatics journal, which is an exciting experi-ence for an undergraduate, not only for the exposure, but also for the opportunityto understand how the academic publishing cycle works.

I also had the opportunity to attend the CIO Forum sponsored by Smith Schoolwhich featured discussions on the challenges of managing firms when technologyis changing so rapidly. There was a good discussion of the application and use ofinformation technology in the healthcare industry which was presented by aprominent panel of speakers from pharmaceutical and medical information systemscompanies. This was a terrific networking experience that allowed me to gain anunderstanding of the importance of a center like CHIDS outside academia.

g


Imagine that you have to leave your home foranother country because of war and violence, fleeingwith your family and what few possessions you cansalvage. Imagine living in temporary shelters amidstthousands of other people, many of them orphanedchildren, with limited access to food, medicine, cleanwater, and education. For Smith School junior FodaySackor, this was not imaginary—it was real.

Seven years ago, Sackor left Budumburam RefugeeCamp in Ghana, where he and his family had fled toescape persecution in his native Liberia, and started anew life in the United States.As ethnic Mandingos,Sackor and his family faced discrimination, arbitraryarrests and violence from rebel groups.“Being in awar is something I don’t wish on anyone,” says

Sackor,“but the experience shaped my life. In the refugee camp we ate the samething—soup and bread—every day for months. It has made me appreciate all the lit-tle things of my life, from the food I eat to the clothes I wear.”

When he came to the U.S., the first thing that struck him was the weather.“It’shot all the time in Liberia,” Sackor says.“It was hard to get used to the cold. But Iknew we were coming to the best country in the world, with the best educationalsystem in the world. Everybody dreams of coming to America, so when I got thechance I was overjoyed.”

Sackor is the recipient of a 2005 Chevy Chase Bank scholarship, which was a sig-nificant factor in Sackor’s decision to transfer from Montgomery College to theUniversity of Maryland.“When my family came from Liberia, we didn’t have thefinancial resources to send me to college.Without scholarships, I wouldn’t have beenable to go to school here.”

Sackor is a great addition to the Smith School community. He was elected a jun-ior representative to the Smith School at Shady Grove and was elected president ofthe Universities at Shady Grove Association. He also started his own business,Academic Scholar Tutor, which provides math tutoring to Montgomery College stu-dents taking remedial and advanced math courses as well as students at Northwest,Watkins Mill, and Seneca Valley High Schools. Sackor works with two fellow SmithSchool students, who are partners in the company, and between seven and 15 tutors.Sackor manages payroll as well as scheduling and programming.Although he tries tokeep his commitments down during the semester, so he can focus on classes, thebusiness keeps expanding: Sackor is currently working on a deal to provide tutoringto 72 children at a local community center.

Sackor considers himself an American now, and has an older brother in Iraq, serv-ing in the Army National Guard. Sackor has a younger sister, too, who has her sightsset on the Smith School.“She says she’d love to come here,” says Sackor.“That’s likeme.When I was in high school, I told my teachers that one day I’d get into theSmith School of Business. Now here I am.”

Sackor doesn’t have his future planned out yet, as he’s too busy working on his pres-ent. He thinks perhaps he’ll get a law degree and an MBA, and concentrate on runninghis own company, doing something that will keep changing the world for the better.“Whatever I do,” Sackor says,“I know for a fact I am going to make a difference.”

Smith Scholarship Recipient FollowingDreams After Fleeing War-Torn Liberia

Sally Reagan ’75, who is now an assistant

vice president with a global financial services

firm, has personally experienced many of the

challenges that women historically faced in

the workplace. She came to the Smith School

because at the time most undergraduate busi-

ness schools weren’t accepting women as stu-

dents. After she graduated, she struggled to

find work that wasn’t secretarial in nature.

Today, she sees female business leaders

keeping pace with their male counterparts.

“How times have changed,” says Reagan.

“It is encouraging to see how many

women in the younger generation are

aggressively pursuing advanced

degrees and how hard they are

working to excel.”

Reagan worked in sales in the

computer industry before making

a most unusual career change at

the age of 40—to the financial servic-

es industry, where even today women are

not well-represented. She pursued success in

this highly competitive career with the same

dogged determination with which she had

approached her education.

One of the most significant triumphs of

Reagan’s career was convincing her employer

to use herself and a client in a national televi-

sion ad campaign. The company chose only

six of its 14,000 financial advisors to feature in

the 30-second commercials. “The commercial

was wonderful,” says Reagan. “It focused on

the history of women in the suffrage move-

ment and blended with the message of how

women need to manage their money. The

spot ran on numerous networks around the

world in 2000.”

Reagan credits her Smith School education

with teaching her one of the key principles in

her field: that if one is to have longevity, one

must continually improve on the old and

embrace the new—the statement of a true

leader for the ever-changing digital economy.

Reagan stays connected to the Smith

School by attending alumni events in the New

York area. She lives in Greenwich, CT.

Connections

22

60 SECONDS WITH…


23

The Atrium is the center of VanMunching Hall and the heart of

the Smith School. So it is fit-ting that the Atrium shouldbear the name of Thomas G.

Pownall, a man with a greatheart, as well as a great head for

business. The naming gift, givenby Eric Billings ’77 and wifeMarianne “Fuzzy” Billings, hon-ors Fuzzy’s father Thomas G.Pownall, business leader and

near-legendary head of MartinMarietta Corporation, best knownfor fending off a hostile takeover

of Martin Marietta by BendixCorporation in the early 1980s. “He was

a charismatic man and a great leader,” saysBillings. “Nothing I could say would do

justice to him as a person.”

The naming ceremony was held onTuesday, November 15, 2005. Attendeesincluded Eric and Fuzzy Billings, Susan Locke,Dean Howard Frank, University of MarylandPresident Dan Mote, and many friends of theschool and Mr. Pownall.

Mote commented on the ways the universi-ty has worked to bring itself to world-class sta-tus, including an initiative to bring more alum-ni to leadership positions within the university.“We strive to be recognized by great names,”said Mote. “It’s a very great treat for theUniversity of Maryland to have the Atriumnamed after Thomas G. Pownall.” –RW

A: When it comes to interviewing, we allknow the basic rules. It is common knowl-edge that a floppy handshake can leave alukewarm impression. But did you realizethe power of engaging eye contact?

For those of you in the game to win thetitle, read on to find out how you can standout in a crowd and truly make an impres-sion on interview day.

1) Prepare like it’s a final exam.Thoroughly research the company—andthen show off your knowledge. Have ques-tions prepared and make it clear that youare serious about working for this companyand see yourself as a member of the team.

2) Engage the interviewer.Eye contact and engaged body languageconvey your interest and the sincerity of

your pitch. It’s hard to buy into the wordsof someone looking down at their notepad.Conversing with your interviewer will buyyou more points than reciting sound bytesmemorized the night prior.

3) Sound ambitious, not greedy. Save questions about hours and perks likevacation and tuition remission for HR.Instead, ask whether there could be a long-term role for you at the company. No onewants to hire a job jumper—let them knowyou intend to be there for the long haul.

4) Confidence, confidence, confidence.Today’s employers realize the positive valueyour energy can bring to their organization.So don’t sell yourself short by relying solelyon your resume skills. Instill confidence andenthusiasm, and allow your interviewer toenvision you succeeding in the position.

Ask the OCM INTERVIEWING TO IMPRESS:

HOW TO STAND OUT

ROBERT ISAMAN ’85 DELIVERS COMMENCEMENTADDRESS

Robert Isaman ’85, vice president,integration at UTC Fire & Security(UTCFS), a division of UnitedTechnologies Corporation, gavethe keynote address at the SmithSchool’s winter commencementon Thursday, December 22, 2005.Eight doctoral, 25 executive MBA,100 MBA/MS, and 210 undergrad-uate business degrees were award-ed at the ceremony, which tookplace at the Comcast Center.

Isaman, who is responsible forthe worldwide integration ofacquisitions into the new UTCFSbusiness division, received a 2004Friendship Award from thePeople’s Republic of China. It isthe supreme prize the Chinesegovernment confers to foreignexperts who have made out-standing contributions to China’seconomic and social progress.

“Great leaders have an abilityto laugh at themselves, to listento advice from those that theylove, and to include those thatthey love in their successes,” saidIsaman. “Successful leaders knowthat no one does it alone.”

Visit the Web site to viewvideo of all graduation speeches.

THE SMITH SCHOOL’S OFFICE OF CAREER MANAGEMENT (OCM) OFFERS CAREER ASSISTANCE TO ALUMNI AS WELL AS CURRENT

STUDENTS. HAVE A QUESTION FOR THE OCM? SUBMIT IT VIA E-MAIL TO [email protected].

L TO R: PRESIDENT DAN MOTE; SUSAN

LOCKE, DAUGHTER OF THOMAS G.

POWNALL; ERIC BILLINGS ’77, SON-IN-LAW

OF POWNALL; FUZZY BILLINGS, DAUGHTER

OF POWNALL; AND DEAN HOWARD FRANK. AT

LEFT: BUSINESS LEADER AND OUTDOORSMAN, POWNALL.

Thomas G. Pownall Atrium Named for Legendary Head of Martin Marietta

SMITH BUSINESS O SPRING 2006SMITH BUSINESS O SPRING 2006SMITH BUSINESS O SPRING 2006

24

Connections

Frederick AlumniNetworking EventMarch 16, 2006

6:30 to 8:30 p.m.

Holiday Inn, Holidome &

Conference Center, Frederick

Join Smith alumni in the

Frederick region for the inau-

gural event of this alumni

chapter. Smith professor Larry

Gordon, co-author with

Martin Loeb of Managing

CyberSecurity Resources: A Cost-

Benefit Analysis, will provide

the group with useful tips to

help managers understand

how to use cybersecurity

resources more effectively.

Alumni AssociationAwards GalaApril 8, 2006, 7:00 p.m.

Riggs Alumni Center

The alumni association will cel-

ebrate its shining stars at the

Annual Awards Gala at the

Samuel Riggs IV Alumni

Center. This event recognizes

alumni association award

recipients and college/school

distinguished alumni, includ-

ing the Smith School’s Robert

Johnson ’80.

Finance Networking EventApril 11, 2006

6:30 to 8:30 p.m.

Van Munching Hall

Dave Goldfarb ’79, chief

administrative officer of

Lehman Brothers Holdings

Inc., discusses corporate

culture and the reasons for

the company's successful and

permanent transformation

into one of the world’s

premier global investment

banks.

Northern VirginiaAlumni NetworkingEventApril 18, 2006

6:30 to 8:30 p.m.

The Ritz-Carlton

Tysons Corner, VA

Join Dean Frank and fellow

alumni to hear Ken Rehmann

’84, vice president of finance

and business development for

Ritz-Carlton, share details of

Ritz-Carlton’s branding strate-

gy and the company’s philoso-

phy for achieving excellence in

customer service with the

audience.

Joseph M. WiklerFinance CaseCompetitionApril 27, 2006

9:00 a.m. to 5:00 p.m.

Van Munching Hall

Undergraduate students will

showcase their abilities while

simulating roles in the finan-

cial management profession.

NetcentricityConferenceApril 28, 2006

8:30 a.m. to 3:00 p.m.

Learn about “The Future of the

Digital Enterprise” with busi-

ness leaders and scholars from

around the region presention

thought leadership in informa-

tion systems, operations and

supply chain management,

and electronic markets.

Maryland DayApril 29, 2006

10:00 a.m. to 4:00 p.m.

McKeldin Mall

Join your fellow Terps

for a day of fun and celebra-

tion. Be sure to stop by our

booth on McKeldin Mall for

some great Smith stuff!

Smith UndergraduateAwards BanquetMay 4, 2006

6:00 to 10:00 p.m.

Riggs Alumni Center

Milton Matthews ’68 will

host this celebration of the

achievements and accomplish-

ments of our undergraduate

students.

Alumni Mentor Program& Awards PicnicMay 6, 2006

11:00 a.m. to 4:00 p.m.

Van Munching Hall – Frank

Auditorium & Thomas G.

Pownall Atrium

The Alumni Mentor Program

closes out the year by

acknowledging the Senior

Mentor of the Year, Young

Mentor of the Year, Cluster of

the Year, and Coordinator of

the Year. Dean Frank will

speak.

Smith SchoolCommencementMay 22, 2006, 4:00 p.m.

UM – Comcast Center; 1,000

graduates

Carly Fiorina, MBA ’80 for-

mer chairman and chief execu-

tive officer of Hewlett-Packard,

will be the keynote speaker at

the spring commencement

ceremony.

Up

com

ing

Eve

nts

SPR

ING

ALUMNUS RICARDO BENNLEADS ALUMNI MENTORPROGRAM

Ricardo Benn CPENGR ’94, MBA’99, is a busy guy,but he counts thehours he spends co-

chairing the AlumniMentor Program

Committee as time wellspent. “I really enjoy the connec-tion with the student body. It letsme stay connected to changeswithin the Smith School and theuniversity.”

Benn is committed to helpingstudents understand the impor-tance of building and maintainingtheir network within the Smithcommunity. “I don’t think currentstudents always recognize thestrategic advantage representedby their classmates,” says Benn. “Ican’t tell you how many times Icall upon the same internal net-work of folks I met during busi-ness school when I’m dealingwith a professional problem.”

Benn is a principal with BoozAllen Hamilton, leading the orga-nization’s business in the commer-cial sector, mainly with a technol-ogy focus, and also works in thecivil public sector, focused on thefinancial applications of technolo-gy problems.

His job keeps him busy, butBenn values the time he spendswith Smith students. “We as mentors help students haveanother node in their network of connections, but we are alsohelping to develop the broad webof business networking connec-tions that is a hallmark of everytop-notch MBA program.”

For more information aboutthe Alumni Mentor program,please contact Pamela Ezzat, 301.405.0161, or e-mail [email protected].

THE SMITH SCHOOL WELCOMES11 NEW MEMBERS TO THEBOARD OF VISITORS.

U Lee Becker ’85Director, Boomer EsiasonFoundation

U Rita Carton, MBA ’79Vice President, Operations Management, Buena Vista HomeEntertainment

U Joe Chow, MBA ’93Chief Financial Officer, HarbourNetworks

U Mike Corvino, President, JanSport

U Steve Finney, MBA ’83Senior Vice President, Disney Retail

U Terry Fitzpatrick ’75Senior Vice President, SAIC

U Robert Isaman ’85Vice President of Integration,United Technologies Corp-Fire & Safety

U Mark OrdanChief Executive Officer, Balducci’s

U Richard Schaeffer ’74Executive Director, Global EnergyFutures and Vice Chair, New YorkMercantile Exchange

U Ed Stein ’81Principal, Sandler O’Neill &Partners

U David Trone ’88, MBA ’95Senior Vice President and SeniorAnalyst, Fox-Pitt, Kelton


25

MAJOR ROBERT D. FRANSON, MBA ’00,has two jobs—the civilian one, and the military one. A member of the United StatesMarine Corps Reserve, Franson recentlyreturned from a seven-month deployment to Afghanistan, during which he served as aMarine Corps combat advisor to the AfghanNational Army. Franson was on active dutywith the Marines for five years in the 90sbefore he left to get his MBA degree at theSmith School. He joined the Marine CorpsReserve shortly after 9/11. Since then he’sbeen deployed twice, to Iraq andAfghanistan.

While in Afghanistan, Franson participatedin numerous combat operations against bothTaliban and al Qaeda insurgents along thePakistan border, resulting in the discovery ofseveral sizeable weapons caches and the cap-ture or killing of numerous Taliban and alQaeda terrorists.

Franson also dealt with Afghan tribal leaderson the border to gain intelligence about insur-gents. He would explain to the leaders theimportance of supporting Afghanistan’s newcentral government rather than the insurgents.“There is so little infrastructure—no runningwater, no electricity—that even people whoare just 40 miles from the capital often knownothing about the new government.”

Franson says that most Afghan peopleresponded to him in an “overwhelmingly

positive” way. “Some of them had never seenan American before. We literally representedthe face of the United States to them,” saysFranson.

In 2003, he was deployed for 12 months toboth the Persian Gulf and the Philippines aspart of a Marine Infantry Battalion supportingthe invasion of Iraq.

Is Franson using his Smith School education in the Middle East? “Not really,” he laughs. “I’m an infantry officer. I use mybusiness education in my civilian life.” Whenhe’s not making the world safe for democracy,Franson is an AVP in the Debt Products Groupat GE Energy Financial Services, where he has worked since early 2004. “GE has beenincredibly supportive of my Reserve service,”says Franson.

60 SECONDS WITH…

w w w . t h e s m i t h s t o r e . c o m

ST RE

GO SHOPPING!

MAJOR ROB FRANSON POSES WITH TALIBAN PROJECTILE

AND BOMB-MAKING EQUIPMENT CAPTURED AFTER A SUC-

CESSFUL JOINT U.S. AND AFGHAN CORDON AND SEARCH

OPERATION IN THE VOLATILE KORNGOL VALLEY OF EAST-

ERN AFGHANISTAN.


26

’60sDonald A. Gabriel ’62 wasappointed by Maryland GovernorRobert L. Ehrlich, Jr. to the Boardof Trustees of Baltimore CityCommunity College in July 2005.

Joseph Lieberson ’64 retired ear-lier this year after 38 years as asenior economist within the U.S.Agency for InternationalDevelopment (USAID). Duringhis career he worked in 40 coun-tries to improve the income andwelfare of the poor, living inplaces as diverse as Bangladesh,Pakistan and Kenya. TheUniversity of Maryland is a tradi-tion in the family: his wife, AnnNewlin Leiberson, received her BAin history in 1995; son Matthewreceived a BA in economics in1993 and son Daniel received aBA in business administration in1990 and an MBA in 2004.

Jay H. Nussbaum ’66 is the global head of sales, marketingand business development forCitigroup Global TransactionServices, a division of Citigroupwhich handles cash management,trade, securities services, andfund services.

Neal Shear ’76 is head of thefixed income division and co-head of institutional sales andtrading for Morgan Stanley.

’70sA. Thomas Finnell ’76 is execu-tive vice president of MarylandFirst Financial Services Corp., aBaltimore-based firm that special-izes in financial issues pertainingprimarily to intellectual property,valuation matters, and servicesrelated to bankruptcy and insol-vency.

Stephen E. Heise, MBA ’76, isvice president of human resourcesof Tropicana Casino and Resort inAtlantic City, NJ.

Zev Kaplan ’74 is founder of alaw firm concentrating its practicein the areas of transportation,infrastructure, government rela-tions, and business and adminis-trative law.

Odonna Mathews ’72, MBA ’82,who served as the Giant FoodCompany’s consumer advisorsince 1977, retired after 28 yearsas the public face of the company.

James Melonas ’70 foundedEmpyrean Partners, a businessdevelopment and managementadvisory firm that servesearly/mid-stage telecommunica-tions and information technologycompanies.

John Moore, MBA ’79, joinedthe board of directors for GlobalSecure Corp. in August 2005.

Paul J. Norris, MBA ’71, is non-executive chairman of the boardof W.R. Grace Company, a globalspecialty chemicals company.

Shelia C. Parker ’73 is contractsmanager at Lockheed MartinCorporation’s subsidiary,Lockheed Martin FederalHealthcare.

Stephen Oliner ’74 was electedtreasurer of the Maryland Lawyersfor the Arts.

’80sBruce G. Dubinsky ’83 is a share-holder with the certified publicaccounting firm of KlausnerDubinsky + Associates, P.C. inBethesda, MD, and its director offorensic accounting and disputeanalysis practice.

Carly Fiorina, MBA ’80, joinedthe Board of Directors ofCybertrust, a global informationsecurity specialist. “Informationsecurity will be a key driver ofgrowth and innovation in thetechnology industry for years tocome,” says Fiorina in aCybertrust news release.

Charles Hasper, MBA ’88, hasjoined Global Secure Corp., aprovider of integrated productsand services for the homelandsecurity industry, as chief financialofficer and a director.

William W. Heintzelman ’87 isvice president of Evergreen Co.,assisting clients with businessstrategy, restructuring, financing,developing and implementingbusiness plans, internal controlsand reporting, cash flow manage-ment, budget preparation, andother profitability and businessdevelopment projects.

Meg G. Mekelburg, MBA ’82, isthe administrative assistant forHoward County CONNECTIONSand co-founder of IndividualDifferences in Learning, a non-profit organization that supportschildren with learning disabilitiesand ADHD.

’90sJennifer Connorton, MBA ’98,married Dr. Brendan Mulholland onNovember 26, 2005.

Julie (Terhark) Elginer, MBA ’99,and her husband John welcomethe birth of their son, Jack, onAugust 16, 2005. Elginer is a sen-ior marketing manager at Amgenin Thousand Oaks, CA.

Harold Falcon ’99 received anMA degree from the University ofDelaware.

Keith Gregg, MBA ’93, hasjoined the Board of Directors ofAdvanced Biotherapy, Inc. Greggis a managing partner ofBioPharm Development Group, aglobal business development andlicensing firm.

Matthew Klein ’95 and his wifeKristine announce the adoptionof 3 year-old Sasha Tatiana Kleinfrom Russia. Klein is the directorof pricing and revenue manage-ment for Air Tran Airways inOrlando, FL.

UpdatesClass Notes

Connections

Gary J. Merwitz ’92 is a member ofthe small cap value equity team forInvestment Counselors of Maryland.

Evan Morick ’98 married MichellePoggi.

James M. Rallo, MBA ’95, is chieffinancial officer and treasurer ofLiquidity Services Inc.

Karen Rigby ’98, MBA ’01, is amember of the U.S. Department ofLabor’s MBA Fellows program.

Fabrizio Roman ’93 married LynneCiardulli on July 9, 2005.

Linda Rubin ’95 married JoshuaChad King on January 15, 2005.

Ray Schiavone, MBA ’98, is presi-dent and CEO of Arbortext, a globalleader in enterprise publishing soft-ware.

James G. Spencer ’90 is chief finan-cial officer, secretary, and treasurerfor Allion Healthcare Inc.

Daniel Wolford ’99 married AngelaBaskette on June 16, 2005.

John Woolford, ’94, MBA ’00, isdirector of business planning forLentigen Corporation, a privatelyheld biotechnology companyfocused on the manufacturing anddevelopment of research and thera-peutic grade lentiviral vectors.

’00sAfzalul Bari ’02 is currently volun-teering in Bangladesh, working onpoverty alleviation and microfinanceissues with the nonprofit GrameenBank.

Michael Brueck ’01 has joined theNew York office of Shearman &Sterling LLP as an associate in thecapital markets group.

Rose Cohen, MBA ’03, is vice presi-dent and senior banker inWashington, D.C., for J.P. MorganPrivate Bank, a wealth managementarm of J.P. Morgan Chase & Co.

Christian Fleming ’05 married Ashley Turba.


27

Thomas Hitselberger, MBA ’02,married Kelly Meehan onNovember 12, 2005 at Shrine ofthe Sacred Heart in Mt.Washington, MD. Hitselberger is asenior manager of finance withEMC, formerly Internosis.

Ryan Katz ’00 is director of clientservice at Congruent Media.

Lindsay Littlefield ’03 is engagedto marry Ryan Schoonmaker, a2004 UM graduate in mechanicalengineering.

Melissa Luksis ’00 is engaged toAdam Perez. A May ’06 wedding isplanned. Luksis works in MarketingOperations for SAS Institute inCary, NC.

Jeff Morrison ’01 is engaged to Ann Evans.

Julie McElfish, MBA ’03, is themanaging director for Heart ofAfrica, a nonprofit helping poorAfricans establish businesses andbegin entrepreneurial ventures.

David S. Rosen ’01 joined the liti-gation practice group of Hodes,Ulman, Pessin & Katz.

Ryan Michael Thomas ’02 marriedShannon Kathleen Babe on May21, 2005, in Frederick, MD.

Donta Wilson, MBA ’05, wasnamed regional president of theVirginia-based Battlefield communi-ty bank region for BB&TCorporation.

Information for Alumni News andNotes may be sent [email protected] orEditor, 3570D Van MunchingHall, University of Maryland,College Park, MD, 20742-1815.

You can view even more infor-mation about your fellow alumniat the eAlumni Network.alumninetwork.rhsmith.umd.edu

This summer, construction will begin on a new annex which will add 38,000square feet of office and classroomspace to the north end of VanMunching Hall, the Smith School’shome. Groundbreaking is slated forsummer 2006 and completion inOctober 2007. The new annex will bringthe building to 238,000 square feet.

As the school has grown, the needfor additional space has become acute.The PhD program has experiencedtremendous growth and now has 110students, creating a need for moreoffices. There isn’t enough classroomspace, so 13 percent of the school’sundergraduate courses meet in theTawes Building. The new annex will notonly solve these problems, it will createan improved learning experience for allSmith students.

“The Smith School already boastsone of the most technologicallyadvanced facilities directed at manage-ment education in the world,” saysDean Howard Frank. “We will set thebar a notch higher with newly designedclassrooms, research space, conferenceand student resource areas – all of whichwill be equipped with next-generationtechnology infrastructure.”

The annex will include an entranceplaza and attractive green space. Theannex will be Van Munching Hall’s sec-ond expansion since 1993, when theoriginal facility was constructed.

The original portion of the buildingwas given a significant renovation thiswinter. Cosmetic changes include newpaint, new carpet and improved light-ing. More significant are the technologyupgrades, which include installation ofthe latest connectivity, cabling andaudio-visual equipment linked to a mas-ter control center providing central con-trol and projection of all classroomimages. Van Munching Hall’s advancedtechnology infrastructure includes com-plete wireless network coverage, fourstudent computer labs, and five netcen-tric teaching and research labs.

The main entrance of Van MunchingHall has also gotten afacelift, as the blacktopparking lot has beenreplaced by an expanse oflawn, paths, and 41 youngand mature trees. The proj-ect, which was financed bygifts from Smith alumni,give the area an estab-lished, park-like feel.

Construction of New Van Munching Hall Annex to Begin

SMITH BUSINESS O SPRING 2006SMITH BUSINESS O SPRING 2006SMITH BUSINESS O SPRING 2006

28

Connections

Joe Fitzpatrick ’49was a Marine sta-tioned in the SouthPacific during WorldWar II. Of the 72young men in his platoon, only foursurvived to return to their homes andfamilies. Fitzpatrickwas a radio naviga-tor/gunner on a two-man bomberplane, the Curtis-Wright Helldiver, until he broke his ankle.At that pointhe was sent home by ship. Six days out from San Diego,the ship ran out of food, so Fitzpatrick and the otherMarines on board ate nothing but pancakes andsorghum for six days.When he was discharged, he came home andentered the business school at the University of Maryland.

Fitzpatrick died last fall, but his stories about the war and theuniversity are now collected in the Smith School’s video archivesas part of an unusual oral history project sponsored by his son,Terry Fitzpatrick ’75.As part of the project, students in theUniversity of Maryland’s College Park Scholars program video-taped interviews with three World War II veterans who came tothe University of Maryland under the G.I. Bill. JosephFitzpatrick ’49, Ambrose Klotz ’55, and Alvin Lann ’58spent an afternoon with the Scholars downloading theirmemories of the University of Maryland in the post-World-War-II years.

Listening to the videotaped interviews gives one asense of each man’s experiences on campus.Alvin Lannplayed basketball; Joe Fitzpatrick played baseball;AmbroseKlotz never even attended a sports event on campus.Lann went on to retail management, Fitzpatrickto a career in sales and printing, and Klotz tobe a top-level manager in the federal govern-ment. But all of them say their educationwouldn’t have been possible without theG.I. Bill.

The U.S. government passed the G.I.Bill in part to forestall the millions ofyoung men and women who were leav-ing the military after World War II fromflooding the job market and driving upunemployment while the national econ-

omy adjusted to post-war conditions.The Bill paid for a veteran’s tuition andbooks and included a small stipend that

helped defray their living expenses.In 1947, half of the country’scollege students were veterans.

“The G.I. Bill was thegreatest thing that ever hap-pened to me besides mar-riage,” said Fitzpatrick in thevideo interview.“I never hadan inkling I would ever go tocollege. My father went to

Making MemoriesThree Generations of Family at the Smith School

Preserving Our Stories

Fitzpatrick, was among thousands of veter-

ans who came to the University of Maryland

courtesy of the G.I. Bill. His story, along with

those of Lann and Klotz might have been

lost were it not for Terry Fitzpatrick ’75, who

sponsored the oral history project.

“My father, like many veterans of World War II, didn’t

talk much about the war, or he just concentrated on the humorous

anecdotes,” says Fitzpatrick. “He and the other veter-

ans who were interviewed had a unique perspective

on the war and what it was like to be part of the

College Park campus during those post-war years.”

Joe Fitzpatrick brought the benefit of his experi-

ences as a veteran to his classes at the university.

“Those are hard-earned life lessons, and you don’t

want kids to have to go to war to learn them,” says

his son Terry.

Fitzpatrick wanted to encourage interaction

between today’s students, whose lives revolve around the super-fast

communication of cell phones, text messaging and the Internet, and

older alumni, for whom communication was a slower but richer

experience. He also wanted to contribute something that would

help alumni stay connected to the University throughout their life-

times. Fitzpatrick hopes the project can be ongoing, continuing to

gather the recollections of alumni throughout the decades.

Joe Fitzpatrick’s memories were recorded by his granddaughter,

College Park Scholar Jenny Fitzpatrick, Terry Fitzpatrick’s daughter,

now a junior at the University of Maryland. For them, the

project was a piece of family history as well as university

history. Capturing those memories was a priceless gift

for the Fitzpatrick family. It was the last recorded

film of Joe Fitzpatrick, who died last fall.

IN A PHOTO TAKEN BEFORE HIS DEATH,

JOE FITZPATRICK ’49 STANDS WITH

GRANDDAUGHTER JENNY FITZPATRICK

AND WIFE MILDRED FITZPATRICK.


29

ClocktowerThe Clocktower Club is a community of alumni

and friends, recognized for their contributions of $1,000 or

greater to the Robert H. Smith School of Business. Last year,

Clocktower Club members provided scholarships to deserving

and gifted students, supported faculty development and

research, continued to renew technology and equipment, and

expanded programs and offerings for students and alumni.

Please join this exclusive community by contacting Christina

Hardy ’90, 301.405.9458, for more information.

The

Club

work at 13 without a high school education, and my mother neverwent to high school. Being the oldest boy, there was very littlechance that I’d ever go to college. Going to college gave me awhole different approach to life, for which I’m eternally grateful.”

The university made a great effort to accommodate ex-ser-vicemen.When he came to Maryland, it had been five years sinceFitzpatrick last looked at a textbook; he says he wouldn’t havemade it through accounting without the help he got from studenttutors.Ambrose Klotz didn’t do anything on campus but take

classes, because he also worked at a local gro-cery to provide for his wife and growingyoung family.“The University of Marylandwent out of its way to help veterans succeed,”said Klotz.“My first child was born duringfinals week my freshman year, and my profes-sors all made allowances.They treated veteransvery well.”

University life changed with so many veter-ans on campus. During Fitzpatrick’s years play-ing baseball for the university under the leader-ship of legendary coach H. Burton Shipley, theteam was made up of Marine majors and Navy commanders, all over the age of 21. Combatexperience and world travel made them self-confident, assured, and adults in every way, andthey expected to be treated as such.Thissometimes came as a surprise.“Poor CoachShipley.The first trip [the baseball team] took

was to Richmond. Stuffy Evans (a teammate) said, ‘Ship, they’reyours in the day, but at night they’re mine,’ and we went out anddrank beer,” Fitzpatrick recounted.

These Smith alumni remembrances offer a unique perspectiveon a unique time in University history. Excerpts fromFitzpatrick’s interview, along with those of Klotz and Lann, canbe viewed at Smith Business Online.

Share a memory of your own by logging on to eAlumni Network andposting on the UMemories forum, under “communities.”

eAlumni Network – Making the Connection

Watching the Terps men’s basketball team take on Virginia Tech from

a luxury suite in Comcast Center – with Testudo – might be some-

thing that you dream about if you’re a big fan of Maryland sports.

Luckily, that was the case for the

winner of a contest held to launch

the new Smith eAlumni Network.

Denny Goforth ’98, vice presi-

dent of UBS Financial Services, Inc.,

was the winner of the Smith

School’s suite in Comcast Center

for the Maryland-Va. Tech game on

January 21. All Smith School alumni who

updated their profiles on the Smith

eAlumni Network last year were put into

the drawing, which included tickets for

16 people in the luxury suite, UM goodie

bags and a buffet of stadium fare.

“I don’t normally enter contests and

certainly don’t win,” said Goforth, who

brought his wife and twin toddlers to

the game, along with 12 UM alumni

friends. “It was difficult for me to believe.

After that feeling quickly wore off, I was

excited and quickly started making a

mental list of who I could invite.”

Dean Howard Frank welcomed Goforth, his family, and friends

to the suite, and Testudo stopped by to celebrate right before

halftime. This was the first trip to a basketball game for Goforth’s

twins (Benjamin and Emily), though the family regularly attends

UM sporting events. “Meeting and high-fiving Testudo was proba-

bly the highlight for both of them.”

Goforth says, “It was a great experience – for me, for my fam-

ily and for my friends. Being able to watch the game from the

luxury of a suite was wonderful. Being together with my friends

and family was even better. Best of all, we won the game!”

To update your information and reconnect with old friends,

log on to the Smith eAlumni Network at: http://www.alumninet-

work.rhsmith.umd.edu.


30

Alumni Profile

David Trone (CS ’88), MBA ’95, is a famil-iar face for those who follow financial news.In his role as a leading financial analyst withFox-Pitt, Kelton,Trone is often quoted inpublications like The Wall Street Journal,Business Week and Forbes magazine andappears several times a month on suchCNBC programs as “Closing Bell” and“Squawk Box.” He has a 5-star rating fromStarmine and a reputation for both uncannyacumen and unshakeable principles.Trone is an equity research analyst coveringthe stocks of financial services companies.His clients are giant institutional investorslike Fidelity and T. Rowe Price, who seekhis advice on which stocks to add orremove from their portfolios.Trone says itis exciting and high-profile work, but alsohigh-risk.“There are substantial expecta-tions,” says Trone,“not only of your profi-ciency in picking stocks, but also of yourinsightfulness—how you think about acompany, but also how you think of yourentire industry.”

Trone began his career in the computersoftware industry, but when he moved intomanagement found that he needed someadditional business skills to move his careeralong. He enrolled in the Smith School part-time MBA program, and enjoyed the classesso much that he eventually transferred to thefull-time program.“As an undergraduatecomputer science major, I had never taken a

business course,” says Trone.“The MBA pro-gram was challenging, but it opened up awhole new world for me.”

Trone, who was interested in marketing,intended to work for a big consumer prod-ucts company after finishing his MBA.Instead he took a job with Bank of NewYork.That was his first step into the worldof finance.

“One of the things I learned at theSmith School was to never stop network-ing,” says Trone. In his first year at Bank ofNew York, he met a fellow Terp who wasalso one of the world’s top financial ana-lysts.That contact offered Trone a job atCredit Suisse First Boston right before thestock market took off in the late 1990s.“Iexperienced some very heady times,” saysTrone.“Everything you read about in thenewspapers I saw from point-blank range.”

“Our team was independent frominvestment bankers—we actually had sellson stocks, which was unheard of at thattime,” says Trone.When Credit Suisse First

Boston merged with DLJ, another majorWall Street firm,Trone’s entire team wasfired, because they were considered tooindependent,Trone says. It became a majorcontroversy, with the team considered bymany to be the poster children—and mar-tyrs—for independent research in the indus-try. Since then, there has been an increasedfocus on regulation within the industry and

a push to create more independence amonganalysts.

In the past few years, increased scrutinyand more stringent regulations have beenimposed on the industry, which Tronethinks may actually hinder the market.“Wall Street firms are probably too conser-vative now,” says Trone.“The capital marketsystem is built on risk-taking.As some ofthe more unnecessary regulations are start-ing to loosen up, I think Wall Street is shift-ing back to a middle ground as far as risktolerance.The merger business is heating upquite a bit, IPOs are starting to come back,and the private equity business is red-hot.”

Trone, who has been a Terps fan sincechildhood, found that his main connectionto the university was through watching itssports teams.With his recent appointmentto the Smith School Board of Visitors, hehopes to give back by helping the schoolbetter prepare students for jobs on WallStreet.“I’ve hired a number of Marylandalumni for my staff, and I’d like to see usbetter represented in the industry. But youneed more than just an academic knowl-edge of finance.You also need practicalknowledge—all the details you get fromsomeone who knows how things work.”Trone is the perfect person for the job.

DAVID TRONE (CS ’88), MBA ’95


31

“Wall Street firms are probably too conservative now,”says Trone. “The capital market system is built on risk-taking. As some of the more unnecessary regulationsare starting to loosen up, I think Wall Street is shiftingback to a middle ground as far as risk tolerance.”

Big Money in the Big CityA SMITH ALUMNUS BRINGS INSIGHT AND INTEGRITY TO THE WORLD OF FINANCE


32

Last Word

You can’t page through this issue of SmithBusiness without seeing the remarkableimpact of our alumni, friends and corporatesupporters. In our cover article, Making theBig School Small, we outline an ambitious initiative that I believe will enable the SmithSchool to deliver the very best undergradu-ate business program on earth. However, theUndergraduate Fellows Program wouldn’t bepossible without significant alumni funding.

Smith is a public school, yet we mustoperate more like a private institution, pur-suing revenue-generating entrepreneurialactivities and growing our endowmentfunds. Not long ago, nearly all of the school’sbudget came from the state.Today our budg-et has more than tripled, but state supportaccounts for just 10 percent of Smith’s totalfunding.While we have made progress ingrowing our endowment, it is about a thirdof those of comparable public businessschools and a small fraction of those of themajor privates.

Your support allows us to attract best-in-class new faculty.The recent appointment ofPete Kyle as the Charles E. Smith Chair inFinance (page 4) is a great case in point.World-renowned for his contributions tothe field of finance, Pete brings considerableintellectual vigor to the Smith School. Ourfaculty research creates the knowledge thatshapes best business practices for the net-worked global economy, building and sus-taining our reputation as an internationallysignificant research institution.We must con-tinue to establish endowed chairs andresearch professorships to attract and retain

the best teachers and thinkers in the world.Your gifts have a direct and vital impact

on our students. Scholarships open the doorsof opportunity to some of the best andbrightest Smith students, such as FodaySackor, recipient of a Chevy Chase Bankscholarship (page 20).Your support also makespossible the learning, research and innovationthat takes place every day in the classroomsand laboratories of Van Munching Hall.Thissummer we break ground on a 38,000-square-foot annex to the building (page 25).So far we’ve raised more than $8 million inprivate donations for this project, but weneed to raise considerably more to have thekind of facility our students and facultydeserve.This is an exciting project that willhelp us maintain a superb research and teach-ing environment for the Smith community—an important part of our mission.

Your support creates new opportunitiesand enables us to provide top-quality educa-tion, conduct world-class research andimprove our state-of-the-art facility. In turn,the Smith School creates the knowledge thatchanges business practice—and graduatesbusiness leaders who are changing theworld.Thank you for investing in the SmithSchool. I see the power of your supportevery day.

The Power of Your Support

HOWARD FRANK, DEAN

Frank Banda ’84, Principal, Reznick Group Stephanie Bauer ’03

Consultant, Verizon WirelessRicardo Benn ’94, MBA ’99

Senior Associate, Booz Allen Hamilton, Inc.Charles G. Carr ’85

Partner, Deloitte & Touche LLPRita Cheng ’93

American Express Financial Advisors Inc.Nicole T. Cole ’91

Director, pHase V Consulting, LLCDavid Covington ’73

Partner, Deloitte & Touche LLPMichael Green, MBA ’02

Principal Consultant, ICOR PartnersLandon Johnson, MBA ’99

Chief Executive Officer, Talant Dargeelyn Loftin, MBA ’90

Vice President, Marketing and StrategicConsulting, The Baldwin Group, Inc.

Joseph Mattingly ’58, MBA ’66, DBA ’79Assistant Dean Emeritus, Professor Emeritusof Logistics, Business and Public Policy

Kelly Nelson, MBA ’01Consultant, Boston Consulting Group

Laura O’Connell ’96Managing Director, Empire Executives Inc.

Norman L. Oremland ’71Sr. Vice President, Investments, Legg MasonWood Walker, Inc.

James Poulos ’70, Executive Finance Manager,Host Marriott Corp.

Julia A. Pulzone, ’89, MBA ’93Managing Director, Global Environment Fund

Narda Quigley, PhD ’03, Assistant Professor of Management, Villanova University

Kenyon O. Rogers ’00Product Developer, Marriott International

Edward W. Rose ’89, MBA ’93President, Rose Financial Services

Harry Sapienza, ’72, PhD ‘89Curtis L. Carlson Chair in Entrepreneurship,University of Minnesota

Simone Stewart, Consultant, AccentureAllyson Yospe ’94

Acting Senior Alumni Relations Director,Robert H. Smith School of Business

Danita Nias ’81Executive Director, Alumni Association,University of Maryland

Joanne Ferchland-ParellaAssistant Dean for External Relations,Robert H. Smith School of Business

Tian Changan, President, Fedex China PacificFu Jun, Associate Dean, School of

Government, BeijingXu Heyi, President, Hyundai BeijingShao Ning, Director, Maryland China CenterSong Ning, Macro Economic Department,

State CouncilJueren Shen, CEO, China Association

of International TradePan Shiyi, Chairman and Co-CEO,

SOHO China LtdTian Suning, CEO, China NetcomGao Xiqing, Vice Chairman, China

Security Regulation CommissionChen Xuerong, CEO, XiangCai Securities

William N. Apollony ‘69, Senior Vice President, M&T Bank

Lee S. Becker ‘85, Director, Boomer Esiason Foundation

Robert A. Bedingfield ‘70, Partner, Ernst & Young LLP

Eric F. Billings ‘77, Co-CEO, Friedman Billings Ramsey Group

John M. Boyle ‘76, Partner, ThinkEquity Partners, LLC

John Brown, III ’73, Owner, R.J. Bentley’s Filling Station

Richard C. Brustein ‘77, ConsultantMark Burdett ‘81, Sr. Director,

Corporate Partnerships & Development, Baltimore Ravens, Inc.

Albert P. Carey ‘74, President, PepsiCo Sales, PepsiCo, Inc.

Rita Carton ’71, MBA ’79, Vice President, Operations Management, Buena VistaHome Entertainment

Jospeh Chow MBA ’93, Chief Financial Officer, Harbour Networks

Francis A. Contino ‘68, CFO & Executive VicePresident, McCormick & Company, Inc.

Mark Corvino ’83, President, JansportB. Gary Dando ’64, (Retired) Partner,

Ernst & Young LLPLoretta M. Downey, Chairman of the Board,

Empower IT, Inc.Fred R. Ehrlich ’84, (Retired) Sony

Music CorporationStephen Finney MBA ’83, Senior Vice

President, Disney Retail, DisneyEdward Feigeles ‘76, (Retired)

Managing Director, Lehman Brothers, Inc.Stuart I. Feldman, Vice President, Area Strategy,

On Demand Business, IBM CorporationAntoinette FordStephen Gaines ‘91, Head of U.S. Corporate

Finance, KPMG Corporate Finance LLCDave Goldfarb ‘79, Chief Administrative

Officer, Lehman BrothersThomas J. Healy ‘79, (Retired), Partner,

AccentureTeresa E. Iannaconi ‘78, Partner, KPMG LLPRobert Isaman ‘85, Vice President of Integration,

United Technologies Corporation, UTC Fireand Security

Robert L. Johnson ’80, Senior Vice President, Nextel Communications

Robert Kashan ’76, Chief Executive Officer,Earth Color

Susan C. Keating, President & CEO, National Foundation for Credit Counseling, Inc.

Kevin M. Kimball ’72, Executive Vice President, Marriott International, Inc.

Christopher E. Kubasik ’83, Executive Vice President & CFO, Lockheed Martin Corporation

William A. Longbrake, ‘76, Vice Chairman, Washington Mutual Bank

Milton Matthews ‘68, (Retired) Chief Customer Officer, Hershey Foods

Bill Mayer ’67, MBA ’67, Senior Partner,Park Avenue Equity Partners

Bruce W. McConnell, President, McConnell International, LLC

John A. Moore, Jr. MBA ’79,Executive Vice President, ManTech International Corporation

Janna Morrison, Senior Vice President, Customer Care, Choice Hotels

Charles Nobs ’73, MBA ’74, Executive V.P.& Dir. of Corporate Administrative Services,UBS Inc.

Paul J. Norris ’71, (Retired) Chairman,President & CEO, W.R. Grace & CompanyMark Ordan, Chief Excecutive Officer,

Balducci'sSusan Pearson ’75, Ph.D ’84, AccentureMichael D. Quinn, Chairman,

Estate Trust Company, Inc.Mark Ronald, President & CEO,

BAE Systems of North AmericaHoward Ruddell ’78, Vice President of

Operations, Lockheed Martin Information Tech.

Harry Saal, Chairman, Octago, Inc.David C. Saunders ’81, Managing Director,

K2 Advisors LLCRichard Schaeffer ’74, Executive Director,

Global Energy Futures, ABN-AMROMark Shores, ’78, U.S. Retail Sales Director,

ExxonMobil – Fuels Marketing CompanyEdward S. Stein ’81, Principal,

Sandler O'Neil & Partners LLPJames B. Stradtner ‘58, Managing Director,

Century Capital Management

David M. Trone ‘88, MBA ‘95, President & Senior Analyst, Fox-Pitt, Kelton Inc.

Mark G. Turner ‘78, CEO & President, Escape Enterprises, Inc.

Samuel Wasserman ‘85, Chair & Director of Private Client Services, Trautman Wasserman & Co.

John Weisel MBA ‘79, Partner, AccentureDennis R. Wraase ‘66, President, Chief

Executive Officer, PEPCO Holdings, Inc.

David Allen ’80, Senior Vice President, Interwoven

Steven M. Bergida ’86, Managing Director, Quellos Financial, LLC

Kim Boulmetis ’92, Vice President, The Bank of New York

Robert Butmann ’77, President & Chief Executive Officer, TQA Investors

Charles Carr ’85, Partner, Deloitte & ToucheJoanne Foltz Casey ’74, President & Chief

Financial Officer, Intermodal Association ofNorth America

William Cole ’71, Partner, Ernst & YoungCharles Corcoran ’81, President & ChiefExecutive Officer, Corcoran CateringDavid Covington ’73, Partner, Deloitte

& Touche, LLPB. Gary Dando ’64, Partner (Retired),

Ernst & YoungBarry DesRoches ’80, Managing Member

and President, Vintage Settlement ServicesJayne Edge ’76, Vice President, DatatelKevin Fallon ’93, Vice President, Banc

of America SecuritiesStephen Feeney ’70, OPICDaniel Flannery ’85, Vice President &

Area General Manager, The Ritz Carlton Hotels of New York

James Flick ’62, President, Winnow, Inc.Ralph Foxman ’55, Owner, Group

Dental ServiceCatherine Galgano ’83, Senior Vice President,

Smith BarneyJack Gates ’73, President & Chief Operating

Officer, National Captioning Institute, Inc.Laurence Giammo ’87, Mayor, City of RockvilleChristopher Greer, AccentureStephen Halpin ’77, Executive Vice President

and Chief Financial Officer, Chevy Chase BankJohn T. Hardisty ’67, President, Hardisty &

AssociatesLeRoy Herbert ’50, Partner (Retired),

Ernst & YoungDiane Herndon ’77, Partner, Ernst & YoungAlan Horowitz ’81, General Manager,

Microsoft Worldwide Public Sector,Microsoft Corporation

Michael Jarmolowich ’92, Private Client Services, Credit Suisse First Boston LLC

Nancy Jiang, Exceutive Director,China Euro Securities Limited

Elizabeth Karavangelos ’52, Lehman Brothers (Retired)

Cynthia Keith ’78, Vice President, Loomis Sayles & Co

Robert Kern, Jr. ’75, Partner, PricewaterhouseCoopers

Ab Krall ’81, Partner, AccentureCharles Levine ’76, Owner,

Charles Levine CaterersThomas Liu ’83, Director, UBS PaineWebberPhillip Livingston ’79, Vice Chairman,

Approva CorporationDargeelyn Loftin ’90, Vice President of

Marketing, The Baldwin GroupWilliam Loomis ’76, Chief Financial Officer &

Chief Operating Officer, FiletekMark Lorberbaum ’80, Managing Director,

Bear Stearns & Company, Inc.James Low ’54, Chief Executive Officer,

Dynamics, Inc.Hugh Mallon, III ’70, President & Chief

Executive Officer, Executive CompensationConcepts

Robert Mangiacotti ’86, Vice President, Merill Lynch

Joseph Mattingly ’58, Assistant Dean Emeritus,Robert H. Smith School of Business

David M. Mike ’94, Goldman Sachs & CompanyThomas Parsons ’93, Senior Management

Advisor, DARCARS Automotive GroupCharles Randle ’65James Reilly ’87, Director, Global Equities

Compliance, Goldman Sachs & CompanyRobert Roath ’66, Chairman of the Advisory

Board, LEK Cons., Former CFO, RJR NabiscoJeff Seal, III ’76, Vice President,

Equitable Life AssuranceRobert W. Smith ’63, Smith Management &

Consulting CorporationMark Smotkin ’75, Partner, Ernst & Young LLPMichael Stein ’71, Vice President &

Chief Financial Officer, ICOS CorporationRobert TardioJeanne Krips Tobin ’79, Executive Vice

President (Retired), Key CorporationSteve Torrico ’83, Senior Vice President

Investment, Smith BarneyJoseph Valeri, ’91, Co-founder & Vice

President, Lucernex Technologies, Inc.Greg Wilkes ’82, Vice President, Sling Media

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ROBERT H. SMITH SCHOOL OF BUSINESS • UNIVERSITY OF ... · SPRING 2006 O SMITH BUSINESS Robert H. Spicer IIaddressed the range of chal-lenges facing IT professionals at the Smith