Georgetown

Business WINTER 2000 volume 12 number 1

t h e r ob e rt e m m e t t mc d on o u g h s c ho ol of b u s i n e s s

Business Without Borders

Letter From London
The Challenge of Transnational Production
Georgetown Business is
published during the academic
year by The McDonough School
of Business for alumni, parents,
friends, and business colleagues.
Dean
Christopher P. Puto, Ph.D.
Senior Associate Dean
John Mayo, Ph.D.
Editor
Elizabeth Shine g99
Contributing Writers
Kathryn Mahon Peach
Kenneth Starr mba00
Bindu Vaswani b00
Julie Mangis
Designer
Nancy Van Meter
Photographer
Keith Tishken

Inquiries and updates should

be sent to:
Georgetown Business
deans office
georgetown university
the mcdonough school
of business
old north building
washington dc 20057

phone: 202-687-4080
Georgetown Business
welcomes opinions and comments
expressed by its readers. Letters
should be addressed to:
the editor
Georgetown Business
deans office
georgetown university
the mcdonough school
of business
old north building
washington dc 20057
 LETTER FROM THE DEAN

WELCOME
I n my first year and a half here, many positive developments have occurred, and it

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

change doesnt occur overnight. In this issue, you will read about our international gradu-

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

towns international reputation and its location in the political capital of the world. Our

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

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

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

arrival to achieve these results.

Within these pages, you will see some more changes-new faculty, each of whom brings a
special expertise to complement our academic strengths, new faces in key leadership posi-
tions within the MBA office, and in some cases, such as student life and MBA alumni
affairs, completely new positions. Each of these individuals will contribute to moving the
school toward new levels of achievement. Again, this wont happen overnight. But watch
these pages closely, and over the next couple of years, you will see the academic and
administrative initiatives of these talented members of our community bear fruit, just as
our international efforts have flourished. Our strongest constant is thoughtful progress.

I hope you enjoy the first Georgetown Business of the new millennium, the first issue
under the direction of the new editor, Elizabeth Shine. Liz Liptak, Georgetown Business
founding editor, has left Georgetown to pursue new opportunities. Thanks to Lizs creativ-
ity and vision, this publication has grown from a newsletter to a magazine with a circula-
tion of approximately 16,000, and a valuable asset in chronicling the progress of the
McDonough community.

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

CONTENTS
Christopher P. Puto
Dean
Inside Information . . . . . . . . . . . . . 2
The Robert Emmett McDonough School of Business
Business Without Borders . . . . . . . 7

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

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

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

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

1
 Inside Information
Commerce Secretary Highlights
New Chapter in Middle East Trade
T he possibilities for increased foreign investment in the Middle East during
the 21st century will ultimately depend on whether leaders in the region are ded-
icated to making peace and establishing economic reforms, said U.S. Secretary of
Commerce William M. Daley during an October 7, 1999, address to McDo-
nough students and faculty in Gaston Hall.
It will be the character of Middle East leaders who decide whether we start
the next century with a real breakthrough to end the Arab-Israel conflict, said
Daley during his speech on Trade and the Middle East: The Next Chapter.
Whether peace can be achieved will depend not only on political questions, but
also on whether real people feel the benefits of peace in their daily lives.
Daley spoke on the eve of an 11-day business development mission to the
Middle East designed to encourage trade and investment opportunities for U.S.
companies. The commerce secretary, accompanied by 20 business leaders, visited
Jordan, Israel, the West Bank and Gaza, Egypt, Saudi Arabia and the United
Arab Emirates.
Although Daley said that Middle East leaders might not see eye-to-eye
with U.S. businesses, he noted that the regions leaders realize their nations will
remain economically isolated unless stability is increased in the region and trade
barriers are demolished. The Middle East currently receives only 2 percent of all
foreign investment.
I am going to the region more optimistic than I ever have been, said
Daley, who has visited the region four times since being named commerce secre-
tary in 1997. While we do not know the ultimate outcome, we know this for
sure: for the first time in several years the character of the peace process has
changed. ... I am convinced this new chapter in peace can bring new opportuni-
ties for American businesses, and at the same time help the people of the Middle
East get jobs.
U.S. Secretary of Commerce William M. Daley in Gaston Hall
2 The McDonough School of Business
Georgetown MBA Program Ranked
Number One for Hispanics
H ispanic Business magazine ranked the
McDonough School of Business as the number one
MBA program for Hispanics in the United States
in its September 1999 issue.
The rankings evaluated the nations accredited
MBA programs using five criteria: enrollment (both
the actual number of Hispanics and the percentage
of Hispanic students compared to total enrollment);
faculty; recruitment efforts and support organiza-
tion; retention rate; and academic merit.
Georgetown distinguished itself with its high
percentage of Hispanic students (12 percent), its
outstanding recruitment efforts and support organi-
zations, and its 93 percent retention rate.
Georgetown has an incredible reputation in
Latin America, said Professor Ricardo Ernst, a
Venezuelan native. Georgetown is also known for
its excellent student/faculty relationship. Faculty try
to get involved with the students and their activities.
Ernst noted that Hispanic students in George-
towns MBA program also find a welcoming com-
munity in the Inter-American Business Association
(IBA), a student club that sponsors lectures, pro-
duces a newsletter for students and alumni, and
compiles the resums of club members into a book,
which it sends to numerous companies with offices
in Latin America.
We are pleased to learn of our number one
ranking by Hispanic Business, says Larry Abeln,
associate dean and director of graduate programs.
Unquestionably, the learning experience of
Georgetown MBA students is enhanced by the
diversity of the student body, including our 37 per-
cent international representation.
Other graduate programs listed in the top 10
include the University of Michigan, Stanford Uni-
versity, the University of Texas at Austin, and Duke
University.

David Viniar, Goldman, Sachs CFO with MBA student and Professor Reena Aggarwal
Goldman, Sachs CFO Presents An Academic Roadshow
to Georgetown MBAs
A team from Goldman, Sachs & Co. traveled to Washington on Septem-
ber 28, 1999, to give Georgetown MBAs an academic roadshow on the process
of taking a firm public.
Speaking to students in Professors Reena Aggarwal and Gary Blemasters
course, Going Public and Valuation, David Viniar, Goldman, Sachs CFO,
addressed the aspects involved in taking Goldman, one of the oldest existing
partnerships on Wall Street, public.
Students prepared case analyses of the Goldman IPO before Viniars visit, and
had the opportunity to question Viniar after his presentation. This was a great
opportunity for our students, and they were very well prepared for the visit, noted
Aggarwal. David was quite impressed with the questions students asked.
Before class, Viniar discussed current trends in global financial markets and
their impact on Goldman and its competitors at a reception for McDonough
students and faculty.
Revolutionary changes in information technology, particularly the Internet,
have been one of the most powerful forces in globalization and the breakdown of
barriers, he said.
Viniar observed that globalization, technology, and deregulation have made
the financial services industry more complex and competitive. Pressure will grow
more intense to adapt and firms like Goldman Sachs ... will need to undergo
constant reinvention to be able to excel and succeed, he said. Firms that fail to
do this will be left behind.
Citing Goldmans distinctive culture as central to the firms success, he
emphasized the importance of recruiting and acculturating quality people to
grow the firms business. Noting Goldmans six managing directors and 109
employees that are Georgetown alumni, Viniar called the university a great
source of talent and leadership for Goldman Sachs.
Capitalizing on Intellectual Capital
L eading corporations maintain their strate-
gic advantage today based on their ability to create
shareholder value from intellectual capital rather
than from tangible assets. In August, second-year
MBA students learned more about how intellectual
capital is a key asset in maximizing revenue.
During a weeklong integrative course, Creating
Wealth in the Knowledge Economy, students
expanded their understanding of capital to include
human, organizational, intellectual and customer
components, and to view those components as
sources of wealth creation.
In sessions taught by executives from KPMG
Peat Marwick, United Parcel Service and Cisco
Systems, students learned why intellectual capital
has become a key driver in formulating competitive
advantage, and how to shape a business model
toward maximizing return from a companys intel-
lectual resources.
Case discussions focused on Internet-based
companies such as Amazon.com, and students
learned how to derive revenue streams from intel-
lectual assets including licensing, patents, joint ven-
tures, alliances, and royalties. Students were also
taught how to align customers assets and needs
with internal intellectual capabilities and skills, and
how to quantify this capital in balance sheet and
economic-value added (EVA) calculations.
Dr. Peter Keen, a noted business strategist and
author, highlighted the impact of intellectual capital
in changing the dynamics of investor valuation.
The new valuation is a price/vision premium
buying a vision of the company as it will be,
observed Keen. People, process and technology are
changing the way we value companies. If you hold
stock options in a company like Amazon.com, you
better believe in this.
Winter 2000 3
 Inside Information

Former Procter & Gamble CEO Identifies Character as Key to Success

C haracter is the key to forging strong leadership in an individuals personal

and professional life, said John E. Pepper, chairman of the executive committee and
former CEO of Procter & Gamble, in an address to faculty, students and their par-
ents during McDonoughs annual Business Day on November 6, 1999.
Every [successful] person I have seen has had ... one thing in common,
Pepper said during his keynote address Does Character Count? They have
been very clear and very passionate about what they are doing, and it has been a
purpose they honestly believe to be worthy of their best efforts.
Becoming a good leader requires dedication, said Pepper, as well as passion,
authenticity, truth, enthusiasm and respect for others, qualities not usually
esteemed in the business world. He noted that he prays regularly for wisdom,
courage and persistence to pursue these values in his own life.
These qualities of leadership and character become real ... only as we live
them to the best of our ability every day, he said. If my life is any example,
doing this will not produce a life free of tension or frustrations. ... But in the end,
it will produce a life filled with a good measure of personal satisfaction, growth
and joy.
Before his address, Dean Christopher Puto presented Pepper with the 1999
Business Leader of the Year award. Jacqueline Carriero (B00), co-chair of the
1999 Business Day Steering Committee, lauded Pepper for adhering to his val-
ues while leading the company to success. Pepper joined Procter & Gamble in
1963. Past recipients of the award, which was created in 1983, include Howard
Schultz, CEO of Starbucks, in 1998; and Jim Wolfensohn, president of the
World Bank, in 1997.
John E. Pepper, former CEO of Procter & Gamble
CRC Conference Examines
Consumer Credit Issues
P rivacy and consumer information issues were
highlighted as key concerns facing the consumer and
mortgage credit markets during a two-day sympo-
sium hosted by McDonoughs Credit Research Cen-
ter (CRC) November 3 and 4, 1999.
Privacy and the Regulation of Personal Infor-
mation, a paper by Fred Cate, professor of law at
Indiana University Law School, was the conferences
highlight.
Cates paper examined consumer information
flows, which are the lifeblood of financial services
firms, said CRCs director Michael Staten. Staten
noted that the Financial Services Modernization
Act of 1999, which allows banks, insurance and
securities firms (like CitiGroup) to combine their
services, raises issues of consumer information flows.
Staten noted that regulating personal information is
what many believe to be the most important public
policy issue facing the financial services industry
over the next decade.
Staten said Cates topic was noteworthy because
recent federal legislation addressing consumer priva-
cy protections promises to spur state legislation by
virtually inviting states to pass more restrictive priva-
cy protection laws, if they deem it appropriate.
The symposium, Consumer Credit in the 21st
Century, commemorated 25 years of policy-orient-
ed research conducted by the CRC. Nine papers
were presented on a cross-section of topics, from
trends in borrowing behavior and credit education to
technologys impact on the industry.
The center, which moved to Georgetown in
1997, was founded in 1974 by Robert W. Johnson, a
finance professor at Purdue University. It is the only
academic research center in the United States devoted
to studying the economic issues of consumer credit.

4 The McDonough School of Business

Business Basics for Elementary Students

M cDonough undergraduates are teaching

the basics of business to elementary students in the
Districts public schools.
In one of the first area programs organized and
staffed by undergraduate students, members of the
business fraternity Delta Sigma Pi teach basic con-
cepts of investing, family economics, taxation, and
state and regional economic issues to students from
kindergarten to fourth grade once a week.
Delta Sigma Pi members Phil Kostrowicki
(B01) and Nicole Pohmer (B01) spearheaded the
program in the 1999 spring semester in conjunction
with Junior Achievement, an international volunteer Professor Thomas Cookes taxation class on Capitol Hill
organization that trains professionals to teach busi-
ness in elementary and high schools. Six McDo-
nough fraternity members were involved in the
Congressman Stark Lectures Accounting Undergraduates
spring; in the fall semester, 26 volunteered.

We wanted to increase the fraternitys com-
munity outreach, said Kostrowicki. With Junior
Achievement, we can use our knowledge to help
educate elementary students about the fundamental
concepts of commerce. Our aim is to give something
back to the city, and hopefully make a difference,
however small, in a young persons life.
This is the first time the D.C. office of Junior
Achievement, which usually recruits professionals to
volunteer, has used students to participate in the
classroom. We decided that the McDonough stu-
dents would be a good match for the elementary
students, remarked Amy Headley, volunteer man-
ager for Junior Achievement of the National Capital
Area, Inc. Theyre enthusiastic about the subject
matter, and the youngsters relate to them more easily
than to older adults.
Junior Achievement gives McDonough stu-
dents two hours of training and orientation, and
then organizes visits to the school where students
will learn to conduct in-class observations and work
with the classroom teachers.
Plans are under way to expand volunteer oppor-
tunities with the program to all undergraduate busi-
ness students.
M
ore than 40 undergraduate accounting majors in Professor Thomas
Cookes taxation course met on Capitol Hill in October for a guest lecture by the
ranking minority member on the House Ways and Means Committee.
Rep. Pete Stark (D-Calif.) discussed the concept of progressive taxation, past
tax laws and deductions, and the politics of taxation in general, then fielded stu-
dents questions during the hourlong session on October 22, 1999.
I always try to address student groups when I have the time, said Stark,
who has served as a representative for Californias 13th district since 1973. I
believe that everyone has the responsibility to assist in educating our youth, and I
want to do my part.
The private session with Stark was arranged by Christina Nystrom (B00),
who had interned in the congressmans office. Shortly after the course began, she
proposed the idea to Cooke, who jumped at the chance.
If we dont take advantage of whats available in D.C., were missing the
boat, Cooke said. Stark is a major player on the Ways and Means Committee,
which is where all the tax laws originate. Were studying this in class, and its
good for students to hear whats happening from a legislators perspective.
The taxation course presents an overview of the U.S. Federal Individual
Income Tax System, explained Cooke, adding that the course also examines tax
bills being proposed on Capitol Hill. Most students are upper-level accounting
majors who plan to work as CPAs after graduation.
Cooke also sponsors half-day trips to the Supreme Court, the U.S. District
Court, and the D.C. Superior Court for his business law class.

Winter 2000 5
 Inside Information

CalTrek Sells California Firms on Georgetown MBAs

Connelly Program
Hosts International
Ethics Conference
In conjunction with the
International Society for
Business, Economics and
Ethics, Georgetowns Con-
nelly Program in Business
Ethics hosted a conference
November 5, 1999, on
Corruption: Ethical Chal-
lenge to Globalization.
Five papers were pre-
sented, each one address-
ing the theoretical and
practical aspects of cor-
ruption as one of the
many ethical challenges
to globalization.
Participants included
the U.S. Office of Govern-
ment Ethics, the Ethics
Resource Center, and sev-
eral non-governmental
organizations.
T he call of the Wild West led more than 60 Georgetown MBAs to the San
Francisco Bay area this January to conduct interviews or investigate career
opportunities with firms such as Cisco Systems, Intel, Hewlett-Packard, IBM,
Apple, Sun Microsystems, The Gap, Levi-Strauss, Ebay, Clorox, Yahoo, Cnet,
Netscape, 3Com, Oracle and several Internet start-up firms.
The firm visits were organized by CalTrek, an MBA student group that
facilitates career searches with California industries, provides networking oppor-
tunities, and educates students on West Coast industries and lifestyles. CalTrek
targets firms to visit based on the strength of Georgetown MBA alumni repre-
sentation at the firm. The end goal is to land jobs, and this is best accomplished
through alumni advocates, says John Street (MBA00), co-president of CalTrek.
Noting that the number of student and firms participating in CalTrek is
double last years number, Street agrees that the current fascination with Internet
companies is a motivating factor in MBAs heading west. The Internet craze will
not last much longer, says Street. To head out to California is the opportunity
of a lifetime.
Street is an example of CalTreks effectiveness his CalTrek visit last year
resulted in his internship with Apple. Other students interned with IBM Emerging
Technologies, Octane Software, Pandesic, Intuit, Intel, and Dynamic Solutions.
Before the trip, a student committee compiled a resum book, complete
with information about the McDonough MBA program, for all CalTrek target
companies. This year, a Survival Guide was published, providing information
about dress codes, logistics for firm visits, company fact sheets, as well as a social
calendar featuring events organized by CalTrek.
Competition for the best jobs is thick, says Street. The best MBA pro-
grams send delegations to visit California firms, ... Our competitive advantage
lies with the well-roundedness of Georgetown MBAs and our active alumni base
in California.

The conference was

one of several meetings

being held worldwide

preliminary to the Second

World Congress on the

Ethical Challenges of

Globalization that will be

held in Sao Paulo, Brazil,

in July 2000.

6 The McDonough School of Business

 International Recruitment:
Business Without Borders
by Kathryn Mahon Peach

A s the recent
Middle East peace
talks demonstrate,
reaching agreement
among various
groups in this
region of the world
is no mean feat.

7
S o when Laura
Mendelson (MBA99) became the U.S.
coordinator for Arthur Andersens Bethle-
hem 2000 project in June, she knew she
would face challenges.
The project, which promotes tourism
and improving the infrastructure in Beth-
lehem for the millennium, required her to
dents as the reason they opted to pursue an
MBA on the Hilltop. The MBA pro-
grams international strength, and the abil-
ity to draw on courses from the foreign
service program were definitely factors in
my applying to Georgetown, says
Mendelsohn, who earned her bachelors
degree from Columbia University in Mid-
dle Eastern Studies, and speaks French,
Arabic and Hebrew.
Recruiters recognize this strength as
well, notes Jackie Wilbur, associate dean
and director of MBA career management.
nationally focused population, says Wilbur.
Thats why the companies come here.
They know its true of the university, they
know its true about the business school.
Statistics bear this out 37 percent of the
Class of 2001 is from overseas.
For students who wish to study a for-
eign language or improve their skills, the
Language Learning program is offered.
MBAs have the option of studying French
or Spanish through an intensive program
offered throughout the year. A weeklong
visit to France or Spain is also part of the
raise awareness among Jewish, Muslim
For the Class of 1999, 50 percent of all job program.
and Christian groups in the region and in
offers made were for international employ- Students like Martin Hossfeld
the United States. Mendelson implement-
ment, which includes: employment outside (MBA99), a German citizen and a senior
ed a successful strategy to commit this dis-
the students home country; transnational consultant in the New York office of Ora-
parate group to help with fund raising and
employment, or positions located beyond cle Corp., the worlds second largest inde-
support for the project.
the borders of the companys home coun- pendent software company, said such lan-
She credits this achievement to her
try; and jobs with international content, if guage ability is important to success in an
academic experience at Georgetown, espe-
not location. international career.
cially the team projects which required her
Approximately 70 to 80 percent of our The languages [recently] helped me
to work with foreign students.
students have language, work or study to be considered for a job with a German
The case studies and team work at
abroad experiences, so we have a very inter- client in the States, says Hossfeld, who
Georgetown provided an opportunity for
interactions with people who have differ-
ent life experiences. It taught me to be tol-
erant and to look at things from a new per-
spective, she says. Dealing with other
areas of the world, you realize things dont
always work the same way as at your home
base. You need to learn how to ask questions
in a way to get the results you want, and you
learn that from working with others.
Like Mendelson, many Georgetown
MBAs find that they learn the skills
needed to succeed in an international busi-
ness environment. An impressive 34 per-
cent of the graduates of the MBA Class of
1999 accepted international positions upon
graduation, and when asked, many stu-
dents cite the international aspects of
Georgetowns curriculum, faculty and stu-

8 The McDonough School of Business

believes that being multilingual will con-
tinue to open doors for him in business. The
number of students with qualifications sim-
ilar to Hossfelds international ones draw
corporate recruiters to conduct on-campus
interviews for international jobs. MBAs
are clearly interested in working overseas.
In 1999, 20 percent of job offers accepted
through on-campus recruiting were for
employment outside the students home
country. Of this 20 percent, 11 percent
were U.S. citizens who work abroad and 89
percent were non-U.S. citizens employed
outside their home country. In addition, 20
percent of the class accepted transnational
employment. Of all accepted job offers, 14
percent were international in content.
The evidence that we are interna-
tional is in these statistics, says Dean
Christopher Puto. Our graduates practice
what we teach in the program.
Among the recruiters who made
offers to Class of 1999 graduates for inter-
national positions were ABN AMRO
Bank, Booz-Allen & Hamilton, Chase
Manhattan Bank, Enron Capital Markets,
Kraft Foods International, Pricewater-
house Coopers and Tidewater Inc.
ABN AMRO, the Dutch-based
international investment bank, has named
the Georgetown MBA program one of the
six core MBA programs worldwide the
bank solicits for recruits to its international
management associate program. We are
looking for people who can manage across
product functions and also manage across
cultures, says Hassan El-Nahas of ABN
AMROs international human resources
division. Georgetown is a hidden gem in
that we find MBAs who are high quality
and who have an international perspective.
That internationalism is very much in line
with what we are looking for.
P rofessors Stan Nollen and Kasra
Ferdows, co-chairs of the International
Business Task Force, note that the task
forces findings further verify Georgetowns
strength in international business, includ-
ing internationally focused faculty and stu-
dents, as well as its location in the political
capital of the world.
This message comes from recruiters,
says Nollen. Were able to produce stu-
dents and graduates who are, for the most
part, willing and able to take up a job
assignment in a range of cultures. They
have the language or cultural sensitivity for
foreign experience.
For Andrea Marshall (MBA99),
group projects and case studies come to
mind when she reflects on the role
Georgetown played in helping launch her
international career.
An American working in London for
Roland Berger & Partners, a German
strategy consulting firm, Marshall
describes her work as a real-life case
study. She credits the international stu-
dent body and team component of
Georgetowns MBA program as helping
her gain invaluable experience on how to
deal with a range of nationalities, all while
meeting deadlines and producing high-
quality work.
The challenges and
frustrations associated with group work
were something I was used to from my
MBA experience, she says. The fact that
Georgetown has a relatively international
student body really makes a difference to
me in my current position. At George-
town, we were required to work in project
groups that often comprised people from
many different countries and backgrounds.
... I think I have an advantage because I am
accustomed to working in this internation-
al context.
Tiffany Riekes (MBA96) experience
is similar to Marshalls. Georgetowns
MBA program enabled her to pursue a
career in global telecommunications. The
case studies, mostly international, com-
bined with [foreign] group members
helped me gain many viewpoints on how
to approach problem solving, says Rieke,
who manages countrywide strategic mar-
keting in France for Siemens, the German
electronics company.
Faculty contribute significantly to the
programs pervasive internationalism and
are a critical resource for developing inter-
national business, according to the task
force. Twenty-six percent of business facul-
ty claim nationality of a country other than
the United States. This cosmopolitan out-
look is reflected in their research: Professor
Kasra Ferdows is examining the challenges
of transnational production (see page 14);
Professor Ricardo Ernst recently wrote a
book on global operations management;
Professor Johny Johansson is the co-author
of a business bestseller on Japanese mar-
keting; Professor Stan Nollen is co-author
of a text on emerging markets in Eastern
Europe, and Professor Rob Grant (see
page 13) and Paul Almeida are studying
knowledge management in multinational
Winter 2000 9
 corporations. Professor Carla Inclan
received a grant from the National Science
Foundation to study international financial
deregulation. Many other Georgetown
professors also are examining how the
global marketplace effects disciplines from
finance to strategy.
When faculty do international
research, their knowledge and insights are
passed onto students in the classroom, says
Nollen, adding that in the natural pro-
gression of taking courses, youre going to
get data and cases and observations that
are internationally infused.
Michael Schmeltzer (MBA99), gen-
eral manager for e-commerce strategies at
corporate travel firm Rosenbluth Interna-
tional, notes that faculty not only included
international case studies into the curricu-
lum, but encouraged foreign students to
share their knowledge and experiences as a
tool for learning.
10 The McDonough School of Business
Faculty always looked to understand
how situations might be different if anoth-
er countrys environment were to be con-
sidered and drew in foreign students to
discuss, says Schmeltzer.
Directing courses abroad is another
way faculty stay involved with internation-
al business. Each summer, Professor Jose-
Luis Guerrero-Cusumano directs the
Georgetown Graduate Program in Inter-
national Management at Oxford Universi-
ty. During the six-week Oxford program,
students take three tutorials from Oxford
professors and European business leaders,
and conduct on-site visits to international
businesses to learn about foreign business
practices first-hand.
Marshall, who participated in the pro-
gram during the summer of 1998, said the
experience led her to her current position.
Although not specifically designed as a
networking experience, many students use
the opportunity to explore job possibilities,
says Guerrero.
In designing the new MBA curricu-
lum, Lawrence Abeln, director of graduate
programs, notes the committee felt it essen-
tial to require an international business
course during the first year, as well as the
GLOBAL Experience, a 12-week course
for second-year students that includes a
weeklong study trip to New Delhi, London,
Buenos Aires or Hong Kong.
The best way to obtain an interna-
tional education is actually to go overseas
and experience the culture and the busi-
ness climate in another region. That expe-
rience cannot be substituted by U.S. class-
room experience, Abeln says.
The New York Times recently high-
lighted Georgetowns program, one of only
three in the United States to require a
study abroad experience, noting the course
reflects educators attempts to go beyond
the textbook in addressing the increasingly
global nature of business.
With the introduction of the new cur-
riculum in 1998 1999, MBA students
also now have 13 international electives
from which to choose, including a course
on investing in emerging markets taught
by George Munoz, president of the Over-
seas Private Investment Corp., an inde-
pendent U.S. government agency that pro-
vides investment services to U.S.
companies investing in emerging
economies.
Editors Note: This January, The Financial
Times ranked Georgetowns MBA program 28
in its second annual ranking of 75 MBA pro-
grams worldwide, up six places from last year.
A s business
grows increasingly more global, students
with international skills are going to be
more valuable in the marketplace, Ferdows
says. Building on Georgetowns already
strong international business program, is
an option.
We think international is a fit for
Georgetown because were in Washington,
we have an experienced and diverse group
of students, and faculty, and we already
have put a lot of energy into this so there
are some assets that we can leverage, he
says. But you have to choose your areas
very carefully.
The task force suggests offering
MBAs more international career direction
by highlighting the skills, extra-curricular
activities, and internships necessary to
build such careers.
Students need better, earlier informa-
tion about what kinds of elective courses fit
well with a possible range of career options,
Nollen says. This need is generated by the
greatly multiplied number of electives in
the new curriculum. And while George-
town continues its quest to improve inter-
national business education, students will
continue to benefit.
The Georgetown experience provid-
ed me with immense confidence, says
Smrithi Prahbu (MBA99), who is from
India and now works as a consultant for
American Management Systems. Work-
ing with different people and learning
through their experiences gave me the
confidence that allowed me to compete
effectively in any job market.

Winter 2000 11
 Lessons Learned On the Road:
IEMBA

Although the GLOBAL 2000 experience

is new to the MBA Class of 2000, the
roots of this program reach back seven
years to Georgetowns highly acclaimed
International Executive MBA program.
An 18-month, intensive program for
full-time employees with at least eight
years of work experience, the IEMBA
program is designed to equip mid-career
professionals for executive positions.
The curriculum includes half-semes-
ter modules and two overseas residencies.
The success of the overseas residencies led
to the implementation of the GLOBAL
IEMBA students visit the Taj Mahal during the India Residency.
experience in the redesigned MBA cur-
riculum.
In the IEMBA overseas residencies,
student teams are assigned to work on a A global perspective is not limited director of the IEMBA program. This
consulting project with multinational or solely to the overseas residencies. Across mix makes for lively discussions in the
local corporations with operations in an the curriculum, faculty use international classroom and beyond.
emerging market. For six months prior to cases to illustrate the dynamics of con- IEMBA students come from indus-
the residency, students research their proj- ducting business overseas. With approxi- tries with strong international connections,
ect, often drawing on international mately 50 percent of an average IEMBA such as defense and telecommunications,
resources (e.g. embassies) in the Washing- class consisting of professionals who are multinational corporations and interna-
ton area to understand local issues affect- either foreign or have lived/worked tional agencies, and many find the IEM-
ing their projects. Once on location, they abroad, students tend to take a more cos- BA experience helps them assume new
gather additional information and present mopolitan approach to problem-solving. responsibilities.
their report to the sponsoring company. The IEMBA program attracts indi- Operating overseas, you dont know
Latin America and Asia are popular desti- viduals who have extensive international what you dont know until you go through
nations for the residences. experience from the non-American it, says Michael McCarthy (IEMBA II),
Jeff Ward (IEMBA IV) works for working in the U.S. to the ex-patriot who credits the program for his career
Lockheed Martin and recently was asked working abroad, notes Lisa Kaminski, transition from real estate to investment
to represent a multicompany task force to banking. You learn to ask the questions,
examine software development opportuni- to think outside the box.
ties in Asia. A year ago, I wouldnt have
Elizabeth Shine (G 99)
had a clue about half the issues involved,
says Ward. My IEMBA experience [in
India] was a real benefit, because I was
exposed to all the issues involved in doing
business overseas in the program.

12 The McDonough School of Business

Letter from London
Arriving in London from Milan last
month, I seemed to be the only non-Ital-
ian on the flight. As soon as the plane
landed, the cell phones were out, and by
the time the cabin doors were opened,
dozens of conversations were in progress.
What interested me about this scene was
the realization that most of these young
Italians were living and, presumably, work-
ing in London.
Statistics prove this. Approximately
55,000 Italian citizens, 65,000 Germans,
and a similar number of French are work-
ing in London, and immigration is grow-
ing rapidly. Todays immigrants are pre-
dominantly professionals, working in
investment banks, management consult-
ing, and information technology.
Why London? Its not the weather or
the cuisine though the former has
improved marginally (global warming) and
the latter hugely.
Young, educated Europeans flock to
London for the same reasons ambitious
young Brits head to the States. Employ-
ment opportunities that arise from a flexi-
ble labor market, learning opportunities
that arise from international firms, and the
scope for initiative, innovation and fast-
track advancement make London a magnet
for continental Europe in the same way that
the United States has been a magnet to go-
getters from all over the world.
Britains unemployment rate, though
higher than that of the United States, is
among the lowest of the larger European
Union countries. Employment protection
legislation, which stifles career mobility in
many European countries, is less restrictive
in Britain.
The emergence of Britain as one of
the more dynamic, entrepreneurial and
technology-driven countries in Europe
owes much to the political changes that
have reshaped attitudes and social struc-
tures as well as economic policies. The
Thatcher Revolution of 1979 1990
reduced the power of the labor unions,
shifted most of the state enterprise sector
to private ownership, created the condi-
tions for an enterprise culture, and helped
undermine much of the traditional British
class system. Despite the rhetorical differ-
ences, Tony Blairs Labor government has
deviated little from the overall direction of
Thatchers policies.
The evidence of Londons emergence
as a European center is everywhere. When
I left London in 1986, it was one of the
worlds great cosmopolitan cities. But the
mix of nationalities largely reflected
Britains colonial heritage. Today, ambi-
tious new immigrants attracted by the
opportunity Britain offers are balancing
that mix.
The new cosmopolitanism is reflected
in Londons professional soccer teams:
Chelsea football club has an Italian man-
ager and only one British player; Arsenal
has a German manager, and a majority of
non-British first-team players. In the
financial sector, too, overseas players domi-
nate. Immigrants have long been the most
innovative and entrepreneurial of the City
of Londons financiers.
Many of Londons investment banks
were started by immigrants: Rothschild
and Schroder (Germany), Lazard (France),
and Hambros (Norway). Almost all have
since been acquired by overseas companies,
and today, the biggest players in London
are the AmericansMerrill Lynch, Citi-
Group, Morgan Stanley Dean Witter,
Goldman Sachs. This U.S. dominance has
reinforced Londons position as an interna-
tional financial center: Most banks have
transferred major parts of their international
operations from New York to London.
The influx of American banks has
affected Londons cosmopolitan mix. Close
to 50,000 U.S. citizens are living in Lon-
don. In mid-November, American food-
stuffs, such as sweet potatoes and pecan
pies, appeared in our local supermarket.
Work habits have changed too. The morn-
ing rush hour once peaked between 8:00
a.m. and 8:45 a.m., followed by a mini-
rush of stockbrokers arriving in time for
the market opening at 9:30 a.m. It was
then a short morning before lunch.
The American investment banks
changed all that with their 7:30 a.m.
breakfast meetings and working lunches.
This year, the London Stock Exchanges
opening time was moved forward to
8 a.m. in order to bring it into line with
Frankfurt.
So what of the old London? Let me
take you to a Sunday morning street mar-
ket in the East End. Well have jellied eels
from a shellfish stall, followed by a trip to a
pie and mash shop, and come back on a
red, double-decker bus. Its still there, just
look, round the corner from the Starbucks
coffee shop.
Robert Grant is a profes-
sor of strategy at George-
town, and a native of
Britain. During Fall
1999, he was a visiting
professor at the
University of Londons
Business School.
13
 FORUM
Faculty
The Challenge of Transnational Production
he animated meeting of the
T World Trade Organization
(WTO) in Seattle last December
was merely a reminder that transnational
production is spreading faster than many
of us imagined.
More and more, companies are mak-
ing different parts of their goods and serv-
ices in different countries and moving
them across national borders for further
work, storage, sales, repair, or even recy-
cling. Consider, for example, that from
1950 to 1997 the world output increased
six times but world trade increased 18
times. Reduction of tariffs (brought about
not only by the WTO and its predecessors,
but also by the EU, NAFTA, Mercosur,
and other pacts) should be credited for this
trend. However, other factors are also
behind it. Most notably, e-commerce, with
easier connection to both worldwide cus-
tomers and suppliers, is pushing these
cross-border transfers to record levels.
Clearly the logistics of transferring
these goods and services around the globe
will become a greater challenge to many
companies. This challenge is not only in
dealing with international suppliers and
customers, but also in managing the inter-
national flows within the company itself.
Rise of Transnational Production
A surprising number of cross-border
transfers are intra-firm i.e., from one
part to another part of the same company.
In the United States, for example, about a
third of the exports and 40 percent of the
imports are intra-firm: BMW in Spartan-
burg, S.C., imports engines from BMW in
Germany and exports Z3 models to
BMW sales companies all over the world;
Hewlett-Packard imports keyboards from
its subsidiary in Singapore and exports
14 The McDonough School of Business
components to many of its factories out-
side the U.S. This practice is not limited to
manufacturers; the U.S. offices of Infosys, a
provider of software services, produces part
of its service in one of Infosys 11 soft-
ware factories in India.
These intra-firm trades have been
increasing rapidly. Share of intra-firm
trades in the total trade went from 37 per-
cent in 1977 to 53 percent in 1983 to 60
percent in 1993 (World Investment Report,
1996). This is partly due to the fact that
foreign direct investment, in spite of its
year-to-year volatility, continues to
increase faster than both growth in world
output and trade. The annual growth rate
of global foreign direct investment from
1986 to 1990 was an astounding 25 per-
cent, and from 1991 to 1994 it was 13 per-
cent, still several times faster than the
growth in world output or trade. Even
after a slowdown due to the 1997 Asian
economic crisis, it has continued to grow at
a very high rate.
The Managerial Challenge
All this is creating new challenges for
managers. Those in manufacturing must
change a subtle but deeply ingrained
mindset about the role of foreign factories.
They need to become convinced that a for-
eign plant can be more than a means for
getting tariff and trade concessions, cheap
labor, capital subsidies, or reduced logistics
costs. These might have been their expec-
tations in the past but, to prepare better for
increasing transnational production, they
need to take a fresh look at other potentials
of a foreign factory. These factories can be
used also to serve international customers
better, support domestic plants, generate
new knowledge, and bring needed skills
and talent to the company. These are less
tangible benefits and are realized mostly in
the long term. They require investment
and deliberate plans. It is not easy to con-
vince skeptical colleagues to invest now for
the promise of these hard-to-measure ben-
efits in the future.
Managers in service compare a similar
challenge. They, too, need to think how
their operating units, even when spread
across different regions and countries, can
support and leverage each other. For exam-
ple, how might Andersen Consulting (AC)
offices in London leverage the resources
and knowledge that reside in AC offices in
New York or Tokyo? The issue is basic:
How can a company avoid creating a dis-
jointed group of operating units and,
instead, create an integrated network
where each unit reinforces the others?
Organizing for Transnational
Production
Nestle has almost 500 factories in 70
countries, BASF 200 in 39 countries, and
3M 80 in 44 countries. How are these fac-
tories organized in each companys global
network? How do they relate to one an
other? How about the 25,000 restaurants
run by McDonalds, more than 100 resort
villages at Club Med, and America
Onlines (AOL) service centers in more
than 10 countries: How does each operat-
ing unit relate to the other units in each
companys global network?
There are many marketing, produc-
tion, logistics, and even legal factors that
shape the structure of each network. But
my research shows that the glue that turns
a disjointed group of production units into
an integrated network is essentially how
new operational knowledge is generated
and absorbed. Generation and absorption
of knowledge may be different capabilities,
but they need similar resources. This is
particularly true for operational knowl-
edge. Operational knowledge is the real
know-how of the companythe recipe for
producing its goods or services. Technolo-
gists, engineers, computer specialists, lab
technicians, quality experts and other
knowledge workers who apply a new pro-
cedure in a production unit can also gener-
ate other new procedures. These are the
companys knowledge resources. Some-
times these resources are more than just
employees; for example, they may include
expensive specialized facilities and equip-
ment. How a company allocates these
valuable resources in the network is a key
indicator of whether it is building an inte-
grated or a disjointed production network.
There is no universally optimal pat-
tern for distributing these resources in a
als and expert systems are not effective and
can even be a hindrance. In these compa-
nies, those on the frontline need flexibility
to react and innovate, and they need to be
qualified to do that. Therefore, knowledge
resources in these companies are more
effective in the production units, where
they can help production and develop new
procedures, than in the headquarters. Since
operating manuals cannot transfer the new
procedures, key personnel would have to
be moved among the units to transfer
knowledge and maintain a global standard.
What if the tacit knowledge is chang-
ing fast and moving the experts between
units is too slow to cope with the pace of
this change? AOL, for example, faces such
a situation. Key operational knowledge at
AOL is changing very rapidly, and there is
little time to codify it into operations man-
nys scarce knowledge resources? Superior
companies are already showing the way.
They are distributing more of their knowl-
edge resources in their production units
worldwide and to avoid duplication, they
are creating centers of excellence in many
of them lead operational units that cap-
ture and develop knowledge not only for
themselves but also for the rest of the com-
pany. The best way to characterize the
architecture of such networks is to visualize
a group of interdependent units as opposed
to dependent or independent production sites.
Professor Kasra
Ferdows is the
Heisley Family
Professor of Global
Manufacturing
at the McDonough
School of Business.

network. Rather, I have found that the
optimal pattern depends on two attributes
of the companys key operational knowl-
edge: How explicit is this knowledge and
how fast it changes. If this knowledge is, or
can be, made explicit (as in the case of
McDonalds or Coca Cola, where all oper-
ational procedures are spelled out in manu-
als), then most of the companys knowl-
edge resources can be kept at the center (or
headquarters). Sometimes codifying the
knowledge may require substantial invest-
mentfor example developing expert sys-
tems (such as those Dell has developed) or
instituting strong incentives for codifying
the tacit knowledge (as Anderson Consult-
ing and Booz-Allen & Hamilton have
done). In general, more knowledge
resources can be kept at the center when
key operational knowledge is more explicit.
If the critical knowledge is inherently
tacit (for example, how to entertain guests
at a typical Club Med resort), strict manu-
uals. Specialists and experts cannot be This article is based
on his latest
divided among different international units
research.
and are usually too busy to keep up with
the latest changes. They do not have much
time to spend on codifying their knowl-
edge into operating manuals and, even if
they did, the manual is likely to be obsolete
soon. Transnational production in these
companies pose a dilemma: On the one
hand they must keep a critical mass of
their scarce knowledge resources at the
headquarters and, on the other hand, allo-
cate enough to each operating unit to let it
operate efficiently and generate new
knowledge.
Any company that wishes to develop
superiority in transnational production
ultimately faces the same dilemma. How
can you design a global production net-
work that can cope with fast changing
hence, essentially tacit production
technology and procedures, yet avoid
duplication and scattering of the compa-

Winter 2000 15
 Research and Activities
Faculty
n June, I was appointed senior associ-
I ate dean of the McDonough School
of Business. As part of this assign-
ment, I am responsible for the academic
growth and development of our faculty.
During the past year, our faculty pub-
lished more than 170 articles in refereed
journals, in addition to books and book
chapters. They serve on 59 editorial review
boards for leading journals around the
world. McDonough faculty have also pro-
vided Congressional testimony and
received press coverage for their research.
This year, we are especially proud to
note that Professor George Brenkert was
named editor of The Journal of Business
Ethics, the premier journal in its field. Our
junior faculty also show much promise:
Assistant Professor Ken Cavalluzzos doc-
toral dissertation was named the outstand-
ing dissertation in the field of managerial
accounting.
To keep our peers apprised of McDon-
ough faculty research, we will annually
detail publications and conferences in
Georgetown Business. Following is a sample of
McDonough faculty activity for 1999.
John Mayo, Senior Associate Dean,
McDonough School of Business
Assistant Professor Paul Almeida pub-
lished The Localization of Knowledge
and the Mobility of Engineers in Regional
Networks (with Bruce Kogut) in the July
1999 issue of Management Science.
Professor Alan Andreasen is serving
as the interim executive director of the
Social Marketing Institute, a new organi-
zation for the advancement of the science
and practice of social marketing. The Insti-
tute is the recipient of a $655,000 one-year
planning grant from the Robert Wood
Johnson Foundation. In addition,
16 The McDonough School of Business
Andreasen is organizing the first national
summit of top marketing executives in
large nonprofit organizations. The sum-
mit, which has received a $48,000 grant
from the David and Lucille Packard Foun-
dation, will be jointly sponsored by the
McDonough School of Business and the
Social Marketing Institute.
The University of South Florida
recently announced the establishment of the
Alan Andreasen Distinguished Lecture
Series that will provide a grant and hono-
rarium to a speaker at their annual confer-
ence on Social Marketing for Health.
Associate Professor Reena Aggarwal
and Largay Professor David Walker served
as program chairs for the fifth annual con-
ference on Alternative Structures for
Securities Markets, sponsored by the
Nasdaq Stock Market and hosted by the
Capital Markets Research Center in Sep-
tember 1999. The conference attracted a
distinguished group of stock market chairs
and others who provide the senior leader-
ship and management of stock markets in
emerging markets as well as public officials
who regulate these stock markets. Forty-
seven different nations were represented,
including Thailand, Uganda, Turkey, the
Czech Republic, Malaysia, Romania,
Egypt, China, Mexico, Russia, Vietnam,
Bangladesh, Estonia, Cyprus, Mongolia,
India and Latvia.
The conference keynote speaker was
Gary Perlin, senior vice president and chief
financial officer of The World Bank. Con-
ference program topics included corporate
governance of stock exchanges, the role of
technology and the Internet in stock trad-
ing, globalization of markets, regional har-
monization, new developments in emerging
markets and the changing role of develop-
mental institutions. Participants visited the
Nasdaq-Amex market in New York.
Professor Aggarwals publications in
1999 include: The Rise and Fall of the
AMEX Emerging Company Market-
place (with Jim Angel) in volume 52 of
The Journal of Financial Economics; Capital
Raising in the Offshore Market (with Ian
Gray and Hal Singer) in volume 23 of The
Journal of Banking and Finance; Price Dis-
covery in Initial Public Offerings and Role
of the Lead Underwriter (with Pat Con-
roy) and Stabilization Activities by
Underwriters after New Offerings, both
to appear in forthcoming issues of The
Journal of Finance. In addition, Aggarwal
collaborated with Associate Professor
Allan Eberhart and New York Universitys
Edward Altman on Equity Performance
of Firms Emerging from Bankruptcy in
the October 1999 Journal of Finance.
Associate Professor Robert Bies was
an editor for volume seven of Research on
Negotiations in Organizations.
Professor George Brenkert, director of
the John F. Connelly Program in Business
Ethics, has been named the editor of Busi-
ness Ethics Quarterly. He will assume the
editorship in June 2000.
Assistant Professor Ken Cavalluzzo
was the 1999 recipient of the Outstanding
Dissertation Award for Managerial
Accounting from the American Account-
ing Association. His dissertation, Compe-
tition and Cost Shifting in Government
Agencies, appeared in the Journal of
Accounting Research. A second paper by
Cavalluzzo has been accepted by the Jour-
nal of Business.
Professor Ricardo Ernsts book Global
Operations Management and Logistics: Text
and Cases (with Philippe-Pierre Dornier,
Michel Fender and Panos Kouvelis) has
been translated into Chinese and will be
translated into Portuguese for publication
in Brazil. Ernst has also published The
Effect of Selling Packaged Goods on
Inventory Decisions (with Panos Kou-
velis) in Management Science. Ernst and
Bardia Kamrad are also collaborating on
An Economic Model for Evaluating
Mining and Manufacturing Ventures with
Output Yield Uncertainty for Operations
Research.
Associate Professor Ron Goodstein
and Devon DelVecchio submitted an arti-
cle for publication in a forthcoming issue
of Diversity in Advertising entitled The
Role of Ethnicity in Celebrity Endorse-
ments: Moving Beyond Racial Pairing.
Goodstein also authored The Effect of
Archetypal Embeds on Feelings, an arti-
cle on how subliminal advertising affects
emotions, with Andrew Aylesworth (Bent-
ley College) and Ajay Kalra (Carnegie-
Mellon), which was accepted for publica-
tion in a forthcoming issue of the Journal
of Advertising. In the May 1999 issue of the
Journal of Marketing Research, Goodstein
published The Impact of Advertising
Positioning Strategies on Consumer Price
Sensitivity (with Ajay Kalra).
Associate Professor Jose Guerrero-
Cusumano published articles in the Jour-
nal of the American College of Cardiology,
Quality Engineering, TQM Magazine and
Information Sciences on such varied topics as
epidemiological approach to quality assess-
ment in echocardiographic diagnosis, qual-
ity at the crossroads of organizational
excellence and the academy, next-genera-
tion quality management, and multivariate
exponential families and the Taguchi loss
function.
Assistant Professor Carla Inclan
received a three-year grant in 1998 from
the National Science Foundation to study
international financial deregulation. She is
also co-author, along with Reena Aggarw-
al and Ricardo Leal, of Volatility in
Emerging Stock Markets, published in
the March 1999 issue of The Journal of
Financial and Quantitative Analysis.
Associate Professor Bardia Kamrads
work, Production, Operating Risk and
Market Uncertainty: A Valuation Perspec-
tive on Controlled Policies with S. Lele
(University of Marylands Smith School)
appeared in the May 1999 issue of IIE
Transactions: Scheduling and Logistics. He
co-authored with Ricardo Ernst Evalua-
tion of Supply Chain Structures through
Outsourcing and Postponement, forth-
coming in The European Journal of Opera-
tional Research. Kamrads papers, On the
Stochasticity of Innovation Diffusion: A
Valuation Framework for Advertising and
Price Policies, with S. Lele and Robert
Thomas and An Economic Model for
Evaluating Mining and Manufacturing
Ventures and Output Yield Uncertainty,
are under review at Management Science and
Operations Research, respectively.
Professor Joseph Mazzola published
Lagrangian-Relaxation-Based Solution
Procedures for a Multiproduct Capacitated
Facility Location Problem with Choice of
Facility Type with Alan W. Neebe (Uni-
versity of North Carolina) in The European
Journal of Operational Research in 1999.
Professor Marcia Miceli collaborated
with researchers at Indiana University on
Can Laws Protect Whistle-Blowers?
in Work and Occupations in 1999 and
Consequences of Satisfaction with Pay
Systems in the January 2000 issue of
Industrial Relations.
Assistant Professor Glen Schmidt was
named a finalist in spring 1999 in the
George Nicholson competition for best
student paper sponsored by INFORMS,
the Institute for Operations Research and
the Management Sciences. The paper, a
chapter of his dissertation, was written in
1998. More recently, Schmidt received a
grant from Stanford Universitys Integrat-
ed Manufacturing Association to conduct
research in manufacturing operations
management.
Assistant Professor Akhtar Siddique
has collaborated with C.R. Harvey (Duke
Universitys Fuqua School), on two arti-
cles: Autoregressive Conditional Skew-
ness which appeared in the December
1999 issue of the Journal of Financial and
Quantitative Analysis and presents a new
methodology for estimating time-varying
conditional skewness; and Conditional
Skewness in Asset Pricing Tests will
introduce a mean-variance-skewness mod-
el for developing optimal portfolios of
financial securities in the Journal of Finance
in June 2000.
Associate Professor Craig Smith pub-
lished a detailed examination of bribery
entitled, Social Contracts and Marketing
Ethics (with Thomas W. Dunfee and
William T. Ross Jr.) in the July 1999 issue
of the Journal of Marketing.
Assistant Professor Jeanine Turner
and T. McCain (Ohio State University)
collaborated on a chapter, Teaching Mass
Communication and Telecommunication,
in the 1999 textbook Teaching Communica-
tion: Theory, Research, and Methods pub-
lished by Lawrence Erlbaum Associates.
Her article, Patient Satisfaction with
Telemedicine in a Prison Environment
with H. Mekhjian, M. Gailiun and T.
McCain (all at Ohio State University)
appeared in the Journal of Telemedicine and
Telecare in May 1999. Turner also pub-
lished an article, Telemedicine: Emerging
E-Medicine with S. Mun (Georgetown
University Medical Center), in the fall
issue of The Annual Review of Biomedical
Engineering, and her work, Generating the
Virtual Office Visit, will be published this
winter in Managing Healthcare Information
Systems with Web-Enabled Technologies.
Assistant Professors Rohan William-
son and Lee Pinkowitz jointly published
The Determinants and Implications of
Corporate Cash Holdings (with Tim
Opler and Rene Stulz) in the April 1999
issue of the Journal of Financial Economics.
The authors studied publicly traded U.S.
firms during 1971-1994, finding some
evidence of a static tradeoff model of cash
holdings. They also found that successful
firms tend to accumulate more cash than
predicted by the static tradeoff model where
managers maximize shareholder wealth.
Winter 2000 17
Chase Manhattan Gives First Gift
in Minority Fellowship Program
A gift from Chase Manhattan Bank to fund a full tuition
scholarship for a minority MBA candidate is the first
success of a new minority fellowship program under way at
the McDonough School of Business. The scholarship will be
awarded in the 2000-01 school year.
Georgetown is one of the key schools we look to in
our recruiting efforts, says William Hoefling, executive vice
president at Chase Manhattan Bank. We are impressed with
the diversity of its MBA population. In view of the strong
relationship we have with Dean Puto, we are confident we
will make an impact with this program.
The program is aimed at recruiting and developing min-
ority MBA students for corporate leadership positions. The
McDonough School was ranked as the number one MBA pro-
gram for Hispanics in the September 1999 issue of Hispanic
Business, and the fellowships are expected to increase minority
interest in pursuing an MBA at McDonough. Currently, minori-
ty students comprise 15 percent of MBA student enrollment.
Participating corporations will sponsor fellows not only
with direct financial aid for two years but also will provide
internships, mentoring and networking opportunities for
students in the program.
The Minority Fellowship Program will not only expose
these students to a leading curriculum, says Dean Christopher
Puto. It also will provide a supportive learning environment
enhanced by contacts with corporate mentors.
Corporations interested in supporting this program should
contact Agnes Connolly, director of corporate and foundation
relations for Georgetown University, at 202.687.3524.
Dividends
Third Century Campaign Continues Momentum
T hree anonymous gifts totaling $3 million have brought the
total raised to date by the McDonough School for the Third
Century Campaign to $67 million.
Each of the gifts fulfills goals laid out for the Third Century
Campaign. A gift of $1.5 million has been designated for facili-
ties, bringing the total raised to date for the new business
school building to $20 million. A $1 million gift will be used at
the deans discretion, in consultation with the donors, and a
$500,000 commitment has been made to faculty development
funds, intended to help faculty develop and explore new and
innovative techniques for delivering state-of-the-art classroom
instruction.
These gifts are timely, as they provide critical resources
that can be used now and also for future needs, commented
Dean Christopher Puto.
Two For the Price of One: Matching Gifts
C orporate matching gifts provide significant income to
McDonough each year. Last year, $650,000 was received in
matching gifts from corporations such as Exxon, AT&T, Merrill-
Lynch, Arthur Andersen and Ernst & Young. Many companies
offer matching gifts at a one-to-one ratio, and some match at a
two-to-one ratio. Some not only match employees and spouses
gifts, but also gifts made by retirees.
Contributors must request a matching gift form from their
employer, which is completed and submitted with the contribu-
tion. Georgetown University completes the paperwork and
returns it to the employer, whereupon the match is issued.
Contributors receive recognition credit for both their own
gift and the matching gift. This means that they qualify for
membership in Georgetowns gift societies based on their gift
plus the matching gift. For example, a $5,000 gift matched dol-
lar-for-dollar by the employer could qualify a donor for the Blue
& Gray Society, which requires an annual commitment of
$10,000 to Georgetown.
Matching gifts make an enormous difference, both to
Georgetown and to the individual donors, says Scott
McDaniel, associate director of the annual fund. Interested
donors may contact McDaniel for further information at
202.687.6677.
McDonough Student Scholarships and Awards
Second-Year MBA Student Authors Winning
Paper in Corporate Community Relations
A paper written by a McDonough MBA student
won first place in Boston Colleges Center for
Corporate Community Relations annual com-
petition in August 1999.
In Corporate Responsibility and the New
Business Paradigm, Alison Habiger
(MBA/F00) described how cyberspace repre-
sents a new global space for corporate responsi-
bility and focused on Internet privacy to
demonstrate how companies will be forced to
alter their policies as various concerns about
conducting business in this new medium arise.
Her faculty advisor, Professor Mary Culnan, is
the author of the 1999 Georgetown Internet
Privacy Policy Study on online privacy.
Habiger received a $5,000 award, funded by
major corporations including Clorox, Coca
Cola, Diageo, Ford, Merck, Prudential and
Time-Warner.
Alisons paper stood out from the pack, said
Steve Rochlin, research director at the Center.
Were very pleased to give her the award.
The papers, judged by three of Boston Col-
leges business faculty and three corporate man-
agers, are evaluated on the basis of scholarship
and relevance to practice. Previous winners
include students from the University of Oregon,
Stanford University and the Massachusetts
Institute of Technology.
Georgetown Team Places Third in National
Black MBA Case Competition
A team of four McDonough MBA students
won third place in the annual National Black
MBA Association Case Competition in Sep-
tember 1999.
Teams from 26 MBA programs traveled to
Anaheim, Calif., to participate in the competi-
tion, sponsored by DaimlerChrysler. First place
went to University of Michigans team, and the
University of Virginias Darden Schools team
won second place.
The McDonough team faced rigorous
competition, said Christopher Puto, dean of
the McDonough School. Their placement
among the nations leading MBA programs
speaks volumes about their accomplishment.
Inga Riggins (MBA00) Nita Brown
(MBA00) David Williams (MBA00), and James
Thompson (MBA01), won a $6,000 team prize.
The case involved a small family-owned automo-
tive parts business and the owners sons differing
visions for the future of the business.
Two MBA Students Win $15,000
In Texaco Scholarships
Robert Kitterman (MBA00) and Mary Reese
(MBA00) each won a $7,500 scholarship award
from the Texaco Corporation in September 1999.
John J. OConnor, Texacos senior vice
president presented the awards to Kitterman
and Reese in a ceremony at Georgetown on
September 30, 1999.
The scholarship awards are made to second-
year MBAs with an interest in the energy indus-
try and a minimum grade point average of 3.25.
Kitterman and Reese are the first recipients of
the awards at Georgetown. Other recipients
include students from the business schools at
Columbia University, Duke University and the
University of Michigan.
Chase Manhattan Bank Awards $10,000 to
Georgetown MBA Student
Tracy Young (MBA01) is the recipient of a
$10,000 Chase Manhattan Bank Scholarship
for the 1999-2000 academic year. Prior to
Georgetown, Young, an African American,
worked for four years as a certified public
accountant for KPMG in Baltimore, Md. The
tuition award will allow me to pursue my aca-
demic goals and further enhance my career
development, said Young, who plans to work in
corporate finance.
Undergraduate Business Student Receives
Beta Gamma Sigma Award
Ryan Egan (B00), has won a $1,000 scholarship
from Beta Gamma Sigma (BGS), the undergrad-
uate business honor society. Egan, who was
selected for membership in Georgetowns chapter
of the society in his junior year, won the scholar-
ship on the basis of superior academic perform-
ance, his essay application and an interview.
For a student to even be selected for mem-
bership in the society means that he must be in
the top seven percent of his class, said BGS
Associate Executive Director Vicki Klutts. To
receive the award, he must be one of the very
top business students.
A finance major with a 3.8 grade point aver-
age, Egan currently serves as co-vice president
for BGS Georgetown chapter. He is also a tutor
for the Sursum Corda tutoring program.
Accounting Student Wins American Society of
Women Accountants Award
Kathleen Saunders (B00) is the recipient of the
Past Presidents Award of the D.C. Chapter of
the American Society of Women Accountants
annual scholarship. The $750 scholarship is
awarded to an accounting student with out-
standing academic performance who presents
the best essay on the future of accounting. Saun-
ders paper explored the topic of taxation and
Internet companies.
McDonough Undergraduates Garner Various
Corporate Awards
McDonough undergraduates are the recipients
of a number of merit-based, competitive awards
from leading corporate entities. Students who
have won scholarships this year include: Jessica
Navarro (B01), who receives $7,500 annually
from the Starr Foundation; Antoine Dickerson
(B01) receives $4,000 yearly from the law firm
of Morrison & Foerster; Nicole Adams (B00)
won $4,000 from Merrill Lynch for the 1999-
2000 school year; Michael Yaeger (B03) will
receive $2,500 annually from The Boston Globe;
Melissa Hoffam (B03) receives $1,000 annually
from McDonalds Corporation; and Christopher
Bledsoe (B03) receives $1,000 annually from the
Ford Salute to Education.
Winter 2000 19
 Faculty and Staff NEWS
Finance Professor
Focuses on Real-World
Applications of Research
Quadrupling the value of a com-
panys stock is no mean achieve-
ment. If youre a tobacco compa-
ny, its nothing short of a
miracle. Assistant Professor San-
deep Dahiyas research shows
how a small tobacco companys
strategic response to litigation
increased shareholder value.
In Wealth Creation and
Destruction from Brooke
Groups Tobacco Litigation
Strategy, Dahiya and his co-
author, New York University
(NYU) professor David Yerma-
ck, argue that by breaking with
the larger tobacco companies
and being the first to settle out
of court the litigation brought
by the U.S. attorney general on
behalf of the states, Brooke
negotiated very lenient terms for
the company. This removed the
prospect of further lawsuits and
increased shareholder value. It
was a risky strategy, notes
Dahiya, but it paid off. Stock
prices almost quadrupled, and
shareholders did very well.
Dahiya sees wider implica-
tions in his research as to how
companies under duress respond
to litigation. The handgun
industry is facing litigation from
the states similar to tobacco
companies, says Dahiya, pre-
dicting that some companies
may respond as Brooke did.
A native of India, Dahiya
joined the McDonough faculty
this fall, after earning his doc-
20 The McDonough School of Business
Assistant Professor Sandeep Dahiya
torate in finance from NYUs
Stern School of Business.
Focusing on international
finance, Dahiyas dissertation
examined the impact on finan-
cial markets when nations
default on their loans. He has
also investigated the impact of
corporate financial distress on
institutions that lend to and
invest in corporations.
Prior to earning his doctor-
ate, Dahiya was a project finance
manager with the Industrial
Credit and Investment Corpo-
ration of India (ICICI) in New
Delhi, the only Indian company
listed on the New York Stock
Exchange. Although he took
the position knowing he would
eventually return to school, he
believed it was important that
he have a real-world context for
his research.
I believe that finance
research shouldnt deviate too
much from the real world, he
says. You should try to look for
a practical application to your
research.
e-Trust
What can savvy marketers do
to affect consumer behavior on
the Internet? Information relia-
bility, Assistant Professor Mar-
lene Morris believes, is one of
the key elements affecting con-
sumer choice.
Because the Internet and
e-commerce are so new and
largely unregulated, information
must be presented in a way that
conveys reliability, says Morris,
a new McDonough faculty
member. Information reliabili-
ty is one of the things that turns
browsers into buyers.
Morris measures informa-
tion reliability by a number of
cues, including the timeliness
of the information offered,
transparency used to generate
information and its source.
Trust is a marketable com-
modity thats especially impor-
tant on the Internet, observes
Morris. Giving extra assur-
ance [to Internet customers] at
first builds loyalty later on.
A recent graduate of
Duke Universitys Fuqua
School of Business, Morris
interest in this topic grew out
of her marketing doctoral dis-
sertation. Her dissertation
focused on how contextual fac-
tors that signal the reliability of
information will influence not
only choice but also the timing
of an intended purchase.
E-commerce is a hot topic
at the moment, but Morris
believes e-consumers are not
Assistant Professor Marlene Morris
so different from regular retail
costumers. E-commerce is a
new environment, but many of
the fundamental aspects of
consumer behavior still apply,
she says.
Morris other research
includes the timing of pur-
chase decisions, especially
decision delay, issues of con-
trol in consumer decision-
making and consumer atti-
tudes toward foreign products.
In the next year, she plans to
examine differences in reliabil-
ity perceptions and perceived
risk in Internet environments
across gender and ethnicities.
Differences exist across
gender and ethnic background
in how much people trust
information that is presented
and their intended purchase
behavior, she notes. These
differences may have some
interesting implications for
market segmentation on the
Internet.
Faculty and Staff NEWS
An Eye on the Bank
(Power) Balance...
Assistant Professor Lee Pinko-
witz is watching bank balances,
but not in the conventional
dollars and cents way. Pinko-
witz, along with McDonough
Assistant Professor Rohan
Williamson, has examined the
effect of bank power on the
cash holdings of industrial
firms in three different coun-
tries.
Basically, we argue that
in a bank-centered economy, if
the banks have too much pow-
er, they will use it to benefit
themselves at the expense of
the industrial firms,
Pinkowitz said. One way they
seem to do this is to force the
firms to hold too much cash on
deposit in the bank.
They found a natural
experiment in observing coun-
tries with different financial
structures: the United States,
with its decentralized monitor-
ing system; Japan, which had a
highly centralized structure
with very powerful banks; and
Germany, with its powerful
banks and equally powerful
corporations. They found
Japan held much more cash
than the United States and
Germany, which they correlat-
ed with bank power.
As noted in their research,
During periods of high bank
power, firms cash holdings are
Assistant Professor Lee Pinkowitz
consistent with banks extract-
ing rents. We conclude that the
Japanese banks persuade firms
to hold higher cash balances
than firms in the United States
and Germany. This is contrary
to widely held beliefs about the
Japanese governance system.
Pinkowitz, who recently
earned his doctorate from
Ohio State University, came to
McDonough this fall. He
taught Business Financial
Management to undergradu-
ates, and challenged them to
see the elegance and beauty
of finance. Students like Iavor
Balabanov (B01) said
Pinkowitzs enthusiasm for
finance made the required
course interesting. Its an
interactive class with real-life
application. It really hits the
spot, Balabanov said.
The Business of Ethics
To some, business ethics is an
oxymoron. But Assistant Pro-
fessor Edward Soule marries
his ethics scholarship with 20
years of first-hand experience
confronting ethical issues in
the business world. He uses
this experience in the class-
room, where he works to instill
a sense of social responsibility
in his students.
The business experience
allows me to breathe some life
into the issues, particularly
some of the technical issues,
because Ive done them and
can speak a little more passion-
ately about them, said Soule, a
former public accountant from
St. Louis, who recently earned
his doctorate in philosophy
from Washington University.
In 1996, Soule interrupted
his doctoral studies to serve as
interim chief financial officer
for TransWorld Airlines fol-
lowing the crash of Flight 800.
The company, which had been
emptied of its cash and valu-
able assets after a leveraged
buyout, faced financial and
operational difficulties. Work-
ing for a company that was in a
state of chaos rounded out
Soules business experience and not allow this new tech-
and made him scurry back to
the university after six short
months.
Assistant Professor Edward Soule
Now that Soules found a
home in academia, he has set
his sights on a new goal. I
want to be a good teacher, and
I want to do top-notch
research, he said.
Soule plans to research the
ethics of genetically engineered
plants and foods. Though the
controversy raging in Europe
over this technology has yet to
reach the United States, Soule
has begun researching the fit-
ting response of business to
this thorny issue.
There is tremendous
promise with this technology,
its just that there is also
incredible risk, he said. You
dont want to stifle the industry
nology. At the same time you
want to align the cost and the
risk with the companies that
benefit from it.
Winter 2000 21
 Faculty and Staff NEWS
Risky Business
Assistant Professor Bennett
Zelners research aims to pro-
vide a broad comparative meth-
odology for comparing global
political risk. And more than
just make an academic contri-
bution, he hopes governments
and firms will find some practi-
cal application in his work.
A lot of times what a
company needs is to have a
more scientific methodology
that really allows it to make
comparisons across very dis-
parate investment environ-
ments, Zelner said. [I] want
to provide the methodology for
doing comparative analysis.
Zelners interest in devis-
ing such a methodology grows
out of his previous research,
which has focused on how dif-
ferences in political institutions
affect investment patterns in
infrastructure industries, par-
ticularly electric and telecom.
Georgetowns location in the
political capital of the world
provides the ideal environment.
With the kind of
research I do, you always want
to have contacts in the business
world and the policy world.
D.C. couldnt be a better place
for me, he said.
Zelner, who earned his
doctorate in economics from
the University of California at
Berkeleys Haas School of
Business in May, 1999, spent
his first semester at George-
town interviewing managers
22 The McDonough School of Business
Assistant Professor Bennett Zelner
from firms throughout the
United States as part of his
research. This spring, in addi-
tion to teaching three sections
of strategy to undergraduates,
Zelner and fellow researchers
from Berkeley and Wharton
are visiting Asia, Latin Ameri-
ca, and Europe to interview
nearly 30 managers. They hope
to gain a better understanding
of how managers of independ-
ent power production industry
are evaluating political risk.
I wanted to be grounded
in the real world, said Zelner
of his research. The early aca-
demic training, particularly in
economics, is very theoretical,
and its easy to go down that
path. But I realized that I
could take these ideas and
actually apply them to the real
world, something that I find
more fulfilling.
IN THE MEDIA
l Professor Jim Angel commented on the New York Stock Exchanges
decision to begin quoting stock prices in dollars and cents in the Decem-
ber 3, 1999, edition of The Washington Post (Sandra Sugawara).
l Professor Ken Cavalluzzos research on race-based lending differ-
ences was featured in a November 23, 1999, article in The Wall Street
Journal, Financing Small Business: Banks Turn to the Internet for Loans
to Small Businesses. (Joshua Harris Prager).
l Associate Dean for Graduate Programs Larry Abeln was quoted in
the November 7th, 1999, edition of The New York Times (Debra K. Deck-
er) on MBA study abroad programs.
l Professor William Droms was quoted in Money magazines Novem-
ber 1999 cover story on retirement (Lisa Reilly Cullen).
l The Washington Post (John Schwartz) quoted Professor Mary Cul-
nan in an October 23, 1999, article on the IRS proposal to use electronic
mail to speed up the delivery of tax information.
l The October 4, 1999, Financial Times Mastering Strategy section
mentioned Professor Robert Grants knowledge management research
(Laura Empson). One of Professor Grants publications, Towards a
Knowledge-Based Theory of the Firm, was mentioned in the articles
further reading section.
l Professor Reena Aggarwal was quoted in the October 2, 1999, edi-
tion of The Dallas Morning News (Katie Fairbank) on NASDAQs initial
steps toward a public offering.
l Professor Mary Culnan was quoted in BusinessWeeks e.biz section
(Timothy J. Mullaney) on September 27, 1999, in an article titled Build-
ing the Perfect Shareholder.
l The September 25, 1999, issue of the International Herald Tribune
(Mitchell Martin) quoted Professor Jim Angel in an article that discussed
the slow consolidation of global stock exchange markets.
l Professor Ron Goodstein was quoted in the August 29, 1999,
edition of The Washington Post (Jamie Baylis) on Nintendos Pokemon
toys craze.
Winter 2000
Faculty and Staff NEWS
Young MIT Dean Takes
Helm at Georgetown
MBA Program
The youthful entrepreneurial
spirit that one normally associ-
ates with twentysomethings
pioneering Internet startups is
hardly endemic to the more
stable and traditional halls of
academe. But with a focus on
creating an electronic MBA
community and hiring new
faculty in innovative areas,
Larry Abeln, the new associate
dean of the MBA program,
seems more in tune with an
entrepreneur than with the
average academic administrator.
Dubbed the youngest
MBA director in the world by
The Financial Times Della
Bradshaw, Abelns techno-
vision and energy are a para-
doxical mix of experience and
youth. After graduating magna
cum laude and Phi Beta Kappa
from the University of Penn-
sylvania in three years, he was a
labor negotiator for the
Philadelphia Inquirer. Upon
completing his graduate work
at Cambridge University, he
became director of alumni
relations at the Massachusetts
Institute of Technologys (MIT)
Sloan School of Management,
and within six months was
named dean of MIT/Sloans
MBA program at age 26.
Larry Abeln, the new associate dean of the MBA program
During Abelns leader-
ship, the MBA program con-
sistently ranked in the top five
programs in the nation in U.S.
News and World Report rank-
ings. Abeln expanded program
enrollment by 37 percent,
doubled applications to the
program, implemented on-
line course bidding and regis-
tration for students, and creat-
ed a series of interdisciplinary
management tracks within the
MBA curriculum.
After six years at Sloan,
Abeln wanted to make a larger
impact at a younger program,
and Georgetown was search-
ing for a full-time professional
to head its MBA program.
Looking at all the top MBA
programs, I felt that if any of
them had an underutilized
brand name, it was George-
towns, says Abeln.
Building an electronic
community and increasing the
number of faculty teaching
innovative courses are two
immediate goals that Abeln
sees as key in building the
Georgetown MBA brand.
Since arriving at George-
town, he has made leveraging
technology to improve MBA
program quality a priority.
He is overseeing a redesign of
the admissions web site, and
initiated the production of the
Execard a promotional CD
the size of a business card that
contains information about the
program. Under his direction,
a mega-screen monitor to run
stock quotes and breaking
financial news will be installed
in the student lounge. His
laundry-list of future technology
initiatives include on-line add/
drop course procedures, a new
MBA web site, and a course
priority registration system.
Envisioning the George-
town MBA electronic commu-
nity as a place where students
learn about new disciplines
such as e-commerce, he
believes it can also become a
premier recruiting ground for
technology firms, especially
the Northern Virginia tech-
nology corridor.
Learning about new disci-
plines requires expanding
course offerings, which means
hiring new faculty, and giving
current faculty the resources
for new course development.
We need to recognize the
marketplace has changed, says
Abeln. We need to ensure our
faculty can deliver programs in
these new areas.
Abelns vision for the
MBA program reflects Dean
Christopher Putos mission to
build the schools reputation.
Larrys experience at a
top-five MBA program will be
instrumental as the McDon-
ough MBA program continues
to gain recognition, says Puto.
Elizabeth Shine (G 99)
Winter 2000 23
 Restructured MBA Office Focuses on
Serving Students Needs
As part of a continuing effort to strengthen
the MBA program, McDonough Dean
Christopher Puto restructured the MBA
office this fall. Major changes in the MBA
office include the appointment of a full-
time professional to serve as the associate
dean and director of graduate programs (see
profile on Larry Abeln, page 23), and a new,
separate student life office, several new staff
join the International Executive MBA
(IEMBA) program, admissions and career Robert Wheeler, assistant dean and Maureen Hall, assistant dean and
management. Other initiatives include refo- director of admissions director of student life

cusing the offices commitment to student

services, building an electronic MBA com-
munity, and growing the IEMBA program. view issues and solve problems from a vari- Maureen Hall, assistant dean and
Below the assistant deans of each entity ety of viewpoints are better prepared for director of student life
share insights on their positions and goals. the business world, Wheeler said. To improve the quality of the MBA stu-
Inside and outside class there is a lot dent experience, a separate office of stu-
of sharing of knowledge, and a diverse stu- dent life has been created (student life pre-
Robert Wheeler, assistant dean and director
of admissions dent body allows you to see the question viously was part of the admissions office).
from different perspectives. It helps to Hall was appointed over the summer
Wheeler (MBA99) was named director of
open your mind, he said. to lead this new office, having worked with
admissions in May 1999. While an MBA
The admissions office is using tech- Georgetown MBA students since 1990. In
student, he served as president of the stu-
nology to promote the MBA program and her new capacity, Hall is responsible for
dent body, an experience that he believes
in January introduced the Execard, a busi- various aspects of student academic and
gives him credibility among the students
ness-card sized disk that fits inside a CD- co-curricular life, including MBA student
and prepared him for his role as director.
ROM. This card, which is sent to prospec- academic advising and registration, setting
He is responsible for recruiting a class
tive students, provides a four-minute video the class schedule, graduation, and over-
each year that meets the MBA programs
presentation of the program. seeing student government, clubs, and spe-
high standards. For the Class of 2001, the
Wheeler noted the office also is cial events.
MBA program received 1,922 applications
updating its Web site, which when com- Our mission is to assist MBA stu-
and enrolled 257 students with an average
pleted will allow prospective students to dents achieve their goal of successfully
GMAT score of 641. Georgetown places a
schedule class visits, information sessions obtaining their degree, said Hall. We
priority on ethnic, racial and sexual diversi-
and interviews online, as well as follow the want to be responsive to their needs and
ty, as well as diversity of backgrounds,
progress of their applications. also make sure no one is overlooked in the
undergraduate degrees, and professional
process. I hope, along the way, we are cre-
experiences. Thirty-six percent of the Class Other new MBA admissions staff:
ating a sense of community that will con-
of 2001 is female. International students
Monica Gray, associate director tinue long after they leave Georgetown.
have significantly increased to 37 percent,
Amy Brooks, office manager This fall, Hall and her staff were also
reflecting the programs dedication to a
Marion Barber, receptionist immersed in logistical planning for the
strong international culture.
launch of the GLOBAL 2000 Experience,
Teamwork is a crucial element in the
helping to prepare the programs 260 stu-
MBA program, and students who learn to
dents for their overseas internships in
London, Hong Kong, Buenos Aires and
New Delhi this spring.

24 The McDonough School of Business

 In response to student requests, the
office is increasing its Web-based services,
including adding an online calendar, which
features daily events of interest to MBA
students. Student life also moved the
MBA face book online this fall, which
allows classmates to view and search for
education, previous employment and
internship information about their fellow
students via the computer.
An ongoing effort for Hall and her
staff is to help the programs large interna-
tional population feel more at home. Stu-
dent life staff is exploring ways to expand
the orientation for international students
and improve support services, such as
housing assistance. Providing them more
Web-based resources as well as partnering
first- and second-year international stu-
dents is also in the works.
Other new student life staff:
Kelly Keegan, assistant director
Kristen Washington, administrative assistant
Jackie Wilbur, assistant dean and director of
MBA career management
Wilbur has served as director of career
management since 1994. Her office intro-
duces students to the career services avail-
able to them as soon as they enter the
MBA program. On the corporate side,
Wilbur emphasizes quality over quantity,
developing relationships with firms in
which the majority of students are
interested. On-campus recruiting is pro-
vided frequently during the fall and spring
semester, based on employer demand.
Wilburs goal is to provide individual-
ized service to students and corporations.
Were interested in getting to know the
students individually and helping them
achieve their goals, said Wilbur.
Wilbur is working to make her office
a paperless one. Technological improve-
Jackie Wilbur, assistant dean and
director of MBA career management
ments in services include Hoya-Link, a
resume book and service for employers,
which now is available on paper, disk and
via the Web. And to keep students up-to-
date on the latest technological issues, the
office will establish the CyberCaf this
spring, to provide a networking opportuni-
ty for MBA students, local alumni and
employees from technology firms to dis-
cuss technology and business.
Other new career management staff:
Toni Della-Ratta, associate director
Milissa Leavey, coordinator for corporate
relations
Quiyana Washington, administrative
assistant
Lisa Kaminski, assistant dean and director of
the International Executive MBA program
Kaminski joined the MBA staff this fall
after 18 years at the Massachusetts Insti-
tute of Technologys (MIT) Sloan School
of Management, where she was director of
special executive programs. At George-
town, she is responsible for all aspects of
the International Executive MBA (IEM-
Other new MBA office staff:
BA) program, including curriculum plan-
ning, faculty selection, student admissions
and services, and alumni activities.
Lisa Kaminski, assistant dean and
director of the IEMBA program
I came to Georgetown because I was
impressed with the quality of the IEMBA
students, said Kaminski. And also because
I saw that Georgetown is an organic com-
munity faculty and administrators here
are committed to helping students grow
academically and professionally.
She aims to make the program more
competitive by continuing to improve the
curriculum in order to attract the highest
caliber of professionals. Discussions on
how to grow the seven-year-old program
either by increasing the number of students
or expanding how the program is
delivered are also under way.
Kaminski also aims to develop a multi-
faceted relationship with the corporations
by encouraging them to sponsor IEMBA
students, serve as guest speakers, and pro-
vide consulting projects for student resi-
dencies, thus ensuring the curriculum is
both rigorous and relevant to the business
community.
Other new IEMBA staff:
Julie Cole, assistant director
Veronica Culbert-Mehigan, administrative
officer to Larry Abeln
Winter 2000 25
 Johnson Named to New MBA Alumni Affairs Position

T aking the lead from other top-tier

MBA programs, Dean Christopher Puto
recently appointed Robert P. Johnson as
director of MBA Alumni Programs and
Volunteer Board Relations. The newly cre-
ated position is designed to strengthen
MBA alumni and board outreach and to
establish a more integrated level of services.
Working with Georgetown Universi-
tys Alumni Association, Johnson will be
responsible for MBA alumni program
development as well as the McDonough
Schools two principal volunteer advisory
boards.
I wanted to send a message to our
MBA graduates that I realize how impor-
tant they are to the future of the school, Robert P. Johnson, director of MBA Alumni Programs and Volunteer Board Relations

said Puto in announcing the new position.

Graduates of business schools with which
we compete expect a level of corporate and
alumni networking assistance. These
schools have come to rely on their MBA
graduates for assistance with career plan-
ning and student recruitment as well as
financial support. McDonough is no dif-
ferent, and we aim to build a mutually pro-
ductive relationship with our graduates.
Johnson most recently served as direc-
tor of development at McDonough, lead-
ing the schools development team in sup-
port of the Third Century Campaign.
During his 11 years as director, he served
on the Alumni Relations Task Force,
developed the business school section of
the campaign plan, recruited volunteers
and secured a number of major gifts. In
addition, he has helped faculty members
seek grant support and helped student
groups meet their fund-raising needs.
This spring, Johnson plans to survey
MBA alumni regarding the level of volun-
teer involvement they are willing to give
and services they would like to have. The
results will enable the school to move for-
ward in building a meaningful and respon-
sive alumni relations program.
Our office aims to serve as a single
point of coordinated service for MBA
alumni, says Johnson. Once we know
what level of commitment and services our
MBA alumni wish to have, we will do our
best to support them.

26 The McDonough School of Business


We encourage all business school
alumni undergraduate, MBA,
and executive MBA to send us
class notes. To send notes,
fax them to 202.687.2017,
e-mail them to
shinee@gunet.georgetown.edu,
or mail them to
Elizabeth Shine, Editor,
Georgetown Business,
Georgetown University, McDo-
nough School of Business, 206
Old North, 37th & O Sts., NW,
Washington, D.C. 20057.
Alumni with questions can
contact Elizabeth Shine at
202.687.4080.
Alumni NOTES
UNDERGRADUATE
69 Frank E. Maloney Jr.
was elected president of the
Eighth Judicial Circuit Bar Asso-
ciation at their June 1999 annual
meeting. Frank also has a law
practice in Macclenny, Fla.
71 Juan M. Bracete relocated
to El Salvador in September 1998.
In addition to running his own
consulting firm there, he also has a
U.S. immigration law practice and
contributes to a weekly column on
immigration and international law
issues for a major local newspaper.
80 Stephen Irza-Leggat has
been working at The Trust for
Public Land, a nonprofit land
conservation organization, for the
last 10 years. He is now the senior
finance manager for the New
England region. Stephen was
married in June 1999, and lives
with his wife, Anne, in Concord,
Mass.
84 Craig J. Scheuerle has
been with Grubb & Ellis Co.
practicing commercial real estate
for the past 12 years. He special-
izes in office tenant representa-
tion. Craig also welcomed the
birth of his fourth son, Eric, on
November 20, 1999.
85 Wesley Combs is a
founding partner of Witeck
Combs Communications, a strate-
gic marketing and public relations
firm based in Washington, D.C.,
that focuses on critical social
issues. Recent work includes help-
ing rollout the new Christopher
Reeve Paralysis Foundation and
developing niche marketing plans
for the gay market for companies
such as American Airlines and
Coors Brewing. Wes also was
recently named one of the 25 most
influential gay and lesbian corpo-
rate executives in the United
States by the Gay Financial Net-
work (GFN.com).
88 Ronald D. Martin recently
joined Catalyst Consulting Group
Inc. as director. He is responsible
for forming Catalyst Ventures, the
new venture-capital arm of Cata-
lyst Consulting. Ronald and his
wife, Phyllis, now live in Chicago.
He can be reached via e-mail at
rmartin@catconsult.com.
88 Mark S. Spring continues
to represent employers in all areas
of labor and employment law for
the California law firm of Faust-
man, Carlton, DiSante, Freuden-
berger. He also was recently
named managing director of the
firms Sacramento, Calif., office.
Mark is married to Sheila Y.
Spring (Greaves) (B90), who is
busy raising their two daughters,
Arielle and Nicole. Sheila also is
doing some acting for local com-
mercials and industrial training
videos in the Sacramento area.
The Springs reside in El Dorado
Hills, Calif.
90 Barney Danzansky is
president of OnLoan.com, a mort-
gage Web site that allows individu-
als to check their credit, obtain a
propertys market value, and get
pre-approved for real loan options
tailored to their qualifications.
91 John Sliwinski and his
wife, Sarah, welcomed the birth of
their first child, Emma Louise, on
June 9, 1999. The family resides in
Atlanta, where John is the market-
ing manager for CON-TEK Val-
ues, a division of Emerson Electric
Co.
95 Jeff Duchesneau was
awarded a Rotary Ambassadorial
Scholarship for 1999 2000,
allowing him to study at the Uni-
versity of Costa Rica and travel
through Central America giving
speeches on American life.
Winter 2000 27
 MBA

ALUMNI NOTES
Taylor Simmons, wife, Ellen,
90 Jane Ashton Hawes along with Glenn and Silvia Hodges had
and their baby daughter are doing
her husband Dick, daughter, their first child, John Black, in
Class Agent: Lorraine Herr
Emma, and son, Colin, traveled to May 1999. Glenn is currently on well. They enjoy vacationing often
cmputrilit@aol.com
Chicago this summer to visit rela- the global integration team of in their villa in Charles County,
tives and tour the city. Jane writes DaimlerChrysler. Md.
Class agent Lorraine Herr and
that Cathy and David Burke lost
husband, Michael, are living in
their beloved dog Oprah, who has Steve Ryan recently joined Nex- Dave Roover quit his job at
Chicago. Lorraine recently fin-
gone up to the Great MBA tel Communications in a market- State Street and took a job at a
ished running her second Chicago
Lounge in the Sky. Our condo- ing role. software startup doing just about
marathon on an unseasonably cold
lences. A lovely blond pug, Jewel, everything, including develop-
morning. The Herrs son, Emerson,
has taken her place. The Burkes can Mitch Rubinstein, now vice ment, marketing and finance. He,
celebrated his first birthday in
be reached at dburke@usfamily.net. president and executive producer wife, Michelle, and son, Ben, are
September and he has totally
of CBO Interactive, a design and living in the Boston area and are
charmed his mother and father.
Roland Manger will be moving advertising company, has set up a doing well.
Lorraine asks that classmates
to Palo Alto, Calif., in February Web-based Georgetown MBA92
please keep in touch by sending
updates to her e-mail address
2000 to build the U.S. operation of bulletin board. To subscribe, visit 94
Earlybird Venture Capital. Roland www.egroups.com/group/gumba- Class Agent: David Gee
above.
plans to keep his current apart- alum/. dgee@fr.ibm.com
ment in Munich.
Beth Laboe Edgar and husband,
Jason, had a daughter, Isabel
93 Class agent, David Gee, is mov-

Anne, in February 1999. Beth

91 Class Agent: Jordan ONeill ing once again. He moved to Paris
Class Agent: jordan@chevychasebank.com in January 1999 with IBM. Now
writes that sleepless nights are
Mary Pat Blaycock weve moved back to Silicon Valley.
finally paying off with smiles and
mpblay@hotmail.com Class agent Jordan ONeill left He joined Sun Microsystems,
coos, funny expressions and noises
Riggs Bank in June to become a where he is the vice president of
from the wee one. The new mom
Class agent Mary Pat Blaycock vice president at Chevy Chase the marketing, software and plat-
is investigating part-time employ-
includes a plea for more e-mail Bank, where he originates office- forms division. He and his wife
ment or a job-share situation at
addresses, which would allow her building loans. His personal resi- are expecting their first child, a
3M. Jason is busy working toward
to contact more classmates. Please dential loan portfolio has shifted girl, in January 2000.
his MBA.
send all information to her e-mail from his old house in Bethesda,
address as listed above. Md., to his new one in Northwest, A note from David Gee:
In May 1999, Steve Straske and
Washington, D.C. He can be Id like to take a moment to thank
his wife, Janice, had a baby girl,
Mary Jean Duran is the director reached at jordan@chevychase- Eric Saucedo for all his time and
Mary Stephen. Now sisters Elly
of diversity at Disneyland in Ana- bank.com. effort. Eric (esaucedo@compass-
and Davis have a little sibling to
heim, Calif. ny.com) is actively putting togeth-
fawn over. Steve also shared that
Matt McElroy left his job at er an e-mail list of everyone in our
there was a mini-reunion of the
class golf aficionados. Steve, Bob
92 America Online. Hes living in the class. If youre online, please drop
The Class of 1992 is looking for a Washington, D.C., area, seeking him an e-mail, and hell add you
Maruszewski, Stuart Arm-
new class agent. Please contact the next great opportunity. to the list.
strong, Brad Calkins and Fred
Elizabeth Shine at shinee@gunet.
Wakeman met at Pebble Beach
georgetown.edu if interested. Kyle Lynch was promoted at Ive heard so far from three mem-
for a weekend on the links.
Fannie Mae in the investor rela- bers of the Class of 94 who have
Jon Gafni and his wife, Nina, had tions department. He is still living been bitten by the dot.com entre-
a second child, Joseph, in August in a townhouse in Alexandria, Va. preneurial bug. Simon Black,
1999. Jon also recently joined Matt Tucker and Brian Christie
Lucent Technologies InterNet- are all building new Internet busi-
working Systems group. nesses.

28 The McDonough School of Business

Dave Goldberg is director of
corporate development with
Choice Hotels International and
is making technology decisions
for this hotel chain.
Ben & Liz Rabinowitz are the
proud parents of Maya Zoey, born
in July 1999.
Michael Harman was married to
Mary Palmer over the Fourth of
July weekend in Miami. Among
the grooms men were Numa
Jerome and Victor Hugo III.
Michael is working as a produc-
tion supervisor with Freightliner
at their Portland, Ore. truck man-
ufacturing plant as part of his
DaimlerChrysler management
rotation program.
Stephanie Prager is still at
Mattel and is managing Toy Story
2 and Disney activities, which she
says is much more exciting than
Cabbage Patch Kids.
Frank and Carol Ann Manzella
are expecting another baby in
March 2000, who will join their
wonderful 3-year-old, Casey.
Frank is working at GE Capital
in Connecticut.
Herve Francois is happily mar-
ried and works for CSFB Tech-
nology Group on Long Island,
N.Y.
Nina Bronk Kelner left America
Online about a year ago, had a
second daughter, and is now
consulting with Discovery Com-
munications Inc. in their online
division.
Stefan Stuerwald is consulting
with SRI Consulting in Menlo
Park, Calif.
Drew Schwartz lives in Boulder,
Colo., which he loves. Drew was
appointed president of Wall Tech-
nology in June 1999. He saw Sam
Kobayashi, Mike Vechery and
John Jacobs in July 1999 in
Breckenridge, Colo., at Ron
Drozds wedding. He also saw
Stefan, Patrick and Mary Var-
gas at the Marc Gross wedding
in Sonoma, Calif., in July. Drew is
expecting to run the Columbus
marathon with Brad Norton,
whose wife is expecting triplets in
November 1999.
Paddy Magee recently got
engaged to Regina McGroar, and
is working in London at J.P. Mor-
gan. He is currently defending
NatWest from a hostile bid.
Adam D. Struve is an invest-
ment officer at the International
Finance Corp. in Washington,
D.C.
95
The Class of 1995 is soliciting a
new class agent. Please contact
Elizabeth Shine at
shinee@gunet.georgetown.edu if
interested.
Ana Valenzuela moved to the
Bay area from Madrid, Spain to
become a researcher in the mar-
keting group at the University of
California, Berkeley.
AMATO S MIDAS TOUCH
The next time someone tells you that
its bull to believe you can beat the stock
market, refer them to Lehman Brothers
10 Uncommon Values, an annual listing
of stocks that have beat the market by an
annual average of 7.5 percentage points
over the past 50 years.
Lehmans director of global equity
research, Joseph Amato (B84), oversees
Joe Amato (B84)
Uncommon Values. Each July, the firm
announces its 10 best stock picks for the year. The returns have been
nothing short of extraordinary, Amato says. For the past year, our 10
stock picks were up over 50 percent, while the market was up 20 per-
cent. Last years top picks included Applied Materials, which was up
137.9 percent; Comverse Technology Inc., up 113.9 percent; and MCI
WorldCom Inc., up 91.3 percent. In July 1999, Amato was featured in a
BusinessWeek article documenting Uncommon Values success.
When not displaying his Midas touch with Uncommon Values,
Amato oversees 150 senior analysts around the world who cover more
than 1,200 companies. The long hours that are necessary to communicate
with analysts from New York to Tokyo, not to mention market-impacting
situations that may arise in any country on any given day, make for a
position with more than its fair share of stressful moments.
The time differences, the fact that you find yourself on the
phone all hours of the night dealing with issues, problems, you really
have to enjoy it, says Amato. If you dont, youre not going to be able
to put in the effort it takes to succeed.
Amato was a student at Georgetown during the 1980s, the
decade of greed. Yet his advice to students considering potentially
lucrative careers on Wall Street is that money as the sole motivation for
success wont cut it.
At times, different professions are in vogue, working on Wall
Street, for Internet companies, Amato says. Given the enormous effort
you will need to put forth to be successful in any field, you really need to
enjoy the work you do.
Winter 2000 29
 Alumni NOTES

96 Carol Tracy Carr is living in Stephen Gaull is still in project Pedro Herrera led a team of

ALUMNI NOTES
Boston and is working as the asso- development and finance with Georgetown MBAs from the
Class Agent: Julie Jaoudi
ciate intellectual property counsel Bechtel Enterprises in Sao Paulo, classes of 1996 and 1997 on the
jaoudi@aol.com
for MITs Office of Sponsored Brazil, covering private infrastruc- Inca Trail to Machu Pichu in Peru
Programs. She loves having a job ture and pulp and paper. He is in November 1999. The group
Class agent Julie Jaoudi and her
where she can concentrate on just enjoying the good life in Brazil also spent four days exploring the
husband of two years, David
the legal aspects of intellectual and going to the beach on the Amazon jungle. This is his follow-
Wodynski, recently bought a
property. weekends. Stephen says theres an up trip to last years Argentina
home in Arlington, Va. In July
extra bedroom in the apartment if adventure. Pedro is still living in
1999, she was promoted to direc-
Alex Christianson recently got anyone is interested in visiting. New York, working for Warburg
tor of business development for
engaged to Luzmila Toledo; their Dillon Reed.
America Onlines music division.
wedding will be in May 2000. Dwight Gibbs is still the chief
Her work takes her to New York
Professionally, Alex is still enjoy- techie geek of the Motley Fool. William Hervey is working for
and California where she has been
ing success at MCI WorldCom in Dwight and his wife, Amanda the Oneida Indian Nation as the
able to connect with Georgetown
international marketing. Dory, live in Alexandria, Va., and director of intergovernmental rela-
friends. Please feel free to reach
have an exciting addition to the tions. Bill and his wife, Nikki,
her with any news at
Yi-Ching (Helen) Chen has her family: Thora Clare, who was have a beautiful new son, Alex,
jaoudi@aol.com.
own business as an international born on September 20,1999. who is 7 months old.
purchase office for overseas buy- Mom, baby, and Dad are all doing
Leslie and Erik Alvarado and
ers. She works with her clients to well, though two out of the three Michelle Joseph is the proud
their baby, Mara, moved into a
test products and develop soft- are somewhat sleep deprived. For mother of a 3-year-old boy, Austin
home in Princeton, N.J., close to
ware. Her company is called H2O more info, check out http://www. Cyril. In July 1999, she established
Leslies new job in global market-
Electronics. Feel free to contact geocities.com/tmfdwight. a strategic marketing solutions
ing for Bristol-Myers Squibb.
Helen at chenyh@ficnet.net. consulting group, klick consult-
Eriks consulting company contin-
Pankaj Gupta became a perma- ants,which focuses on e-marketing
ues to thrive.
Sara Conner has recently given nent staff member of the World opportunities.
birth; were anxiously awaiting Bank Group earlier this year. He is
Dale Bell bought a house in
more details. Congratulations! now working in the project Amy Kauffman has been a
Chevy Chase, Md., and was pro-
finance and guarantees group; his research fellow at the Hudson
moted to manager at Arthur
Alexei Dmitriev is working as work includes power projects in Institute since July; she is the
Andersens Office of Government
the regional vice president for Laos, Bangladesh and Sri Lanka, director of the campaign and elec-
Services in Washington, D.C.
Teleglobe Communications Corp. and oil and gas projects in Chad, tion law project. Amy and her
in Northern Virginia. His contact Cameroon, Bolivia and Brazil. He husband, Ken Weinstein, are also
Durga Bobba recently asked for
information: tel: 703-755-2246/e- also is working on providing bank the extremely tired parents of a 5-
Geetika Bohils hand in mar-
mail: admitrie@teleglobe.ca guarantees on structured month-old son, Harrison Asher or
riage. They plan to be married on
bond/notes issues for Thailand, Harry as they call him, and a 2-
March 25, 2000, in New Orleans.
Bob Gabriel and his wife, Megan, Argentina and Brazil. year-old daughter, Raina. They
are still living in Georgetown, and live in Georgetown, only two
Clay Buckley continues to enjoy
have three young children: Mar- John Herd is living in suburban blocks from campus.
success in his job with America
garet, 5 years, Will, 3 years, and Philadelphia and teaching U.S.
Onlines business affairs depart-
Honor, 8 months. Bob is an history to 11th graders at Con- Timarie Kilsheimer recently
ment. Clays son, Fletcher, now
investment advisor with Salomon estoga High School. He also accepted a new job with
has a little sister to play with. The
Smith Barney in Washington, D.C. coaches high school lacrosse in the EduNeering as the healthcare
latest addition to Clays family:
spring. product manager and is still hap-
Eleanor Clay, born September 2,
pily based in the Washington,
1999.
D.C., area

30 The McDonough School of Business

MBA
Rebecca Kovrlija left her job as
general manager of interactive
services at 1-800-FLOWERS for
her new job of taking care of her
daughter, Emily Jane, born April
21. Emily is a really tough boss!
Kerrie Shaheen Liggio married
Andrew Liggio on October 16
1999 in Rumson, N.J. All of the
usual crew were there; Beth
Swaggart was Kerries maid of
honor. Andrew and Kerrie also
bought a home last summer in
Cranbury, N.J. Congrats to
Andrew and Kerrie!
John Loncto recently started law
school at University of California
Los Angeles.
Jennifer Barsema Lunger mar-
ried Tony Lunger on May 22, 1999.
John MacKethan married
Logan Harrell in October 1999;
they honeymooned in Australia.
John is working at National Geo-
graphic. John says all Georgetown
MBAs should subscribe to the
new magazine he works for,
National Geographic Adventure.
Lisa Graham McCormack and
her husband have a son, Matthew
Scott, born February 22, 1999.
Lisas new boss is little Matthew,
as she left MCI WorldCom and is
staying home.
Wendy Moe is on the move. As
of fall 2000, she will be a market-
ing professor at the University of
Texas, Austin.
After two years in Africa (Nige-
ria), Daniel Moss recently moved
to stunningly beautiful Rio De
Janeiro, Brazil, where he is the
assistant area manager for Tide-
water Marine International
(TDW).
Sandra Nouhra married Philipp
Hoffmann and has a new baby
boy, Julian, who is 8 months old.
Sandra left Ernst & Young Paris
and is now in Dubai, United Arab
Emirates.
In March 1999, Richard Oren
accepted an opportunity to be the
licensing manager for The Jim
Henson Company. Previously,
Richard had been in brand mar-
keting at Mattel. He now oversees
licensing of all Henson properties,
including Classic Muppets, Bear
in the Big Blue House and
Farscape. He also bought his first
home in New York in September
1999.
Brian Powilatis is at Mercer
Management Consulting as a sen-
ior associate doing work in finan-
cial services and digital business
design. He and his wife bought a
home in Old Town Alexandria,
Va.
Anne Pusey and her husband
Larry Roberts recently moved to
Wolftrap, Va. She is still working
at America Online and is starting
to travel quite a bit on the job.
Jeff Rothschild was recently
married. He and his wife are liv-
ing in New York City and are
both practicing attorneys.
Andrew Sachs and his wife,
Heather, live in Los Angeles.
Andrew is working at a merchant
bank called Standard Capital
Group. In addition, Andrew con-
tinues to make angel investments
in start-up Internet companies.
His first investment just went
public last month (eGain Com-
munications- EGAN).
Luis F. Snchez moved back to
Mexico and is chief financial offi-
cer at Grupo IUSA. The recent
addition to the family is his sec-
ond daughter, Ana Paola.
Ramiro Sanchez left Bechtel for
a new and improved opportunity
at Bidcom. Hes having a great
time at his job and hangs out on
the weekends with other George-
town MBAs in the San Francisco
area.
After two years with Warburg
Dillon Reed, Stefan Schmitz
decided it was time for a change
and recently accepted a new posi-
tion with J.P. Morgan still in
New York City.
Emanuele Tosi is still at MCI
Worldcom doing wholesale mar-
keting. The new family addition is
a second son, Piero Samuel, born
in April 1999.
Rob Vanrenterghem and his
wife have wonderful 2-year-old
identical twin girls and are living
in Northbrook, Ill. Rob is a brand
manager working in Krafts pizza
division. His division sells
DiGiorno, Tombstone, Jacks and
California Pizza Kitchen brands.
Robs wife, Cynthia, is staying at
home to raise the girls and work-
ing part time for an Internet start-
up, onenest.com. If anyone swings
through Chicago, give them a call
at (847) 509-9750.
In September, Mustafa Abdel-
Wadood married Neemat Abdel
Wadood. Mustafa is based in
Cairo with Orascom, the largest
Egyptian conglomerate; and trav-
els frequently to New York.
Mustafa is the director of business
development and investments.
Ed Whitehouse and his wife,
Teresa, and son, Alex, relocated
back to Northern Virginia from
California. They are building a
house near Leesburg and living in
Ashburn temporarily. Ed recently
took a job working for Louis
Rukeyser as the managing editor
for Rukeysers newsletters. Eds
focus these days is to oversee the
launch of a Rukeyser Web site.
They hope to launch in early Feb-
ruary 2000.
Winter 2000 31
 Alumni NOTES

97 Todd Corley a consultant in the Kristin Nonnenmann Carcieri Doug Beeman left US West in

global diversity and workforce
Class Agents:
change management practice for
Andrea Alexander
Towers Perrin in New York, pub-
alexander.ah@pg.com
lished an article in The Journal of
Jane Oyugi Career Planning and Employment
joyugi@dttus.com (Summer 1999). The article,
Megan Mulvihill Becoming an Employer of
memulvihill@leggmason.com Choice for Generation X: The
Elements of the Deal, examines
Rochelle Cheng
what motivates and satisfies dif-
rcheng36@aol.com
ferent employee groups, particu-
(94) and Matt Carcieri welcomed
their first baby, Nicholas Matthew,
on July 8, 1999. All three are happy
and healthy in Cincinnati, Ohio,
where Matt and Kristin both work
for Procter & Gamble. Matt is an
assistant brand manager on the
Pringles brand, and Kristin is tak-
ing time off from her job in market
research to be home with Nicholas.
ALUMNI NOTES
August to join eyeRIS, Inc.
(growth software) in Denver,
which builds intelligent decision
support systems for finance, oper-
ations and marketing. He reports
that Marcio Avillez and his wife
Lisa, had a baby boy, Lucas Andre,
in July 1999.
Tamara Berner moved from
Wheat First Union in Richmond,

The McDonough School of Busi-

larly those who were shaped by 98 Va., to KPMG as an economic
technological developments dur- Class Agent: Brian Knox consultant in the San Francisco
ness will survey the Class of 1997
ing their formative years and come bknox@hess.com area.
in fall 2000 on behalf of The
to work with a different set of
Financial Times, for the papers
expectations about work/life bal- Brian Knox (bknox@hess.com) Josh Blatt works for Pricewater-
annual business school rankings.
ance. Todd reports that the theme for this houseCoopers in Tysons Corner,
To expedite this process, the
can be reached at (corleyt@towers. installment must be change Va. He and his wife, Kimberly,
School of Business would like to
com). many classmates have moved on were married in November 1999
survey the class via e-mail. If you
to bigger and better things in the and honeymooned in Hawaii.
are interested in participating,
Roger Marcincuk was promoted past several months. He is still
please send your e-mail address to
to manager in Ernst & Young working at Amerada Hess Corp., Jocelyn Byrne has moved from
Rob Johnson at
LLPs mergers and acquisition pumping gas on the graveyard rainy Seattle to San Francisco,
johnsonr@gunet.georgetown.edu.
group. He also played in the U.S. shift. Actually he is working in the where she works for a start-up
Golf Associations Mid-Amature supply and logistics department, called Linuxcare Inc., specializing
Max Smith and Wendy Parker
Championship in St Louis. Roger responsible for providing financial in training and support for the
had a baby boy on August 1, 1999,
recently moved into a newly con- analysis and modeling for finished parent company, Linux.
Austin Hayward Smith.
structed home in Las Colinas, product purchases/sales.
Texas, and always welcomes visi- Tom Carpenter moved from
Grace de Fries and husband
tors. Sachin Anand works in Balti- being a buy-side equities analyst at
Steve Aroesty had a daughter,
more as a senior consultant for The Bank of New York to CIBC
Margaret Anastasia, on March 26,
After two years of practicing law KPMGs health care practice. World Markets as an associate
1999. Grace took five months off
with Shearman & Sterling in Internet analyst. As a lifelong
from work to enjoy the pleasures
France, Adlai Hardin moved to Rob Barnett works in the San Cincinnati Reds fan, he was
and nighttime feedingsof moth-
Shearman & Sterlings Hong Francisco area for KPMGs eco- extremely pleased/shocked by the
erhood. She is now back to work
Kong office in August. He expects nomics consulting services group. Reds strong finish this season.
at AT&T Solutions, trying to sur-
to be there for several years and His job responsibilities include
vive as a working mom. Steve,
would be delighted to hear from asset valuation and transfer pricing Ricardo Colin has joined Banco
Margaret and Grace also moved
anyone with any connections in documentation for multinational Bandeirantes, the largest Por-
from Manhattan to Long Beach,
his neck of the woods. E-mail him clients. tuguese bank, as a manager of
N.Y. They welcome anyone who
at ahardin@shearman.com. their foreign exchange desk. His
wants to join them for some beach
primary job functions are trading
and surfing fun next summer.
G-7 and Latin American curren-
Their new address is 83 Kerrigan
cies for the bank.
St., Long Beach, N.Y. 11561.

32 The McDonough School of Business

 MBA
Dan Driscoll is a fixed income
salesman, specializing in corporate
bonds, at Barclays Capital in New
York City. He and his wife, Jenny,
had a daughter, Alexis, in August
1999.
Courtney Dur has left the won-
derful world of fashion and LOre-
al to become a brand manager for
Dom Perignon champagne. She
lives in New York City.
Rob Dyer is an investment advi-
sor in private wealth management
for Morgan Stanley. He manages
investment portfolios of high net-
worth individuals (like himself )
and medium-sized institutions.
Nicholas Faure works for an
investment bank in Greenwich,
Conn. His work includes raising
capital for investment funds as
well as handling private place-
ments for Internet companies.
Mitchell Fenster is an invest-
ment officer for an equity fund
management group in Washing-
ton, D.C. His group runs a fund
investing largely in telecom com-
panies, financial services firms and
hotels in sub-Saharan Africa.
Chris Gergen is co-founder of
SMARTHINKING, an online
student tutoring service. Chris was
recently named by Washingtonian
magazine as one of 100 Washing-
tonians to watch.
Antwone Harris has joined
DirecPC at Hughes Network Sys-
tems as a marketing/business
development manager.
Jeremy Kestler is with The
Coca-Cola Company, developing
their worldwide decision support
system for marketing. He and
wife, Lisa, were married in June
1998.
Nicole Kinnan left Marriott and
the Washington, D.C., area to join
a start-up company called FIRE
Online Training Inc. in San Fran-
cisco. FIRE Online provides
online NASD exam preparation
and corporate internal training for
finance, insurance and real estate
companies. Nicole creates new
online courses and markets/man-
ages their development.
Hal Lambert will move from
Greenwich, Conn., to Dallas,
Texas, to join J.P. Morgans private
bank as a large cap equity portfolio
manager. He says he will greatly
miss living in the highest per capi-
ta city in the United States.
Ben Liebich left his job at Price-
waterhouseCoopers to join
Salomon Smith Barney in the
equity research department. His
current assignment has him pub-
lishing investment commentaries
on business service companies.
Carolynn McMeekin works in
Atlanta for SunTrust Equitable
Securities in their investment
banking division. She is heavily
involved in both buy-side and sell-
side M&A transactions, private
placements and public offerings.
DISABLED ALUM BUILDS A RAMP TO THE
CORPORATE LADDER
In July 1994, Jennifer Sheehy
(MBA97) had one foot on the first
rung of the corporate ladder. A first-
year MBA student, she was intern-
ing as a market researcher for the
Anheuser-Busch brewing company
in St. Louis, Mo., and had been
Jennifer Sheehy (MBA97)
offered a position following gradua-
tion. Her career was on course.
A swimming pool accident, in which she severely damaged her
spinal chord, altered those plans. Paralyzed from the neck down, Sheehy
underwent a year-and-a-half hospitalization and physical therapy. Con-
fined to a wheelchair, Sheehy was forced to reconsider her future plans.
Despite the challenges inherent in such a step, she decided to return to
Georgetown to complete her MBA.
I had to take the initiative, says Sheehy. Just as in the business
world, where it takes perseverance and focus and determination to
accomplish things, it was important for me to get back to those activities
that made me a part of community, society, life...
Sheehy graduated in 1997 with honors, receiving Georgetowns
Outstanding Student Leader Award. That year, Diet Coke and Glamour
magazine awarded her one of their Women at Their Best awards, an
award that honors women for extraordinary achievements. For the past
two years, she worked for the National Organization on Disabilities
(NOD), traveling around the country to speak with CEOs and increase
employment opportunities for the disabled.
This January, Sheehy joined the White House Task Force on
Employing Adults with Disabilities. She will work with private corpora-
tions to create regional training centers to train those with disabilities for
technology careers. Only 29 percent of Americans with disabilities are
employed, she notes. Were working to dispel the myths that keep
employers from hiring the disabled.
Like any savvy MBA, Sheehy provides a bottom-line rationale for
her cause. Americans should take this effort very seriously, she says.
Its very expensive to keep disabled people on the public rolls. We have
an excellent opportunity here to provide employment opportunities for
the disabled while increasing business productivity.
Winter 2000 33
 Alumni NOTES
Peter Mellen and Scott Mitic
have received significant venture
funding and have launched an
updated version of their Head-
light.com Web site. They report
that Headlight.com is currently
the leading provider of online
training for small and medium-
sized businesses.
Eric Olson has moved to a small
Internet company called Cyveil-
lance to work on e-business intel-
ligence. He also recently obtained
his license to fly.
Lisa Price left her job at Marriott
and now works for Lockheed
Martin, specializing in financial
analysis of growth opportunities
for her division.
Ashish Shrivastava transferred
within PricewaterhouseCoopers
from the government consulting
practice in Washington, D.C., to
the financial risk management
practice in New York. He is cur-
rently on assignment in Seoul,
South Korea.
34 The McDonough School of Business
Cheryl Stevens is living in Bel-
gium and is treasurerMiddle
East, Africa, and General
Exportfor Procter & Gamble.
Chris Stauder markets interest
rate derivatives and structured
products for large insurance com-
panies for Barclays Capital. He
also ran the New York City
marathon in November 1999.
Jen Ullyot has moved within
America Online to the interactive
marketing group. She creates
advertising and promotional
opportunities for the sales
department.
John Venusti left his job with
HSBC Securities and has joined
ING Barings-Furman Selz as an
equities analyst in their chemicals
division. In his spare time, he likes
to fish and bowl.
99 Maxine Pressler married Paul
ALUMNI NOTES
Teller on July 24, 1999, in New
Class Agents:
York. They now reside in Wash-
Mike Pastore
ington, D.C.
pastmike@yahoo.com
Jose Luis Bedolla Ted Huang married Lysle Buch-
Jose_Bedolla@notes.toyota.com binder on July 25, 1999, in Berke-
ley, Calif. Alex Li attended.
Gabriel Montana married Clau-
dia Linares July 3, 1999. The cere-
David and Kim Flanagan were
mony was held in Bogata, Colum-
married on October 2, 1999, and
bia. Five MBA 99s attended the
spent their honeymoon in Bali.
ceremony Nancy Lee, Yaprak
Matt Dublin and Stewart Cush-
Gungor, Ralf von Jena, San-
man both attended the wedding.
drine Piret-Girard and Shep
Rogers.
Meredith Simmons (99) and
Joe Orlando (98) were married
Brian Bizzano married Ann Eliz-
on October 30, 1999, in Manhat-
abeth Ingram at Georgetowns
tan Beach, Calif. Several members
Dahlgren Chapel on September
of the Class of 98 attended, inclu-
18, 1999. The ceremony was com-
ding: Maren Sturm, Jeff Nel-
plete with bagpipes and a sword
son, John Stokes, Andrea
arch, provided by Captain Jay
Steuve, Rob Dyer, MaryJo
Sparling, USMC, and Lt. Mark
Lock, Jeff Hild, Vince Wad-
Huber. Ann works for Health-
whani, Katherine Schwetman,
South Corp. specializing in ortho-
Scott Rosen, Bill McDonald,
pedic sports medicine and
Brian Knox. Allison White, Jen-
womens health therapy.
nifer Phillippe and Alycia Drap-
er. They honeymooned in Kauai.
Karen Snow married Tim Bun-
Joe works at Credit Suisse First
nell in Boston in October 1999.
Boston and Meredith works for
Corrie Mills, Darcy Chamides,
PowerBar.
Shellie Holubek, Alex Li, Gauri
Sohoni, Smrithi Prabhu, Raj
On July 16, 1999, at 6:42 p.m.,
Kohka (98) and Jen Brandeen
Nathan Will became the proud
(00) all attended.
father of a baby boy, Nathan James
Jake Bartlett-Will.
Sandro Bortesi married Cira
Garcia Duffo on July 17, 1999, in
George and Sarah Valaika are
Barcelona, Spain. Cira was an
the proud parents of a son, George
exchange student at Georgetown
Douglas, born November 21, 1999.
during the fall 1998 semester. Jose
He is named for his two grandfa-
Luis Bedolla and Tobias Gubitz
thers, not after his father or Doug
attended the wedding.
McCabe.
 IEMBA
96
Class Agent:
Thom Arnsperger
tarnsperge@aol.com
Michael Schmeltzer moved to
Philadelphia to take a new posi-
tion as general manager at Rosen-
bluth International, which special-
izes in e-commerce strategies.
97
Class Agent: Lynn Miller
mllemiller@aol.com
Mitch Murata is vice president of
business development and repre-
sentative director for Japan at
SolutionBank Inc.
98
Class Agent: Debbie Weil
debbie@wordbiz.net
Restaurant entrepreneur Tony
Brown was recently cited by the
Washingtonian magazine as one of
100 Washingtonians to watch.
99
The IEMBA Class of 1999 is
seeking a class agent. Please con-
tact Elizabeth Shine at
shinee@gunet.georgetown.edu
if interested.
Shing-Huei Li (Elliott Li) is liv-
ing and working in New Jersey as
a financial analyst for AT&T
Solutions.
Martin Hossfeld lives in New
York and is a senior consultant for
Oracle Corp.
Alejandro Zuzenberg lives in
the Washington, D.C., area, work-
ing for Boze-Allen & Hamilton,
as a senior consultant.
Sven Dharmani is working in
Virginia as a management con-
sultant for PricewaterhouseCoop-
ers LLP.
Smrithi Prahbu is working in
Virginia as a consultant for Amer-
ican Management Systems.
In Memoriam
Maura Murphy (B00)
Twenty-year-old Maura Murphy (B00),
died in her sleep June 22, 1999, in New
York. Her death was caused by heart
arrhythmia, a condition that was not
detected until after she died.
Murphy, a native of Haverford, Pa.,
was studying finance. She had been a con-
gressional intern in Washington, D.C.,
and had studied abroad at the Universidad
Complutense de Madrid. She was spend-
ing the summer working for Morgan
Stanley Dean Witter, a Wall Street invest-
ment banking firm.
Maura was a wonderful person with
a wonderful sense of humor and a wonder-
ful love of life and other people, said
Kevin Wildes, S.J., associate director of the
Kennedy Institute of Ethics. Wildes
presided over a memorial Mass for Mur-
phy at Georgetown in October 1999.
Jesse Star Langley (B99)
Jesse Langley (B99) lost his battle with
brain cancer on October 30, 1999, at his
home in Culver City, Calif. He was 22
years old.
A native of Australia, Langley was
passionate about many things. Had Jesse
been able to pursue his dreams, he would
have eradicated childrens cancer, been a
top studio executive, winner of 47 Acade-
my Awards, philanthropist ...stand-up
comedian, Pulitzer Prize winner, loving
husband and proud father, psychologist,
[and} CEO of at least two major multina-
tional corporations, wrote his mother and
sister for his eulogy.
A memorial service was held Novem-
ber 4, 1999, at Georgetown. Gifts in Lan-
gleys name may be made to the National
Childhood Cancer Foundation, P.O. Box
60012, Arcadia, CA 91066-6012.
Winter 2000 35
 New MBA Alumni Services
MBA Alumni Services
Robert P. Johnson was appointed director
of MBA Alumni Programs and Volunteer
Board Relations in the McDonough
School of Business. He provides the
opportunity for additional alumni services
in addition to those already offered by the
Georgetown University Alumni Associa-
tion (see page 26).
University Alumni Clubs and McDo-
nough Alumni Groups
McDonough graduate alumni may partici-
pate in a global network of Georgetown
University alumni clubs throughout the
United States and around the world
(www.georgetown.edu/alumni).
McDonough School graduate alumni
also have the opportunity to join alumni
groups in Washington, D.C., New York,
Japan and Mexico (www.msb.edu/alumni).
The clubs and groups are organized
and managed by local alumni.
Career Services
The MBA Career Management Office
provides graduate alumni with career assis-
tance via their Web site, which is updated
weekly with position listings
(www.msb.edu/dept/grad/mbacm). The
Georgetown University Alumni Associa-
tion provides career services through the
Hoyas Online (www.georgetown.
edu/alumni) alumni career network, which
includes the names of more than 12,000
University and business school alumni.
36 The McDonough School of Business
Georgetown Business and
Georgetown magazines
These university-published magazines,
featuring articles by and about faculty,
students and alumni, are provided free to
all business school alumni. Alumni stay
in touch with the school and with fellow
alumni through the alumni notes section.
To submit an alumni note, please contact
Elizabeth Shine at shinee@gunet.george-
town.edu.
Reunions
The McDonough School will begin offer-
ing an annual reunion weekend June 2-4,
2000, coinciding with the Main Campus
reunion. Events will be scheduled in the
new McDonough School Graduate Cen-
ter and will give MBA alumni a special
focus. The classes of 1985, 1990, 1995 and
1999 will be featured. All alumni are wel-
come to attend.
Educational Opportunities
McDonough Executive Programs offers
non-degree programs on a variety of busi-
ness topics (www.georgetown.edu/dept/
ExecEd/). MBA alumni also are being sur-
veyed this spring by mail to determine
their interest in business coursework to
update their knowledge in new and emerg-
ing fields.
The University Library
MBA alumni may use the Joseph Mark
Lauinger Library for a $100 annual fee
(www.library.georgetown.edu). Beginning
with the Class of 2000, McDonough
School graduate alumni will receive a one-
year complimentary membership to the
Lauinger Library. For details, please con-
tact Mary Ann Green at 202.687.7446.
JOIN hoyasonline our new and improved Alumni Association website!

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

Georgetown University Alumni Association at georgetown.edu/alumni, youll learn about many programs
and services exclusively for you in a secure password-protected Web site. Hoyasonline is also your gateway
to the greater Georgetown University community and the latest campus news and events through the
redesigned and expanded georgetown.edu Web site.

Find your friends through the Alumni Directory. You can

search the alumni directory by name, city, school, or class
and even update your personal information online.
Register for a permanent Georgetown e-mail address
to stay connected forever. This e-mail forwarding service
will not replace your existing Internet Service Provider
(ISP), so you will need to update us whenever you change
your e-mail address.
Participate in discussions to stay more closely connected
with each other.
Access the Career Network to find Hoyas who have
volunteered to give career advice or advise other alumni
making job decisions and transitions.
Keep up-to-date with the latest Alumni Association
events and services reunions, club events, and other
programs for Main Campus, Law, and Medical alums.
Play an important role in developing the Georgetown
online community through flash surveys.

Inaddition, hoyasonline will offer a number of services that will enable designated
volunteer leaders to do their jobs more efficiently.

Through your active participation in all these services, youll help create your Georgetown online community
for the future. Visit hoyasonline at georgetown.edu/alumni and find out how many ways there are to connect
with the Georgetown spirit in cyberspace. Follow the instructions on the Web site to get your net ID. And check
us out often for new features!
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