SMU Cox and The Second Century Campaign: Getting...
Transcript of SMU Cox and The Second Century Campaign: Getting...
SPRING 2016SMU • COX SCHOOL OF BUSINESS
INSIDE Over $1 Billion Raised for SMU New Scholarships New Endowments
SMU Cox and The Second Century Campaign:
Getting Down To Business
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DEAN
Albert W. Niemi, Jr.
ASSISTANT DEAN OF EXTERNAL RELATIONS, EXECUTIVE DIRECTOROF THE COX ALUMNI ASSOCIATION
Kevin Knox
ASSISTANT DEAN OF MARKETING AND COMMUNICATIONS, EDITOR-IN-CHIEF
Lynda Welch Oliver
DIRECTOR OF DEVELOPMENT
Laran O’Neill
ASSISTANT EDITOR
Lacey Zumberge
CONTRIBUTORS
Anna MartinezCatherine Maurer
PHOTOGRAPHERS
Jay Brousseau Dean DominguezHillsman JacksonRen Morrison
HOW TO REACH US
Marketing and Communications OfficeCox School of BusinessSouthern Methodist UniversityPO Box 750333Dallas, TX 75275-0333E-mail: [email protected]: cox.smu.edu
Main Office: 214.768.3678Fax: 214.768.3267
CoxToday design: Wiswall McLain Design
F E AT U R E S
20 SMU Cox and The Second Century Campaign: Getting Down to Business
26 Maguire Energy Institute Barrels Ahead
C O N T E N T
2 From the Dean
3 Program News
14 Faculty Achievements
17 In the News
18 Faculty Research
20 SMU Cox and The Second Century Campaign
26 Maguire Energy Institute Barrels Ahead
28 Folsom Institute for Real Estate
29 Dean’s Media Breakfast
30 Executive Board
31 Contact Us
32 Calendar of Events
33 Alumni Board
34 Cox ConnectionsSouthern Methodist University (SMU) will not discriminate in any employment practice, education program, education activity, or admissions on the basis of race, color, religion, national origin, sex, age, disability, genetic information, or veteran status. SMU’s commitment to equal opportunity includes nondiscrimination on the basis of sexual orientation and gender identity and expression. The Executive Director for Access and Equity/Title IX1 Coordinator is designated to handle inquiries regarding the nondiscrimination policies, including the prohibition of sex discrimination under Title IX. The Executive Director/Title IX Coordinator may be reached at the Perkins Administration Building, Room 204, 6425 Boaz Lane, Dallas, TX 75205, 214.768.3601, [email protected]. Inquiries regarding the application of Title IX may also be directed to the Assistant Secretary for Civil Rights of the U.S. Department of Education.
1Title IX of the Education Amendments of 1972, 20 U.S.C. §§ 1681-1688.
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F R O M T H E D E A N
The success of the
campaign at the Cox
School is a direct result
of the involvement and
support of the SMU Cox
community—donors,
Executive Board members,
alumni, parents, students,
faculty and staff.
‘‘‘‘
A s we prepare to bid farewell and best wishes to the Class of 2016, we note
the pivotal time during which these students earned their business degrees
at SMU Cox. They have been a part of the university’s landmark Second
Century Campaign, celebrating the accomplishments of SMU’s first one hundred
years and launching unlimited possibilities in its second hundred years. At the Cox
School, we made our own history twice by surpassing the fundraising goal we set
for ourselves, ultimately raising more than $102 million to enhance the student
experience, attract and retain outstanding faculty and develop new academic centers
and institutes. The generosity and unbridled enthusiasm you, our devoted alumni and
supporters, showed throughout The Second Century Campaign positions the Cox
School for a future even more successful than its past.
The Second Century Campaign at SMU Cox raised funds that were directed toward
specific initiatives. A top priority was increasing scholarships to recruit a broad range
of highly sought-after BBA students from the top of their high school graduating
classes. The campaign goal for this initiative was $25 million. Ultimately, $35 million
was raised. Graduate scholarships were also a critical focus, with $20 million raised
for students in MBA and specialized Master’s programs. A world-class faculty is
critical to the success of every degree program, and SMU Cox boasts a faculty that is
currently ranked no. 7 in the world by the global publication The Economist. Thanks
to the generosity of our donors, the campaign raised $12 million to create nine new
endowed faculty positions, further strengthening the school’s teaching expertise.
To enhance the teaching capabilities of faculty and the learning opportunities of
students, $34 million in campaign donations will directly support the most up-to-
date learning opportunities and research tools of eight programs and centers of
excellence: The EnCap Investments and LCM Group Alternative Asset Management
Center; Folsom Institute for Real Estate; The Don Jackson Center for Financial Studies;
Kitt Investing and Trading Center; Latino Leadership Initiative; Albert W. Niemi Center
for American Capitalism; The Scott Sheffield Energy Investment Lab and the Student
Managed Energy Investment Fund Program. Each Cox School center of excellence is
designed to make our students, our faculty and our school competitive in an ever-
changing global economy. (Editor’s Note: Read more about how The Second Century
Campaign is making a difference at the Cox School on pages 20-28).
The success of the campaign at the Cox School is a direct result of the involvement
and support of the SMU Cox community—donors, Executive Board members, alumni,
parents, students, faculty and staff. Each of you should be proud of your contribution
to SMU Cox, and more importantly, to the success of the Class of 2016 and the
graduates still to come who will be the leaders and history-makers of tomorrow.
Although The Second Century Campaign is now part of the past, our efforts toward
continual improvement will not falter. As always, thank you for your generosity and
your support, critical factors in the advancement of SMU Cox and our future graduates.
Albert W. Niemi, Jr.Dean, SMU Cox School of Business
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Undergraduate Programs | Graduate Programs | Executive Education | Centers of Excellence | Global Connections | Cox in the Community
PROGRAM NEWS
U N D E R G R A D U A T E P R O G R A M S
Sabrina Janski
Poets & Quants, a website that targets
students at “elite” business schools,
featured two members of the Cox BBA
Class of 2016 in its December 2015
article “The Best and Brightest Business
Majors-Class of 2016.” Sabrina Janski,
accounting major from Centennial, CO,
and Myles Lee, accounting major from
Lafayette, LA, were profiled with
students from 26 top business schools.
Janski and Lee have excelled in the Cox
BBA program, while making an impact
as leaders on campus. Their lists of
achievements are endless, and we can be
certain their futures are bright.
Best and Brightest at SMU Cox School of Business
BBAs Learn Marketing in Taos
Chip Besio, senior lecturer and director of the Center for Marketing
Management Studies, took the SMU-in-Taos the Fundamentals of
Marketing class out of the classroom and into the real world. Partnering
with the chief marketing officer for Ski Taos, Jesse Keaveny, students
were asked to review Ski Taos’ social media and event scheduling
initiatives. Working in groups, they prepared and presented formal
recommendations to improve social media activity and event attendance.
Dylan Z. Erwin (BBA '17) said, “Taking the Fundamentals of Marketing
class in Taos with Professor Besio was a fantastic experience and will
truly be one of my fondest memories at SMU. During the class, we were
given the opportunity to work alongside Ski Taos while the company was
going through serious changes. Using the marketing tools we learned in
Professor Besio’s class, we gave the CMO our opinions, and he genuinely
listened and took interest. Being able to work this closely with a real
organization was an amazing experience—one that made me realize
exactly how important marketing is in any organization.” n
Myles Lee
SMU-in-Taos BBA students join the CMO of Ski Taos in a project to enhance the company’s marketing strategy.
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G R A D U A T E P R O G R A M S
When Competition Heats Up, Cox Students Step Up
PepsiCo MBA Case Competition
In September, MBA students from 14
universities competed in the PepsiCo
MBA Case Competition. They presented
their strategies for a challenging business
case to the CEO of Frito-Lay, Tom Greco,
and other key executives from PepsiCo
and KPMG. Competing teams of four
were composed of students from
different universities. Two Cox MBA
students were on the winning teams.
National Energy Finance ChallengeThe 11th Annual National Energy Finance Challenge, held in
October, is a business case competition focused on real-life finance
issues within the energy industry. Vandelay Resources, a self-named
team of MBA candidates representing SMU Cox, took home first
place and $10,000.
Pizza Hut Marketing CompetitionPizza Hut hosted its first case competition at the SMU Cox School
of Business in January. The case competition was attended by Jeff
Fox, chief brand and concept officer; Zip Allen, senior director of
brand marketing; BJ Thomas, associate brand manager; and Julie
McGough, talent acquisition. Full-Time and Professional MBA students
were asked to create a marketing plan to re-launch the Triple Treat
Box® campaign. The winning team included Jordan McGowen (MBA
'17), Simrin Kakar (MBA '17) and Cecily Koss (MBA '16).
Chelsea Thomson (MBA '16), second from left, member of the first-place team that won $7,000.
Lauren Creed (MBA '16), far left, member of the third-place team that won $3,000.
Vandelay Resources, L to R: Clayton Gould (MBA '16), Kimberly Leach (MBA '16), Ben Meyer (MBA '16), Ankit Gupta (MBA '17), Chase Garrett (MBA '16)
Inaugural Pizza Hut case competition
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Cox Business Leadership Center Educates Students about Service Culture at the Disney Institute
In between New Year’s Day and the annual Disney Marathon
held the second weekend in January, 38 select Cox MBA students
attended the Business Leadership Center’s four-day program titled
“Creating and Sustaining a Service Culture” at Walt Disney World®
in Orlando, FL. Based on real-world experiences from leaders and
employees within The Walt Disney Company’s parks and resorts,
students learned valuable insights that can be translated and
implemented within many different industries, professions and levels
within an organization. Students learned not only how to treat
external customers, but also that employee treatment has a direct
effect on a company’s output.
Students see long-term and immediate benefits from the knowledge
they gain at the Disney Institute. As Kate Johnston (MBA '16) shared,
“It was a rare opportunity to get the inside look at a company that
is world-renowned for its white-glove, magical service. I will be able
to leverage some of the key takeaways from the experience in my
interviews and career moving forward.”
Disney Institute: SMU Cox is the only graduate school to offer this customized program.
Texas Business Hall of Fame Scholarship
Each year, the Texas Business Hall of
Fame Foundation awards scholarships
to the “best of the best” students at
the top 25 Texas institutions of higher
learning. The 2015 recipients included
two Cox MBA students: Kate Johnston
and Ben Meyer (both MBA '16). n
Students Teaching StudentsMahesh Nasta (EMBA '16) became the
first-ever current Executive MBA student
to present a Business Leadership Center
(BLC) seminar. Nasta’s seminar, “Cloud
as a Business Strategy,” had ample
participation and received positive
feedback. BLC seminars are offered to
current students to enhance leadership
skills, further strengthening the SMU
Cox curriculum.
Mahesh Nasta
L to R: Michael Caplan, assistant dean of student affairs, with Kate Johnston and her husband, Neil.
“It was a rare opportunity to get the inside look at a company
that is world-renowned for its white-glove, magical service.”
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E X E C U T I V E E D U C A T I O N
For nearly 100 years, the SMU Cox Marketing Department has taught marketing to students in BBA and MBA
degree programs. Twenty-five years ago, senior marketing professors extended their outreach to the Dallas-Fort
Worth (DFW) business community with a condensed, five-month program known as the Graduate Marketing
Certificate Program (GMCP), where it has been taught by marketing professors and expert practitioners.
Students tend to be a diverse group of business professionals including entrepreneurs, small business owners,
career beginners and switchers, and marketing and non-marketing executives. The GMCP teaches traditional
and cutting-edge marketing methods and how to apply them to students’ business situations. The success of this
program in Dallas enabled the department to launch the program at SMU-in-Plano, a hub of DFW corporate
headquarters, in 2011, and this year, the department will extend its outreach beyond the DFW community via
an online certificate program.
The online GMCP will start on May 23. For more information and to apply, please contact Ginny Shearin,
program coordinator, at [email protected] or 214.768.2679.
SMU Cox Executive Education won
the bronze award for Excellence
in Academic Partnerships by Chief
Learning Officer magazine in
October. The annual awards identify
outstanding enterprise education
leaders, departments and universities
who develop and implement exemplary
learning and development programs
that produce measurable results for
The Graduate Marketing Certificate Program Goes Online!
SMU Cox Executive Education Wins Award for Partnership with DART
Frank Lloyd and Jesse Oliver receiving an award for Excellence in Academic Partnerships.
clients. The award recognized the SMU
Cox Executive Education partnership
with Dallas Area Rapid Transit (DART).
Frank Lloyd, associate dean, SMU Cox
Executive Education, and Jesse Oliver,
deputy director, DART, also presented
a workshop at the symposium
titled “Transforming Life Skills to
Leadership Skills: A Partnership Ride.”
The case study illustrated how they
mobilized an experienced workforce
in a traditional industry to change
when change was needed. DART is
committed to implementing a “five-
star” service culture to boost its
growth. Veteran operations-oriented
managers were long on life skills and
professional knowledge, but lacked
formal management education and
training that would empower them
with leadership skills to lead the
transformation. DART partnered with
SMU Cox Executive Education to
transform into the “five star” service
culture it desired.
Professor Jeffrey Allen Launches Mergers and Acquisitions Certificate Program
In November, Professor Jeffrey Allen
launched the inaugural Mergers and
Acquisitions Certificate Program at
SMU Cox. Participants learned about
mastering the “art of the deal.”
Even though buying and selling
companies or assets can be a fast path
to growth and revenue, there are
substantial risks that can be mitigated
with hard work and knowledge.
Allen, a proven deal-maker and
respected academic, has taught
this powerful three-day M&A
course to business leaders in the
SMU Cox Executive MBA Program
for more than 15 years. Now, he’s
bringing his expertise to a broader
audience through SMU Cox
Executive Education. Allen shared his
recently published book, Essentials
of Financial Practice – Analysis,
Valuation and M&A, with the class. n
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C E N T E R S O F E X C E L L E N C E
Business Leadership Center Offers Two New Leadership Programs
The mission of the Business Leadership Center is to provide leadership skills and programs to complement the MBA
experience. The BLC introduced two new program opportunities to engage MBA students and realize this mission.
In October, the BLC teamed up with Eagle’s Flight to offer “Council of the Marble Star: How You Deliver Is
Just as Important as What You Deliver.” Twenty-one MBA and EMBA students took on the challenges of this
program and recommended that the BLC offer the program again in 2016.
In February, the BLC joined with Level Five Associates, LLC to offer a new leadership program called “Changing
Your Culture with the Big 6 Leadership Principles.” This interactive program was developed by two retired U.S.
Army Major Generals with corporate CEO experience. It provided leaders of all levels the opportunity to engage
in rich, small-group discussions based on a case study and key organizational questions.
“Turning the Battleship” was presented during the February BLC seminar “Changing Your Culture with the Big 6 Leadership Principles.”
New Library Technology Enhances Student SuccessThe Business Library is proud to
announce the addition of new
educational technology. Business
courses require many group projects
and presentations, and students have
been asking for more study rooms
with the technology to practice and
prepare. Thanks to grants the library
received from Friends of the SMU
Libraries and President’s Partners,
students now have access to five
portable mini-projectors for check-out.
The projectors have been a welcome
acquisition and are being used daily by
students with collaborative projects.
The library received comments that the
projectors are “total game-changers for
presentations.” The new mini-projectors
turn virtually any study room into a
presentation practice room. nStudents use a mini-projector in the Business Library for a group project.
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Keeping the Texas Economy Strong
The William J. O’Neil Center for Global Markets and Freedom hosted 300 guests at its annual conference in
October. The event, “Keeping the Texas Economy Strong,” featured renowned guest speakers Senator
Phil Gramm and political commentator George F. Will, who kept the audience lively and engaged.
The conference supports the mission of the O’Neil Center: conduct research on why some economies
prosper and others struggle. In January, the O’Neil Center began research that focuses on the economy
of the state and its cities through the Texas Economic Freedom Project. Led by the O’Neil Center’s
Founding Director, Michael Cox, the project will study why Texas and its big cities have performed
significantly better than other places in the country.
George F. Will, Edwin L. Cox, Albert W. Niemi, Jr., Brittany O’Neil, Shahla O’Neil, Scott O’Neil and R. Gerald Turner
ExxonMobil’s CEO Honored with L. Frank Pitts Energy Leadership Award
L to R: William “Bill” A. Custard (BBA '57), Rex W. Tillerson, Linda Pitts Custard (BA '60, EMBA '99), W. Allen Custard (BBA '85)
The Maguire Energy Institute honored
Rex W. Tillerson, chairman and CEO of
Exxon Mobil Corporation, with the L.
Frank Pitts Energy Leadership Award at
a luncheon ceremony in January. The
Energy Leadership Award committee
selected Tillerson, who has helped steer
ExxonMobil through four decades of
dynamic growth, as this year’s honoree
because he represents the spirit of
entrepreneurship, ethical leadership and
energy industry innovation personified by
L. Frank Pitts, the late oilman for whom
the energy award is named. Proceeds
from the awards luncheon support the
Maguire Energy Institute and scholarships
for students seeking to pursue energy
industry careers.
C E N T E R S O F E X C E L L E N C E
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New Energy Investment Learning Resource
Students pursuing energy investment at SMU Cox now have a unique resource that will give them a
competitive edge as they prepare to launch their careers. The Maguire Energy Institute dedicated The
Scott Sheffield Energy Investment Lab in October on the ground floor of the Fincher Building in the
Cox School. The state-of-the-art Sheffield Lab gives students a unique experiential learning opportunity
as they prepare to enter the energy industry. The hands-on learning space is dedicated solely to the
advancement of energy investment-related education.
A generous gift from Bryan Sheffield (BBA '01), founder, president and CEO of Parsley Energy, made this
one-of-a-kind learning tool possible. It is named in honor of his father, Scott Sheffield, chairman and
CEO of Pioneer Natural Resources. Bryan Sheffield began his career as a bond trader. Like his father and
grandfather, Joe Parsley, Bryan Sheffield attained success in the energy industry. On Father’s Day 2014, he told
his father of his plans to donate funding to build an energy investment lab at SMU Cox and name it for him.
Read more about the new Sheffield Lab and the Maguire Energy Institute on page 26. n
The Scott Sheffield Energy Investment Lab dedication ceremony and ribbon-cutting
The state-of-the-art Sheffield Lab gives students a unique experiential
learning opportunity as they prepare to enter the energy industry.
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G L O B A L C O N N E C T I O N S
Global Explorations in Entrepreneurship class in Zurich, Switzerland
Entrepreneurship Takes MBAs Abroad
Simon Mak, professor of practice in entrepreneurship and associate director, Caruth Institute for Entrepreneurship,
in partnership with Linda Kao, assistant dean for global programs, expanded the opportunities for students to
study globally while earning an MBA. The course, Global Explorations in Entrepreneurship, took MBA students
to Zurich, Switzerland, to study the local entrepreneurial ecosystem. It was a dynamic experience for students
to observe a developed economy with an underdeveloped, but fast-emerging, entrepreneurial ecosystem.
EMBA '16 students visit a Bridgestone Tire factory in Buenos Aires.
EMBA '16 students volunteered for the nonprofit foundation Energizar to build solar panels, which provide heat for outside bathroom showers in underdeveloped communities outside of Buenos Aires.
EMBAs in South America
The curriculum for Executive MBA students
includes field experiences abroad to give
students the opportunity to meet local
business and government leaders, visit
manufacturing facilities and understand
the dynamics of global business, as well as
the impact of cultural and social customs.
This winter, students gained perspective
on the opportunities and challenges of
conducting business in Buenos Aires,
Argentina, and Lima, Peru.
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MSA Students Take in London
Students from the Master of Science in Accounting Class of 2016 went to London in December to tour
multiple firms and enjoy historic sites and unforgettable attractions. Over the course of six days, they
were guided through the offices of Deloitte, BDO, KPMG, EY and Lloyd’s. When asked what was the most
surprising part of the trip, MSA student Caroline Baumann said, “realizing how desperately I want to do
an international rotation when I’m at PwC!” Students were thrilled to see the opportunities offered by
these firms. After visiting the EY London office, Morgan Allen said she “would love to take advantage of
an international assignment because it offers diverse experiences both personally and professionally.”
Robert Lawson, director of the O’Neil
Center for Global Markets and Freedom
and the Jerome M. Fullinwider Endowed
Centennial Chair in Economic Freedom,
hosted the annual meeting on behalf of
the Economic Freedom Network (EFN)
at SMU Cox, with 40 people from 13
different countries in attendance. EFN
is a global consortium of institutes that
co-publish the Economic Freedom of the
World Annual Report with the Fraser
Institute. The O’Neil Center also hosted
Danish economist Lars Christensen for
two on-campus lectures the Euro-crisis
and a discussion about at the Dallas Fed
about China’s economic prospects. n
Lawson hosts EFN meeting
L to R: Lauren Hopson, John Morrow, Perri Anderson, Morgan Allen, Megan Cotton, Emma Smith, Abby Adam and Matt Buchanan (all MSA '16) will work for EY after graduation.
Lars Christensen
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C O X I N T H E C O M M U N I T Y
Celebrating Dallas Entrepreneurs for 25 Years
The Caruth Institute for Entrepreneurship hosted the
25th Anniversary of the SMU Cox Dallas 100™ Awards
(dallas100.com), which recognizes the 100 fastest-growing
privately held companies in the Dallas area. The awards
banquet was held at the Dallas Omni with nearly 1,000
people in attendance, the largest celebration of successful
entrepreneurs in Dallas. The winning company was JM
Bullion, an online retailer of precious metals.
Simon Mak (left) presents the winner’s trophy to Michael Wittmeyer, founder of JM Bullion.
VITA, the Volunteer Income Tax Assistance program, is a volunteer
opportunity sponsored by the United Way that provides free income tax
preparation assistance for low-income individuals and families. Many
in the Dallas area do not have access to affordable tax preparation
services and are unaware of how to take advantage of tax credits and
deductions. VITA provides an opportunity for SMU Cox MSA, MBA and
BBA students to apply the skills they have learned in the classroom to
make a difference and benefit the Dallas community. Caroline Baumann
(MSA '16) explains, “The SMU Cox School of Business has provided us
with the foundation, upon which we build at the VITA training sessions,
to become IRS-certified tax preparers.”
MBA Entrepreneurship Club Connects with Local Youth
In the fall, the MBA Entrepreneurship
Club volunteered at the annual Dallas
National Federation for Teaching
Entrepreneurship (NFTE) Youth Rally at
the University of North Texas. SMU Cox
MBA students provided coaching to
middle school and high school student
entrepreneurs. This event supports the
next generation of entrepreneurs, which
is a core value of the SMU Cox Strategy
and Entrepreneurship Department.
50 students each committed to volunteer 25 hours through VITA, and worked hard during the training sessions.
Students Give Back While Learning
Volunteers from MBA Entreprenuership Club pose with Simon Mak.
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Cox Alumni Board Establishes New Endowment Honoring Kevin Knox
During a meeting earlier this year, members of the Cox Alumni Association Board of Directors began a lively
discussion about how they might do something special to honor Kevin Knox, Assistant Dean of External
Relations and Executive Director of the Cox Alumni Association. Now in his 19th year, Kevin has served as an
ambassador for alumni and community members, keeping them informed, involved and invested with the
business school. The board felt it was important to honor Kevin’s enthusiasm and the incredible impact that
his work has had made on the school and the surrounding community.
Quietly, board members began to make contributions to the Cox School in Kevin’s honor. During the
recent Homecoming weekend board meeting, they surprised Kevin with the news that the new fund had
been established: The Tryna and Kevin Knox Family Alumni and External Relations Endowed Program
Fund. The endowment will, in perpetuity, provide resources in support of alumni and external relations
programs, such as, educational forums, social gatherings, student mentorship programs, and the annual
Cox Distinguished Alumni Award luncheon.
For more information, please contact 214-768-1595.
This fall, Simon Mak, professor of practice
in entrepreneurship and associate director,
Caruth Institute for Entrepreneurship,
volunteered to judge the annual Business
Plan Competition at Sanders Estes
Correctional Center, located in Venus,
TX, a participating member of the
Prison Entrepreneurship Program (PEP).
PEP’s mission is to teach male inmates
the skills to be successful after release
from incarceration. All applicants to PEP
complete a rigorous application and
screening process to participate in the
comprehensive curriculum.
The Business Plan Competition
requires participants to conceive a
business he would start upon release,
research logistics of competing within
a chosen industry and write a complete
business plan. The final step is to pitch
the business plan more than 120 times
in a “Shark Tank” style format. Mak
was deeply touched by the personal
testimonies from the incarcerated
students: “Using entrepreneurship to
help those seeking a second chance
was very inspirational.” n
Professor Volunteers at Prison Entrepreneurship Program
The Cox Alumni Board following the announcement of The Tryna and Kevin Knox Family Alumni and External Relations Endowed Program Fund.
“The board felt it was important to honor Knox’s enthusiasm and the
incredible impact that his work has made on the school and the community.”
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Hemang Desai,
Robert B. Cullum
Professor of
Accounting and chair
of the Accounting
Department, co-
authored “Were
Information Intermediaries Sensitive
to the Financial Statement-based
Leading Indicators of Bank Distress
Prior to the Financial Crisis?” which
has been accepted for publication in
Contemporary Accounting Research.
Daniel Howard,
professor of
marketing, was
asked to be the
editor of the book
The Psychology of
Social Influence,
with publication expected later this
year. Howard will be on sabbatical next
year, teaching at Franklin University in
Switzerland in the fall and at Trinity
College Dublin in Ireland in the spring.
Julian Kolev,
assistant professor
of strategy and
entrepreneurship, co-
authored “Of Mice
and Academics,”
which was published
in the American Economics Journal
on Economic Policy. The paper argues
that openness can enhance early- and
late-stage innovation and is being
highlighted on the American Economic
Association website.
Gauri Bhat,
assistant professor
of accounting,
co-authored “The
Impact of Risk-
Modeling Disclosures
on the Market
Perception of Banks Estimated Fair
Value Gains and Losses for Financial
Instruments,” which was published in
Accounting, Organizations and Society.
Her co-authored paper “Testing the
Transparency Implications of Mandatory
IFRS Adoption: The Spread/Maturity
Relation of Credit Default Swaps,”
has been accepted for publication in
Management Science.
Michael Braun,
associate professor
of marketing, co-
wrote “Transaction
Attributes
and Customer
Valuation,” which
was published in the Journal of
Marketing Research. He has been
reappointed to the Editorial Review
Board of the journal Marketing Science.
William
Brueggeman,
Clara R. and Leo F.
Corrigan, Sr. Endowed
Chair and Real Estate
Department Chair,
has been the principal
author for more than 40 years of the co-
authored book, Real Estate Finance and
Investments, which just completed its
15th edition by McGraw-Hill.
Amit Basu, Carr
P. Collins Chair
in Management
Information Systems
(MIS) and chair of
the Information
Technology and
Operations Management (ITOM)
Department, co-authored “Search and
Authentication in Online Matching
Markets” with Cox Associate Professor
of ITOM Sree Bhaskaran and Cox
Assistant Professor of ITOM Rajiv
Mukherjee, which was presented at
the Workshop on Information System
Economics in Dallas in December.
Basu gave the keynote presentation
at the Workshop on Information
Technology and Systems, also in
Dallas in December, and presented
another of his co-authored papers,
“A Capability-Based Approach for
Selecting Business Meeting Modes.”
Basu has been invited to participate in
the Digital 20/20 Research Program, a
multiyear partnership with Accenture,
at the Vlerick Management School in
Belgium. The professor organized a
half-day workshop by IBM on Watson
Analytics at the Cox School in January
and the 2015-2016 Case Competition
at SMU Cox in February, in partnership
with AT&T Big Data. Basu spoke at
the Scheller College of Business at the
Georgia Institute of Technology, as part
of the school’s Distinguished Speaker
Series in the fall.
FA C U LT Y A N D S TA F FA C H I E V E M E N T S
14
Robert Lawson,
Jerome M.
Fullinwider Endowed
Centennial Chair in
Economic Freedom
and director of
the William J.
O’Neil Center for Global Markets and
Freedom, taught a week-long seminar
titled “Economic Freedom and the
Wealth and Health of Nations” at the
Economics, Growth and Prosperity 2015
Fall Seminar, hosted by the nonprofit
Friedberg Economics Institute in Israel.
He also gave a keynote speech about
economic freedom at the national
meeting of the chapter directors of
America’s Future Foundation (AFF)
in Washington, D.C. Lawson co-
authored, with SMU Cox Research
Assistant Professor Ryan Murphy, “The
Relationship between Income, Economic
Freedom and Obesity,” forthcoming in
the journal Public Health. Lawson and
Murphy also co-authored “Does Anti-
Trust Policy Promote Competition?”
forthcoming in Applied Economics
Letters. The Fraser Institute book What
America’s Decline in Economic Freedom
Means for Entrepreneurship and
Prosperity, to which Lawson contributed
an essay, was honored with the Sir
Antony Fisher International Memorial
Award by the Atlas Network.
Dwight Lee, senior
fellow at the O’Neil
Center, wrote “The
Beast Is Not Easily
Starved,” which
was published in
the journal Public
Choice. He also wrote “Does Freedom
Need Bootleggers?” which appears in
the newly published book Regulation,
and “The Sharing Economy Is as Old
as Markets,” featured in the Library
Empirical Investigation into the Optimal
Size of the NGDP Target and Level
Targeting,” which is forthcoming in
the Journal of Economics and Finance.
He also co-authored two papers with
Robert Lawson (see left).
Robin Pinkley, Janet
and Craig Duchossois
Endowed Professor
of Management and
Organizations, co-
authored “Agreement
Attraction and
Impasse Aversion: Reasons for Selecting
a Poor Deal over No Deal at All,” which
finds that negotiators often settle for
an agreement that doesn’t benefit them
versus settling for an impasse that might
be in their best interest. The article was
published in the journal Psychological
Science.
Miguel Quiñones,
O. Paul Corley
Distinguished Chair
in Organizational
Behavior, Altshuler
Distinguished
Teaching Professor
and Management and Organizations
Department chair, co-authored, with
Cox Assistant Professor of Management
and Organizations Robert Rasberry,
“Dark Clouds Over the Horizon? Results
of the 2015 SMU Cox CEO Sentiment
Survey,” published in the November/
December issue of D CEO Magazine.
Quiñones also presented “The Impact
of Inclusion on Employee Engagement
and Turnover: The Moderating Role of
Behavioral Frequency, Importance and
Cultural Commonality” at a meeting
of the Iberoamerican Academy of
Management in Santiago, Chile.
A C H I E V E M E N T S
of Economics and Liberty. He also co-
authored “Freedom as Public Good,” an
article published in the newly published
book Economic Behavior, Economic
Freedom and Entrepreneurship.
Darius Miller,
Caruth Chair in
Finance, presented
his research paper,
“The Market for
Director Reputation
Around the World,” at the University
of Chicago’s annual Global Issues in
Accounting conference. He also gave
invited research presentations at Rice
University and the University of Kansas.
Sandy Miller,
Business Library
director, was
invited to apply
for membership
and subsequently
was voted into the
Academic Business Library Directors
(ABLD) organization, a working group
of no more than 50 library directors at
top-tier business schools in the United
States and Canada with accredited and
ranked MBA programs. ABLD members
foster collaboration, network globally
and share best practices.
Ryan Murphy,
research assistant
professor in the
O’Neil Center, wrote
“The Willingness-
to-Pay for Caplanian
Irrationality,” which
was published in the journal Ration
and Society. He also wrote “Rational
Irrationality across Institutional
Contexts,” published in the Journal de
Economistes et des Etudes Humaines.
Murphy co-authored “A Simple
15
cox.smu.edugo to
Harvey Rosenblum,
professor of
practice in business
economics,
presented “The U.S.
Economy Outlook
and Fed Monetary
Policy” at a meeting of the Austin
Financial Planners Association in Austin.
He also spoke on “The Federal Reserve’s
Role as First Responder in a Financial
Crisis” at the Texas A&M University
Banking School in College Station. In
addition, he spoke on “The Critical
Importance of Addressing the Issue of
Too-Big-to-Fail Financial Institutions”
at a meeting of the Economics Club
Honorary Society, Omicron Delta
Epsilon, at the University of North Texas
in Denton. Rosenblum served as a
panelist discussing “The U.S. Economic
Outlook” for the Alumni Association
of the Booth School of Business at the
University of Chicago.
John Semple,
Charles Wyly
Professor of
Management
Information Systems
(MIS), co-authored
“The Exponomial
Choice Model: A New Alternative for
Assortment and Price Optimization,”
which was accepted for publication
in Operations Research. The paper
investigates a new discrete choice
model and its application to problems
in assortment planning and optimal
pricing. Semple is currently a visiting
research scholar at the Tuck School of
Business at Dartmouth College.
Raj Sethuraman,
Marilyn and Leo
Corrigan Professor
and Marketing
Department chair,
was invited to be the
guest speaker and
case presenter at the CEO educational
conference organized by the Initiative
for Competitive Inner City (ICIC), a
research and strategy organization that
supports businesses in U.S. inner cities.
James Smith,
Cary M. Maguire
Chair in Oil and
Gas Management,
delivered the
keynote speech
titled “Sheikhs vs.
Shale: What’s Next for OPEC?” at the
annual conference of the West Texas
Geological Society in Midland, as
well as a meeting of the Fort Worth
Chapter of the Society of Independent
Professional Earth Scientists. He
presented an academic seminar, “The
Option to Hold a Petroleum Lease by
Production: A User’s Guide to the Shale
Gas Drilling Boom,” at Ohio State
University in Columbus, Ohio. His paper
“Valuing Barrels of Oil Equivalent” was
published in The Energy Journal, and
he served as editor of a special issue of
The Energy Journal published in honor
of the “dean” of U.S. oil economists,
MIT Professor Morris A. Adelman. Smith
was recently named a research fellow at
the Price College Energy Institute at the
University of Oklahoma.
Dean Stansel,
research associate
professor in the
O’Neil Center,
served as primary
author of the co-
authored 11th
edition of the Economic Freedom of
North America report, which ranks the
states and provinces of North America
on their levels of economic freedom.
Tom Tan, assistant
professor of ITOM,
co-wrote “When
You Work with
a Super Man,
Will You Also
Fly? An Empirical
Study of the Impact of Coworkers on
Performance,” which is cited in the
business publication Strategy+Business.
Bernard Weinstein,
associate director of
the Maguire Energy
Institute and adjunct
professor of business
economics, spoke
on energy policy in
venues around the country, including
the Energy Logistics Conference
at Colorado State University; the
Springfield, Illinois Rotary Club; the
Indiana Trucking Association in Orlando;
the New York Agribusiness Association
in Syracuse; the Dallas Society of CPAs;
the Fresno, California Rotary Club;
the Highland Springs Government
Affairs Group in Dallas; and the Seattle
Economics Council. n
A C H I E V E M E N T S
16
‘‘COX QUOTABLES
”
”
I N T H E N E W S
Associated Press“While Job Growth Lifts Most of U.S. Economy, Oil Patch Suffers”Bruce Bullock, director of the Maguire
Energy Institute, looks at the long-term
industry fallout of falling oil and gasoline
prices. Bullock says he “expects more
industry bankruptcies and mergers,
both of which will cost some employees
their jobs,” and anticipates that some
energy companies may automate more
work even if/when prices recover. “The
industry will be more efficient; it won’t
need as many people as it did before.”
(12/04/15)
KERA, 90.1 FM“The Big Screen: The Big Short”Mike Davis, senior lecturer of strategy
and business economics, offers his critique
of the theatrical release, The Big Short, which looks at the build-up, in the early
2000s, to the housing and credit bubble
crisis. Commenting on the movie’s use of
metaphors to explain complex financial
maneuvers, Davis says, “People will have
a better idea about what these things are
after they see the movie, but . . . they don’t
give you a very good idea about why they
were created and what they were intended
to do.” (12/23/15)
The Dallas Morning News“SMU Experts: Texas to Shine in 2016, but World’s Another Story”Al Niemi, dean of the Cox School,
describes the recovery of the American
economy as “half-speed” growth. “There
are 15 states that are booming—none
better than Texas. If you take them out
of the picture, the recovery would barely
be alive. We would be drifting sideways
with an unemployment rate around 7
percent.”(12/31/15)
NBC 5, KXAS-TV “Mobile Pay to Increase in Coming Year”Scott MacDonald, adjunct professor of
finance and president and CEO of the
Southwest Graduate School of Banking
at SMU Cox, predicts that more and more
banks will soon be offering customers
pay-by-cell phone options because, he
says, they can’t afford not to get into
the mobile payment business. “Every big
bank is going to have its own app; they’re
going to have their own payment systems.
They’re going to have all of these things
because I think those are the Ubers
coming to the banking industry at this
point right now.”(01/11/16)
Monster.com “Should You Take a Salary Lower Than Expected for Your First Job?”Robin Pinkley, Janet and Craig Duchossois Endowed Professor of Management
and Organizations, says many people—
millennials in particular—falsely estimate
their market value. She encourages people
to “get a realistic idea of what you should
be earning by taking the average of
what calculators on Salary.com, PayScale.
com and SalaryExpert.com say you’re
worth.” (01/12/16)
MainStreet.com “Volatility Is Here to Stay and Could Be a Plus for Retirement Portfolios”Don Shelly, Fabacher Endowed Professor
of Alternative Asset Management and
professor of practice in finance, shares
his point of view on the positive aspect
of a volatile market. “People who stayed
invested through the financial crisis not
only recovered their losses but are well
ahead of the game.” (01/14/16)
CardHub.com“2016’s Best Frequent Flyer Program”Ed Fox, W.R. and Judy Howell Director of
the JCPenney Center for Retail Excellence
and associate professor of marketing, offers
his perspective on how and whether airline
rewards programs will change in the next
five to ten years. “If jet fuel prices stay low
in the next five years, the reduced variable
cost of a passenger will allow airlines to
offer more attractive travel benefits. I would
also expect airline rewards programs to be
data-based, targeting customers based on
their geography or travel patterns, maybe
even their potential —not just on miles
flown.”(01/20/16)
KUHT-FM, 88.7 (Houston Public Media) “Drop in Oil Tax Revenue ‘Not Going to Be Pretty’ for Texas”Bernard Weinstein, associate director of
the Maguire Energy Institute, explains that
the falling price of oil translates into millions
of dollars less in tax revenue for many
Texas cities, counties and school districts,
not to mention about $5 billion less than
the state estimated to cover a two-year
budget. “What’s going to happen, will this
necessitate a special session? If so, will the
legislature dip into the rainy day fund? It’s
hard to say at this point. But it’s not going
to be pretty going forward.”(01/26/16)
Investor’s Business Daily“The Wealth of Cities: Just as Important as 'The Wealth of Nations'”Michael Cox, founding director, and
Richard Alm, writer-in-residence of the
William J. O’Neil Center for Global Markets
and Freedom, co-wrote a perspective piece
about the index of economic freedom
for U.S. metropolitan areas. “Cities thrive
because proximity, density and closeness
produce an environment where human
creativity and cooperation flourish. Cities
attract the best and brightest and let them
reach for the stars.”(02/05/16)
”
”
17
cox.smu.edugo to
COX FACULTY R E S E A R C H
n a first-of-its-kind study, research by
Assistant Professor Vishal Ahuja shows
how the use of big data can validate life-
changing healthcare findings.
In their paper “Enhancing FDA’s Decision
Making Using Data Analytics,” Ahuja
and his co-authors detail their study of a
controversial “black box warning” (BBW)
on a diabetes drug in 2007, rosiglitazone,
marketed by GlaxoSmithKline as “Avandia,”
that led to large declines in the drug’s use
and plummeting sales. From their extensive
research efforts, the team concluded that
the FDA warning was not supported. “We
suggest the FDA continue to follow its
practices using meta-analysis and post-
marketing surveillance to detect adverse
events like heart attack, for example, but
use caution before jumping the gun [on a
black box warning],” says Ahuja.
The authors’ approach is complementary
to the FDA’s existing detection systems. Their
proposed template for regulatory agencies
can be used to assess associations between
a drug and specific adverse reactions of
interest. An evidence-based decision support
system that the authors coined as “Data
Analytics for Robust and Enhanced Drug
Decision-making” or DAREDD, employs big
data in a sophisticated manner. It can be
used retrospectively to evaluate a warning
that has already been issued.
The authors say, “Deficiencies exist in
the process of collecting, reviewing and
analyzing the evidence used to issue BBWs,
highlighting a gap in evidence-based
medicine.” By using large data sources
in novel ways, such as observational
studies and advanced analytics, better
pharmacovigilance can be achieved.
The authors evaluated the above-
mentioned FDA warning using a large and
unique dataset from the U.S. Department
of Veterans Affairs (VA). Their research
concludes that the warnings were not
warranted, finding instead that the drug
is associated with a statistically significant
(albeit small) reduction in the likelihood of
acute myocardial infarction and death from
cardiovascular events.
The novel approach proposed by the
authors extends to products outside of
medicine like children’s toys, food and
household cleaners. “The bigger question
is how do regulatory agencies decide if and
when to issue product recalls or warnings?”
Ahuja questions. “Take food safety, for
example; products under regulation can use
a data-driven approach, given that so much
is monitored and quantified.
“Given consumers’ extreme sensitivity
around product safety,” Ahuja says, “firms
that manufacture, sell or market consumer
products may want to conduct their own
product safety evaluation. With increasingly
large amounts of data available, and
advancements in computing, an approach
such as ours may help enhance consumer
safety and public health,” he concludes.
New Approach with Data Analytics Enhances Drug SafetyVishal Ahuja, Assistant Professor of Information Technology and Operations Management
I
ith troves of corporate information available online for
analysts to sift through, how can firms differentiate their
message and convey complex, meaningful information to those
who need it? The increasing number of analyst /investor days, a
long-form presentation by publicly traded companies, indicates a
trend toward a greater demand for face time with management. In
the co-authored paper, “Come on Over: Analyst/Investor Days as a
Disclosure Medium,“ Associate Professor Stanimir Markov and his
fellow researchers studied analyst/investor days as a disclosure medium
that large firms with complex operations use to deepen stakeholders’
understanding about the firm’s outlook and valuation.
“Recall that institutional investors demand and value access
to management,” says Markov. “So firms that host analyst/investor
days make themselves even more attractive to institutional investors,
which should lead to more trading and greater liquidity.” The
authors, one of the first academic teams to systematically analyze a
large sample, find a significant bump in return volatility and trading,
compared to a conference presentation.
Analyst/investor days tend to be geared toward institutional investors
and influential capital market players. The information conveyed by
management to analysts helps them evaluate managerial talent and
credibility, requiring a softer, more nuanced communication platform.
Analyst/Investor Days Recognized as Important Corporate CommunicationsStanimir Markov, Associate Professor of Accounting
W
18
FA C U LT Y R E S E A R C HFA C U LT Y R E S E A R C H
“With the vast amount of information dumped into the market,
analysts are losing their competitive edge to others in online
venues,” Markov notes. “Demand for access to management
gets stronger in this case. By meeting with analysts, you may be
able to broaden your investor base, attract an analyst following
and ultimately lower your cost of capital.”
The larger effect of analyst/investor days was a price effect.
“We benchmark against conference presentations, and the
effect on stock price and turnover is four to six times as much,”
says Markov. The study finds that “analyst/investor days convey
substantial new information to the market.” Three-day abnormal
absolute return and three-day abnormal share turnover increase
by about 29 percent and 27 percent, respectively, they
document. Markov notes that a portfolio manager investing
millions of dollars in company stock on behalf of thousands
of investors should be able to gather nuanced and complex
information and assess the quality of company managers
through face-to-face meetings.
The study offers managers an “effective communications
strategy” and insight for investors about gathering information
efficiently. The research contributes to a small but growing stream
of the “disclosure literature” about private interaction between
management and capital market participants, in comparison with
publicly broadcasted information. n
he advent of electronic trading has
brought with it new types of traders,
and some periods of stock market uncertainty
along the way. High-frequency traders are
under scrutiny these days as regulators and
researchers try to understand how they impact
the market. In a forthcoming Journal of
Financial Economics paper, Professor Kumar
Venkataraman and his co-author assess a new
breed of traders who act as “market-makers”
to understand how their trading behavior
contributes to market fragility.
Regulators are charged with monitoring
stock markets to ensure fairness and proper
market design, and improving investor
confidence. One area of regulatory concern is
the effect of high-frequency traders on liquidity,
or the ability to move in and out of a stock
position. Venkataraman notes, “High-frequency
traders account for 60 to 70 percent of trading
volume in the U.S. and many global markets.
On a typical trading day, high-frequency traders
play the role of de facto market-makers and
supply liquidity. A mutual fund manager might
want to sell a position, for example, and high-
frequency traders absorb some of the order
flow and act as counterparties.”
To the extent that these traders behave
similarly and withdraw liquidity at the same
time, do they increase stock market fragility?
The study shows that modern market-makers
without obligations indeed trade in a correlated
manner. They participate more when market
conditions are favorable and withdraw in
unison when market conditions are less
profitable or more risky for market-making.
The study builds a “fragility score” based
on market-maker participation and relates
the score to a variety of market conditions.
A systematic withdrawal of liquidity when
market conditions are unfavorable has the
potential to destabilize markets and lower
investor confidence, write the authors.
Further, a Securities Exchange Commission and
Commodity Futures Trading Commission report
on the “flash crash” of May 2010, when the
market dropped 7 percent in a matter of minutes,
cautions about the new dynamics of electronic
markets. The report notes these dynamics
introduce market structure fragility in highly
uncertain periods by “essentially eliminating rule-
based market-maker obligations.”
The authors relate the fragility score to
market conditions. “Regulators believe markets
are fragile when volatility is high,” says
Venkataraman. “In fact, the opposite is true.
Although the popular narrative is high-volatility
causes high-frequency traders to withdraw
from the market, we show that market-making
profits are highest when volatility is high.” The
authors conclude that high-volatility periods
are associated with higher trader participation.
“Our results line up with popular press reports
that high-frequency traders made blockbuster
profits during the 2007-2009 financial crisis,
when market volatility was exceptionally high,”
adds Venkataraman.
“It is not surprising that traders exit the
market when market-making is not profitable,”
says Venkataraman. “Nor is it illegal. However,
in recent years, we have come to rely more and
more on such traders who have no affirmative
obligations to supply liquidity.” These trends
have made markets more fragile and increased
uncertainty associated with completing
transactions in financial markets, he notes.
New Breed of Traders Create Stock Market Fragility Kumar Venkataraman, James M. Collins Chair in Finance
T
19
cox.smu.edugo to
SMU Cox and The Second Century Campaign:Getting Down to Business
SMU COX RAISES $102 MILLION
When SMU’s Second Century Campaign
officially kicked off at Moody Coliseum on
September 12, 2008, it was appropriately titled
“Unbridled” for the can-do spirit by which the
SMU community pursued aggressive goals
on behalf of the university and its future.
The SMU trustees and leadership committee
were confident that SMU, while already deemed
a fine university, was on a trajectory to become
an even more outstanding university in its
second hundred years.
20
C O V E R S T O RY
n September 24, 2015, the 100th
anniversary of the first class
held at SMU, President Turner
announced the triumph of not
only achieving the goal, but also achieving
it months ahead of schedule. “One
billion. And change.” was the mantra
heralded throughout the university to
signify an impressive accomplishment
(SMU is only the 34th private university in
the United States to raise $1 billion in a
capital campaign) as well as an optimistic
hint of exciting changes ahead.
As SMU begins to embolden
its already bright future with an
unprecedented level of financial and
community encouragement, so begins
the Cox School. Immediately upon the
campaign’s public launch in 2008, SMU
Cox donors were instrumental in the
school’s ability to achieve its aggressive
goals. Edwin L. Cox ('42), honorary chair
of the Cox School of Business Steering
Committee and eternal booster of the
business school, challenged fellow
donors to match his $5 million gift to
support the BBA Scholars program. In
typical fashion, generous backers heeded
his call, met his challenge and went
on to help fund many other strategic
initiatives intended to perpetually
improve the academic experience of
the Cox School far into the future.
O
With an initial goal of raising $750 million the university stated the main objectives of
the campaign: enhance the University’s student quality, invest in faculty and academic
excellence and strengthen the campus experience. Through scholarships, endowments
and investments, SMU would step into its second century poised for greatness.
SMU’s community embraced the fervent goals and strategic objectives with such
enthusiasm that SMU President R. Gerald Turner raised the goal to $1 billion in 2015.
While the Cox School initially set
a goal of raising $75 million for The
Second Century Campaign, through
the incredible support of its community,
that goal was surpassed, raised and
surpassed again. In the end, more than
$102 million was raised for SMU Cox.
As David B. Miller (BBA '72, MBA '73),
co-chair of the Cox School of Business
Campaign Steering Committee,
announced to the Cox Executive Board in
January, “Due to your generosity, SMU
Cox is very well positioned to continue
the trajectory started by Dean Al Niemi.”
Accordingly, all funds were directed
toward specific initiatives intended
to enhance the student experience,
develop new research centers and
institutes, and attract and retain
outstanding faculty.
SETTING THE STAGE FOR SUCCESS AT THE COX SCHOOL
NEW ENDOWMENTS • NEW SCHOLARSHIPS • NEW CENTERS
21
cox.smu.edugo to
The impact of the Cox BBA Scholars
program was clearly demonstrated by
the rising talent of the undergraduate
students. Thus, SMU Cox is also
focused on extending more scholarships
to graduate students. Now, many more
students in the MBA and specialized
master’s programs will likewise be able
to enjoy a financial boost offered by
SMU Cox contributors.
“Every one of these scholarships will
make a difference in the lives of future
business leaders, providing access to a
world-class business education that each
of these students would not otherwise
have been able to afford. I am incredibly
grateful to our alumni and close friends
who stepped up to change the lives
of Cox graduate students,” said Marci
Armstrong, associate dean of graduate
programs.
Scholarships have always been
instrumental in recruiting the “best and
the brightest” students regardless of
their background, financial situation or
geographical location. BBA Scholars, the
highly select group of approximately 100
first-year students who are accepted into
the Cox School of Business directly out of
high school, are truly at the top of their
graduating classes, and not surprisingly,
are heavily recruited by dozens of elite
schools. Hence, the goal of supporting
BBA scholarships has been a constant
objective during The Second Century
Campaign.
Thanks to the generous support of Ed
Cox and other like-minded supporters,
students who might not have otherwise
considered SMU applied. Many were
elated to be given the chance to attend
SMU Cox due to a healthy scholarship
reserve dedicated to attracting high-
potential students. In the end, every
single BBA Scholar was offered some
form of financial support.
“Top students receive multiple
scholarship offers from prestigious
schools to tempt their allegiance.
So it’s critical that SMU Cox can be
competitively positioned to offer ample
opportunities for these bright kids,”
explains Dean Niemi. Since the Cox BBA
Scholars Program, named through Ed
Cox’s generosity in 2007, was established
by Dean Niemi in 2002, the program
has consistently enrolled and graduated
exceptional students who raise the bar
for the university’s student body overall.
Further, these students enhance SMU’s
national reputation, since two-thirds of
them hail from states other than Texas.
The steady increase in SAT scores
and graduating class size reinforces
the campaign’s impact on the school’s
ability to attract exceptional students
from around the country. With the
added emphasis on undergraduate
scholarships and the school’s
burgeoning reputation, student interest
in SMU Cox has swelled over the past
few years.
BBA SCHOLARSHIPS
Total Raised: $20 million
Total Raised: $35 million
GRADUATE SCHOLARSHIPS
1200
1400
1300
1100
1000
900
800
1500
2008
2009
2010
2011
2012
2013
2014
2015
2016
1300 100
1250
1500 200
1450
1400 150
1350
1200 50
20022003200420052006200720082009201020112012201320142015
Avg SAT score # of Cox BBA Scholars BBA Enrollment
BBA Scholar SAT Average Growth BBA Interest and Enrollment Growth
22
C O V E R S T O RY
A business school and its students
are only as good as the professors
who teach them. SMU Cox has long
employed an impressive faculty
consisting of world-renowned
professors. With the success of The
Second Century Campaign, SMU Cox
had the opportunity to further deepen
the bench, thanks to the generous
support of our donors. Attracting
and retaining top talent in fields like
entrepreneurship, finance, energy,
management and economic freedom
ensures that SMU Cox will stay
competitive with other leading business
schools and continually demonstrate
thought leadership in the classroom,
the community and beyond.
Total Raised: $35 million
In addition to establishing nine new
endowed faculty positions, four faculty
awards were funded during The Second
Century Campaign. Each of these awards
recognizes excellence in the classroom.
“We are extremely fortunate to have
supporters who not only value our ability
to attract outstanding students, but also
reward our faculty for their contribution
to our students’ success. Our professors
make the school what it is, and the
added recognition from these awards is a
wonderful testament to the exceptional
Cox faculty.” said Dean Niemi.
FACULTY AND ACADEMIC EXCELLENCE
ENDOWED PROFESSORSHIPS New Endowed Faculty: 9 Total Raised to Support Faculty: $12 million
The Centennial Professorship in Finance
The Jane and Pat Bolin Endowed Director of the Maguire Energy Institute
Janet and Craig Duchossois Endowed Professorship in Management and Organizations
Fabacher Endowed Professor of Alternative Asset Management
Jerome M. Fullinwider Endowed Centennial Chair in Economic Freedom
David B. Miller Endowed Professor in Business
The Merriman Foundation Endowed Professorship in American Capitalism
Linda A. and Kenneth R. Morris Endowed Director of the Caruth Institute for Entrepreneurship
Bobby B. Lyle Professor of Entrepreneurial Studies
ENDOWED FACULTY POSITIONS
ENDOWED FACULTY AWARDS
The Boghetich Family Distinguished Teaching Award
Eugene T. Byrne Innovation Award
C. Jackson Grayson, Jr. Faculty Innovation Award
The Barbara and James Mangum Award for Teaching Excellence
Travis and Cody Boghetich and Dean Niemi presented The Boghetich Family Distinguished Teaching Award to John Semple in 2014. L to R: Travis Boghetich (JD '06), John Semple, Dean Niemi, Cody Boghetich (BBA '07, MBA '10)
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cox.smu.edugo to
INSTITUTES, CENTERS AND PROGRAMS Total Raised: $34 million
The EnCap Investments and LCM Group Alternative Asset Management Center
Focus: Prepare students for successful finance careers in non-traditional asset management.
The Don Jackson Center for Financial StudiesFocus: Provide enrichment programs for students and
faculty in the Finance Department.
Folsom Institute for Real EstateFocus: Bring the real estate industry into the
classroom via teaching, networking and mentoring.
Kitt Investing and Trading CenterFocus: Enable students and faculty to have
hands-on, real-world investment experience.
Latino Leadership InitiativeFocus: Close the talent gap for Latinos successfully
pursuing executive leadership.
The Scott Sheffield Energy Investment LabFocus: Academic investment and trading center
created specifically for the energy industry.
Kitt Investing and Trading Center
Since The Second Century Campaign began, SMU Cox has sought and received
significant support for eight different institutes, centers and programs. These centers of excellence
ensure SMU Cox academic leadership is continually building upon its core and imparting the latest
research and programming to the benefit of the students, the school and the community.
Student-Managed Energy Investment Fund ProgramFocus: Provide firsthand experience researching,
investing and managing energy funds.
Albert W. Niemi Center for American CapitalismFocus: Support student research with The Bush Institute and SMU faculty on issues such as, economic growth, women’s
rights, human freedom and veterans’ issues.
Joseph Cahoon, director of the Folsom Institute for Real Estate (far left), led 20 MBA Real Estate Club members on a MBA Corporate Trek in November. Five of the leading real estate firms visited include: Stream Realty, HFF, Invesco, CBRE and Clarion Partners.
24
C O V E R S T O RY
executive director of external relations,
tells alumni, “The Second Century
Campaign may have ended, but the
SMU Cox community has a standing
invitation to join in by becoming more
informed, involved and invested.”
Newly inspired with an unprecedented
level of financial and personal support,
SMU Cox is ready to focus on the
real business at hand: preparing our
students for exciting and life-changing
careers far into the next century. n
From its establishment in 1920 as the
School of Commerce in SMU’s College of
Arts and Sciences, to the internationally
ranked business school named for Ed
Cox, our fearlessly generous benefactor,
our students have grown in number,
strength and depth. None of this growth
would be possible had it not been for
the thousands of donors and patrons
who put their time, talent and treasure
to work for the school’s benefit.
As Kevin Knox, assistant dean and
“Our centers and institutes
can all be nourished with
more resources. We’ve made
outstanding progress in
The Second Century Campaign
but our work to improve and
enhance these programs
is never-ending.”SMU Cox- Dean Al Niemi
Tony and Jil Boghetich (left), and Laura and Bill (MBA ‘71) Wheless (right), helped Dean Niemi (center) dedicate the Albert W. Niemi Center for American Capitalism.
The Latino Leadership Initiative hosted the 2nd Annual LLI Symposium, “Latino Talent: Attract, Retain, Develop.”
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cox.smu.edugo to
MAGUIRE ENERGY INSTITUTE BARRELS AHEAD
Forty years ago, oilman and ardent SMU supporter Cary
Maguire decided to create a peerless academic center
specifically focused on the energy industry and energy-
related issues. Since then, the Maguire Energy Institute
has thrived under his vested eye and the leadership of Bruce
Bullock, director of the institute, and Bud Weinstein, associate
director and adjunct professor. The institute’s programs offer
real-world casework, industry leadership and education for
all forms of energy including oil and gas, nuclear, wind, solar,
biomass and bio-fuels.
As part of The Second Century Campaign, several exciting
new programs designed to enrich the student experience
were established in 2015.
THE SCOTT SHEFFIELD ENERGY INVESTMENT LAB
When the Cox School’s Kitt Investing and Trading Center was
created in 2011, it gave students state-of-the-art investment
facilities to effectively invest and manage financial portfolios
in a real-world environment. In 2015, Bryan Sheffield, founder
and president of Parsley Energy, established another world-class
investing facility for students uniquely focused on the energy
industry. He named it in honor of his father, Scott Sheffield,
chairman and CEO of Pioneer Natural Resources.
The new lab features multiple workstations built for student
collaboration, access to energy-specific databases and video
monitors to feature late-breaking energy news and data
throughout the day. Students applaud the new addition.
“The Sheffield Lab has truly elevated my experience as an
energy student,” said Charlie Landon (BBA '16). “The lab
has given us access to many more resources that are specific
to our industry. Having access to Bruce Bullock and Bud
Weinstein—two of the top academics in the energy field—
while we’re in the Sheffield Lab also makes questions and
research much easier to find and answer.”
With this kind of sophisticated research and hands-on support,
Cox students will continue to pursue careers in energy in spite
of recent foreboding headlines. In fact, the knowledge found in
the Sheffield Lab may provide the insight students like Landon
need in order to keep an optimistic eye on the future. “Reading
through the history of energy and living during the time of the shale
revolution has taught me there are always new innovations and
opportunities for the industry to develop,” he said.
SPINDLETOP: THE NEW STUDENT-MANAGED ENERGY INVESTMENT FUND
Once SMU Cox students could research, invest and navigate the
industry using the latest advanced resources afforded by the new
Sheffield Energy Investment Lab, the time was right to start a student
investment fund. Hence, the Spindletop Fund—named for the first
recognized oil gusher in Texas—was established with more than
$200,000 in commitments during The Second Century Campaign.
Bullock oversees the students’ investment decisions and has
been impressed with the fund’s performance, particularly given
the market chaos of late.
“The students are looking for good balance sheets, low debt
and companies located in good basins such as the Permian
Basin,” he explains. Bullock further commends them for being
risk averse and finding companies that are undervalued versus
their peers in the market. “They’ve done real well with refining
stocks like Phillips 66 and Valero. So that’s been a real upside.”
Caswell Prewitt (BBA '16) elaborated on the Spindletop Fund’s
other career-boosting benefits. “The research and presentation
skills necessary for a successful pitch to the investment board
have direct applications in the business world,” he said. “In
interviews, I spend more time discussing my involvement with
Spindletop than any other aspect of my résumé.”
In 2014, the Maguire Energy Institute celebrated its 40th anniversary.
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F E AT U R E S T O RY
OPPORTUNITY (STILL) AWAITS “We have to educate the next level of leaders in order to close
the management gap. The Sheffield Lab and the Spindletop
Fund will be instrumental in ensuring our graduates have the
hands-on experience they need to have a competitive edge in
the job market,” said Bullock. As for careers, he says there are
still jobs to be found in utilities, banking and even the major oil
companies. “We placed people at Exxon and Chevron this year.
Even if oil companies don’t add a single new job, we’ll probably
need to hire 400,000 people between now and 2020 just
because of executive retirement. And if we get a recovery,
that number will go up.“
Conservative forecasts may continue to cloud the industry’s
horizon, but SMU Cox energy students are building advanced skills
with high-level experiences rarely found on a college campus,
giving them an advantage over their peers. Thanks to Maguire’s
vision, Bullock and Weinstein’s leadership and the generosity of
the Institute’s benefactors, SMU Cox graduates will blaze full-
speed ahead fueled with anticipation and primed for success.
Who would have predicted that the world would have
too much oil in the 21st century? An economic slowdown
in China, the U.S. shale expansion and Saudi Arabia’s
refusal to reduce production in spite of a swollen supply
have left the world with an unforeseen glut of oil.
Today’s energy companies are facing challenges unlike
anything they have seen before. And, as oil prices drop,
so do revenue and profit. Sadly, many small and mid-sized
companies were not positioned to ride out this series of
global occurrences and, as a result, 36 oil producers filed
for bankruptcy in 2015.
So which energy companies are best poised to survive
this harsh environment? And how will Americans recover?
Maguire’s directors are frequently challenged to answer these
questions in light of the multitude of muddled projections.
“The amount of debt and where companies are located
will play heavily into their ability to ride out these turbulent
times,” according to Bullock. “The Permian Basin is where
you want to be. Companies like Pioneer and Parsley are very
well situated. Their breakeven price is probably in the mid to
high 30s. We’re below that, but it doesn’t pay for them to
stop operating at this point.
“There’s a lot of infrastructure in the Permian Basin, and
it’s been there for 50-60 years in terms of service companies
and pipelines,” he explains. “As well, the geology and the
means by which producers can drill is naturally efficient due
to the shale existing in layers there.”
Breakeven prices vary from $30-$70 per barrel,
depending on basin, field, geology and the cost of doing
business, according to Bullock. Many consumers want
to know what a “fair” price for oil should be. Weinstein
answers, “There is no ‘fair’ price for oil. ‘Fair’ isn’t even in our
vocabulary. But a ‘happy’ price might be around $60-70.”
How do we get back to a “happy” oil price? Bullock
says several things could happen. “First, we need to work
through more onshore production declines in the U.S. The
other possibility is that Saudi Arabia and Russia will decide
the fiscal pain to their countries is so bad that they come to
some kind of agreement to reduce output.” Nonetheless,
he thinks we’re at least six months off from any recovery.
“We’re producing 1.5 million barrels a day extra over the
94 million we actually need,” Bullock adds. “If we slow down
production, we lose market share. Same with the Saudis.
So what you basically have is a big game of ‘chicken.’“
In the meantime, the industry will struggle to forecast
an economic recovery. “There are just too many economic,
geopolitical and technological factors to pinpoint the
recovery,” explains Bullock. “In the last three quarters, the
consensus forecast has been pushed out six quarters.”
One thing is certain: the road to recovery is going to be
full of twists and turns, and the journey will be erratic, if not
downright nauseating. According to Bullock, two things are
necessary if consumers and the energy industry are to prevail:
strong stomachs and strong balance sheets. n
OIL PRICES AND THE BUMPY ROAD AHEAD
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cox.smu.edugo to
ew universities are better poised to
leverage resources and extensive
community ties to the real estate
industry than SMU Cox.
“We are in one of the biggest real
estate markets in the country, with an
alumni base in the industry that’s second
to none,” says Joseph Cahoon, director
of the Folsom Institute for Real Estate.
“So I have the opportunity to easily bring
the best in the business to campus.”
Bringing the industry into the classroom
and taking the students into the industry
has been Cahoon’s mission since he
arrived in January 2014. The close quid-
pro-quo partnership with the community
not only serves current real estate students
but also provides a means by which
alumni can stay closer to the school
while extending their own professional
circles. Various levels of involvement and a
wealth of events keep the Folsom Institute
actively involved with the professional
community throughout the year.
The Folsom Institute: 1984-2016The Institute was originally founded in 1984 by a gift from Margaret and
Robert Folsom, former Dallas mayor and real estate developer. The institute’s
long-standing goal has been to be the hub of real estate education and expertise
via student academics, professional research and community outreach.
Director of the Institute, Joseph Cahoon, is excited about the future of
the industry and the program’s growing collaboration with the community.
Yet, as this new era begins, the Folsom Institute also bids farewell to long-
time Real Estate Department Chair Bill Brueggeman, who will retire this year
after 36 years at SMU Cox.
“I have been blessed to have his tutelage and knowledge since I arrived
at Cox,“ says Cahoon. “Bill is one of the foremost known real estate
academics in the country and a true legend. So it’s bittersweet. The entire
industry owes him a debt of gratitude.”
Folsom Institute for Real Estate: Bringing the Industry into the Classroom
F In the ClassroomOne of Cahoon’s priorities has been to
educate and engage real estate students
about the various facets of the industry
early in the learning process.
“Compared to some other academic
areas, real estate is an industry as
opposed to a discipline,” explains
Cahoon. “We teach all of the
disciplines through the lens of the
industry.” By exposing students to
different areas of specialty, he hopes
students will find their passion and
ultimately their motivation to work
hard and network with the right
people, who will appreciate students’
focus and discipline.
“Firms are always looking for talent and
fit, so if I can help students understand
what area of real estate they want
to pursue early on, they are going to
be more motivated, dedicated and
passionate employees,” says Cahoon.
Beyond the ClassroomCahoon‘s other objective was to
aggressively recruit and expand the board
of the Folsom Institute. Today, the Folsom
Institute has 87 board members, including
eight corporate partner firms.
“Real estate is a relationship
industry,” says Cahoon. “If people put
their time, talent and treasure together,
they feel they have a vested interest
in the program and a voice in how
students are trained, which makes the
students better employees.”
Mentorship programs, networking
workshops, career counseling, real estate
roundtable discussions, industry software
training, property tours and speaker
series are just a few ways that the Folsom
Institute encourages student interaction
with the professional community.
As a result of this strategy, enrollment
for both BBA and MBA real estate
concentrations has surged more than
30 percent. And as a testament to SMU
Cox real estate students’ enhanced
preparation, both internships and job
placements are stronger than ever. n
“After two years of networking
through the Folsom Institute, I can
walk into most offices of the major
players in town and know several
of the professionals. Beyond DFW,
I’ve made connections that led to
multiple trips to Washington, D.C. for
meetings with potential employers,
and even as far as Abu Dhabi, UAE.”
Jeff Hughes (MBA'16)
28
ow will the economy play out
as 2016 progresses? A team
of professorial prognosticators
tackled that question during an
end-of-fall semester breakfast discussion
with the largest crowd of invited media
guests this annual event has ever drawn.
The consensus among SMU Cox
experts during the eighth annual
gathering is that North Texas is a
bright spot in a slow-growing national
economy, with economic danger lurking
in more than one sector.
The event is hosted by Cox School
Dean Al Niemi, who always kicks off
the discussion with his regional and
national economic forecast. The dean
noted this year, “This recovery, so far,
is averaging 2.4 percent real growth...
recovery at half speed.” The dean said
the government policy that “dampened
private-sector initiatives” has made
accelerated growth difficult. He
predicted because of such public policy,
national economic growth will continue
to inch along in the coming year.
Nonetheless, and in spite of oil prices
that harken back to prices of the 1980s,
the dean and his fellow faculty experts
believe Texas, compared to the rest of the
nation, is still an economic bright spot.
Bruce Bullock, director of the Maguire
Energy Institute, indicated that although
low oil prices have forced some energy-
related companies out of business, the
ones who’ve been able to stay the course
will emerge stronger. He added that
across the nation, West Texas, specifically
the Permian Basin, has the “lowest costs
and highest returns for oil companies.”
Maguire Energy Institute Associate
Director Bernard “Bud” Weinstein
attributed much of the nation’s sluggish
economic growth over the past 18 months
to the decline in oil and gas investments,
which more than doubled between 2008
and 2014. “Because energy looms large
as a share of GDP,” Weinstein cautioned,
“2016 will be another sub-par year for
economic growth if oil prices remain at
their current levels.”
The stock market is another worry,
according to Professor of Practice and
Fabacher Chair of Alternative Asset
Management Don Shelly, who pointed
to a discouraging 4.6 percent decline in
corporate profits in the last fiscal quarter
of 2015. Mike Davis, senior lecturer
in strategy and business economics,
expressed concern about the recession
in China, explaining the U.S. and the
Texas economies are more interconnected
than most Americans grasp. Meanwhile,
Scott MacDonald, president and CEO
of the Southwest Graduate School of
Banking at SMU Cox, warned about
the concentration of assets among the
nation’s banks, noting the top 10 banks
currently control almost 80 percent of
assets, which, he said takes a toll on
small-business lending.
Chuck Dannis, adjunct professor and
senior managing director of National
Valuation Consultants, sounded an
optimistic note, especially for North Texas
real estate. According to Dannis, median
home prices are three to four times the
median income, far less than in other
parts of the country, and DFW’s “net
absorption rate” of industrial, multifamily,
office and retail space ranks in the
nation’s top three markets—encouraging
news in an otherwise economically
uncertain time. n
H
Dean Niemi with Glenn Hunter (Editor of D CEO).
“Because energy looms large as a share of GDP, 2016 will be another sub-par year for economic growth if oil prices remain at their current levels.” Bud Weinstein
SMU Cox Experts Cautious about the Nation’s Economy
F E AT U R E S T O RY
29
cox.smu.edugo to
EXECUT IVE BOARDMr. David B. Miller Chair
Mr. Gerald B. Alley President Con-Real Inc.Mr. Michael AndersonMr. Stephen L. Arata CEO Caiman Energy II, LLCMr. F. Thaddeus Arroyo CEO Iusacell-AT&T Mexico LLCMr. Norman P. Bagwell Chairman & CEO Bank of Texas N.A.Mr. C. Fred Ball, Jr. COO Spyglass Trading LPMr. Raymond A. Basye, Jr. Sewell Cadillac DallasMr. James F. Berry Retired President Lockheed Martin Missiles and Fire ControlMr. Raymond A. Blanchette, IIIMr. William A. Blase, Jr. Senior Executive Vice President, Human Resources AT&T Inc.Mr. Mark A. Blinn President & CEO Flowserve Corporation Mr. Tony Boghetich Owner & CEO Omar B. Milligan Enterprises Inc.Mr. Pat S. Bolin Chairman & CEO Eagle Oil & Gas Co.Ms. Julie Ann Brice Former Owner & Founder I Can’t Believe It’s Yogurt Inc.Mr. Tucker S. Bridwell President Mansfeldt Investment CorporationMr. Bradley Brookshire Chairman Brookshire Grocery CompanyMr. Peter D. Brundage Managing Director Goldman Sachs & Co.Mr. T. Randall Cain Southwest Region Managing Partner Ernst & Young LLPMr. Donald J. Carty Retired Chairman, American Airlines & Retired Vice Chairman, Dell Inc.Mr. Thomas W. Codd, Jr. U.S. Human Capital Leader & Vice Chair PricewaterhouseCoopers LLPMr. Gus Comiskey President Comiskey Kaufman Consulting LLCMr. William R. Cooper Chairman Paragon Holdings Inc.Mr. Edwin L. Cox Chairman & CEO Edwin L. Cox CompanyMrs. Katherine R. Crow Civic and Philanthropic Leader
Mr. Gary T. Crum President CFP FoundationMr. William A. Custard President & CEO Dallas Production Inc.Mr. Terry R. Dallas Executive Vice President & Managing Director Wells Fargo U.S. Corporate BankingMr. Peter T. Dameris CEO & President On AssignmentMrs. Holly Deason President Holly Bock & Associates Inc.Mr. Derek E. Dewan Chairman & CEO General Employment Enterprises Inc.Mr. Antoine L.V. Dijkstra Partner & Co-Founder Implexus Capital & PartnersMr. Jason W. Downing Managing Partner DeloitteMr. Frank M. Dunlevy Vice Chairman & Managing Director Investment Banking Cowen & Company LLCMr. Gonzalo Escamez Sada CEO Cintermex ACMr. Manny Fernandez Managing Partner KPMG LLP - Dallas OfficeMr. Bryant R. Fisher Retired Senior Vice President FederatedMr. Martin L. Flanagan President & CEO INVESCOMr. Randall S. Fojtasek Managing Partner & CEO Center Oak PartnersMs. Lisa A. Gardner CEO OMS Strategic Advisors LLCMr. David L. Gonzales Global Diversity & Inclusion Bristol Myers SquibbMr. Norman Green Founder & Former Owner Dallas Stars Hockey ClubMr. Seth W. Hall President Source One SparesMs. Linda W. Hart Vice Chairman, President & CEO Hart Group Inc.Mr. Brad K. Heppner Chairman & CEO Heritage Highland Finance & Management ServicesMr. Denny Holman Chairman Folsom Properties Inc.Mr. Thomas W. Horton Former Chairman/CEO American Airlines Group Inc.Mr. Clark K. Hunt Chairman & CEO Kansas City ChiefsMr. Thomas W. Jasper Managing Partner Manursing Partners LLC
Mr. David K. Kao Managing Partner Advantage Resources GroupMr. James W. Keyes Chairman Wild Oats MarketplaceMr. Barry M. Kitt Manager Pinnacle Family Office Investments L.P. Mr. Mike J. Lafitte Chief Operating Officer CBREMs. Deborah M. Lehr CEO Basilinna Ms. Nancy Loewe Vice President & CFO Kimberly-Clark InternationalMr. Paul B. Loyd, Jr.Mr. D. Scott Luttrell CEO LCM GroupDr. Bobby B. Lyle Founder & Chairman Lyco Holdings IncorporatedMr. James H. MacNaughton Senior Advisor Public Sector Investment Board, CanadaMr. Cary M. Maguire President & CEO Maguire Oil CompanyMr. Charles A. Mangum Chief Investment Officer Baylon Capital LLCMr. Michael F. McGehee CEO Wilmac Companies LLCMr. Michael A. Merriman President & CEO Financial Holding CorporationMr. David B. Miller Founder & Managing Partner EnCap Investments LLCMr. Peter Mottek Executive Vice President, Head of U.S. Wealth TD WealthMr. Roger Nanney Vice Chairman Deloitte LLPMrs. Connie O’Neill Civic and Philanthropic LeaderMs. Karen L. Parkhill Vice Chairman & CFO Comerica IncorporatedMs. Pamela H. Patsley Executive Chairman MoneyGram InternationalMs. Patricia Patterson President Patterson InvestmentsMr. Randal L. Perkins Private Investor Private Advisory GroupMr. Timothy E. Perry Managing Director Credit Suisse AGMs. Angela Raitzin Principal First Republic Investment ManagementMs. Melissa M. Reiff President & COO The Container Store
Mr. Kirk L. Rimer Principal Crow Holdings Mr. Ronald A. Rittenmeyer Retired Former Chairman, President & CEO EDSMr. Philip J. Romano Owner Romano Concepts Ltd.Mr. Byron Roth Chairman & CEO Roth Capital PartnersMr. James J. Saccacio CEO Il Mulino GroupMr. Robert J. Schlegel Chairman & CEO Bedrock Logistics Founder & Retired CEO/Owner Pavestone CompanyMr. Jeffrey R. Schmid Chairman & CEO Mutual of Omaha BankMr. Mark W. Schortman Senior Vice President & General Manager Coca-Cola RefreshmentsMr. David T. Seaton Chairman & CEO Fluor CorporationMr. Carl Sewell Chairman Sewell Automotive CompaniesMr. Michael J. Skillman CEO Cadence Capital ManagementMr. Michael G. Smith Private InvestmentsMr. Richard F. Smith Chairman & CEO Equifax Inc.Mr. Richard K. Templeton Chairman, President & CEO Texas Instruments Inc.Mr. John C. Tolleson Chairman & CEO Tolleson Wealth ManagementMr. William Vanderstraaten President Chief Partners LP Mr. Richard Ware Chairman & President Amarillo National BankMr. Garry Weber Chairman of the Board Weber Financial Inc.Mr. Kevin D. Welsh Partner & Senior Managing Director Kayne Anderson Capital Advisors LPMr. William M. Wheless, III CEO & Owner Wheless PropertiesMr. Kirk Wiginton President & CEO Amegy Bank of TexasMs. Billie Ida Williamson Director Forrester & CompanyMr. Robert A. Wilson Executive Vice President Kemmons-Wilson CompaniesMr. Royce E. (Ed) Wilson, Sr. Chairman & CEO Dreamcatcher Media LLC
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IMPORTANT NUMBERS FORCOX ALUMNI & FRIENDS
C O N TA C T U S
October 3: MBA Class of '95 Reunion: Mark (MBA ’95) and Cissy Warner
214.768.3185214.768.3933214.768.8257214.768.3190214.768.3403214.768.3182214.768.2191
214.768.8338
214.768.1322
214.768.4113 214.768.4113
214.768.2533 214.768.4606
214.768.3096 214.768.3689214.768.8256214.768.8256214.768.3548 214.768.3943214.768.8236 214.768.3168214.768.3692214.768.1708
214.768.3335 214.768.2191 214.768.1246214.768.4155214.768.2722214.768.3335 214.768.3689
214.768.3012
214.768.4988
214.768.3191
214.768.4754
214.768.4486
214.768.3678
214.768.3104
214.768.2995
214.768.3336214.768.3692
214.768.1708214.768.3689
ACADEMIC DEPARTMENT CHAIRSAccounting: Hemang DesaiFinance: James LinckInformation Technology and Operations Management: Amit BasuManagement and Organizations: Miguel QuiñonesMarketing: Raj SethuramanReal Estate/Insurance/Business Law: Bill BrueggemanStrategy and Entrepreneurship: Gordon WalkerALUMNI AND EXTERNAL RELATIONSAssistant Dean of External Relations and Executive Director of theCox Alumni Association: Kevin KnoxBBA PROGRAMAssociate Dean: James BryanBUSINESS LIBRARYDirector: Sandy MillerKitt Investing and Trading Center CAREER CENTERS Director: Lisa TranRecruiting Services (MBA, MS, BBA) CENTERS AND INSTITUTESAlbert W. Niemi Center for American Capitalism Caruth Institute for EntrepreneurshipDon Jackson Center for Financial StudiesEnCap Investments & LCM Group Alternative Asset Management CenterFolsom Institute for Real EstateJCPenney Center for Retail ExcellenceLatino Leadership Institute Maguire Energy InstituteThe Scott Sheffield Energy Investment LabWilliam J. O’Neil Center for Global Markets and FreedomCERTIFICATE PROGRAMSCertificate in American Capitalism Global Strategy Certificate Program Graduate Business Analytics Certificate ProgramGraduate Finance Certificate ProgramGraduate Marketing Certificate ProgramMergers and Acquisitions Certificate Program Starting a Business ProgramDEAN’S OFFICEDean: Albert W. Niemi, Jr.DEVELOPMENT AND MAJOR GIFTSDirector: Laran O’NeillEXECUTIVE EDUCATIONAssociate Dean: Frank LloydGLOBAL PROGRAMSAssistant Dean: Linda KaoGRADUATE PROGRAMSAssociate Dean: Marci ArmstrongMARKETING AND COMMUNICATIONSAssistant Dean: Lynda Welch OliverMBA BUSINESS LEADERSHIP CENTER/BBA BUSINESS LEADERSHIP INSTITUTEDirector: Paula (Hill) Strasser SOUTHWESTERN GRADUATE SCHOOL OF BANKINGPresident and CEO: Scott MacDonald SPEAKER SERIESBank of Texas Business Leaders Spotlight Series L. Frank Pitts Oil and Gas Lecture SeriesO’Neil Center Conference Southwest Venture Forum
0ctober 29: BBA Program Reception: Edwin L. Cox greets students and parents.
January 8: Cox Alumni Reception, Newport Beach, CA: Seth Hall (MBA '96), Dana Hall, Enza Saccacio, Dante Saccacio (BBA '19)
January 14: Pitts Energy Leadership Awards Luncheon: Charles Landen (BBA '16), Dean Niemi, Chase Garrett (MBA '16)
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cox.smu.edugo to
32
C A L E N D A R OF E V E N T S
EVENTS
May 13Cox Distinguished Alumni and Outstanding Young Alumni Awards Collins Center Contact: Andrea Smith [email protected]
May 14 SMU Cox Graduation 1:30 p.m. BBA3:30 p.m. MBA/MS Moody Coliseum
June 6 - July 1 Summer Business Institute Cox Executive Education
November 11The O’Neil Center for Global Markets and Freedom presents, “Capitalism: Curse or Cure?”oneilcenter.org
ATHLETICS
September 17 SMU vs. Liberty, TBA at Ford Stadium
September 23 Family Weekend SMU vs. TCU, TBA at Ford Stadium
October 22 SMU vs. Houston, TBA at Ford Stadium
November 5 Homecoming SMU vs. Memphis, TBA at Ford Stadium
November 19 SMU vs. USF, TBA at Ford Stadium
November 26 SMU vs. Navy, TBA at Ford Stadium
Dean’s Tailgate-On-the-Boulevard begins two hours prior to kickoff at every home game in front of the Cox School of Business. Thank you to the 2015 sponsors: Access Catering, Andrews Distributing, Central Market, Chop House Burgers, Coca-Cola, Hotel Lumen, Joe’s Crab Shack, Kiolbassa Provisions, PwC and 7-Eleven.
For the full athletics schedule, go to smumustangs.com.
Tim Jankovich, associate head coach, and Larry Brown, head coach, led the SMU Men’s Basketball Team to a winning season: W-25, L-5.
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33
A L U M N I B O A R D
A L U M N I B O A R D
Cox Alumni Association Board of Directors
Sept 26: Cox Alumni Association Fall Board meeting: Kevin Knox, Frank McGrew (BBA '90)
Oct 7: Little Rock, AR: Cox alumni, parent and student reception: Stuart Irby (MBA '10), Margaret Staley, Jay Staley (MBA '13)
Oct 10: Monterrey, MX: SMU and Cox School alumni, parent and student reception: Lorenzo Ortiz, Gonzalo Escamez (MBA '90, Cox Executive Board), Lorenzo Ortiz Cantu (BBA '12, Cox Alumni Board)
Dec 10: Cox Alumni Reception at Preston Hollow Grill: Greg Kitt (BBA '10, Cox Alumni Board) and Rex Simmons (BBA '10)
TEXASDallas, TX Jessica Boghetich BBA ‘08 [email protected] Dennis Cail EMBA ‘07 [email protected] Paul Divis - Chair EMBA ‘99 [email protected] Chris Hanna MBA ‘02 [email protected] Tessa Hoskin EMBA ‘09 [email protected] Nick Kapral PMBA ‘10 [email protected] Greg Kitt BBA ‘08 [email protected] Lauren Lyngstad BBA ‘14 [email protected] Kyle Martin PMBA ‘09 [email protected] Max Meggs BBA ‘06 [email protected] Frances Mitchell BBA ‘10 [email protected] Matt Peakes BBA ‘00, MBA ‘07 [email protected] Wayne Richard BBA ‘80 [email protected] David Rouse PMBA ‘95 [email protected] Liz Youngblood EMBA ‘05 [email protected], TX Jim Bernard PMBA ‘02 [email protected] Worth, TX Jeff Dyer MBA ‘03 [email protected] Evan Radler BBA ‘05, PMBA ‘10 [email protected], TX Sandy Campion BBA ‘79 [email protected] Clayton Dallas BBA ‘10 [email protected] John Goodrum BBA ‘05 [email protected] Marcus Malonson BBA ‘93 [email protected] Ashley Wilson McClellan BBA ‘04 [email protected] Phil Moran MBA ‘87 [email protected] Jonathan Parker MBA ‘05 [email protected] Braunfels, TX Merrill Reynolds BBA ‘76 [email protected] Antonio, TX Mary Stephanie Locke BBA ‘00 [email protected], GA Jack Chapman BBA '10 [email protected] Mark Galyardt MBA '88 [email protected] Catherine Walts BBA '99 [email protected], MA Jessica Chang BBA '06 [email protected], IL Chase Spirito BBA '06 [email protected] Cristine Struble BBA '96 [email protected] Matthew Struble PMBA '00 [email protected], CO Ryan Orlowski MBA '12 [email protected] City, MO Angela Gieras MA/MBA '03 [email protected] Kylie Wood Owens BBA '06 [email protected] Rock, AR Jay Staley MBA '13 [email protected] Angeles, CA Clark Bacon BBA '04 [email protected] Steve Sanbo BBA '08 [email protected], TN David Visinsky BBA '98 [email protected], WI Dan Einhorn MBA '02 [email protected], MN Mick Walsh BBA '04 [email protected], TN Frank McGrew BBA '90 [email protected] Beach, CA Melissa MacLeod BBA '07 [email protected] York Area Rick Calero EMBA '08 [email protected] Paul Collins MBA '02 [email protected] Katy Thomas - Vice Chair BBA '07 [email protected] Laura Till BBA '82 [email protected] City, OK Chris Wilson BBA '03 [email protected], PA Jordan Carter BBA '08 [email protected]/Scottsdale, AZ Trey Chappell BBA '00 [email protected] Diego, CA Noel Koenig MBA '15 [email protected] Kyle Perkins BBA ‘09 [email protected] Francisco, CA Paul Henderson PMBA '94 [email protected], WA Dave Manges PMBA '07 [email protected]. Louis, MO Chip Hiemenz BBA '06 [email protected], OK Rich Wilson MBA '05 [email protected], DC Elisabeth Schmidt BBA '87 [email protected] Bangalore, India Arun Subramanian MBA '01 [email protected], China Yvonne Liang MBA '03 [email protected], United Arab Emirates Alex Stem MBA ‘01 [email protected] Hong Kong, China Javier Silvera MBA '07 [email protected], England Jiang Wu MBA '00 [email protected] Richard Knauf BBA '06 [email protected] City, Mexico Carlos Romo BBA '89 [email protected], Mexico Lorenzo B. Ortiz Cantu BBA '12 [email protected] Delhi, India Aakash Moondhra MBA '03 [email protected]ão Paolo, Brazil Fabio Okamoto MBA '95 [email protected], China A.J. Hu MBA '01 [email protected], Australia James Alvetro MBA '99 [email protected], Japan Tomoaki Ota MBA '95 [email protected]
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COX CONNECTIONS1. August 15: Dean Niemi hosted a reception for August PMBA graduates in the Collins Center. Pictured: Anthony Rader (PMBA '15), Morgan (Coomes) Rader (MBA '15), Kevin Knox, assistant dean of external relations.
2. August 15: Also attending the Dean’s graduation reception: Travis (PMBA '15) and Anna Cobbs.
3. August 19: Brad Wilson, president of Expedia, sponsored and hosted a reception for the Class of 2017 MBA orientation. Pictured: Elan Rottanburg (MBA '17) visiting with Brad Wilson (MBA '01).
4. August 19: Also attending the reception sponsored by Brad Wilson and Expedia: Ankit Gupta, Kaustubh Joshi, Sai Sraddha Chedemala (all MBA '17).
5. September 12: Prior to the SMU vs. UNT football game, PwC sponsored the Dean’s Tailgate-On-the-Boulevard. Thanks to Libby Magliolo, TJ Hill, and PwC for their sponsorship. See page 32 for a full list of sponsors.
6. September 12: Enjoying the Dean’s Tailgate: Jessica Brunelle, Lauren Lyngstad (BBA '14, Cox Alumni Board), Margaret Ellen Crawford (Cox BBA '14), Alex Bjornnes (Cox BBA '14).
7. September 24: Alumni, friends and students gather in the Collins Center to dedicate the Albert W. Niemi Center for American Capitalism.
8. September 25: Coordinators for the Don Jackson Center for Financial Studies held an informative event for alumni, friends and students in the Kitt Family Investing and Trading Center. Pictured: Jamie O’Donnel (BBA '16), Matt Turney (BBA '16) and Don Jackson (BBA '63).
9.September 25: Also attending the Don Jackson Center event: Barry Kitt (Pinnacle Funds, Cox Executive Board).
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10. September 26: Cox Alumni Board Chairman, Paul Divis (EMBA '99), called to order the Cox Alumni Association Board of Directors meeting. See page 13 for details.
11. October 2: Robert Lawson hosted well-known speakers George F. Will and Phil Gramm during the O’Neil Center’s annual conference. Shown: Dean Stansel, research associate professor; Dwight Lee, senior fellow; Ryan Murphy, research assistant professor; W. Michael Cox, founding director; Robert Lawson, director and Jerome M. Fullinwider Endowed Centennial Chair in Economic Freedom; Derek Yonai, research associate professor; Michael Davis, clinical professor; Richard Alm, writer-in-residence.
12. October 3: Prior to the SMU vs. ECU football game, the MBA Class of '95 celebrated its 20th class reunion at the Dean’s Tailgate-On-the-Boulevard. Pictured: Nancy Cole, Judy (Bagot) Chudek, Elena (Koutras) McFann and Alicia Bunnell.
13. October 3: Also celebrating a class reunion, the MBA Class of '98. Pictured: Dawn Kidd, Bill Woodhouse, Chris Herron, Rhonda Murphy, Hugh Fagan, Sarah Booker, Kate Hoedebeck, Maria Elena Hall, Jason Kappel and Josh Shatz.
14. October 5: Richard Beeny (PMBA '00), CEO of LifeScience Logistics LLC, spoke to students in Steve Denson’s negotiations class, and is a regular speaker and contributor for the Cox School and SMU.
15. October 7: Little Rock, AR: Kevin Knox and Hilary McIlvain, director of BBA admissions, hosted a reception for alumni, friends, parents and prospective students. Pictured: Kirsten Blanchat (BFA '87), Mike Blanchat (MBA '91), Victor Vargas and Martha Rueda.
16. October 7: Also attending the reception in Little Rock: Jeff Nolan (BBA '91), David Moix and Jack Nolan. 17. October 10: Monterrey, MX: Gonzalo Escamez (MBA ’90, Cox Executive Board) hosted a reception for alumni, friends, parents and prospective students. Representing SMU were: Kevin Knox, Jim Bryan (Cox School), Mickey Saloma (Lyle School) and Michael Clark (SMU International Development). Pictured: Gonzalo Eduardo Escamez Polin (BS '14), Patricio Escamez Polin, Manolo Ortiz (BS '15) Cristy Escamilla.
18. October 10: Also attending the reception on behalf of SMU: Antonio Garza, U.S. retired ambassador (JD '83, SMU Board of Trustees).
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19. October 19: SMU admissions team in Beijing, China: Mickey Saloma, Lyle School; Faith Suzuki (BBA '10); Kim Konkel, Dedman College; Jingya Wang (MSF '15); Yvonne Liang (MBA '03, Cox Alumni Board); and Jim Bryan, Cox School.
20. October 20: Joseph Cahoon, director of the Folsom Institute for Real Estate, and members of the SMU Real Estate Society presented a Lifetime Membership Award to Chuck Dannis for teaching and service to the Cox Real Estate Department, the students and the real estate industry. Pictured: Chuck Dannis (adjunct professor), Dutch Dannis, Anne Dannis (BBA '71).
21. October 22: Nafees Alam (MSE '14), CEO of NRG Concepts, hosted an alumni reception at the Dallas Fish Market. Pictured: Derek Grubbs (MBA '15), J.R. McGrath, director of Full-Time & Fast Track MBA Admissions and Andrew Phillips (MBA '15).
22. October 29: Each fall, Dean Niemi hosts a reception for BBA students and their parents to provide an opportunity to meet Edwin L. Cox, the school’s namesake. Pictured: Mary Camille Savoie (BBA '19), Ed Cox, and with Mary’s parents, Paula and Thomas Savoie.
23. November 4: Joseph Cahoon hosted a board meeting that included current Cox School students. Pictured: Joshua Brown, executive vice president and chief investment officer of First Washington Realty, Inc.; Mike LaFitte, chief operating officer at CBRE (MBA '84, Cox Executive Board); William Sanders, chairman of Strategic Growth Bancorp; Joseph Cahoon; Jeff Jacobson, CEO at LaSalle Investment Management; Tom Carr, managing partner at Federal Capital Partners.
24. November 6: SMU, Syracuse University, the Coalition of Veteran Owned Business (CVOB) and First Data Corporation held an all-day forum to address the needs of veteran-owned businesses and assist veterans seeking employment after serving. To end the day, the group enjoyed the “Hats Off to Heroes” tailgate and the SMU vs. Temple football game. Pictured: James Schmeling of IVMF led the open panel discussion, “National and Regional Landscape: Texas Business Landscape.” 25. November 16: SMU Cox, the George W. Bush Institute and the World Affairs Council of Dallas/Fort Worth sponsored a forum where Ben Bernanke, former chairman of the Federal Reserve, was interviewed by Lee Cullum, a well-known journalist. Bernanke had written and released the book, The Courage to Act: A Memoir of a Crisis and its Aftermath. Former President George W. Bush gave opening remarks and introduced Cullum and Bernanke.
26. November 16: Austin, TX: John Roeder (MBA ’03), assistant dean of graduate admissions, traveled to Austin, for a student recruitment forum. He enlisted the help of several Cox MBA alumni living in the area. Pictured: Adam Jernigan (MBA '12), Sam Puri (MBA '15), Cade Satterfield (MBA '14), Jason Kelly (MBA '03), John Roeder (BBA '95, MBA '03).
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27. December 10: Matt Peakes (BBA '00, MBA '07, Cox Alumni Board), hosted an alumni reception at Preston Hollow Grill. Pictured: Matthew Kellogg,Prasad Mahajam, Ameena Lakhani, Pamela Roet, Stephen Powell and Jonathan Cochran (all PMBA '12).
28. December 11: Dean Niemi hosted the annual economic forecast breakfast for local media to hear from Cox faculty and the directors of institutes and centers. Pictured: Bud Weinstein, associate director of the Maguire Energy Institute; Cheryl Hall, columnist at The Dallas Morning News; Dean Al Niemi.
29. December 19: Cox graduation reception in Collins Center.
30. January 8: Newport Beach, CA: Dean Niemi and the Cox Alumni Association hosted a reception for alumni, friends, parents and students. Pictured: Dean Niemi addressed the audience with an update on the Cox School and SMU.
31. January 8: Also attending the reception: Cedric Ferrell (MBA '92) and Lorna Ferrell.
32. January 9: San Diego, CA: Randy, Leslie and Kyle Perkins and Andie Sabourin hosted a reception for alumni, friends, parents and students. Pictured: Stephen Nelson (BBA '14, MSF '15) and Megan Nelson (BBA '14) visiting with prospective student, Christopher Brooks.
33. January 28: Atlanta, GA: Joan and Rick Smith (Cox Executive Board) hosted a reception at their home for alumni, friends, parents and students. Pictured: Freddie Akers (BA '11), Rebecca Love, Ben Cowgill (BBA '06).
34. February 6: MBA '04 and '05 Reunion: Rose Kaur and David Wagner, Galina Lubarsky, Jonathan Lucas, Sanjay Pamurthy, Carla Flores, Torrey Littlejohn, Margaret Muir, Sarubah Tandon, Drew and Suzanne Durgin, Mike and Rebecca Burtzlaff, Richard Morris, David Bauman, Matt Burdulis, Diana Peacock, David Grissom, Darshan, Fernando Smolensky and Diego Rosenfeldt pose for a group shot.
35. February 6: The MBA classes of 2004 and 2005 enjoyed reconnecting. Pictured: Matt Burdulis, Marc Conselmen, Sanjay Pamurthy, Diana Peacock and Mike Burtzlaff. n
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