McDonough Business

Fall/Winter 2005

georgetown university
 Mr. Donn Dolce B67 Mr. Daniel J. OConnor Richard Migliori
Senior Vice President, Paine Webber Investments President and CEO, Paragon Computer CEO, United Resources Network
Professionals Joan Migliori
Mr. James Eisenstein B80
Chairman and CEO, Optasite, Inc. Mr. Warren Olsen B78 Peter Pritchard
Chairman and CEO, First Western Investment CEO, Pritchard Industries, Inc.
Mr. Alfred J. Fisher, III B70
Management Zohreh Pritchard
President, Fisher and Company
VP of Human Resources
Mr. Gregory Palmer
Mr. Lawrence P. Fisher, II B82
CEO, Remedy Temp Jeffrey Rodek
Managing Director & Senior Resident Officer,
Executive Chairman, Hyperion Solutions, Inc.
Bessemer Trust Company Mr. Charles Palmer B64
Leadership Managing General Partner, North American
Christine Rodek
Mr. Michael R. Fisher B80
James J. ODonnell Company, LLP Thomas Siebert
President, Fisher Dynamics Corporation
Provost Attorney, Patton Boggs, LLP
Mr. Wayne C. Plewniak MBA 85
Mr. Christopher P. Franco B81 Debbie Siebert
George G. Daly Managing Director, Neuberger Berman, LLC
President, Rock Point Investment Partners Director of Business Development,
Dean Ms. Elaine Pochtar B79 NEWgame Communications
Hon. J. Richard Fredericks B68
David L. Garrison Executive Director, Institutional Fixed Income
Chairman, Dionise Capital, Inc. John Surma
Associate Dean and Director Undergraduate Sales, Morgan Stanley
President and CEO, United States Steel Corp.
Programs Mr. Jacques P. Gelardin B69
Mr. Michael Psaros B89 Becky Surma
Principal, Geladrin & Co., LLC
Melissa Trotta Managing Principal, KPS Special Situations
Ronald Tysoe
Assistant Dean, Director of MBA Evening Mr. Bernardo Giacometti B77 Funds
Vice Chairman, Federated Department Stores, Inc.
Program President, Kipany Brazil
Mr. David Reyes L82 Arleigh Tysoe
Keith Ord Ms. Carol A. Grefenstette B78 President, Harbor Distributing, LLC
Robert Wall
Dean of Faculty Managing Director, Strategic Investment Group
Mr. Chalres F. Sarkis B62 Managing Director, Goldman Sachs & Co.
Virginia N. Flavin Mr. Saadadeen R. Hariri B92 President and CEO, Back Bay Restaurant Beatrice Wall
Chief of Staff President, Hariri Foundation Group, Inc.
Thomas Wattles
Cynthia S. Shaw Mr. Mike E. Heisley, Sr. B60 Mrs. Ann Misiaszek- Sarnoff B83 Chairman and CIO, Dividend Capital Trust
Director of Communications CEO, Heico Acquisitions Joan Wattles Thomas
Mr. Raymond Schuville
Linn Donaldson (IEMBA98) Mr. Michael Heisley, Jr. B86 Managing Director, JP Morgan Private Bank Steve Wolf
Chief Financial Officer Executive Vice President, Heico Companies JP Morgan Securities, Inc. President, Snowjam
Michelle Wolf
Michael T. Boyd Mr. Peter W. Henderson, Jr. B81 Mr. Eric Small B76
Legal Counsel, Partners HealthCare System, Inc.
Director of Development Vice President, Bank of America President and CEO, Brooks Investment
Corporation
Robert P. Johnson Mr. James F. Higgins B70
Director of MBA and IEMBA Alumni Senior Advisor, Morgan Stanley Mr. John Spirtos IEMBA00
Programs and Volunteer Board Relations SVP, Corporate Development, Neustar
Mr. Paul J. Hill B67
John H. Carpenter President, Harvard Development, Inc. Mr. Thomas T. Stallkamp Volume 18 Number 1
Chief Technology Officer Vice Chairman and CEO, MSX International
Mr. William Hoefling
Managing Partner, CEO, Chrystal Pond Ms. Joan Steel B75
Capital Partners Senior VP, Personal Investment Mgmt. Capital Editor
Board of Advisors
Guardian Trust Company Cynthia S. Shaw
chair Mr. George R. Houston B61 Director of Communications
President Emeritus, Mount Saint Marys College Mr. Marc Sulam B84
Mr. John J. (Hap) Fauth, B67 Hedge Fund Manager, Healy Circle Capital
President and CEO, The Churchill Companies Mr. Lee C. Howley B70
Contributing Writers
President, Owner, Howley Bread Group Mr. Timothy Tassopoulos MBA83
vice chair Senior Vice President Operations, Chick Fil-A Alan Dessoff, Joelle Santolla (CCT06),
Mr. Arlen Kantarian B75 Robert Wong, Martha Patnovik (MBA06)
Mr. Robert Steers B75 Chief Executive, United States Tennis Association Mr. Michael Todman B79
Chairman, Cohen & Steers Capital Executive Vice President, Whirlpool Corp.
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Head of Global Equity Sales, Lehman Brothers Corporation COO, NS-LIJ Health System Joelle Santolla, Lauren Shevchik (CCT06),
Ms. Doreen Amorosa B79 Andrea Sarubbi
Mr. Gerard M. Kenny B71 Mr. Edmond Villani B64
Director, Talent Acquisition Avaya, Inc. President, The Kenny Partners Vice Chairman, Deutsche Bank
Mr. James Atwater B85 Photography
Mrs. Lisa Kleinknecht MBA99 M. John Vitalo B90
Managing Director, Ryan Beck & Company Cynthia S. Shaw, Joelle Santolla, Lauren
Principal, Kleinknecht Electric Company Managing Director, Barclays Capital
Shevchik, Bharat Pamar, Ralph Alswang,
Mr. William Robert Berkley, Jr. B95 Mr. Raymond E. Knape F53 Mr. Stanley Wood IEMBA96
Senior Vice President, Specialty Operations, W.R. Lisa Helfert, Jon Golden, Phil Humnicky,
President, Integrated Business Info. Sys., Inc. Cable Risdon, Lars Tray
Berkley Corp. Fr. Daniel K Lahart, SJ. B83
President, Strake Jesuit College Preparatory
Ms. Alison Blood-Lohrfink B81 School Parents Advisory Council
Designer
Mr. Robert Bowlin B78 Mr. Jonathan R. Lynch B88 Robert Cotter
President, Retired, Sony Music International Nancy Van Meter
Partner, JP Morgan Partners Investment Banker, Deutsche Bank
Mr. James Buckley Susan Cotter
Mr. John Maier MBA86 Cover Design
Spencer Stuart Consulting Managing Director, Legacy Parnters Group, Lloyd Cunningham
CreatiVerge Communications, Inc.
Mr. Mark J. Casella B80 LLC President, Cunningham, Burke, & Brooks
Partner, PriceWaterhouse Coopers, LLP Susie Cunningham
Mr. Philip A. Marineau C68
Consultant, Conference Consultants Printing
Ms. Emily Chen Carrera B88 President and CEO, Levi Strauss & Co.
Matthew Farrell PeakeDeLancey Printing
Mr. Michael Chasen MBA 95 Mr. Timothy B. McBride L75,80
CFO, Alpharma, Inc.
CEO and Co-founder, Blackboard, Inc. Chairman and CFO, McBride Enterprises (NJ)
Colleen Farrell
Mr. David F. McBride B69 McDonough Business welcomes inquiries,
Ms. Michelle C. Cherrick B89 Clinton Gartin
Managing Director, Wachovia Securities CEO, McBride Enterprises opinions and comments from its readers.
Vice Chairman, Morgan Stanley Correspondence should be addressed to:
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CEO and Chairman, Heitman Capital President, Arlandia, Inc.
Bruce Hall
Management The Editor
Mr. Robert E. McDonough F49 Executive VP and COO, PETCO
Founder and Vice Chair, Remedy Intelligent Susan Hall McDonough Business
Mr. Michael Connelly B74
Managing Director, The Carlyle Group Staffing The Robert Emmett McDonough
Michael Jordan School of Business
Mr. Denis P. Coleman, Jr. B67 Fr. William McInnes, SJ. Retired Chairman/CEO,
Chaplain, Boston College Westinghouse/CBS Corp Georgetown University
American Consul to Bermuda American
Consulate General Hilary Jordan Box 571147
Mr. C. Allen Merritt, Jr. B62 Washington, DC 20057-1147
Executive Recruiter, Cecil Associates
Mr. Peter Crnkovich B78 Partner, Boston International
Managing Director, Morgan Stanley Woody Knopf phone (202) 687-4080
Ms. Lorraine Montero F68
Chairman, MM Knopf Automotive/ Remy, Inc. fax (202) 687-2017
Mr. Alberto de la Cruz B89 Managing Director, CitiGroup International
Claire Knopf email css27@georgetown.edu
President, Coca-Cola PR Bottlers Mrs. Ellen Morrell B66
Michael Lewicki web www.msb.georgetown.edu
Mr. William H. Diamond, Jr. MBA83 Vice President and Principal Broker, Sothebys
Private Investor
CEO, XRadia International Realty
Joanne Lewicki
Mr. William Divane B64 Mrs. Patricia Mulvaney-Pignataro B81 Alumni should send address
Max Lukens changes/additions/deletions to
Chair and CEO, Divane Brothers Electric Partner, Price Waterhouse Cooper, LLP
Chairman and interim CEO,
Company Mr. Robert B. Nolan B74 Steward & Stevenson addup@georgetown.edu,
CEO, Executive Managing Director, BMO Chris Lukens contact Alumni Records at
Private Equity Group (202) 687-1994, or update at
www.georgetown.edu/alumni.
McDonough Business
Fall/Winter 2005

georgetown university

Features
George Daly Named New Dean 18
Capital Markets Firms 23
George Houston
Inside back cover

Departments
Letter From the Dean 2 Corporate Profile 26
Dean George Daly Friedman Billings Ramsey (FBR)

Professor Pietra Rivoli

Upfront 3 Dividends 28
page 13 Building Progress
Faculty Awards
In the Media 11
Faculty, Students and Alumni
Cited in the News Alumni Connections 29

Intellectual Capital 14 Alumni Notes 30

Rebecca Heino
Professor Ken Homa
page 16 Alumni Profiles 31; 36
Faculty News Steve Paluszek (B79)
David Chavern (IEMBA03)
Faculty in Focus 16
Ken Homa Bellwether
George Houston (B61)
Prospectus 17
Professor Brooks Holtom Shocks as Causes of Turnover
page 17

On the cover:
Dean George Daly

McDonough Business
is published twice a year.
The magazine is distributed
free of charge to more than
17,000 alumni, students,
parents, faculty, staff and
other friends. The diverse
views in the magazine
do not necessarily reflect
the opinions of the editor
or official policies of
Georgetown University
or the McDonough School
of Business.
welcome
calendar
Fall/Winter 2005
December
MBA Exams

January
Classes Resume

16 Martin Luther King, Jr. Holiday

February
Dear Friends, 20 Presidents Day

It is a great honor to have been selected as the Dean of the

McDonough School at Georgetown. It is also a great opportunity. March
3-13 Spring Break
During the summer and much of the fall semester I have spent
a good deal of time learning about the School and meeting with
April
alumni, faculty, staff and students. These meetings have made 12-18 Easter Break
clear to me that we need to develop a coherent plan for our future
and then take the steps necessary to make that vision a reality.
May
1 Classes End
In order to initiate and drive this process, I have appointed a Task
19-22 Commencement Weekend
Force on Strategic Priorities. The Task Force has identified several
key objectives:
June
The creation of a clear and distinctive vision for the School. 1-4 Reunion Weekend

The review, revision and creation of educational programs

that incorporate that vision.
Check the schools online calendar of events at
The attraction, development and retention of the human http://msb.edu/newsroom for daily event listings
and other resources necessary to realize that vision. when the spring semester begins.

As we advance in the planning process, I will update you on the

progress we have made and will look forward to your reactions
and suggestions. What is clear is that change must be and is
underway. Bringing about constructive change is a primary
obligation of leadership and it is what I hope and plan to bring
to our School.

Sincerely,
George G. Daly, Ph.D.
Dean

2 McDonough Business
upfront
Anne Jones Named Director
of Career Management
Anne Jones was named director of career
management for the MBA program. Jones
comes to the McDonough School of Business
from Citigroup, where she spearheaded
campus recruitment and the development of
training programs. As vice president and
director of human resources management
associate program, Jones increased diversity
recruiting, began a new e-learning curriculum
and solidified relationships with top MBA
programs. Prior to her executive position at
Citigroup, she worked in marketing and
product development with Citi Cards and
was marketing manager for Acoustiguide
Audio Tours.
We are delighted to have Anne join our
team, said Marilyn A. Morgan, associate
dean and director of the Georgetown MBA
program. This is a very exciting time for our
program. Annes vision and leadership will
help to move our career management
operation to the next level of excellence.
My experiences at Citigroup provided an
exposure to many MBA programs, and
Georgetowns students always stood out as
intelligent, confident and professional, said
Jones. These positive experiences lead me
to jump at the chance to become part of such
a successful team here at the McDonough
School of Business. I am excited to be here
and cant wait to get started working with
students and helping them meet their
career goals.
Melissa Trotta Named Assistant
Dean of MBA-EP
Melissa Trotta was appointed assistant dean
of the MBA Evening Program. Trotta
completed her B.A., summa cum laude in
Communications and a Master of Arts in
Higher Education Administration at Boston
College. She comes to the McDonough
School of Business having most recently
served as assistant dean of the Franklin W.
Olin College of Engineering, in Needham,
MA. Before moving to the Olin School,
Trotta was associate director of MBA
Academic Affairs at the Harvard Business
School. Her previous experience also
includes serving as director of admissions
the John F. Kennedy School of Government
at Harvard University and as associate
director of undergraduate admissions at
Brandeis University, Waltham, MA.
Georgetown Universitys Womens
Leadership Initiative
The Georgetown Universitys Womens
Leadership Initiative (GUWLI) hosted
panel speakers Janet Friedman, president
and CEO of HarperCollins Publishers;
Nancy Evans, Co-founder of iVillage; and
Suzanne Clark, COO of the U.S. Chamber
of Commerce at its annual Distinguished
Speaker Series in Riggs Library.
The panelists discussed their paths to
success and took questions from the
audience. Panelist Nancy Evans said, The
intimacy of the setting made for a dynamic,
engaging interaction between the panel and
the audience.
GUWLI hosted a second distinguished
speaker event in Copley Formal Lounge on
September 29. The panel included
Catherine Kinney, co-COO, president and
executive vice chairman of the New York
Stock Exchange and Doreen Woo Ho,
president of Wells Fargo Consumer Credit
Group. Both events were moderated by
McDonough School professor of
Management Dr. Catherine Tinsley, who
also serves as executive director of GUWLI.
Students and Panelists Visit after GUWLI Event.
PHOTO: LISA HEFFLERT PHOTOGRAPHY
New Faculty Members
Georgetown Universitys Robert Emmett
McDonough School of Business has
recruited new faculty scholars in finance,
management, marketing and accounting.
Finance professors Srinivasan Srini
Sankaraguruswamy and George Panayotov,
marketing professor Gary J. Bamossy,
strategic management professor J. Muir
Macpherson and accounting professor Vicki
Tang have joined the School.
Srini comes to the McDonough School of
Business as a visiting associate professor of
finance. Previously he served as assistant
professor at the National University of
Singapore. He taught at Georgetown as an
assistant professor from 1996-2003. Srini
received his Bachelors of Commerce from
Osmania University in India, his Masters of
Commerce from Delhi University in India
and his Ph.D. in Accounting with a minor
in Finance from Purdue University.
George Panayotov is a new tenure track
assistant professor of finance. He recently
completed his Ph.D. in finance from the
McDonough Business 3
University of Marylands R.H. Smith
Business School. He received his Integrated
Masters of Science in mathematics from
Sofia University in Bulgaria. At the
University of Maryland, George taught
courses in options and futures and
commercial bank management.
Garry J. Bamossy joins the faculty as a
visiting marketing professor. He received his
Ph.D. in Business Administration and
Marketing from the University of Utah,
where he is currently the director of the
Global Business Program. He has taught at
the David Eccles School of Business at the
University of Utah since 1999, and teaches
as an adjunct professor of marketing at the
Vrije Universiteit in Amsterdam.
J. Muir Macpherson is a new tenure track
assistant professor of strategic management.
He received his Ph.D. in management from
the Wharton School of Business at the
University of Pennsylvania in 2004. He
attended the University of California at
Berkeley where he received a B.A. in
political economy of industrial societies. He
has taught as an assistant professor of
management at the University of Texas at
Austin since 2002 and at the University of
Pennsylvania since 1997.
Vicki Tang joins
the faculty as a
new tenure track
assistant professor
of accounting. She
received her
Ph.D. from the
Ross School of
Business at the
University of Michigan, her Masters in
Economics from the University of Illinois
and her Bachelors in Economics and
English from Peking University. She has
been a lecturer in accounting at the
University of Michigan since 2003.
4 McDonough Business
Mayor Anthony Williams opens his present
from CMRC.
Capital Markets Research Center
Update
The McDonough School of Businesss
Capital Markets Research Center (CMRC)
hosted a forum to examine the role of
capital formation in professional sports and
community development at The George
Town Club.
The return of baseball to Washington, DC
after 33 years, paired with the
redevelopment of the neighborhood around
the MCI Center and the construction and
expansion of FedEx Field, created a timely
backdrop for this discussion of facility and
franchise issues that affect urban
development and capital formation in major
league sports cities.
The forum included several distinguished
guest speakers who contributed their
practical, experience-based knowledge. They
included: The Hon. Anthony A. Williams,
Mayor, Washington, DC; Jerry Reinsdorf,
Chairman, Chicago White Sox; Allen R.
Sanderson, Department of Economics,
University of Chicago; Tony Tavares,
President, Washington Nationals; Peter
Bisch, CFO, Washington Wizards;
Governor Edward Gramlich, Board of
Governors of the Federal Reserve; and
McDonough School of Business Dean
George Daly.
The Capital Markets Research Center also
hosted Inside the Fed: A Presidents View,
which was David Walkers final Washington
seminar as center director. The keynote
speaker was Anthony M. Santomero, president
of the Federal Reserve Bank of Philadelphia.
The following week, Georgetown mens
basketball Coach John Thompson, III
presented an executive policy seminar in
New York. The text of each seminar can be
found on the Center website
www.msb.edu/faculty/research/capital_markets.
In September, the Capital Markets Research
Center hosted its annual Careers in Capital
Markets event. Over 300 undergraduate
students attended the presentation by
speakers from companies including
Citigroup, Credit Suisse First Boston,
Deloitte & Touche, Friedman Billings
Ramsey, Goldman Sachs & Co., Legacy
Partners, Merrill Lynch, and Promontory
Financial Network. At the reception
following the panel discussion, students
enjoyed the opportunity to speak individually
with recruiters from the various companies.
David Walker Returns to Teaching,
Lynn Doran takes over CMRC
After 17 years
as founding
director of the
Capital Market
Research Center,
David Walker
has returned to
his regular
faculty activities
as the John Largay Professor to focus
on research and teaching. David has
published two books, authored or
co-authored over 50 scholarly papers,
presented research and testified before
the U.S. Senate Committee for Banking,
Housing and Urban Affairs.
Associate professor of the practice Lynn
Doran, who specializes in investments
and corporate finance, is the new
director of the CMRC. As a professor of
corporate finance and investments at
both the graduate and undergraduate
levels, as well as being the parent of
a McDonough School alumnus, she is
extremely well versed in our external
business and student activities.
upfront
Case Competitions: Business
Strategy Challenge and State
Department Case Competition
The Business Strategy Challenge, held at
Georgetown University and sponsored by the
McDonough School of Business and Hilltop
Consultants, gave teams three days to prepare
recommendations for a case focusing on
strategy development for United Way
International, a local non-profit organization.
The World Wide Strategists, made up of
four Georgetown students, won the case
competition and the $400 grand prize. The
winning students were Sean Doran (B05),
Victoria Cheng (B06), Matthew Ichinose
(B05) and Abhyuday Prashad (B05).
MBA International Residencies
The Global Integrative Experience was held
in Shanghai for MBA 2005 students from
March 12 to March 19. The week included
tours of the Shanghai Urban Planning
Exhibition Center, the Bao Shan Iron &
Steel Co., Ltd., the Samsung Electronics
Plasma Screen Television Factory and the
Volkswagen Plant.
Georgetown MBAs were welcomed by the
Shanghai Jiao Tong University, took a
Huangpu Cruise with local students and
enjoyed a performance by the Shanghai
Acrobat Troupe. They also had time built
into the schedule for sightseeing.
The MBA class of 2006 went to Ho Chi
Minh City in Vietnam, the city with the
fastest-growing economy in Asia. The
Global Integrative projects included both
large, global firms like 3M and Proctor &
Gamble and much smaller local or family-
owned organizations.
The MBA class of 2005 took part in a
global integrative in Prague, Czech Republic,
where they observed the differences in
Czech and American organizational
structures. The students recognized the
difficulties of creating an organization that
appealed to both styles. The students were
given hands-on experience working with
various companies, like the Hewlett-Packard
s.r.o., a subsidiary of Hewlett-Packards
Europe, Middle East, and Africa group.
Board of Advisors Meetings
A joint meeting of the Board of Advisors
and the Parents Advisory Council was held
last spring. Its theme was Transforming the
McDonough School: New Leadership, New
Facilities, New Academic Programs and a
New University Campaign. Guest speakers
included Rev. William McInnis, S.J., former
president of Fairfield University, the University
of San Francisco and the Association of Jesuit
Colleges and Universities, and Alan Berson,
president of Pulse Point, Inc. The second
Parents Council meeting of the year was
held in conjunction with Parents Weekend
in October.
The second Board of Advisors meeting of
the year was held in September. The theme
of the meeting was Preparing for the Future:
Planning for the McDonough Schools Next
Decade. The reception was hosted by
Georgetown University President John J.
DiGioia with a formal introduction of Dean
George Daly.
From left to right: Wall Street Alliance Co-Chairmen
Stephen J. Paluszek (B79), James F. Higgins (B70),
Victor R. Write (Parent), William P. Frank, Esq. (C63),
John D. Wooters, III (C75).
The Task Force on Strategic Priorities
established by Dean Daly met prior to the
Board of Advisors meeting to offer specific
suggestions, questions and ideas on the
critical priorities of the next ten years. The
two-day meeting ended with a mentoring
lunch that paired the Board of Advisors with
MBA and undergraduate students.
Wall St. Alliance
The Board of Advisors Executive
Committee Meeting was held on June 23,
2005 at the Major League Baseball Offices
with host Tim Brosnan, executive vice
president, Major League Baseball (C80).
Matters discussed included a Gala Update,
Alliance General Events, Mentoring
Program, and the Five-Year Planning
Committee. The meeting was led by
Chairman Jim Higgins.
The Board of Advisors of the Wall Street
Alliance hosted a presentation by Charles O.
Rossotti (C62), senior advisor to the Carlyle
Group and the former commissioner of the
Internal Revenue Service.
McDonough Business 5

Kenneth May, COO of FedEX-Kinkos and
Professor John Mayo.
FedEx Express CEO David J. Bronczek and
Professor John Mayo
MBA Orientation and
Opening Residency
The MBA Class of 2007 was brought
together for an on-campus kick-off on
Friday, August 19. The day included a
welcome from the new dean, George Daly,
and presentations from faculty members and
current MBA students. The group discussed
issues such as cultural differences, the Jesuit
tradition at Georgetown and team dynamics.
After the Orientation Day at Georgetown,
the students went to the National Conference
Center in Lansdowne, Va., for a residency
entitled, Understanding International
Business: FedEx Corporation Case
Competition. Guest speakers included
David J. Bronczek, president and CEO of
FedEx Express and Kenneth A. May, COO
of FedEx-Kinkos. The residency also allowed
for the students to mingle and get to know
each other, offering a square dance session
and a student vs. faculty volleyball game.
6 McDonough Business
First Ever MBA-Evening Program
Residency
A full cohort of sixty students met at the
William F. Bolger Center in Potomac, Md.,
for the first ever residency for the MBA
Evening Program of the McDonough School
of Business. Guest speakers included Atish
Gude of Sprint Nextel and Brian Fontes of
Cingular. The students relaxed and had fun
during yoga class and a volleyball tournament.
The residency lasted five days and was part
of an integrative, intensive first exposure to
the MBA program. The students competed
in a wireless services case competition and
were divided into five teams that represented
five different companies with a stake in the
debate: Verizon, Cingular, Sprint/Nextel,
Alltel, and U.S. Cellular. The first-year MBA
students studied these firms and their roles
in the industry, formed alliances with other
teams, and presented their strategies in a
competitive manner to the entire group.
The goal of the residency was to integrate
these students with the McDonough School
of Business and Georgetown University.
Even though the program is part-time, the
new associate dean of the Evening Program,
Melissa Trotta, is focused on making the
students feel like an essential part of the
School of Business, and cultivating
relationships with staff, professors and fellow
students that otherwise would not be formed
in a part-time program. This networking did
not only occur in the classrooms at the
Bolger Center. The students also took part in
yoga classes and a volleyball tournament,
during which they were able to learn more
about each other outside of the academic
realm.
First ever MBA-EP class meeting at the opening
residency.
John Delany of CapitalSource offers his keynote
address at CX 2005.
Careers Extravaganza
John Delaney, co-founder, chairman and
chief executive officer of CapitalSource
Financial, was the keynote speaker at the
Careers Extravaganza (CX) lunch hosted by
the McDonough School of Business Career
Management Office. Delaney is the head of
one of the leading commercial finance firms
in the U.S., and operates through the three
focused business units of corporate finance,
structured finance and healthcare finance.
CapitalSource Financial (NYSE:CSE) has
a market capitalization of approximately
$2.7 billion.
Careers Extravaganza is a one day event that
consists of panel discussions among senior-
level executives and is attended by the entire
first-year class and many second-year students.
Topics discussed included Financial Services,
International Development and Emerging
Markets, Strategy and Consulting, General
Management, Marketing and Corporate
Finance Treasury.
Some of the organizations that took part in
Careers Extravaganza were: Citigroup,
Goldman Sachs, Merrill Lynch, Wachovia,
Booz Allen Hamilton, 3M, World Bank,
Marriott International, Gallup and
Friedman Billings Ramsey.
Professor of the Practice Gary Blemaster addresses
the students gathered for CX 2005.
upfront
Jet Blue Chairman and CEO David Neeleman.
Business Day/Parents Weekend
Parents Weekend was held from October
21-23 on Georgetown Universitys campus.
The weekend gave parents an opportunity to
meet with faculty, administration, and
business leaders. The weekend also gave
students and parents a chance to explore the
study abroad opportunities offered through
the McDonough School of Business.
Business Day, held on October 22, included
faculty seminars, the Business Leader of the
Year award and the Parents Week Lunch. This
years Business Leader of the Year was David
Neeleman, chairman & CEO of JetBlue
Airways Corporation. Neeleman launched
JetBlue in February of 2000, making it his
third successful aviation business.
The Parents Council Meeting corresponded
with Parents Weekend, and was held at the
Four Seasons hotel in Georgetown.
MBA students go to AOL
Students in Betsy Sigmans Electronic
Commerce class visited AOL headquarters
in Dulles, VA in April. The visit was part of
the AOL Partners in Education Program.
The Partners in Education Program included
350 students and showcases student
consulting projects and Project Infusion, a
training program that brings in faculty-
nominated MBAs as AOL employees.
Sigman said, This was a wonderful
opportunity for our students; they have been
working on AOL-related projects, and will
now have the chance to present these projects
to top AOL executives. I was extremely proud
of how well our students did.
Last year, the panel included the inventor of
AOL Instant Messaging, David Gang.
Some of last years class even went on to
work at AOL.
Team MBA and the Tour of Hope
The McDonough Schools Net Impact
joined together with the Graduate
Management Admissions Council (GMAC)
to create Team MBA. Team MBA is a group
of current MBA students, alumni, friends,
and family from around the world who
signed up to bike in Bristol-Myers Squibbs
Tour of Hope on Saturday, October 8th. As
one of the nations most active and involved
chapters, Georgetown MBAs were
approached by GMAC to partner in the
establishment of an MBA team for this
years Tour of Hope. Georgetown
Universitys Lombardi Comprehensive
Cancer Center and MedStar Health were
local sponsors of the Baltimore to
Washington, DC ride.
Rory Donohoe, Jessica Shattuck, Leslie Payne, and
Ian Sims (all MBA06) are part of Team MBA.
Lance Armstrong speaks at Tour of Hope Finale.
The team showed their dedication to raising
awareness of patient enrollment in clinical
cancer trials by signing up more than 50
cyclists, who each raised at least $500 for a
total of over $25,000 towards cancer research.
The Bristol-Myers Squibb Tour of Hope is
a nine day bike ride from California to
Washington, DC, by a team of 25 cyclists
whose lives have been touched by cancer. The
Tour culminated in Washington, DC, where
our MBAs joined the cause. The biking
portion of the DC tour was unfortunately
rained out, but the event took place in the
JW Marriot Ballroom. They succeeded in
raising awareness about the disease and
supporting the Lance Armstrong Foundation.
For more information about next years ride,
visit www.msb.edu/student/teammba.
Dr. Joseph Guzman named
Acting Director of the Defense
Departments Biometrics
Management Office
Dr. Joseph Guzman, an assistant professor
at the McDonough School of Business, has
been named acting director of the Defense
Departments Biometrics Management Office.
Since joining the DOD Biometrics, Dr.
Guzman has been instrumental in
orchestrating key relationships with
government agencies. His leadership is
critical as the U.S. military brings
technology to the war fighter and supports
efforts in the global war on terrorism, said
Maj. Gen. Conrad Ponder, chief integration
officer for the Army CIO/G-6 in an article
that appeared in Government Computer
News. Dr. Guzman formerly served as
senior policy economist working at the
Center for Naval Analyses Corp.
McDonough Business 7

Professors John Mayo, right, and Lamar Reinsch,
center, speak with a conference attendee.
Georgetown Hosts Workplace
Safety Conference
The Center for Business and Public Policy
hosted a three-part series on workplace
safety and health. The first symposium was
entitled The Relationship Between Firms
Safety and Financial Performance: Theoretical
and Empirical Evidence. Panelists included
Devra Golbe of Hunter College; Elyce
Biddle of the National Institute for Safety
and Health; Phil Lews, vice president and
director of environmental health safety and
sustainable development at Rohm and Hass;
and Dave Eherts, executive director of
environment, health and safety at Purdue
Phara.
The second symposium was entitled
Interpreting Near Misses and Management:
What We Know and What We Need to
Know. The speakers included General Ken
Hess (USAF, retired) of the Anteon
Corporation; Carolyn Merritt, chairman of
the National Chemical Safety Board; Ulku
Oktem, adjunct associate professor at the
Wharton School of Business at the University
of Pennsylvania; and Professor Cathy Tinsley
of the McDonough School of Business.
The conference refers to the concern that in
this competitive environment, the ability to
interpret operational data in an unbiased
way may be affected; this could lead to
managerial near miss biases. The
conference achieved its goal of bringing
together professionals from the policy,
corporate and academic worlds for a
dialogue about workplace safety in this
competitive environment.
8 McDonough Business
The third symposium was entitled The panel entitled Innovations in
Workplace Health Protection and Microfinance was moderated by Rhonda
Promotion: What Will it Take to Do Both Schaffler of the UN Capital Development
Well? The panelists included John Howard, Fund and included Robert Annibale,
director of the National Insitute for director of Citigroups office of microfinance
Occupational Safety and Health; Greg and director of Citigroup Foundation, USA;
Wagner, visiting professor from the Harvard Steven Bernstein, senior advisor of the
School of Public Health; Michael Gondek Office of International Affairs, US Treasury;
of the Dow Chemical Company; Peter Michael Eber, program officer of the
Hayes of Hannaford Brothers Company; Grameen Foundation; and Ivan Mancilla,
Ron Finch of the National Business Group human resources director, Financiera
on Health; Laura Welch of the Center to Compartamos.
Protect Workers Rights; and Catherine
The closing address was given by Her Royal
Gordon, senior public health advisor.
Highness, Princesss Mathilde of Belgium,
Emissary to the International Year of
MicroCredit Conference
Microcredit.
McDonough School of Business Net Impact
Microfinance is an innovative, dynamic, up
partnered with the McDonough School of
and coming financial sector business concern.
Business Microenterprise Development
For this reason, students and young
Association of Georgetown University
professionals are a driving force behind a
(MEDA) and the United Nations to host
groundswell of international action for the
the Microfinance Conference. 2005 was the
Year of Microcredit, said Christina Barrineau,
Year of Microcredit for the UN.
chief technical advisor for the Year at the
The opening address was given by Elizabeth UN Development Programme. The energy
Littlefield, the executive director of and newness of thinking that young people,
Consultative Group to Assist the Poor like those at Georgetown, bring to tackling
(CGAP). This is an excellent opportunity the hurdles that stand in the way of poor
for students in various disciplines to come people receiving quality financial services,
together and learn about an issue of global can and is changing the world.
importance, said Reena Aggarwal, former
interim dean of the McDonough School of
Business, I am pleased that Georgetown is
able to host this event and look forward to
the ideas and discussions that come from
this forum.
The panel entitled Challenges in
Microfinance was moderated by Tom Easton,
senior editor of The Economist, and included
Asli Demirguc-Kunt, the finance research
manager and advisor at the World Bank;
Charles Riemenschneider, director of the
North American liaison office, Food and
Agriculture organization of the United
Nations; Matthew Speh, capital management
investment officer at MicroVest; and
Lawerence Yanovich, director of policy and
technical assistance, Foundation for
International Community Assistance. Her Royal Highness, Princess Mathilde of Belgium
upfront
Beta Gamma Sigma
The National Scholastic Honor Society in
the field of business and administration,
nd
Beta Gamma Sigma, inducted its 22 class
at Georgetown.
The local chapter award was presented to
David W. Danjczek, corporate vice president
of compliance and ethics at the Titan
Corporation, who also served as the
inducting officer. Sixteen seniors and
fourteen juniors, as well as ten IEMBAs and
forty-eight MBAs were inducted into the
society.
The faculty inductee was James Moore,
president and founder of Ameritrade, Inc.,
former assistant secretary of commerce for
Trade Development and adjunct member of
the McDonough School of Business faculty.
Career Treks
Students with interest in career opportunities
in specific geographic locations signed up for
three to five day trips to various locations
shortly after the fall semester began.
Organizers worked with members of the
MBA Career Management Office to target
ideal companies and to schedule alumni
networking events in the area.
The treks are:
London Trek, October
Barclays Capital, Citigroup, Grosvenor
Funds, Goldman Sachs and JP Morgan.
Wall Street Trek, October
AIG, Bank of New York, Bear Stearns,
Cohen & Steers, Deutsche Bank and
Federal Reserve Bank.
Marketing Trek (NY), October
American Express, Colgate, LOreal, Pepsi
and Warner Brothers.
Miami Trek, December
Citigroup, Lehman Brothers and Sol
Melia Hotels
CalTrek, January
Intel, JP Morgan and Yahoo!
Madrid Trek and Japan Trek are also
planned during break week in March.
MBA Diversity Day
McDonough School of Business celebrated
its second annual Global Diversity Day,
which highlights the diversity of the school
through food, cultural displays and
demonstrations.
McDonough students enjoy authentic Japanese
food served by our Japanese students.
Rankings Update
The McDonough School of Business went
from number 49 to number 48 in The
Economists poll of full-time MBA programs,
and the school also maintained its current
status in the Wall Street Journal poll, going
from number 36 to 38. The IEMBA
th
program was ranked 10 in the world by
BusinessWeek Executive MBA 2005 survey.
US News & World Report ranked the
th
undergraduate business school 26 in the
th
country and 11 for International in the
specialty rankings.
New Student Clubs
McDonough School of Business GALA
(Gay and Lesbian Alliance) was formed after
several class of 2007 MBA students found
that, unlike most other top MBA programs
in this country, Georgetown did not have a
student organization dedicated to serving the
needs of the Gay, Lesbian, Bisexual and
Transgender (LGBT) community.
The MBA African & Middle Eastern
Consortium is another new club and has
36 members. The group hosted a panel
discussion about the investment environment
in the Middle East and Africa, and the
effect of the political and demographic
transformations that have occurred during
the last decade. The MBA African &
Middle Eastern Consortium held a welcome
meeting for the Johannesburg Integrative
participants, and is attempting to coordinate
a group visit to another African country.
The Consortium will also take part in
Georgetown International Week and a
thematic dinner. New board members will
be chosen at a meeting in March for the
next academic year.
The Real Estate Club has been reactivated.
It seeks to attract people with diverse
interest, passion and experience in real estate
in the business school community to
educate, share resources and help build
careers in the industry. Current membership
in the club is about 40 people. The club is
planning a Real Estate Day, which will be
open to all students in Georgetown and
other business schools in the metro area.
Activities will include a presentation on how
to build a career in real estate and a seminar
on real estate investments.
Planned speakers and presenters are
seasoned veterans with enormous knowledge
of the real estate market and diverse
backgrounds in REITs, Real Estate Finance,
Commercial Real Estate Investment,
Mortgage Backed Securities (MBS) from
Fannie Mae, Ernst & Young and other
renowned institutions.
McDonough School of Business
Mentoring Program
The Mentor
Program met on
September 16
and was hosted
by Joseph Calizo,
assistant dean of
the McDonough
School of Business,
David Garrison and David
Garrison, associate dean and director
of Undergraduate Programs. Kimberly
Malcolm, the mentor program coordinator,
facilitated a discussion on enhancing the
Mentor Program with regard to the
professional development of the students.
Following the meeting, the 25 mentors were
invited to meet with the 150 student
mentees currently enrolled in the program.
McDonough Business 9
Discussion and Launch of Book on Student Wins Mastercard McDonough School Launches
History of Prayer in America Internship New Website

Lauinger Library at Georgetown University
hosted McDonough School of Business
Professor James P. Moore, Jr. to discuss his
new book and upcoming PBS film, One
Nation Under God: The History of Prayer
in America.
Consortium Events
Georgetown MBA students have been out
and about this fall, visiting various
consortium events. Large groups attended
the National Society for Hispanic MBAs
Career Conference and National Black
MBA Conference, where over 300
companies were in attendance supporting
diversity efforts. The MBA Career
Management team hosted workshops to
prepare the students and traveled with them
for on-site support as well. Our students
were also well represented at the Women
MBAs Conference in Boston and the Net
Impact Conference in Palo Alto.
McDonough School of Business student
Sarah Alexander (B08), won the Mastercard
Priceless Music Internship in Los Angeles,
California. She is one of twelve winners
chosen from over 40,000 applications. Her
summer internship lasted twelve weeks: four
of which were spent in Los Angeles learning
band management and promotion, and then
eight weeks touring with the Vans Warped
Tour. To read more about the Mastercard
Priceless Internship program, visit
http://www.mastercard.com/us/specialoffers/
priceless_experience_2005.
Comparative Business
Summer Session
The McDonough School of Business and
the Office of International Programs, along
with the Business School at the Chinese
University of Hong Kong, organized a five
week summer session in comparative
business with a focus on the Asia-Pacific
market. The courses will be taught by
members of the faculty at the Chinese
University of Hong Kong. The students will
also take part in cultural and social
excursions during their stay in Hong Kong.
The McDonough School has worked for
over a year on the Website redesign. The site
will serves as a primary marketing and
communications tool for the School, and
offers a visually appealing, easy-to-navigate
site for its multiple audiences: prospective
students, corporations, alumni, faculty/staff,
media, current students, etc. Were very
excited to unveil this to the community and
look forward to continually evolving the site
to reflect the new era of the McDonough
School. Let us know what you think of the
site. Email msb-news@georgetown.edu.
Hiring? Think Georgetown.
If you are recruiting for internships or
full-time positions, hire a Hoya.
For MBA students contact the
MBA Career Management Center at
(202) 687-3741 or
www.GeorgetownMBAcareers.com.
For undergraduates, contact
J. Michael Schaub in the MBNA Career
Education Center at
(202) 687-3493 or
jms46@georgetown.edu.

Professor Recognized for

Outstanding Presentation at
IRS Forums

Distinguished Teaching Professor Thomas

Professor Lynn Doran
Lynn Doran Receives Grant
McDonough School of Business Professor
of the Practice Lynn Lanz Doran was
awarded a $38, 800 grant on behalf of the
Capital Markets Research Center at
Georgetown University. The grant was
awarded by the Economic Assessment
Office of the Advanced Technology
Program of the National Institutes of
Standards and Technology (NIST), and will
be used to fund research papers on capital
markets by faculty members of the
McDonough School of Business.
B. Cooke has been recognized by the
Internal Revenue Service for his service to
the tax professional community. For the
third consecutive year, Professor Cooke
lectured at each of the IRSs Nationwide Tax
Forums. The Nationwide Tax Forums are
offered to CPAs, Enrolled Agents,
Attorneys and tax return preparers. The
2005 Forums were held in San Francisco,
Houston, Atlanta, New York City, Las Vegas
and Chicago.
During the 2005 program, Professor Cookes
presentations focused on the subjects of
Ethics-Professional Responsibility and the
Tax Code Provisions Affecting Higher
Education. The 2005 attendees (12,000+)
awarded Professor Cooke with an overall
rating of 94.9%.

10 McDonough Business
in the media highlights
A study published by Professor
Brooks Holtom in the Human
Resource Management Journal
was featured in a Globe and Mail
(9/10/2005) article. The study
was used as a supplement to the
article about the reasons people
leave their jobs. This study was
also mentioned in Business
Spotlights December magazine
issue. The comments of
Professor Holtom were quoted
in Aviation Week & Space
Technology (5/16/2005) on Delta
Air Lines need to find a buyer
for its subsidiaries, Comair and
Atlantic Southeast Airlines. He
says that if Comair and ASA
are sold, I dont think youll see
a sweetheart deal ...[Delta] will
be looking for the highest
bidder, the person who thinks
he can manage it best and
produce a return for the
shareholders. He was also
quoted in Aviation Week & Space
Technology (6/28/2005) on
airline expansion, stating that
typically you are going to take
the best markets first and each
new city is probably slightly less
profitable. Professor Holtom
was interviewed on ORF
Channel 2 (3/7/2005) (Austrian
Television Broadcasting
Corporation) during a story
about American reactions to the
firing of Boeing CEO Harry
Stoneciphe.
Professor Bennet Zelner was
interviewed on a Channel 4 News
At Five (3/11/2005) television
segment about President Bushs
Social Security plan. He says that
the new plan would expose
people to the same fluctuations
that the original Social Security
plan was designed to protect
them against.
Professor Sandeep Dahiya was
quoted in an article in The Deal
(3/16/2005), about Delta Air
Lines financial predicament.
Dahiya says Its a little bit like
holding a tiger by the tail,
because GE and American
Express are kind of stuck with
Delta ...The game right now for
Delta is to wait out this spike in
fuel prices for the next two
quarters while negotiating an
extension in covenants.
Professor
Douglas
McCabe was
quoted in a
Voice of America
(3/28/2005)
article about corporate ethics.
On the topic of whether
modern executives are greedier,
McCabe responded saying,
Absolutely not ...Corruption is
no more greater now or less than
2000 years ago. It just seems that
way, because of the instantaneous
response of the media.
Professor
William Droms
was quoted in a
Bloomberg
(April 2005)
magazine article
about international investing. As
a member of Droms Strauss
Advisors in St. Louis, he
developed a questionnaire for
client risk-assessment, and
states that 30 percent is about
the optimal proportion of a
stock portfolio that should be
invested internationally.
Catherine Tinsley and Robin
Dillon-Merrill participated in the
Risk Management Symposium
held by the Center for Business
and Public Policy on the
examination of near-miss
incidents in relation to risky
decisions, which was covered by
Occupational Safety & Health
(4/14/2005).
Associate Professor Michael R.
Czinkota prepared a statement
for the Honorable Donald H.
Manzullo, chair of the House
Business Committee on
Freedom and International
Marketing (5/9/2005). Czinkota
has also served as a guest writer
for The Japan Times (4/23/2005)
for an article about academic
freedom and how trade
frameworks are not designed for
the university environment. He
wrote another article for The
Japan Times (5/25/2005) about
computers replacing university
libraries and the effect this will
have on future student
education, and an additional The
Dean George Daly was featured
Japan Times (9/1/2005) article
about the current state and
underperforming nature of
Germany. Czinkota is quoted in
an article for The Dallas
Morning News (9/18/2005)
about the success of U.S.
companies going abroad and
being less dependent on the
home market for growth and
profitability. He states,
Globalization is not just U.S.
companies being able to source
abroad, but also others being
able to purchase from us.
Adjunct Professor Marc
Sherman was quoted in a
Washington Post (5/25/2005)
article as the lead investigator
from Huron Consulting Group,
Inc. in a Prince Georges
County case. Schools chief
Andre J. Hornsby is accused of
illegally handling an educational
technology contract from the
government. The Huron report
is expected to answer ethics and
policy questions and Sherman
states, Were in the concluding
stages of our work.
Laura Mandala, who teaches at
the McDonough School of
Business and owns a market
research firm, was mentioned in
a Washington Post (5/30/2005)
article about her candidacy for a
th
position in Virginias 45
House District.
Anne Jones
participated in
a Q&A for a
Business Week
Online
(6/20/2005)
article about her role as the
McDonough Schools new
career management director and
the importance of spreading the
word about her students to top
recruiters.
in a Financial Times (6/20/2005)
article about his appointment to
dean of the McDonough School
of Business. Dean Daly was also
featured in a Business Week
(6/23/2005) article about his
new position along with
Professor Paul Almeida and
Provost James ODonnells role
in the selection process. An
article in The Georgetown Voice
(8/25/2005) described Dean
Daly as the new face of the
business school who hopes to
construct a compelling and
distinctive identity for the
school in coming years. George
Daly and Net Impact President
Leslie Payne were mentioned in
a Kansas City InfoZine
(6/24/2005) article about a new
report that explains how to
improve business ethics. Dean
Daly states, Corporate ethics
has gone through a wave of
scandals ... raising people to
recognize ethics is good for the
community. George Daly was
also quoted in a New York Times
(9/20/2005) article about the
launch of an advertising
campaign by a nonprofit
foundation dedicated to
improving public financial
McDonough Business 11
literacy. The new ad campaign
will spend its entire budget on
Time Warner media and he said
he would be surprised if the
campaign had any meaningful
outcome...Theyre competing
with every enterprise in the
world trying to tell people how
to manage their money...these
spend far more in a single day
than N.E.F.E. is going to spend
on its campaign.
Adjunct Professor Andrew
Sherman was featured in a
WashingtonPost.com (6/23/2005)
article about how he has
launched his own company,
Grow Fast Grow Right
Enterprises LLC. He has been
helping Washington-area
technology companies expand
for the past 20 years and is well
published on the subject. He
will continue his positions as an
adjunct professor at both the
University of Maryland and
Georgetown University.
Monica Gray,
Carol Romett
and Beth
Miertschin were
quoted in a
Business Week
Beth Miertschin
Online
(7/1/2005) article about soothing
the culture shock that
international students may
experience when in a new
academic environment. Monica
Gray emphasized how talking and
networking with students can
help give a sense of the schools
overall culture and how many
students come from abroad to
study, speak a second language or
have lived or worked overseas.
Carol Romett discusses her role as
senior instructor for the Center
for Language Education &
Development, and the
importance of confident, effective
communication. Beth Miertschin
explains the importance of career
management activities and says,
Often we hear international
students say they wish they had
focused on the job search from
day one. Beth Miertschin also
12 McDonough Business
participated in a Q&A for
Business Week (3/23/2005) about
what makes a successful job
interview.
Management
Professor
Robert J. Bies
was referenced
in a Business
Week
(7/18/2005) article that asks
business school professors to give
advice to the MBA President
Bush on how to manage the
controversy surrounding the leak
of a CIA agents identity. While
Bush has made it clear he detests
unauthorized information leaks
from his Administration, he is
failing to act on Karl Rove. Bies
says that in this instance, the less
the President and his staff say, the
harder the White House press
corps will bore in on the story.
Monica Gray,
assistant dean
and director of
MBA
Admissions,
was quoted in a
BusinessWeek Online (7/29/2005)
article on how business schools
and their international MBA
programs are facing terrorism.
Things were different just a
few years ago, at least in the
U.S. students, and especially the
parents of undergraduates, were
far more worried after 9/11
because it was the first time
Americans felt vulnerable. In a
Business Week (8/9/2005) article
about a decline in MBA
applications, she was quoted
saying I dont think the current
decline says anything more than
that the demographic is smaller,
and there are fewer foreign
students applying to U.S. B-
schools...The picture is not as
bad as many people paint it.
Jeneanne Rae was featured as
one of seven people called The
Innovation Gurus as part of a
special report in Business Week
(8/1/2005). Rae focuses on her
role as an innovation coach to
companies by running innovation
audits through the successful
company she co-founded, Peer
Insight LLC. The article also
cites the popularity of her
course here at the McDonough
School, Developing New
Products and Services.
Ricardo Ernst was a guest on
CNN en Espanol (8/16/2005) to
discuss Latin American
companies and the supply chain.
He said that todays important
business networks exist due to
globalization and access to other
markets. Latin America must
confront this network and
improve its infrastructure.
When details are analyzed,
manual labor in Latin America
is more expensive than in the
U.S. Ernst remains optimistic,
despite mixed reviews, and says
the Latin American Logistic
Center helps compile important
statistics that support his
argument. Discussion on this
topic continued when Ernst was
featured on CNN en Espanol
(9/8/2005). He explained that
the supply chain is what he calls
the new management
network. Supply chain
management is extremely
important in mixing the vertical
and horizontal business
processes. He cited five
economic indicators that are
unified by the supply chain
manager. The key is for
businesses to understand the
necessity of changing
organizational structure by
training and educating
employees of what constitutes
successful supply chain
management. Ernst was also
for ranking first in her business
featured on CNN en Espanol
(10/14/2005) to comment on
Delphis bankruptcy, among a
range of other topics including
the Avian Flu, Apples ipod,
rising cost of petroleum and
consumer reaction, as well as the
Federal Reserves interest rate.
Ronald C.
Goodstein was
quoted in
Baseline
(8/4/2005) in
an article about
Mattels problem with young
girls waning interesting in
Barbie. The company faced
many business challenges and
had to figure out how to regain
profitability. Goodstein, a
consultant for Mattel in the
mid-1990s on the best practices
in product branding, states that
Mattel was vulnerable, adding
that the best time for a rival to
strike with a new product is
when a company is looking
inward.
Stanley Nollen
was quoted in
the New York
Times
(8/15/2005) in
an article about
growing student interest in
India. MBA students are
choosing residencies at
corporations in India over
opportunities on Wall Street.
Nollen directs the schools
programs for MBA students in
India. A similar story ran in The
Financial Express (8/20/2005)
about students choosing to
spend their summers in India.
Also, an article in Cool Avenues
(8/17/2005) and in The Business
Standard (8/24/2005) described
an International Management
Institute (IMI) event in India
attended by Professor Nollen
and Professor Reena Aggarwal
on Business Policy and Strategic
Management.
APP.COM (8/27/2005) featured
an article on Kristine Ann Pappa
who was awarded the Delta
Sigma Pi Scholarship Key Award
class after four years of study.
Pappa also received the Houston
Accounting Award for greatest
achievement in the field of
accounting. She graduated
summa cum laude from
Georgetown with a Bachelors
degree in Business
Administration.
Professor Pietra Rivoli was the
focus of a Time Magazine
(3/21/2005) article about the
recent publication of her new
book The Travels of a T-shirt
in the Global Economy and
her book was also featured in an
American Prospect (4/6/2005)
article. It was also listed on a
summer reading list as a great
read and a must for business
students summer reading list in
articles in BusinessWeek Online
(7/5/2005). Her book inspired
an NPR (4/26-28/2005) series
about the textile industry
around the globe, which
spawned a series of articles
about the Chinese textile
industry in Reason (5/9/2005),
Bloomberg.com (5/16/2005),
CNN (5/19/2005) with Wolf
Blitzer, Bloomberg (5/23/2005),
International Herald Tribune
(5/23/2005), New Straits Times
(5/26/2005), Washington Post
(5/28/2005), and The Japan
Times Online (5/31/2005).
Professor Rivoli was cited in a
YaleGlobal Online (5/3/2005,
5/6/2005) two part series on
protectionism. A Forbes.com
(4/13/2005) article mentioned
her book in reference to the
Chinese immigrant protest of
U.S. job losses. Rivoli was also
cited in a Business Week Online
(5/10/2005) article about
studying abroad as a
Georgetown MBA student.
Rivoli led a student research
project for the Shanghai
International Group, and states
Study tours have become a
dime a dozen. Where were
going to distinguish ourselves is
in real projects in these
countries. Fortune (6/27/2005)
quotes Rivoli in an article about
standards set in other countries
are shaping big companies
behavior. In reference to this
changing behavior she states,
There has been a sea of change
... Until recently the U.S. brand-
name companies would say they
had neither the right nor the
responsibility to do anything
about their supplier factories.
Pietra Rivoli and her traveled t-shirt
The Financial Times
(8/24/2005) (9/25/2005)
released two similar articles
about businesses being exposed
to supplier problems. Rivoli says
that before companies source
exclusively from China, they
must understand the political
risks, you have to have a
sophisticated understanding of
the political relationship
between China and the West.
You have to be on top of the
trade issue, the current issue
and a lot else besides.
Associate Professor James J.
Angel was quoted in a
Bloomberg.com (4/8/2005) article
about the New York Stock
Exchange (NYSE) naming
Marshall Carter its new
chairman, stating The NYSE
over the next few years will be in
a huge fight for market share...
having people who have
expertise in bringing in order
flow is critical. They need
people who can ask the right
questions. Angel was also
quoted in articles in
Smartmoney.com (4/21/2005),
Chinapost.com (4/22/2005), and
the Los Angeles Times (4/21/2005)
about the NYSE making a
historical deal by buying its rival
stock exchange, Archipelago
Holdings, Inc. A Business Week
Online (4/25/2005) article
discussed how the NYSE-
Archipelago deal may affect
trading. In reference to
extended-hours trading, Angel
states Trading outside the
normal trading session is always
going to be a niche activity.
He was also mentioned in a Stock Exchange to the NYSE.
BusinessJournalism.org Angel was quoted in a Los
(4/28/2005) article about Angeles Times (9/11/2005)
powerful resistance to the article about whether the
proposal of NYSEs merger regulatory unit of the NYSE
plans with Archipelago will be broken off by the SEC
Holdings. Articles in the and the Justice Department. In
Rutland Herald (4/23/2005), an article on MSNBC.com
New York Post Online (9/11/2005) about Under
(4/23/2005), Bloomberg News Armours IPO stock plan,
(4/22/2005) and E-Commerce Professor Angel states A lot of
Times (4/24/2005) quoted entrepreneurs are naturally
Angel on the NYSEs acquisition hesitant when going into the
of Instinet two days after buying public markets for the fist time,
Archipelago. In a Wall Street thinking unless they have 51
Journal (7/18/2005) article percent of the votes, they dont
about the fluctuating cost of have control.
NYSE seat prices, Angel says
Professor Catherine Tinsley was
that part of the reason behind
quoted in a (10/30/2005)
the recently flat seat market may
BusinessWeek Online article
be that some of the initial
about the presence of role
euphoria surrounding the deal
models for female MBA
has worn off. He also discussed
students. She said, Women
this topic on National Public
need to know that they can be
Radio (7/26/2005). A CFO.com
women and still be incredibly
(6/23/2005) article discussed
successful, and went on to
Nasdaqs proposition that
explain that when she first
companies that miss their filing
launched her career, she
deadlines could potentially be
thought she had to be gender-
removed from the over-the-
neutral in her behavior to
counter market for a year. Angel
succeed. When she realized
states, With big firms, it makes
what she was doing, she decided
sense to look at the facts and
to liberate herself by
circumstances of each case ... If
recognizing her femininity.
firms mess up three times, it
Professor Tinsley is also
says a lot about their internal
working with Effat College in
systems and their ability to
Saudi Arabia to design its
provide accurate and timely
curriculum. In a story featured
information to their investors.
on www.arabnews.com, she said
Angel is quoted in a Baltimore
Im delighted by this visit.
Sun (5/15/2005) article about
Effat College is a pioneer for
Maryland companies having
progress in Saudi Arabia. Im
business dealings with officials
impressed by the efforts of Effat
who run them. A Los Angeles
College as well as the business
Times (6/18/2005) article
community in JCCI and people
quoted Angel about the
of SAGIA.
conviction of Tyco executives
and the implications for other
corporations. A Bloomberg.com
(6/30/2005) article about
Morgan Stanley naming John
Mack chairman and chief
executive officer. Angel was also
quoted in a Wall Street Journal
(7/21/2005) article about how
the biggest provider of
exchange-traded funds will
move all but one of its products
now listed on the American
McDonough Business 13
intellectual capital
Pinkowitz Soule
McDonough School of Business Professors Lee
Pinkowitz and Ed Soule were awarded tenure
and were promoted to associate professors.
Associate Professor Edward Soule completed a
study on ethics in the wake of recent corporate
scandals entitled Embedding Ethics in Business
and Higher Education: From Leadership to
Management Imperative. This report was part
of the Business Higher Education Forum ethics
initiative, which developed a new method for
embedding ethics into organizational culture.
McDonough School of
Business Professor Alan R.
Andreasen was invited back
to the editorial board of the
Journal of Consumer Research
and the Journal of Consumer
Policy. Andreasen has been on the Journal of
Consumer Policy editorial board since 1996 and
the Journal of Consumer Research since 1987.
Professor Alan Andreasens textbook Strategic
Marketing for Nonprofit Organizations was
translated in Japanese.
Professor Rivoli at the book signing.
International rights for the translation of
Associate Professor Pietra Rivolis book, Travels
of a T-Shirt in the Global Economy, have been
sold for Dutch, German and Russian. It was also
a finalist for the Financial Times Business Book
of the Year Award. ABC Nightline and Chicago
Public Radio have both aired segments based on
the book. Rivolis book was presented at the
Politics and Prose Bookstore in Washington, DC
and in McShane Lounge on Georgetowns
campus as a Library Associates event.
14 McDonough Business
Richard America was invited
to discuss trends in professional
management education in
Africa at a conference in
Ouagadougou, Burkina Faso.
He visited management
programs at universities in Burkina Faso, Niger,
Benin and Togo in 2005. He is working with
these universities to help them join the AACSB
and begin the process of moving towards eventual
accreditation at global standards. America was
also invited by the World Bank/IFC, to speak at
the launch of the African Business School
Association in Accra, Ghana in March 2005.
Michael Czinkota provided testimony to the
World Trade Organization in Geneva on whether
and how to include higher education in the
services negotiations of the Doha Round. His
testimony was entitled Loosening the Shackles:
The Future of Global Higher Education.
Czinkota also gave the keynote address at the
12th World Marketing Congress in Muenster,
Germany, entitled International Marketing and
Terrorism: Managing the Unthinkable. He was
ranked 7th globally among leading international
business professionals based on representation
on editorial boards over a 12-year period by the
Journal of International Business Studies.
th
Czinkota was also named the 10 most prolific
author in International Business by the Center
for International Business Education and
Research (CIBER) at Michigan State University.
The list is compiled from works in International
Business Journals from 1995 to 2005. Czinkota
ranked third in the last study done for the
period 1985-1994.
Professor of Economics John
W. Mayo was elected the
2005 President of the
Transportation and Public
Utilities Group of the
American Economic
Association in conjunction with the December
2004 American Economic Association meeting.
Professor Kasra Ferdows was declared the
winner of the Producation and Operations
Management category in the 2005
BusinessWeek/European Case Awards for his
case Zara, which was co-authored by
Professor Jose A.D. Machuca and Professor
Michael Lewis.
Adjunct Professorial Lecturer Karen M. Becker,
of Becker & Associates Consulting, Inc., was
named as a finalist for the Ernst & Young
Entrepreneur of the Year 2005 Award.
Brooks Holtom received the 2005 Western
Academy of Management (WAM) Ascendant
Scholar award. The award is given annually to
assistant professors who are members of WAM
and have shown promise in the areas of
research, teaching and service.
Professor and Director of Georgetown Business
Ethics Institute George Brenkert was a panelist
at Chaos in the Public Square presented by
Harvard Business School Publishing Conference.
The title of the panel was Its a Small World
After All: The Impact of Global Standards on
Corporate Speech.
Professor Catherine Langlois
has been elected to a four-
year term on the council of
the Peace Science Society
(International). The Peace
Science Society is a scientific
association of individuals who develop and study
theory and methods for the study of peace.
When Fully Informed States Make Good on the
Threat of War,a paper by Professor Catherine
Langlois was accepted by the British Journal of
Political Science. Langlois was also awarded a
Fulbright Senior Specialist Award to conduct
research and offer consulting services at Adolfo
Ibanez University in Chile. She will consult with
the Director of the Center of Global
Management on how to improve curriculum
design and activities for the recently created
Masters in Marketing program.
James P. Moore, Jr. was chosen as this years
honorary faculty member to the business honors
society, Beta Gamma Sigma, by McDonough
School of Business seniors who are a part of the
organization.
John Hasnas spoke at the
Cato Institute Policy Forum on
Deputizing Corporate
Counsel as Agents of the
Federal Government. He was
part of a panel that included
U.S. Attorney Timothy Lynch and Defense
Attorney N. Richard Janis.
Adjunct professor Michael G. Carberry was
appointed as president of CARMA International,
the Washington, DC based global media
analysis firm.
Credit Research Center Director Michael Staten
co-authored a chapter in the book Building
Assets, Building Credit: Creating Wealth in Low-
Income Communities. This book was co-
published by the Brookings Institution Press and
the Joint Center for Housing Studies at Harvard
University. Statens chapter is entitled Accuracy
in Credit Reporting. The chapter examines the
law and economics of credit reporting in the
United States. It surveys the available evidence
on credit report quality and focuses on the
strengths and weaknesses of the U.S. regulatory
system in promoting accuracy, timeliness and
comprehensive content of consumer credit files.
It identifies problem areas, assesses the
likelihood that market-driven solutions will
evolve and discusses whether regulatory
solutions are feasible or needed.
Dr. Betsy Page Sigman was
awarded Hyperion Academic
Alliances first-ever faculty
training grant. Hyperion is the
global leader in Business
Performance Management
software. Sigman said, I am very excited about
participating in this program with Hyperion. It will
provide our OPIM majors a distinct advantage,
enabling them to enter the work world with real
experience in the latest Business Intelligence tools.
Adjunct Professor William T. Hemelt joined
Wilson International Law as counsel. Helmelt
specializes in tax planning, cross-border
transactions and related compliance and
reporting issues.
Adjunct Professor Peter S. Watson has been
elected to the board of directors of Fluor
Corporation. Watson was formerly president and
CEO of the Dwight Group, which supports
global transactions. Fluor Corporation provides
services on a global basis in the fields of
engineering, procurement, construction and
project management.
Associate Professor Bardia Kamrad wrote
Innovation Diffusion Uncertainty, Advertising
and Pricing Policies, (with A. Saddique, S. Lele
and R. Thomas), which appeared in The
European Journal of Operational Research, (Vol.
164, pp. 829-850, 2005). He also wrote
Estimating Demand By Sales Information:
Inaccuracies Encountered with Ricardo Ernst
and Delivery Performance in Vendor Selection
Decisions with Keith Ord and Ricardo Ernst,
which are both forthcoming in the The
European Journal of Operational Research
(2005). Kamrad was invited to the Olin School
of Business at Washington University for the Risk
Management Conference. His presentation was
entitled, Market Risk and Process Uncertainty in
Production Operations.
Professor Reena Aggarwal
was named to the
Advisory Board of the
International Journal
of Effective Management.
Assistant Professor Sandeep Dahiya won the
Financial Management Associations (FMA) Best
Financial Institutions and Markets Paper from
the 2004 FMA Annual Meeting Competitive
Paper Awards. Dahiyas co-authors, Sreedhar
Bharath, Anthony Saunders and Anand
Srinivasan were also honored. Professor Dahiya
specializes in Corporate Finance, Corporate
Restructuring, Banking and Financial Institutions.
His current research focuses on investment
decisionmaking when a firm faces financial
difficulties. He teaches Advanced Financial
Management.
Instructor Claudiu Dimofte with co-author
Richard F. Yalch evaluated the impact of
advertising slogans with multiple meanings on
consumers. This research is the first to establish
that consumers differ in their ability to process
multiple meaning phrases, that this difference is
separate and distinct from other linguistic
abilities, and that it appears linked to working
memory capacity differences. The research
culminates in a new scale, SMAARTS, which
assesses the ability to automatically process the
secondary meanings of polysemous phrases.
Professor Catherine Tinsley was named conflict
management division chair by the Academy
of Management and will serve for one year.
The division chair acts as the Chief Executive
Officer and manages all division activities. Tinsley
will be responsible for the finances of the
division as well.
Assistant Professor Rebecca
Heino has co-authored the
paper, Self-presentation in
online personals: The role of
anticipated future interaction,
self-disclosure, and success in
Internet dating with Jennifer
Gibbs (Rutgers University) and Nicole Ellison
(Michigan State University). The study
investigates self-disclosure in the novel context
of online dating relationships. Using a national
random sample of Match.com members, they
tested a model of relational goals, self-disclosure
and perceived success in online dating. This
research extends existing theory on computer-
mediated communication, self-disclosure and
relational success to the increasingly important
arena of mixed-mode relationships, in which
participants move from mediated to face-to-face
communication. Heino won the International
Communication Association Best Paper Award
for her paper, Are We a Match: Choosing
Partners in the Online Dating Market, at the
2005 annual conference held in May.
McDonough School of Business Professor
Thomas Brewer launched a website for his
project entitled The Climate Change Budget
Tracking and Analysis
Project. The research for this
project began two years ago
and has yielded two papers.
A file of materials The
Climate Change Budget
Tracking and Analysis Project is available at
http://explore.georgetown.edu/faculty/index.cfm
?Action=ViewPublications&NetID=brewert.
Professor Thomas L. Brewer was invited by the
European Commission to make a presentation in
Brussels on the subject of business and
government responses to climate change issues
in the U.S. The audience of 200 included
members of the European Parliament, officials of
the Commission and industry representatives.
Professor Douglas McCabe presented five
papers at scholarly meetings in 2005:
Alternative Dispute Resolution and Employee
Voice in Organizations: A Winning Strategy for
Human Resource Management and Corporate
Social Responsibility, Alternative Dispute
Resolution in the Employment Relations Arena,
Executive Pay and Managerial Compensation:
The Linkage to Business Ethics, The Federal
Sector Collective Bargaining and Mediation
Environment: The Impediments to Productivity of
the American Society for Competitiveness, and
Strategic Dispute Resolution in the Nonunion
Employment Relationship. He was quoted by
Voice of America News on the subject of
Corporate Ethics - Better or Worse than the
Past. McCabe also conducted the Executive
Certificate Program in Organization
Management for the Los Alamos Laboratory
and a seminar for the National Association of
Broadcasters Executive Development Program
through the Office of Executive Education at the
McDonough School of Business. He was
appointed to the Advisory Board of the College
Business Group of Houghton Mufflin and to the
Federal Sector/Public Sector Industry Council of
the Labor and Employment Relations
Association.
Professor Stanley Nollen was award a Fulbright
Scholar grant to teach in Prague by the State
Department and the William J. Fulbright Foreign
Scholarship Board. Nollen teaches courses in
international business and economics to MBA,
Executive MBA and undergraduate students and
focuses his research on technology transfer,
exporting, foreign direct investment and trade
policy liberalization. Previously, Nollen was a
Fulbright Scholar Research Fellow in India. I am
pleased to recognize the contributions these
faculty are making in their fields, said
Georgetown University President John J.
DeGioia. I look forward to their continued
success as they work to foster mutual
understanding between the United States and
countries around the world.
Professor Patricia Hewlin spoke in Novenmber
at the invitation-only 11th Annual Wharton
Organizational Behavior Conference. The title of
her lecture is Wearing the Cloak: Antecedents
and Consequences of Creating Facades of
Conformity.
McDonough Business 15
Faculty in Focus
Ken Homa
en Homa teaches four elective
K courses in the McDonough
School of Business that are
known for their fast pace and
demanding requirements. In
a nod to his challenging teaching style, he
was featured in a 2004 New York Times
article Tough Love as an uncompromising
teacher who takes his mission seriously and
expects mountains of work.
Professor Homa, who has a cum laude
undergraduate degree in economics from
Princeton University and an MBA from
the University of Chicago, where he was a
lecturer in marketing and strategic planning
for MBA and executive education courses,
brings over twenty years of real-world
experience to his classroom.
My deal with students is that there
will be lots of work but there wont be
any busy work....students tend to buy in MBA students just before graduation.
because they know Ive been there, done
that and that I genuinely want them to
succeed, said Homa. My courses tend to
reflect the pace, content and success
factors that are typical in blue-chip
business environments.
Prior to coming to the McDonough
School, Homa worked as a systems
consultant with Arthur Andersen, an
econometrician for a capital goods
manufacturer and an operations analyst for
a major food retailer before joining
McKinsey & Company as a management
consultant specializing in consumer goods
and marketing. After working at McKinsey,
he was general manager of product
marketing at GEs Major Appliance
Division, general manager of marketing
for GEs Housewares Business Group, and
vice president of marketing for Black &
Deckers Household Products Group. At
Black & Decker his responsibilities
included transferring the equity of the
General Electric brand and establishing
Black & Decker as the leading brand of
household products, and developing and
deploying business systems worldwide,
with particular emphasis on supply chain
process reengineering.
16 McDonough Business
Professor Homas classes, which MBA
students sometimes call Homa-cide,
include four electives:
Applied Marketing Management, is a
quantitative-oriented course that uses
marketing strategy simulations to elevate
competitive drive and give students an
opportunity to apply concepts.
Advanced Marketing Strategy, is a
traditional case-based strategy course that
empowers students with strategic analysis
tools that can be applied to real life
situations.
Price, Value and Profitability, the most
recent addition to Professor Homas
course sequence, combines economics,
accounting, operations and marketing to
provide students with a multidisciplinary
analytical perspective.
Models of Profitability, is offered to
environments.
Each year the course content changes to
reflect whats hot with thought-leading
companies and consulting groups. Last
year, the focus was on marketing ROI and
CRM models.
To support the courses, and to give
McDonough alumni an online archive of
material, Professor Homa developed and
maintains www.homahelp.com, a website
complete with concepts, models and
analytical processes.
Despite their well-publicized rigors,
Professor Homas courses are usually filled
to capacity. Roughly two out of every
three students in the class of 2005 took at
least one of Professor Homas elective
classes, with almost one-third of the class
taking three or more of them.
More than the number of students
who take his classes, Professor Homa is
motivated by the quality of those students.
Im fortunate that students who elect to
take my courses are the pick of the
litterserious-minded students with a
strong desire to succeed, Homa said.
My courses tend to
reflect the pace,
content and success
factors that are typical
in blue-chip business
Ken Homa
In his nearly 10 years at the
McDonough School of Business,
Professor Homa has earned several
teaching and service awards. The last five
graduating MBA classes have honored
him with the Ronald L. Smith
Distinguished Service Award and he has
been received the MBAs Distinguished
Teaching Award three times.
Professor Homa was on the founding
Boards of Sequoia Software and IQStat
Media Metrics, and on the board of
Sirva, Inc. a Clayton Dubilier & Rice
portfolio company. He is currently on
the advisory board of Upper Quadrant,
a marketing performance measurement
company.
Professor Homa and his wife Kathy
live in Great Falls, Virginia and play in
Annapolis, MD with their two dogs,
Captain and Skipper. Both of Professor
Homas sons, Jay and Scott, are
McDonough graduates working in the
DC area.
Professor Homa says, Teaching is my
passion, and theres no place Id rather be
doing it than at Georgetown.
Prospectus
Shocks as Causes of Turnover:
What They Are and How Organizations
can Manage Them
Brooks Holtom
s our newly graduated students
A
enjoy an improving job market,
alumni that are leading
organizations will most likely
have to work harder to fight turnover.
There is, however, new research that will
help employers keep valued employees:
more employees quit jobs in response to
shocking events than they do because of
accumulated job dissatisfaction.
The research, Shocks as Causes of
Turnover: What They Are and How
Organizations can Manage Them, authored
by Professor Brooks Holtom, can assist
employers in changing the way they look
at turnover in their corporations. After all,
no one wants to lose good employees.
Consequently, employers need to better
understand the types of eventsthe shocks
that cause employees to ponder leaving.
Simply trying to increase job satisfaction is
not enough to prevent the avoidable.
Involuntary turnover has both hard and soft
costs to the organization. Costs include:
Recruiting costs for the backfill employee
Time for interviewing and selection of
the replacement
Time needed for training the new
employee
Loss of institutional knowledge
Loss of experienced customer support and
Loss of future leadership for the company
One health care organization surveyed
gave a conservative estimate that the
turnover costs for them is between 3.4%
and 5.8% of the overall annual operating
budget for an entire medical center. This
equates to a turnover cost of $17$29
million on a $500 million base.
This study should change the way
employers look at the causes of turnover.
No one wants to lose their star employees,
so employers need to be much more
cognizant of what might cause an
employee to consider quitting in the first
place. Focusing solely on job satisfaction is
not sufficient, said Holtom.
These shocks are identifiable events employees have considered leaving their
some of which are predictable. Shocks as
Causes of Turnover identifies three
categories of shocks: personal vs.
organizational; expected vs. unexpected;
and positive, neutral and negative.
Organizational shocks might include being
passed over for promotion (a negative and
unexpected event), the company being
acquired (a neutral and expected occurrence)
and having a major disagreement with the
boss (a negative and unexpected incident).
Examples of a positive, expected,
personal shock might be adopting an
infant. A negative, unexpected, personal
event might be the loss of a loved one.
Other events may be positive or negative
depending on who experiences them and
when. For instance, the transfer of a spouse
to a new city, being elected a church officer
or seeing a boss fired might be good or bad
depending on the circumstances.
Regardless of where the shock
originates, if it results in the exit of a
valued employee, it is likely to be costly to
the company. That said, that not all
turnover bad. If a company is losing low
performers, it should be grateful. The
primary focus of an employer should be to
retain high performers by addressing
both workplace dissatisfaction and
precipitating events. If turnover occurs
among the least effective employees, it is
generally beneficial for the company.
Not all turnover is detrimental,
Holtom said. If the non-performers are
leaving, it can actually be quite good for
the company.
For the study, more than 200 departing
employees were interviewed and more than
1,000 survey responses were collected from
diverse populations including nurses,
accountants, international and local
bankers, as well as government employees.
To learn more about why their good
employees may be leaving, the study
recommends that organizations seek to
understand the shocks their people
experience by following a similar approach:
Conduct exit interviews and administer
broad-based surveys on why current
organization, and why they have left other
organizations in the past.
Use the survey information to address
organizational issues raised by incumbents
and thereby increase the probability of
their staying. This information can be used
in developing recruiting and selection
procedures to reduce the likelihood of
hiring people with a high probability of
leaving the organization.
This information would also help
managers anticipate when employee
expectations might be violated (unexpected,
organization-based shocks). Such events
might include performance appraisal,
salary decisions and promotion activities.
However, the research found that only
14% of respondents mentioned money as a
reason for leaving; 59% left due to an
outside job offer.
Managers should receive training to
help coach their people throughout the
year, as well as training on how to deliver
this type of information so as to reduce the
probability of their employees experiencing
shocks. Additionally, such information
should emphasize the importance of
frequent communication between
organizational leaders and employees. If
communication lines are open, leaders can
foresee potential shocks and be among the
first to know when shocks do occur. This
knowledge will give leaders more time to
anticipate and respond to shocks.
The paper was published in the fall
issue of the University of Michigans
Human Resources Management journal.
Shocks as Causes of Turnover: What
They are and How Organizations can
Manage Them, was co-authored by
Terence R. Mitchell of the University of
Washington, Thomas W. Lee of the
University of Washington and Edward J.
Inderrieden of Marquette University.
McDonough Business 17
 Q&A
Dean Daly
Read about the new Dean,
then check out his draft plan.
Q: Tell us a little about yourself. a great deal of enthusiasm, a real Q: Arent you concerned that
A: OK. I was born in Painesville, Ohio, a commitment to progress. Now we have Haste makes waste, that such
small town about 20 miles east of to do it, that is, to put in place those a far reaching planning process
Cleveland. My parents were public school things that will allow us to realize these requires more time?
teachers. I went to Miami of Ohio for my aspirations. A: I certainly dont want to do anything
undergraduate degree and to thing in a haphazard or hasty manner.
Northwestern for my graduate degrees, Q: Tell us about those things. Frankly, however, Im more concerned by
all of which were in economics. Ive spent A: The business school business is highly the opposite phenomena that I often see
most of my career in academia with a competitive and is becoming more so in academic environments: endless
few periods of service in the federal every day. To successfully compete in such discussions and inaction. Weve been
government. Ive spent the last 12 years an environment, a school needs to have without a permanent dean for some time
at the Stern School of Business at New an identity, that is, a clear sense of its now and I believe the need for the actions
York University. purpose of what it can do that is different weve outlined is reasonably urgent.
from and better than what others can do.
I have a wife, Barbara, two grown
So at Georgetown, we need to clearly Q: You keep using the term
children and Cairn Terrier named Delilah.
define what we are and what we are not, business in describing the
and to take those actions that are environment in which you
Q: What drew you to
necessary to make our distinctive operate and your plans for
Georgetown?
attributes a reality of our activities. And the McDonough School.
A: Several things. First, was my sense
we need to make sure that the people This may disturb some people,
that it was capable of significant
vital to this realization are made aware especially academics. Doesnt
improvement, of a good school that
of our distinctive qualities. this concern you?
could be even better, perhaps much
A: I dont want to trouble anyone and
better. Second, that a deans leadership
Q: So how do you do such things? I like to think of myself as a reasonably
would be a critical determinant of
A: Its one of those things that is simple cultured and sophisticated person.
whether the Schools potential would be
in concept and difficult in practice. However, the McDonough School is in
realized. Third, was the sincerity and
First, you develop a plan. Then you a business, albeit a very special one, and
dedication of the Georgetown
execute that plan. And you make sure we would be making a serious mistake
community, starting with President
the relevant people are made aware to suppose otherwise. We have
DeGioia and extending through the
of what youve done. competitorsfor students, faculty, staff,
alumni, faculty and staff. Finally, but
donors. We have revenues and costs. We
crucially, was the availability of the
Q: Is that what your strategic need to think about pricing and
financial and other resources of the
planning task force has done? productivity, about efficiency and morale.
magnitude that I believe are necessary
A: Yes, and on a fast track basis. We In other words, while we have a very
to compete at the highest level of the
started in May, shortly after I was named special and important role to play,
business school business.
dean. And we finished by January 1. The especially in the lives of our students,
group involved alumni, faculty, students we face the same challenges as other
Q: Now that youre here, are you
and staff and it focused on actions and organizations in other businesses.
having any second thoughts?
steps, not talk or philosophizing. The It is when a school loses sight of these
A: None. What Ive seen has only
steps that we need to take are described realities and thinks of itself as above
reaffirmed my conviction of the
in this document and we are in the such mundane matters that they tend
tremendous potential of the McDonough
process of implementing them at this to get into trouble.
School. The resources are in place. We
moment.
have a great new building underway,

McDonough Business 19
D R
Summary of Strategic Planning Task Force Dialogue
In an effort to keep our constituencies informed, included in this issue of the
McDonough Business magazine is the latest (at press time) draft of the strategic plan for
the School as recommended by the Dean and the Strategic Planning Task Force.
Final Discussion Draft
December 13, 2005
The goal of the McDonough School of Business
(MSB hereafter) is to become, and to be widely
recognized as, one of the premier business
schools in the world. In order for the School to
achieve this goal, we believe that significant
changes are required.
Our School exists in an environment in which
the competition for students, faculty, staff and
financial support is increasingly intense. If MSB is
to advance among the hierarchy of leading
business schools, it must develop a coherent
vision of itself and its central activities as well as
develop the actions needed to realize that
vision. Our Task Force has been considering
these issues at a series of meetings. In addition,
we have surveyed programs at other leading
universities and used focus groups and surveys
to gather Georgetown student perspectives.
Financial projections have been developed with
representatives of the University.
This draft document attempts to summarize the
dialogues held to date and to make a series of
action recommendations that we believe we
must act on to achieve our vision for the School.
These recommendations are rather general by
necessity; in many cases additional deliberative
bodies will be needed to bring final definition to
the recommendations. The paper is organized
along the topic areas contained in the Task
Forces original charge.
Vision/Identity
MSBs identity has become blurred over time,
making it seem indistinct from many of its
competitors. This has been caused both by the
actions of other schools (e.g. the actual or
claimed development of international business
programs) as well as by events such as frequent
turnover in the Schools leadership that have
distracted it from such strategic issues.
20 McDonough Business
A F
The School needs to define itself in ways that
are meaningful, distinctive, attractive to critical
constituencies and plausible in the context of
the Schools capabilities and resources. This
definition should reflect the Schools competitive
advantages and should focus on subject matter
and educational processes.
Recommendations:
We believe our School should focus its
educational activities around a small number of
general themes that characterize the world now
and in the future, for which we are preparing
our students. These themes must be emphasized
in our curriculum, educational processes, the
orientations of our faculty, staff and students
and the manner in which we portray ourselves
to others. These themes are:
Globalization, reflecting the profound and
growing importance of business activities that take
place across national boundaries and cultures.
Innovation, reflecting the rapid changes that
occur in the modern world and the importance of
adapting to them in prompt and thoughtful ways.
Leadership, as a central element in personal and
organizational success in business and elsewhere.
We also believe that the manner in which we
seek to embody these themes throughout our
programs and activities should be influenced by
our association with Georgetown University and
its location in a major urban center and national
capital. In particular, our activities should reflect
Georgetowns historic commitment to the
primacy of the student experience as the
principal rationale for its activities and the
acknowledgement of the centrality of ethical
and spiritual dimensions of human behavior to
educational experiences. We should rely on the
other resources of the University in developing
programs of the first rank and should develop
programs that take advantage of the
governmental and quasi-governmental
institutions that play a dominant role in our
community.
1
T
Faculty
During the recent past, the faculty has
performed admirably under challenging
circumstances and, in particular, resource
constraints more serious than those confronted
by most of our peer institutions. As noted in the
2003 Report, the faculty lacks the scholarly
visibility of many other institutions.1 We believe
that this is not coincidental but rather a direct
result of several dimensions of the Schools
operations (e.g. a relatively compressed salary
structure). Resources should be devoted to
remedying this situation through two primary
avenues: (1) The recruitment of senior scholars
who embrace the MSB and Georgetown
cultures and (2) The devotion of resources to
those activities (e.g. research support) that will
encourage the development and retention of
promising scholars on the MSB faculty. In
addition, the reward system for faculty should
recognize the variety of ways in which individual
faculty may contribute to the School and move
away from formulaic, one size fits all
approaches (see also Governance below).
Recommendations:
The size of the faculty should be increased in
both number and scholarly distinction. Junior
faculty should be recruited from the finest
academic programs in the world and be
provided support comparable to that of peer
institutions, including mentoring by senior
colleagues. Each academic area within the
School should be encouraged to nominate
outstanding senior scholars for appointment to
the faculty. An appointments committee
consisting of the Area Coordinators, the Dean of
Faculty and the Dean should evaluate potential
senior appointments. Development activities
should emphasize the need for endowed
professorships to attract and retain key faculty.
Individual faculty should be given incentives and
rewards to contribute to the School in ways that
make best use of their particular talents. Faculty
activities and performance should be made more
transparent to students and colleagues.
Elaine Romanelli et.al, A Premier, Distinguished Business School
in the Nations Capital: Strategic Plan for the McDonough School
of Business, May 1, 2003.
D R
Students
MSBs students are both highly qualified and
diverse. They tend to have communitarian
natures that make them a valuable resource in
producing productive change at the institution.
They are eager for such change and wish to play
an active part in bringing it about. Actions
should be taken to enhance the pride they take
in the School and in themselves.
Recommendations:
Students opinions should be actively solicited
and considered when policies that affect them
are being evaluated. Particular efforts should be
undertaken to build stronger alumni
relationships among current and former students
and between students in the Schools different
degree programs. The Schools academic
programs should not accept students who are
deemed unlikely to make positive contributions
to the educational process. Additional efforts
should be made to identify and attract the most
able students for all of the Schools programs.
Staff/Administration
MSB is understaffed relative to any of its peer
schools. Many critical administrative functions
are either absent or severely under-funded.
These conditions have contributed to
considerable stress, highly uneven performances
across administrative functions, inadequate
communication and collaboration among them
and, in many areas, discomfort with new
ideas/methods. Personnel rarely move between
organizations, further contributing to
administrative silos. In addition, these conditions
have required many faculty members to assume
administrative functions for which they are not
well prepared, diverting them from their primary
tasks of teaching and research.
Recommendations:
The Schools administration needs to be re-
engineered and reorganized in a manner
consistent with its strategic goals and with
methods and approaches taught in its
classrooms. The recruitment, retention and
advancement of key personnel need to be based
primarily on their ability to contribute to the
Schools progress. A chief operating officer
needs to be appointed and charged with
creating high quality, coherence and consistency
across administrative areas. A sense of shared
mission and collaboration needs to be
developed. Opportunities for talented staff to
A F
move across organizational boundaries within
the School should be created. Underperforming
areas should be critically evaluated.
Academic Programs
The Schools academic programs deserve
thorough review in terms of both curricular
content and delivery. The Undergraduate
Program differs markedly from those in place at
peer institutions. The MBA curriculum does not
appear to reflect a conscious and consistent
educational/intellectual perspective. In the
process of reviewing these programs, care
should be taken to distinguish between and
skills or techniques and between material best
transmitted through classroom activities and that
better learned through out-of-class activities.
Recommendations:
Additional task forces containing students and
staff as well as faculty should be appointed to
review and redesign the Schools Undergraduate
and MBA curricula. These efforts should
endeavor to bring fresh perspectives to the
problem, survey programs at other institutions
and, especially, incorporate the core characteristics
described in Vision/Identity above into the
McDonough Schools educational activities.
The redesigned Undergraduate Program should
more closely resemble those at other leading
private universities. In particular, it should (a)
have substantially increased intellectual rigor and
quantitative content (b) involve more experiential,
out of class learning experiences that take
advantage of our location in Washington, D.C.
(c) spread business administration courses
throughout the four year curriculum instead of
concentrating them in the last two years and (d)
develop an orientation that will introduce
students to the basic dimensions of business
activity and create a sense of common endeavor
among them during the first year of their
Georgetown experience. Consideration should
be given to developing courses for students in
other Schools at Georgetown who wish an
introduction to the world of business. These
courses should be separate from those offered
to McDonough School students.
In addition to asking faculty to redesign courses
and course content in a manner consistent with
the Schools Vision/Identity above, the MBA task
force should consider (a) reducing the size of the
core curriculum and (b) providing guidance to
second year students regarding coherent groups
of courses (tracks) and the relationship
T
between such tracks and career choice and (c)
increase the rigor of many core courses. It
should also address the mechanisms through
which high quality core teaching, teaching
versatility and new course development can be
rewarded and encouraged among faculty.
Communication
The identity and distinctive virtues of the School
must be effectively and consistently communicated
to those groups whose knowledge of them is
vital to our interests. To achieve this, a substantial
effort should be undertaken to learn more about
these constituencies, their current perception of
the McDonough School, how they were formed
and how they might be changed.
Recommendations:
The School needs to devote substantially more
resources to the areas of communication and
marketing. This effort should begin with the
hiring of a seasoned professional at a high level
(e.g. Associate Dean) who would be charged
with rapidly developing a marketing plan for
the School.
Development and
Alumni Relations
MSB has had a relatively late start in the area of
fundraising due both to its relatively brief history
and to the Universitys rather late start in
fundraising activities. Many alumni have a deep
attachment to the School and have been major
contributors to it and several of its initiatives,
especially the new building. As critical as these
efforts have been, they can and must be
improved upon.
Recommendations:
The School needs to integrate the development
activities more closely with its other operations
activities by, for example, having individual
faculty more deeply involved. Additional
accountability and responsibility for these
activities needs to be vested in the School and,
especially, the Dean. More resources need to be
devoted to building alumni relationships,
especially among recent graduates in ways that
they will view as beneficial, e.g. networking
opportunities. In addition, the School will look
to assigning staff responsibility for corporate and
foundation relations.
McDonough Business 21
D
Centers and Institutes
R Facilities
The McDonough School is home to a number of
research centers. Each of these enterprises
utilizes some combination of the Schools
physical, human and reputational capital. Each
has been in existence for some time.
Recommendations:
Each Center should be asked to prepare a plan
for its future activities which makes clear the
measurable benefits that its activities will bring
to the School. Based in part on these plans,
thorough reviews of the institutional benefits
and costs of these enterprises should be
conducted to assess whether they have fulfilled
the mission for which they were originally
designed and/or whether that mission remains a
high priority of the School. To encourage this
review, the Task Force recommends that each
Centers affiliation with the School be slated to
expire on August 31, 2006 unless specific action
is taken to reauthorize it for an additional,
specific (rather than indefinite) period.
Executive Education
The McDonough School currently delivers
education for working executives in two
principal formats: (a) in its IEMBA and MBA-EP
and Executive Masters in Leadership degree
programs and (b) in the form of non-degree
short courses, virtually all of which are of the
custom variety in the sense that each is
designed for the needs of a particular client.
The degree programs appear healthy and well
received with substantial enrollments. The short
course programs, while generating substantial
revenue, have made little or no financial
contribution to the School or University over the
past five years, while absorbing some of the
Schools most scarce instructional resources.
Recommendations:
The course structure of the IEMBA and MBA-EP
programs should be reviewed as part of the
curricular review of the full-time MBA program
described above. New leadership for the area
should be sought. That leader, together with
other parties, should evaluate the program of
short courses. If these courses cannot be offered
in a manner that generates significant positive
financial returns to the School they should be
discontinued.
22 McDonough Business
A F
The new building slated for groundbreaking in
2006 promises to greatly expand the potential
for the School. It is truly critical to the Schools
future and it needs to be initiated and
completed as soon as possible. In the interim,
the School suffers from severe overcrowding
with respect to the availability of both
classrooms and offices.
Recommendations:
Efforts should be made to ameliorate the
Schools short-term space problems. The Schools
understaffing as well as the projected growth of
the Schools programs for fully employed
professionals requires that it seriously consider
acquiring additional space prior to the
completion of the new structure. Exploratory
efforts should be undertaken immediately.
School Governance
Many of the Schools main governance processes
appear to have changed little from those in
place when the School was a small fraction of
its current size. They appear to be better suited
to achieving internal consensus than to
responding to external threats or opportunities
of the highly competitive marketplace in which
we exist. In addition, they differ substantially
from those in place at our peer institutions. They
need to be interpreted in a manner that
provides the Schools leadership with additional
flexibility and perspectives. Responsibility and
accountability needs to be more clearly focused.
The roles and responsibilities of Area
Coordinators need to be strengthened.
Recommendations:
Meetings of Area Coordinators and of senior
administrators should occur on a regular basis
and they should concern school-wide issues, the
exchange of information and the
encouragement of collaboration. Area
Coordinators should become an important
source of information and advice to the Deans
regarding group and individual performance
within their areas. The Faculty Peer Review
Committee recommendations should be treated
as advisory in the merit review process.
Relationship with
T
the University
The School and the University need to consider
the ways in which they are organized and
interact. While the instructional responsibilities
of the Undergraduate Program are shared with
the College, this is not true of the schools
graduate and executive education programs
which are essentially self-contained. Other such
professional degree programs at Georgetown
(e.g. Law) report directly to the President and
are characterized by the devolution of primary
fiscal and managerial responsibility to the School.
Recommendations:
A governance system that provides the School
with the flexibility, incentives and financial
capabilities that characterize its principal
competitors should be instituted. The most
common model for achieving this end is through
the creation of a graduate school of business
that has the same approximate degree of
autonomy as the Universitys other professional
schools and by the institution of financial
arrangements and controls that encourage both
the School and University to behave efficiently.
Metrics of Success
Any plan for change should also include
information on how those involved can measure
progress made in achieving its goals. In the case
of the McDonough School there are a variety of
such measures, most of them interrelated in
some way. These include:
The quality and number of applicants to
the Schools educational programs.
The quality of the institutions with whom
we compete for students, faculty and
other resources.
Rankings by publications and other
enterprises that compare business schools.
The number and significance of the scholarly
publications by the Schools faculty.
The degree of participation, both financial
and non-financial, we elicit from our friends
and alumni.
The New Capital for
By Alan Dessoff
hen people in Washington
W talk about capital markets,
they usually are referring
to places like Dean &
Deluca on M Street in Georgetown or the
Sunday flea market on the Hardy School
playground, across from the social
Safeway on Wisconsin Avenue.
These days, however, capital markets
have another meaning in Washington.
Political capital has become something of
a financial capital as well, a hotbed of
sorts of capital markets firms and specialty
finance enterprises that are growing
rapidly and adding another perspective to
the local business climate.
There is a growing recognition that
you dont have to be in New York to
provide creative financial solutions, says
Patrick M. Steel (IEMBA00), managing
director of investment banking at
Friedman Billings Ramsey (FBR), the
largest of the capital markets firms in the
area. You need to understand businesses,
recognize opportunities and deliver
solutions to your clients so they can
achieve their goals.
FBR and the other firms are attracting
substantial numbers of Georgetown
alumni, many with MBAs from the
McDonough School and others from the
Law Center and the College. FBR counts
18 Georgetown graduates among its more
than 750 employees, Steel reports.
In addition to what Steel calls a
highly educated and talented employment
base, several other factors are driving
Washingtons emergence as a center for
financial firms. The mid-Atlantic area,
particularly the Washington area, has
terrific demographic trends and great
prospects for growth in and of itself, so its
naturally going to attract a lot of
businesses to the area, and the financial
Capital Market Firms
firms follow, says Michael Grisius (B85),
a managing director in the private finance
investment group at Allied Capital
Corporation.
Proximity to federal agencies is
important to some firms. FBR cites that
as a distinct advantage, enabling it to
provide clients a unique perspective on
legislative and regulatory actions that have
far-ranging impact on business and
investment decisions.
Many FBR employees have worked on
Capitol Hill, in regulatory agencies or for
Washington-based industry groups. A
Washington Policy Analysis Group provides Michael Grisius (B85)
a regulatory and legislative overlay to the managing director, Allied Capital
firms analyses of companies and sectors.
Being close to the decision-making process
of the government has some real benefits in
The mid-Atlantic
terms of understanding the direction of the
economy, Steel says. area, particularly the
Michael R. McDonnell (B86),
executive vice president and chief financial
officer of MCG Capital Corporation, says
Washington area,
the economy itself, as much as anything
else, is responsible for the growth of has terrific demographic
capital markets firms in Washington.
The economy is relatively strong and
has been for an extended period. Even
trends and great
though interest rates are going up, theyre
prospects for growth
in and of itself.
Michael Grisius (B85)
Patrick M. Steel (IEMBA00),
managing director, FBR
McDonough Business 23
still pretty favorable. Theres an abundance
of capital moving around and the
marketplace for financial services
businesses is extremely good. Its a good
environment for investing money, lending
money and borrowing money, explains
McDonnell, whose firm employs seven
Georgetown graduates.
People dont realize all the activity
that is going on in this area on the private
equity side and the investment banking
side, adds Michael Blank (MBA03), an
associate in equity research at FBR.
Washington is no longer just
government. There are more non-
government jobs in this market than
government jobs, and thats spawning all
sorts of industries. Finance is coupled
with a lot of that activity. As other sectors
grow, they are going to need supporting
services, and banking is one of them.
I dont think its just that this is an
amazing area for specialty finance
companies. I think its more that a lot of
opportunities have been created, asserts
Demetrios Diavatis (MBA97), a senior
vice president in institutional sales at
FBR.
Greg Bowie (MBA03), an associate at
Gladstone Capital, which invests in small-
and medium-size private businesses,
suggests that the continuing development
of technology businesses in the area is one
of the opportunities that support the
emergence of the capital markets firms.
People started spinning out, forming
their own businesses. Its one of the
reasons venture capital came here,
following the entrepreneurs, Bowie says.
Several Georgetown alumni at
financial firms in the area say the local
lifestyle is a prime reason the firms have
developed and succeeded here. Its very
attractive relative to New York and other
24 McDonough Business
places. The Washington area has a good
deal of financial sophistication and is a
desirable place to live. The quality of life
is so good here that FBR has found it
pretty easy to attract and retain good
people, says Patrick J. Keeley (B70),
group head and managing director of
energy investment banking at the firm.
While Washington is not an
insignificant city by any stretch, its still
not New York. More people are finding
that from a quality of life perspective, they
would like to live in a place like this and
maybe enjoy a shorter commute and more
flexible lifestyle than they might in a
larger city, adds McDonnell.
Its a nice place to live. If we can solve
some of the traffic issues, its going to be
even nicer, declares Scott Bryant
(MBA03), senior associate in the
merchant banking group at FBR.
Whatever their market niches and
their reasons for locating in the
Washington area in the first place, the
financial firms seem to be thriving, led by
FBR.
Founded in 1989 by three
entrepreneurs with an initial investment of
$1 million, FBR is the only major
investment bank formed in the last 30
years and one of the nations most rapidly
growing capital market firms. Now a top
ten investment bank with a national
franchise, it has one of the strongest
equities distribution capabilities in the
securities in industry and tallied $1.1
billion in total revenues in 2004. The firm
reported a market capitalization of
approximately $2 billion at the end of
April 2005 and a strong and highly liquid
balance sheet.
At the close of 2004, FBR had
shareholders equity of $1.6 billion and
assets of $12.9 billion. Its firm-wide
revenue has grown at a compound annual
rate of 36% since 1992. In 2004, the firm
earned an industry-leading 22.3% return
on shareholders equity with an after-tax
net profit margin of 39.4%.
FBR is structured as a real estate
investment trust (REIT) with taxable
subsidiaries that conduct investment
banking, institutional brokerage and asset
management businesses. The firm also
invests for the benefit of its shareholders
in a portfolio of REIT-qualified
mortgage-backed assets valued at year end
2004 at approximately $11.7 billion, as
well as in a portfolio of merchant banking
and other long-term assets with a value of
$442 million.
FBR claims the foundation of its
success is a thorough commitment to
highly differentiated fundamental research
and analysis. During a time of research
cutbacks for much of the investment
banking industry, FBR has been steadily
building its research team, which now
exceeds 130 persons who follow more
than 595 companies. It expected to extend
research coverage to 670 companies by the
end of 2005.
Unlike relative newcomer FBR, Allied
Capital (NYSE: ALD) is one of the
Washington areas oldest financial firms,
headquartered in the city since its
founding in 1958. As one of the countrys
leading business development companies
(BDCs), a designation created by
Congress to encourage the flow of public
capital to small- and middle-market
companies, Allied Capital has financed
thousands of such businesses nationwide.
We view ourselves more like a private
equity firm, says Grisius. We invest in
private companies as owners and we lend
to private companies. To the extent that
we are lenders and providing debt capital,
we play in the capital markets. We
ourselves access those markets to raise
equity capital as well as debt for our own
balance sheet. So in that respect, Allied
doesnt fit neatly into any one box.
Grisius notes that while most private
equity firms are established as private
partnerships, Allied Capitals status as a
public firm since 1960 makes it unique. It
gives us some advantages competing in
the marketplace, Grisius says. It means
that we have permanent capital and a
substantial equity base. Our market cap is
just under $4 billion at this point. Also,
we have a lower cost of capital than most
of our competitors. Because we are public,
we have good access to the equity
markets. We can leverage our fund, which
brings our cost of capital down even
further.
With a staff of about 150, including a
handful of other Georgetown alumni,
Allied Capital is one of the most
profitable companies on the New York
Stock Exchange on a per-person basis,
Grisius says. He notes that other firms,
like MCG, are modeled on a similar
structure.
MCG has its roots in the banking
industry. Its business originally was the
media communications group division of
Signet Bank, based in Richmond, Va. Its
parent, Signet Banking Corporation, was
acquired by First Union Corporation in
1997 and First Union changed its name to
Wachovia Corporation in 2001 following
a merger of the two.
MCG was formed by management
and affiliates of Goldman, Sachs & Co. to
purchase a loan portfolio and certain other
assets from First Union National Bank in
a management buyout. MCG became a
publicly traded company in 2001.
Now MCG is a specialty financial
services firm and leading BDC that
supports the growth and value creation
strategies of small- to mid-sized
companies primarily in the
communications, information services and
technologies industries. Since 1990, it has
delivered value for financial sponsors and
operators in more than 415 diversified
financings representing cumulative
investments in excess of $4 billion. Fifty-
three percent of its customers have
completed two or more transactions with
the firm and 24% have completed at least
three transactions.
Other capital markets firms in the
Washington area with Georgetown
graduates include American Capital
Strategies, Ltd., a publicly traded buyout
and mezzanine fund; and CapitalSource,
which provides senior loans to small- and
mid-sized businesses through a variety of
financing products.
John K. Delaney (L88), co-founder,
chairman and CEO of CapitalSource, was
the keynote speaker at McDonough
Schools MBA Careers Extravaganza last
September. He serves on the Board of
Visitors at Georgetown Law Center and
Without Georgetown,
the Georgetown Board of Regents.
At all the financial firms, Georgetown my life would be
alumni cite the career benefits they gained
from their student experiences. Bowie at
Gladstone Capital, who previously was a
extremely different and
Navy pilot, says Georgetown helped him
shift gears professionally when he nowhere near as good
entered the business world, initially at
Citigroup in New York. It gave me the
credibility and connections to get a job at
as it is. It was a great
a big firm, and then the connections to
come down here, which is what I always experience for me
wanted to do, Bowie says.
Georgetown is a huge part of who I
am, says McDonnell. I feel that I got an
and one that I continue
outstanding education there. I learned
how to think and reason things through to value every day.
logically. Also, its one of the greatest
Michael McDonnel (B86)
universities in the world and it carries a
tremendous reputation that has opened a
lot of doors for me in business that
otherwise might not have opened.
McDonnell adds that as a student-
athlete (he played football), I learned a
lot of valuable lessons about teamwork
that have carried over to business, he
says. Further, he met his wife on the
Hilltop.
Without Georgetown, my life would
be extremely different and nowhere near
as good as it is. It was a great experience
for me and one that I continue to value
every day, McDonnell concludes.
McDonough Business 25
corporate profile
Fourth in a series of articles highlighting significant collaboration between
the McDonough School of Business and its corporate partners.

Friedman Billings Ramsey connections

Friedman Billings Ramsey (FBR) was founded in 1989 when Located in Arlington, Va., FBR has various
Emanuel J. Friedman, Eric F. Billings and W. Russell Ramsey connections with Georgetown and the
borrowed $1 million and, with 15 other employees, set up shop as McDonough School. I can look out my
window at the Car Barn where the MBAs
a research and securities trading firm specializing in the finance
are being educated, says Patrick Steel
and real estate sectors. It has become one of the most successful
(IEMBA00), FBRs managing director of
startups in the securities industry in the last half century. investment banking. FBR employs 18
Georgetown graduates full-time. Without a
Today, FBR is a publicly held company with a market capitalization of
doubt, its the largest concentration of
approximately $2 billion at the end of April 2005 and total annual revenues
graduates that we have from any single
in 2004 of $1.1 billion. It regularly ranks among the top ten investment banks academic institution, Steel says.
in terms of the dollar value of U.S. public equity underwritings.
The relationship between FBR and
As a firm, FBR also takes pride in being responsible corporate citizens. McDonough provides considerable mutual
Beyond donating to charitable organizations, FBR supports and encourages benefits, Steel says. For FBR, there is this
terrific source of talented business
its employees to participate in community programs. Education for
undergrads and MBAs who are being
disadvantaged and at-risk children is the main focus of the FBR Charitable
Foundation, says Richard Walker, vice president of corporate giving.

Eric Billings of FBR presents a gift of $25,000 to McDonoughs Capital Markets Research Center.

26 McDonough Business
educated just blocks away. He notes
that the firm has grown probably
100% in the last four years and to
meet the demand of that growth, we
need to tap into more of the local
talent here in Washington.
Meanwhile, FBR offers benefits to
McDonough students through the
kind of deep capital markets
knowledge and experience that our
employees have, says Steel. We are
pleased to be able to provide some of
that experience and knowledge to
students who have an interest in a
career in the capital markets.
FBR underscored its relationship with
the McDonough School in July when
Eric Billings, one of the firms founders,
presented a financial gift of $25,000
from the FBR Charitable Foundation to
the Schools Capital Markets Research
Center. It was accepted by Dean
George Daly; David Walker, outgoing
director of the CMRC; and Lynn Doran,
the new director.
Georgetown is so close to us and a lot
of our philanthropy is driven by our
employees and their interests, so this
made a lot of sense to us, says FBRs
Richard Walker. He adds that the
Capital Markets Research Center is
right up our alley. It couldnt fit our
corporate profile better.
The gift supports the fact that FBR is
absolutely committed to growing the
relationship with the McDonough
School of Business, says Steel, who
has been appointed to the CMRCs
Board of Advisors.
perspectives The Schools curriculum was tough and the
environment was very demanding, just like
working in an investment bank. But the big
thing was teamwork. The classes had a lot of
Ive always felt that Georgetowns focus as a
diversity, with students from different countries
university has been on teaching and interaction
and with different educational and professional
with students. I had countless wonderful
backgrounds. You had to
experiences with professors throughout the time
work with people with
I was there. They had real world business
different styles in teams
experience and were
under tight deadlines.
incredibly thoughtful
Getting practice doing
and instructive people.
that was really
To me, that was the
valuable.
most valuable part of my
Scott Cottrell (MBA03)
experience at the
Associate Research Analyst
McDonough School.
Patrick Steel (IEMBA00)
The investment banking curriculum within
Managing Director, Investment Banking
the finance curriculum was extremely strong
and it has served me well for what I have done
The biggest thing for me at the McDonough since coming out of school. Also, the strategy
School was working in a team environment, classes and the strategy curriculum supported
because everything I do here is pulling together very well looking beyond the numbers to focus
teams, like a research analyst and a client or a on what the real business is.
group of bankers and a client or a partner and a
Scott Bryant (MBA03)
new account were trying to break into. Its a
Senior Associate, Merchant Banking Group
team-based approach.
Demetrios Diavatis (MBA97)
There are a couple of things I got from the
Senior Vice President, Institutional Sales
McDonough School. One is the networking that
helped me get this job
It was a relatively small school, which and helped me grow.
facilitated access to faculty. The business school There also was the close
had a very good faculty, and I assume it still teamwork atmosphere,
does today. The small working in multicultural
class size, the interesting groups and taking that
subject matter and the experience outward.
programs that were
Michael Blank (MBA03)
made available to
Associate, Equity Research
business students locally
were all very attractive.
Patrick J. Keeley (B70)
Group Head and Managing Director,
Energy Investment Banking
McDonough Business 27
dividends
George Houston Classroom
Many alumni have stepped forward with
contributions to the new McDonough
facility to name a classroom in honor of
George Houston. Additional funds at all
levels are needed to complete the funding
for the one million dollar tiered classroom
that will bare Houstons name.
To discuss your interest in honoring
George Houston, or other naming
opportunities, contact Michael Boyd,
Director of Development, in the Office of
Alumni and University Relations at
(202) 687-4104 or email at
mb298@georgetown.edu.
To make a gift, see enclosed envelope or go
online to http://giving.georgetown.edu and
select the McDonough School of Business,
Business School Facilities designation.
To learn more about the facility, go to
www.msb.edu/alumni/new_building
28 McDonough Business
Tropaia Awards Professor Finalist for Outstanding
Georgetown Universitys McDonough School Faculty Award
of Business recently announced the faculty Sandeep Dahiya was one of four finalists for
award winners from the Schools 2005 Tropaia the 2005 Dorothy Brown Outstanding
Exercises. Tropaia is a Greek word that refers to faculty award chosen by the students of
a monument in honor of a military victory; the Georgetown.
School uses tropaia as trophy or award in
regards to the Exercises.
This years winners include:
Faculty research Award
Professor Catherine Tinsley
Joseph F. LeMoine Award for Undergraduate
and Graduate Teaching Excellence
Professor Bardia Kamrad
Deans Distinguished Service Award
Professor David A. Walker
Peter W. Gonzalez, Jr., Award in Adjunct
Faculty Teaching Professor Kevin Welber
Professor Tinsley studies how factors such as
culture, reputations, negotiator mobility, and
perceptions of fairness influence how people
negotiate and how they manage conflict.
Professor Kamrad specializes in (real) options
pricing and risk management issues in
operations. Professor Walker specializes in Professor Sandeep Dahiya stands with other Dorothy
global financial markets and institutions, Brown Outstanding Faculty award nominees
applied microeconomics and applied
econometrics.
Faculty and Deans Fellows Named
Professor William Droms welcomes the families,
students and faculty present at the Tropaia Exercises.
Citing outstanding scholarship and
contributions, Georgetown Universitys
McDonough School of Businesss interim
Dean Reena Aggarwal was named new
Deans Fellows.
In recognition of outstanding scholarship,
teaching and service, Associate Professor
Paul Almeida was named Ann and Thomas
Stallkamp Faculty Fellow and Professor
Bob Bies was named Joseph S. Sebes, S. J.
Faculty Fellow.
Professor Almeidas expertise is in the area
of strategic management, with a focus on
technology and international business.
Professor Bies specializes in organizational
behavior and leadership.
For their significant scholarly contributions,
Professors Allan Eberhart, Patti Fairfield,
Bardia Kamrad, Cathy Tinsely, Teri Yohn,
Rohan Williamson and Lee Pinkowitz were
Faculty look on as students are honored with named Deans Fellows. Each fellowship lasts
Tropaia awards. for two years.
alumni connections*
Benefits and Services for McDonough School of Business Alumni

Online Job Postings MBA & IEMBA Alumni Groups

Online Community
hoyasonline
Visit hoyasonline and update your contact
information, access email forwarding, search
the alumni career network and more!
http://alumni.georgetown.edu
Alumni Career Services
Career Advice From hoyasonline Career
Network Members
Search all Georgetown University alumni
and talk with alumni who have agreed to
offer advice in selected career fields. You may
also do an Advanced Search by class and
employer. http://alumni.georgetown.edu
Career Tools
Available to Career Network members
(All MBA/IEMBA alumni are members)
Access premium research databases, an
exclusive Web search engine covering more
than 100,000 company job sites and useful
tips on conducting an effective job search.
Enjoy a special relationship between
Georgetown alumni and Lee Hecht Harrison,
located in 50 states and 20 countries. To join,
go to hoyasonline and select Alumni Career
Services. http://alumni.georgetown.edu
Global Workplace
An international career management and
development platform for alumni of the
worlds top 50 business schools. Join and
search a database of international jobs, access
salary surveys and discover tips on finding a
The MBA/IEMBA alumni job board is for
McDonough MBA and IEMBA alumni.
For more information, visit the MBA and
IEMB Alumni website.
www.msb.edu/alumni/mba
Other online job postings are also available
through MonsterTrak, Monster.coms
executive site, 6FigureJobs.com, ExecuNet
and Degree Hunter.
www.msb.edu/alumni/mba/career_service
Wall Street Alliance
Create and participate in networking
opportunities for financial professionals and
graduating students. Contact the Wall Street
Alliance at (212) 074-0884.
www.msb.edu/alumni/mba/service
Entertainment and Media Alliance
Founded by McDonough School alumnus
Richard L. Battista (B89), GEMA fosters
and supports career development for alumni
and current students within the media and
entertainment communities.
www.gema_hoyas.org
Alumni Clubs Career Programs
The Georgetown University alumni clubs
offer career-related programs, such as
workshops and panel discussions featuring
alumni who have made career transitions.
http://alumni.georgetown.edu
MBA & IEMBA Class Programs
Class officers prepare electronic newsletters,
and help in reunion organizing and the
schools fundraising efforts. Volunteers are
being sought for all classes. Contact Robert
P. Johnson at (202) 687-3738 or
johnson@msb.edu.
Class Reunions
Reunion weekend was established to celebrate
the 5-year anniversary of classes each June.
Reunion 2005 runs from June 2, 3, 4, 2006.
Undergraduate alumni should contact
Matthew T. Lambert at (202) 687-4336 or
mt16@georgetown.edu. MBA and IEMBA
McDonough MBA and IEMBA alumni
groups have been established across the
United States and overseas with a focus on
networking functions, including
relationships with alumni from other
business schools.
http://alumni.georgetown.edu
University Alumni Clubs
Forty-seven Georgetown University alumni
clubs exist worldwide. The clubs serve as an
excellent way to meet other university alumni
and offer a variety of activities of particular
interest to McDonough School alumni.
http://alumni.georgetown.edu
University Alumni Special Services
The University Alumni Associations
special services include an alumni credit card
through MBNA, alumni travel opportunities
worldwide and low-cost life and medical
insurance.
Wanted: Writers
McDonough Business feature stories are
open to freelance writers. The common
denominator for our articles is that they
feature interesting people in the
McDonough School community doing
remarkable work. Our stories focus on
alumni, faculty or students of the
McDonough School of Business. We are
interested in a broad spectrum of activity
in and beyond Georgetown University,
including stories that focus on the research,
scholarship and creativity currently being
done by faculty and students in the
McDonough School as well as the business
ventures, philanthropic contributions and
success stories of alumni in the workforce.
If you have a story to pitch, please send a
brief query to msb-news@msb.edu. Tell us
who you are and what kind of article you
would like to write.

*
job in the worlds key employment markets. alumni should contact Robert P. Johnson at
http://msb.georgetown.edu/alumni
www.msb.edu/alumni/mba (202) 687-3738 or johnson@msb.edu.

*
http://www.georgetown.edu/alumni

McDonough Business 29
alumninotes
undergraduate
Alumni Notes are accepted on a first-
come, first-served basis because of
space constraints. MBA and IEMBA
alumni should send notes via email
to the class correspondent indicated.
Otherwise, email your notes to
msb-news@msb.edu, or send them to
Editor, McDonough Business,
Georgetown University,
206 Old North,
Washington, D.C., 20057,
or fax them to (202) 687-2017.
We do not accept engagement
or pre-birth announcements.
Posting notes on hoyasonline
is another option. Go to
www.georgetown.edu/alumni
and click on My Information
in the upper left corner.
30 McDonough Business
67
Richard E. Wagman, chair of the
board and chief executive officer of
G.A. & F.C. Wagman, Inc., has
been elected 2004 05 chair of the
American Road & Transportation
Builders Association.
77
After a twenty eight year career
with Ernst & Young, LLP, Mark
Quinn has recently joined
McGladrey & Pullen, LLP where he
will be leading the audit practice
for the Massachusetts offices.
79
Doreen Amorosa, director of
Talent Acquisition at Avaya, led a
with Christine and their two other
workshop at the National
Association of Colleges & Employers
on recruitment metrics. Ayava was
ranked by The Wall Street Journal as
a top employer for MBA students
and was also on the 2005
Universum Communications Top
100 Employers list. She also helped
improve Avayas rank as a desired
employer on collegegrad.com by ten
percentage points over one year.
81
Cynthia Yochum Fessick gave
birth to her first child, Andrew John,
on May 19, 2003. She is taking time
out of her career to be a stay at
home mom and has continued her
athletic pursuits: she is in the
Womens Club Championship at
Rivercrest Golf Club.
82
Dean Sperantsas, an investment
analyst and securities arbitrator
with the National Association of
Securities Dealers, has eared the
prestigious Chartered Financial
Analyst designation.
86
Beatriz (Menedez) Tadie and
Patrick Tadie (85) are proud to
announce that their daughter,
Christine Maria, has accepted a
spot in Georgetown Universitys
class of 2009. She will be enrolled
in the School of Foreign Service.
Patrick was recently promoted to
managing director in The Bank of
New Yorks Structured Finance
Division. He manages approximately
400 professionals in locations
worldwide. Patrick recently wrote
an article that was published in the
July edition of International Finance
Law Review entitled, Trustees and
Technology in Securitization,
concerning the role technology
plays in the capital markets. Beatriz
and Patrick live in Princeton, NJ
while we were both living in New
children, James and Elizabeth.
88
Carol Hartigan Prince and her
husband John are delighted to
announce the Aug. 30, 2004 birth
of their son, James William, joining
two year-old brother Jack. Carol is
VP of marketing and business
development with RR Donnelley.
90
Vittorio Marcello Corbo and his
wife Francisca would like to
announce the birth of their third
child. Vittorio hopes to spend more
quality time with his three children,
Isabella, Vittorio and Grazia, and
his wife. He has been working
independently for the past two
years, developing commercial real
estate projects in transit areas. He
has also been working as a
consultant and as a director in a
few mid-sized companies.
93
Christian Michael Knaebel has
recently settled into Cologne,
Germany and has joined a leading
German advertising agency as a
managing partner. He is still
involved with a couple of projects
in the German and international
media scene, namely cable
television and digital television
programming. He would like to
stay in touch with GU alumni and
welcomes any visitor to town.
94
Kenneth Alberto Coto writes: A
lot has changed over the last 18
months. After courting Katrina
Gonzalez (CAS94) for a long time,
she finally cracked in July 2001
York City. A couple of years
thereafter, we got engaged and
moved home to Miami in early
2004. Im now working with
Merrill Lynch in private banking
and Katrina remained with
American Express and does her
New York job virtually from Miami.
We just bought and renovated a
home, so youre all welcome in
sunny South Florida.
Mary Roberts Feichthaler and
her husband Eric Feichthaler
(Law97) have had an exciting six
months. Their son Eric Paul
Feichthaler, Jr. was born at
Healthpark Hospital in Ft. Meyers,
Florida, on October 25th 2004, at
10:02 pm. He weighted in at seven
pounds, two ounces and is twenty
inches long. Eric, Sr. became a
partner at the law firm of Adams,
Feichthaler and Brinson LLP on
March 1, 2005 and was also
elected mayor of Cape Coral,
Florida on April 5, 2005. Eric has
become the second youngest
person to become mayor of
Floridas third largest city. He took
office in April for four years. Mary
opened her own CPA firm
specializing in corporate taxation in
May 2005.

Jesse L. Saglio married Tara Lynn

Karpinski of Mattituck, NY on April
23rd, 2005 in a small ceremony in
Aqubog, NY. Pete Cyr (SBA94) A Passion for Business
served as his best man. They
honeymooned in Tahiti. Shortly Steve Paluszek (B79) was drawn to business at a
thereafter, he joined Evercore young age. Whether riding to deliver papers on his
Partners in the M&A group after
paper routes or painting houses, he found the
seven years at Lazard.
concept of entrepreneurial independence and

95
Laurie Ann Berenson writes: In
addition to being mom to
Caitlin, Im now my own boss! Im
running a home-based rsum-
writing business, Sterling Career
Concepts. Were also expecting our
second child this December.
financial rewards of business intriguing. So when
his father, John Paluszek, encouraged him to take
advantage of the DC location and reputation of
Georgetown, he visited the school and promptly fell
in love. Fortunately, I was accepted, Paluszek joked.
Paluszeks undergraduate years at McDonough read like a whos who of the Georgetown
Community. Paluszek lived down the hall (second floor of New North) from current
Georgetown President John DeGioia and took classes from George Houston (see

96
Garth Arevalo has moved from
Bellwether feature, inside back cover).

George Houston had such a passion for teaching and accounting, said Paluszek. It felt
Los Angeles to Tampa with the Air so good to be in his class, and I appreciate my time with him. He is a wonderful advocate
Force. His new position takes him
for Georgetown University.
to the Middle East 50-70 percent
of the year. He is responsible for a At Georgetown, Paluszek came to understand how fortunate he was to be surrounded by
team of contracting officers who
a community of leaders which provided for significant personal growth. Spiritually, the
negotiate business arrangement to
support the troops in the region. Jesuits affected me in a way that I had a much better understanding about life, respecting
He says, its great doing others and helping those less fortunate. That is something I try to remember and practice
something you believe in! each day of my life.
Natalie W. Barthe is still enjoying
Paluszeks relationship with Georgetown is not just a fond memory. The Jean and John
life in New York City. Recently, she
temporarily retired from Morgan Paluszek Scholarship was established in honor of his parents with the goal of providing
Stanley and gave birth to twin assistance to students who otherwise might not be able to attend Georgetown
boys, Brian and Benjamin, in July
currently three students are recipients of this scholarship. He is involved in the
2005. Husband Brett is a partner at
BBR Partners, an asset management development of the McDonough School community in his position as co-chair of the Wall
firm in New York City. Street Alliance and as a member of the Board of Regents. The Wall Street Alliance has
Dale C. George is still living in established a scholarship fund that currently assists ten students each year in attending
Maryland. His wife recently gave Georgetown. He also participated in the Board of Governors and chaired the Annual fund
birth to their son Ethan in March in the past.
2005. He hopes that all are well,
especially the Wild Things from We must always do more, Paluszek said. Respect and help others, and being
Village C East.
passionate about what you do your family, your work and Georgetown.
Ryan Anthony Kuder is currently
working as a product manager for He is currently a partner at PRB Investors LP, a hedge fund company that focuses primarily
eBay, managing global content on small and mid-sized banking companies. Paluszek earned his MBA from NYUs Stern
management systems. He and his School of Business.
wife Amanda live in San Jose with
their two kids, Ashley (3?) and Jack
(4 months). Ryan is training to run
the San Francisco Marathon in
October and is a mentor for the
Leukemia and Lymphoma Societys

undergraduate
Team in Training program.

McDonough Business 31
alumninotes
undergraduate
Ronald Gordon Rosier gave birth
to her second child, Noah Gordon,
on December 24, 2004. Now with
two kids under two years old they
are pretty busy.
Gabriel Rabinovici and his wife
Pamela Friedland Rabinovici would
like to announce the birth of their
son Henry Alexander on July 22,
2005 in their current residence of
Geneva, Switzerland.
among the groomsmen. Both of
the grooms parents graduated
from Georgetown, Patricia
Sagurton Machir (C74) and
Edward Machir (74). Patrick is a
candidate for an MBA at Penns
Wharton School and is in his
second year. He previously worked
for five years on Wall Street at
Bear Stearns. His wife, Katie,
works as a regional director of
undergraduate admissions at
Penn.
Jelena Bosanac decided after
working in New York for three
years, it was time to move back to
Europe to be closer to home. She
is currently working as a Currency
Option Trader at Lehman Brothers
in London.
02
Rupali K. Patel is a 2005
graduate of GW Law School and is
rotations, three in L.A., one with a
non-profit, and three others either
domestic or international. Each
rotation is in a different
department. Currently, he is in the
Office Services/Leasing Rotation,
working on such project as
business continuity (disaster
recovery), IT infrastructure
evaluation, leasing, and the
companys internship program.
Dan Gargan was drafted to the

97
Patrick Joseph Ball is a second
year full-time MBA student at the
University of Michigan, Ann Arbor.
After seven years in private sector
finance, he is using his MBA to
transition into international
development with a focus on
finance. In the last three years, he
has worked in microfinance and
small business financial consulting
in Nigeria, Poland, Romania,
Armenia and the Palestinian
Territories.
Robert Alan Cimperman and
Erika Jones-Trujillo (B99) were
married on June 21, 2003. They
live in Fairfax, VA where Rob is a
director at an IT consulting
company, ExcelaCom, and Erika
develops multimedia learning
software at IBM for federal
government clients. Rob completed
a Masters of Science in the
Management of IT at University of
Virginia in 2005. He also started a
software company that created a
software testing product called
Screen Scavenger, available at
www.uatsolutions.com. Rob is in
living/working in Philadelphia. He
says, if youre coming through, Ill
buy you a cheese steak!
Roger B. Gill is working at Merrill
Lynch in New York. He has moved
into Equity Sales back in April,
putting together trading ideas for
institutional clients.
03
Gillian Hearst-Shaw has
launched her clothing line, AnGil.
She is responsible for business and
marketing, while her partner
handles creativity.
Colorado Rapids as the 43rd pick
in the Major League Soccer Draft.
He was featured in a Senior Profile
in The Hoya, where he said he
hopes to play European soccer and
eventually use his marketing
degree to design commercials for
athletic companies.
Interested in contributing
to the new McDonough
facility? Go to the

98
Jamie Kraska received her MBA
the exploratory phase of launching
another venture to provide co-
05
Dividends section of the
magazine on page 28
branded mobile phone features
from the University of Chicago to find more information.
through non-profits and other Mitch Fox is currently interning in
Graduate School of Business in Frankfurt, Germany with Monitor
affinity organizations.
June 2004. Group, a management strategy

Wesley Alan Russell is currently a
second year medical student at
Washington University in St. Louis.
Christina Zaloum now works at
IBM Corp. in the Mergers &
Acquisitions group after
completing her MBA at Columbia
in 2004.
00
Nicole Renee (Roach) Bolisay
was married in April 2004 and
lives and works in Los Angeles. She
currently works for McKinsey &
Company and loves it!
consulting firm. Hell join the firm
full time in San Francisco in
September. He is working on a
strategy update for a major
European health care company
Michelle Smith works in D.C. as a
dispute associate for Deloitte
Financial Advisory Services. Shes

99
Patrick Machir was married on
August 6, 2005 to Catherine
(Katie) Herbst in New Vernon, N.J.
His brother, Tim Machir (C05),
served as Best Man and Paul
Quinlan, Tim Fitzsimmons and
John McBride, all 99 grads, were
01
Emily (Main) Ballard and
Michael Ballard (C00) announced
the birth of their first child,
William Francis, on Sept. 29,
2004. The family currently resides
in the rocky mountains of Denver.
particularly interested in anti-money-
laundering programs, and her most
recent project involved reviewing
one companys compliance with
those laws prior to being purchased
by another company.
Vlad Vojnovic works in L.A. with
American Funds in the companys
Global Rotation Program. He
begins with seven four-month

32 McDonough Business
alumninotes
mba
83
Barry Khan, owner of A-1 Foam
and Fabrics in Santa Ana, CA was
featured in The Orange County
Register for his involvement in the
Cal State Fullerton student
consulting project. He accepted an
offer from the University to host
five MBA students, who developed
a 500 page study detailing how
one of Khans products, a custom
foam mattress, could become a
separate, full-time retail business.
85
Douglas S. Knopper, formerly
Senior Vice President and General
Manager at DoubleClick, has joined
the commerce platform provider
BitPass as CEO.
87
Harvey Chimoff has joined the
Tate & Lyle Global Marketing Team
as Director of Marketing. He will
support the senior management
team, lead the overall marketing
efforts, as well as work with the
Sales and Research & Development
teams. Prior to joining Tate & Lyle,
Harvey co-founded and managed
Primos Trading Company, LLC. He
has also held a number of executive
positions within Unilever North
America and was a senior
consultant at Langberg, McHugh &
Company.
89
Jaime Vasquez was named the
2005 recipient of the National
Society of Hispanic MBAs
Corporate Executive Brillante
Award. The award is the most
prestigious honor granted by the
Society, and is given to
outstanding leaders whose work
and contributions reflect the
Societys mission to foster bars. It was fun catching up with
Hispanic leadership through
graduate management education
and professional development in
order to improve society.
90
Lorraine Herr would like to
remind the class of 1990 to send
their information to lherr@herr-
design.com.
Eileen Louise Utter was married
to Mr. Jeffrey Loustau on February
12, 2005 in San Francisco. Fellow
MBA90 classmates Libby Powell
and Monte Carlo were on hand for
the celebration.
Mary Beth Lyons passed away on
March 16, 2005. She is survived by
her husband Steven and daughters
Katie and Maegan Warner.
93
Taylor Travers Simmons currently
works for XM Satellite Radio. His
prior jobs were with Winstar
Communications, Simmons
Associates, Go Communications
Corporation, and Information
Gateways Corporation. He married
Ellen McPherson in 1994 and their
daughter Alexandra Simmons was
born in 1998. He greatly enjoyed
seeing so many of his MBA
classmates at the 10-year reunion.
Keep in Touch
95
Rich Sherman writes: As Tony
We encourage all business
school alumni-undergraduate,
Corsello mentioned on the
GUMBA web site, we ran into MBA, EML and IEMBA-to send
each other in Chicago, late in the your news and photos to us or
evening, as I was searching to to your class correspondents.
meet up with some colleagues at
We do not accept engagement
a bar. I did not recognize Tony at
first, but he looked like the kind of or pre-birth announcements.
guy who would know a lot about Send your news to
msb-news@msb.edu.
him, even if it was just briefly.
Also, my wife Jennifer Herron and Moved? New job or promotion?
I took a trip to Geneva this
Update your own profile or
summer in June and spent the
weekend with Rafe Slattery and search thousands of
his wife Tania and their 15 month
son, Aiden. Rafe seems to be
doing great, and is working for
undergraduate, MBA and
IEMBA alumni by geography,
industry, program, year of
the World Health Organization in
Geneva. Their son is awesome, a graduation, position, or
very cute little blonde-haired kid. other criteria at
Finally, also, I found out that Lori
http://www.georgetown.edu/
Greiner and her husband Neil had
a baby girl in January, named alumni.
Neve. Im hoping to catch up with
her next time I am in the Denver
area.
Kevin Wrathall left Oracle to
start a degree program in Oriental
Medicine. He lives in Portland,
Oregon with his wife and five year
old son.
Tony Corsello writes: Our son,
Pace Anthony, was born on March
25, 2005. He joins brother Marek
(5 years old) and sister Helena (20
months). My wife Laura and I are
still enjoying life in Seattle, WA
where I am a Vice President with
Washington Mutual.
Scott Shore wrote from Balad,
Iraq. He says it was Friggin hot,
but the weather is starting to cool.
His unit is a transportation unit
supporting logistics operations in
Iraq. The fun part is being with
soldiers, as well as the free movies
and the facilities that are open 24
hours such as the pools, the gym
and the morale tent (think of a
McDonough Business 33
alumninotes
mba
big rec room). He has it better off,
being part of the logistical forces
than some of the smaller bases
that are out in Indian Country.
Those Soldiers are constantly
dodging explosives, mortar rounds,
heat, and crawly things: theirs is a
much tougher job. He said that
the downside is missing his two
daughters, Alexandra and Victoria,
who are five and two years old.
Scott will be in Iraq for a year,
along with about 200,000 of his
closest friends.
96
Carole Banks Russo was recently
promoted to Business Development
Manager at the International
Consumer Electronics Show (CES)
in Arlington, VA. The largest
tradeshow of any kind in North
America, CES had 142,000
attendees, 2,500 exhibiting
companies, 1.4 million sq. ft. of
exhibit space with representatives
from 110 countries! This means
her two-year-old daughter Isabella
has quite a doll collection from
around the world.
98
Eduardo N.T. Andrade (MBA/JD)
was named to the Board of
Trustees of the Westport Public
Library. He is vice president,
associate general counsel for
Priceline.com, Inc. and is a trustee
and chairman of the executive
committee for the Rectory School
in Pomfret, CN.
Diana Cortes married Kent Ostling
in Bogota, Columbia on July 30,
2005. They will reside in Stockholm,
Sweden, where Kent is from.
Scott and Katherine Schwetman
Rosen are the proud parents of their
son Jack who was born March 15,
2005 in San Francisco, CA.
34 McDonough Business
Antal and Cheryl Stevens
Runneboom celebrated the birth of
their daughter, Ella Julianna Maria
Runneboom, on June 3, 2005. The
family lives in New York City.
David Miers joined Roland Berger
Strategy Consultants after
completing his MBA in 1998
firstly based in London, England
and then in Berlin, Germany. From
September 2005 CEO of Cirrus
Airlines, based in Saarbrcken,
Germany.
Andrea Stueve Stokes has
moved on to a new position at
Synovate, one of the largest
market research firms in the world,
after six years as Director of
Research at the Travel Industry
Association. Her position is Vice
President in Synovates Travel &
Leisure practice, where she will be
doing business and product
development. She and her
husband had a daughter, named
Isabelle after her grandmother, in
October 2004.
99
Paul Kates and his wife Ilene
welcomed Noah Andrew Kates
into the world on July 21, 2005 at
approximately 12:52 PM. Noah
weighed 9 lbs, 1 oz. and measured
21 inches. The family is still living
in Manhattan, getting ready for a
move to Livingston, NJ. Paul is
currently employed at Lucent
Technologies as an Account
Executive focused on the services
side of business for Verizon. Paul
keeps in regular touch with fellow
MBAs Marcelo Teixeira, Trey
Harvin, Lana Simkina and Yizhi
Wang.
00
David Alexander Sommer writes:
adjusting just fine to having a
After 4 years at Continental
Airlines in Houston, I resigned to
travel around the world for seven
months. I spent 2/5 months each in
Africa and Europe, plus another
two months in India/Tibet/China.
Overall I hit 40 countries in 30
weeks. I just got back, and now Im
getting ready to start working for
Sabre Airline Solutions as a
Revenue Management consultant.
I probably will be living in Atlanta.
I am expected to be on the road
three weeks a month. My email is
david_sommer@yahoo.com.
01
Stephen Tansey was featured in a
New York Daily Record article
entitled, Moment with a
Manager: York Container COO
Thinks Outside the Box. Tansey
discusses his successes and failures,
his family and his mentors in the
February 2005 article.
03
Peter Gasca, Class Correspondant
ppg2@georgetown.edu
At long last, Cliff Johnson and his
wife Alisha welcomed their new
daughter, Logan Bane Johnson,
into the world on Saturday,
September 3rd at 5:39pm. And
although a girl never reveals her
weight, Hollywood tabloids report
Logan as a healthy 8lbs, 1.8oz and
20 inches long. Alisha is reported
as doing very well, and both are
daughter waddling through the
home. Their first child, their dog
Callie, is reported as taking
everything in stride. Cliff is
currently a Director at The Advisory
Board Company and can be
reached at jcj7@georgetown.edu.
Antonio Sierra was featured in a
Businessweek article highlighting
the responsibilities of an MBA in
an asset-management firm. The
article, called Keeping an Eye on
the Data, can be seen online at
http://www.businessweek.com//bsc
hools/mbapremium/aug2005/bs20
050812_3608_bs046.htm.
Antonio noted that he was going
to hit the road to promote his new
article, but he was bumped from
Leno when Justin Timberlake made
a surprise visit. Antonio recently
accepted a position with The Rock
Creek Group (formally Carlyle
Asset Management Group, LLC) in
Washington, DC and can be
reached at als42@georgetown.edu.
Scott Bryant recently joined
Washington, DC based Pine Creek
Partners on November 7th as a
Principal. While the position
offered substantial health benefits,
increased responsibilities, broader
visibility, and a bump in pay, Scott
has stated that the main reason he
accepted the position was the
location, a dangerously close walk
to the Tombs and the Waterfront.
Scott started his new position two
days after the first birthday party
of their daughter, Sadie, a late
night extravaganza featuring
copious amounts of applesauce.
Scott lives with his wife, Lori, and
Sadie in Landsdowne, VA and can
be reached at
scott.bryant@pinecreekpartners.com.

04
Sam Akintola moved back to
London from July 2004 to June
2005, and is now living in Paris,
France. Contact information is on
Hoyasonline.
Woo Suk Chang moved back to
Seoul, Korea, and works at Korea
Investment Corporation, where he
manages Forex Reserve of Korean
government.
Hiring?
Think Georgetown.
If you are recruiting
for internships or full-time
positions, hire a Hoya.
For MBA students,
contact the MBA Career
Management Center at
(202) 687-3741 or
www.GeorgetownMBAcareers.com.
For undergraduates,
contact J. Michael Schaub
in the MBNA Career
Education Center at
(202) 687-3493 or
jms46@georgetown.edu.
Georgetown MBA Students
and BearingPoint Consultants
Team Up to Assist Local
Transitional Housing Organizations
wo Washington DC non-profits that assist homeless families in the transition to
T permanent housing, the Transitional Housing Corporation (THC) and Samaritan
Ministry of Greater Washington (SMGW), asked BearingPoint to assess its business
and the programs offered through its residential facility in Northwest Washington.
BearingPoint assembled a team of BearingPoint staff and Georgetown University MBA
students to address the clients needs pro bono. The team included four BearingPoint
consultants (Donna Bernier, Brian Fitzpatrick, Jamie Baker (MBA02) and Robert Wong
(MBA02), 4 MBA students ( Joshua Cook (04), Anuvrat Joshi (05), Yeqing Li (05),
and Ameeta Patel (05), and Georgetown Professor Richard America.
Working closely with BearingPoint, the students had an opportunity to experience first hand
many of the opportunities and challenges of a consulting project, from interacting with
clients to completing data analysis with limited information and under tight deadlines.
In addition, students were introduced to BearingPoints approach to managing projects and
delivering high quality professional services.
The team evaluated the suite of services that THC and SMGW offer to residents of its
Partner Arms I facility in Northwest Washington, compiled a historical snapshot of THC and
SMGWs past performance and developed recommendations for future improvements and
growth. The team based its analysis and recommendation on interviews with program staff,
residents, and volunteers, and an analysis of historical data. In addition, the team compared
the Partner Arms Is services with the strategies and practices employed by other transitional
housing service providers in the Washington area.
The team found that THC and SMGW have achieved a strong track record of success
through well-established processes and careful case management services. Looking forward, the
team presented a number of recommendations to improve methods of measuring performance,
to strengthen programs offered to its residents, and to better articulate and promote its
achievements. The students support and participation were greatly appreciated, and the
results of the evaluation were well received. Currently, THC and SMGW are developing a
strategic plan to implement many of the recommendations that were made by the
BearingPoint-Georgetown team.
More information on Transitional Housing Corporation:
<http://www.charityadvantage.com/transitionalhousingcorp/Home.asp>
More information on BearingPoint, Inc.:
www.bearingpoint.com <http://www.bearingpoint.com>
McDonough Business 35
alumninotes
iemba
02
Andrew Tichenor has relocated
from Herndon, VA to Washington, DC.

05
Eric Kessler was featured in
A Strategic Move
When David Chavern (IEMBA03) entered the IEMBA 8
The Washington Post for his firms class, he was the classic guy juggling a lot of balls: two
work with the distribution of funds
young kids and a wife who is a full-time doctor taking
to non-profit organizations. He
founded Arabella Philanthropic lots of calls. But by the time he graduated in 2003, he
Investment Advisors, LLC to help had become a master of time management and learned
families and corporations with
that you can teach an old dog new tricks.
foundations to distribute
money wisely. While the unique schedule and international focus of the
IEMBA program was what initially drew Chavern to Georgetown; he found the challenge
of expanding his academic horizons personally fulfilling.

My most memorable Georgetown experience was our business plan residency, he said.
We had to do a plan for a new company and present it to a group of venture capitalists;
it was difficult, challenging but at the same time, really rewarding to get that interaction
between our studies and real business people. It was a good dose of reality.

As the Vice President and Chief of Staff at the U.S. Chamber of Commerce, where strategic
thinking is the majority of his job, Chavern finds Paul Almedias and Stanley Nollens
strategy classes extremely valuable.

The quality of education regarding strategy is of a national caliber. In the D.C. area in
particular, most people are dealing with services and strategic issues of one kind or
another, Chavern notes, This is a services business town. In my career, and in D.C., the
Georgetown University degree really stands for something.

iemba
WANTED: WRITERS

McDonough Business feature stories are open to freelance writers. The common denominator for
our articles is that they feature interesting people in the McDonough School community doing
remarkable work. Our stories focus on alumni, faculty or students of the McDonough School of
Business. We are interested in a broad spectrum of activity in and beyond Georgetown University,
including stories that focus on the research, scholarship and creativity currently being done by
faculty and students in the McDonough School as well as the business ventures, philanthropic
contributions and success stories of alumni in the workforce.

If you have a story to pitch, please send a brief query to msb-news@msb.edu. Tell us who you are
and what kind of article you would like to write.

36 McDonough Business
SPECIAL R E P O RT:
Orphanages Benefit from IEMBA
Students Generosity
hen Professor
W Bardia Kamrad
traveled to
Puebla, Mexico with the
IEMBA class of 2002, he
began a tradition that still
continues today.
During the IEMBAs Mexico
residency, Professor Kamrad
inquired about possible
orphanages in the area. One
of the hotel personnel provided
the needed information.
On the way out to see and
learn about the orphanage,
one of the students,
Phil Hagan (IEMBA02),
asked me where I was headed,
said Kamrad. I told Phil,
never mindlets go, and
youll see!
And before long, Professor
Kamrad, his student Phil,
and their guide Gabriel were
in a cab on the way to the
outskirts of Puebla.
The neighborhood was as
I had anticipated, but
expectations and reality
dont always merge easily,
remembers Kamrad. I was
struck by the amazing poverty
of the general area as well
as by the Franciscan-run
orphanage that housed about
fifty young boys. You must
see it to understand the
gravity and the depth of
their poverty.
More research into the The IEMBA class of 2005
orphanage revealed that the
Franciscan brothers received
no government aid and what
found themselves back in
Puebla, Mexico when visiting
the VW plant. They raised
there was in the way of over $5,500 for the two
support came sporadically, orphanages and brought the
often through individuals who children toys, personal care
had lived at the orphanage at items and toiletries. Their
one point in their life. generosity deeply touched so
many peoples lives.
I was confident that we,
at Georgetown, could make a This year, not only will
difference, Kamrad said. IEMBAs be helping in Peubla,
but here in their own back
With some advanced
yard of Washington as well.
planning, a year later when it
was time for the IEMBA The momentum has I was confident
class of 2003 to go, they had continued in the IEMBA
raised over $3,000. These program, and we have goals that we,
monies, along with gifts of of buying beds, water heaters
toys, were split between the and paint in the upcoming at Georgetown,
boys orphanage and a newly years, said Professor Bardia
found girls orphanage, which Kamrad. The generosity of could make
housed fifty girls under the our students makes them
age of 12. stand out beyond the a difference.
classroom and brings to life
The impact these gifts make Professor Bardia Kamrad
the goodness in a business
is huge, noted Kamrad. I
education.
am so grateful to have come
across individuals with big
hearts such as the IEMBA
students. They are willing to
work and plan to help make
life a bit easier for another
human being.
The IEMBA class of 2004
raised close to $2,000 for two
orphanages in Mexico City,
which was the location of
their residency. One of these
orphanages cared for children
and infants with AIDS, while
the other served as more of
an educational facility.
McDonough Business 37
Reunion
MBA class of 85

embers from the MBA classes 1985, 1990, 1995, 2000 and the IEMBA

M class of 2000, returned to Georgetown June 3rd to 5th for the 2005
Reunion. About 170 alumni, spouses and guests attended the Reunion
weekend and participated in a weekend of alumni events around campus. MBA
and IEMBA Reunion Class Chairs: John and Susan Roy, MBA85, David Burke,
MBA90, Scott Shore and Alison Van Dyke, MBA95, Shane Hartzler, MBA00,
and John Kevill, IEMBA00, organized and led their respective class reunion efforts.

MBA and IEMBA alumni came from across the U.S. and abroad for the chance to
reconnect with each other, to revisit Georgetown, and to attend the Friday night
Deans Reception and Class Parties, as well as the Saturday night Reunion Dinner at
the Four Seasons Hotel in Georgetown. The two alumni who traveled the farthest
were Faidi Aabidi, MBA95, and Faysal Hamza, MBA95, who came from Saudi
Arabia for the Reunion.

38 McDonough Business
MBA class of 95

Highlighting the Four Seasons Dinner was a presentation by Professor Pietra Rivoli
on her recently published and widely acclaimed book, The Travels of a T-Shirt
in the Global Economy. Keith Ord, Dean of Faculty, also gave remarks during the
dinner on the many positive developments taking place at the McDonough School.
Recent developments include the arrival of a new Dean, the launching of the two
new academic programs, the MBA Evening Program (MBA-EP) and the Executive
Masters in Leadership (EML), and the planned construction of a new 188,000
square foot Business School building.

McDonough Business 39
Class of 2005
McDonough School of Business
graduation events took place
from May 19-22. The
graduation ceremony began
with Senior Convocation in the
McDonough Arena on May 19.
On Friday, the McDonough
School of Business gave Tropaia
awards of leadership to students
and faculty, followed by the
Senior Ball in the evening.
Three hundred and seven
undergraduates graduated at
The McDonough School of
Business Commencement
Ceremony, held on Healy Lawn
on May 21. One hundred and
thirty five of those graduates
received academic honors. The
Commencement speaker was
Eugene S. Kahn, former
Chairman and CEO of May
Department Stores. The
ceremony was followed by the
Deans Reception.
The Masters of Business
Administration program
graduated 244 students. The
speaker was the Honorable
Francis A. Keating, President
and CEO of the American
Council of Life Insurers and the
former Governor of Oklahoma.
Forty seven students graduated
from the IEMBA program on
April 23, 2005 at 4 p.m. Paul
Almeida was given the
Outstanding Teacher award,
Ilkka Ronkainen offered the
Faculty address to students and
Reena Aggarwal gave the
Deans Address to students. Ten
students were inducted into the
Beta Gamma Sigma honor
society.
40 McDonough Business
Captions top to bottom, left to right
Faculty, staff, students and families
gather in the Healy Courtyard for
the Deans Reception.
MBA students process to the
commencement ceremony.
The Undergraduate speaker
Eugene S. Kahn addresses the MSB
class of 2005.
Undergraduate students of the
McDonough School of Business
prepare for their graduation day.
MBA class of 2005 listen as their
commencement ceremony begins.
An MBA student receives her degree.
Student speaker at MBA
commencement.
Student celebrates graduation.
Interim Dean Reena Aggarwal
addresses the Class of 2005.
Alma Mater
Hail, oh Georgetown, Alma Mater,
Swift Potomacs lovely daughter,
Ever watching by the water,
Smile on us today;
Now her children gather round her,
Lo, with garlands they have crowned her,
Reverent hands and fond enwound her,
With the Blue and Gray.
Wave her colors ever,
Furl her standard never,
But raise it high,
And proudly cry,
May Georgetown live forever
Where Potomacs tide is streaming,
From her spires and steeples beaming
See the grand old banner gleaming
Georgetowns Blue and Gray.
Throned on hills beside the river,
Georgetown sees it flow forever,
Sees the ripples shine and shiver,
Watching night and day,
And each tender breeze upspringing,
Rarest woodland perfumes bringing,
All its fold to fullness flinging,
Flaunts the Blue and Gray.
Robert Collier 1894
Bellwether
one who leads or initiates
George R. Houston (B61)
George Houstons familial connection to
Georgetown goes back much further than his
first year here in 1956. My family has been
associated with Georgetown since its
founding: my maternal grandfather, many
generations ago, was Notley Young, a cousin
of John Carroll, Houston notes.
Alumnus and long-time Georgetown professor
and administrator, George R. Houston (B61)
has returned to his DC roots and to exemplary
volunteer service to the University and the
McDonough School of Business.
Professor Houston taught accounting to
generations of Georgetown students and
received numerous teaching awards and honors,
including an honorary degree in 1982 from
the University and the Distinguished
Professor of Accounting Award in 1992.
He also received the John Carroll Medal in
1981 and the Alumni Admissions Program
Award in 1992.
Houston returned to Georgetown on a part-
time basis as an adjunct lecturer in accounting
the year after he graduated. He accepted a full-
time faculty position in 1966 and was a
McDonough faculty member and administrator
until 1994. During that period, Mr. Houston
also served as treasurer (1970-92), vice
president for financial affairs (1974-90), senior
vice president and treasurer (1990-92) and
managing director of the endowment fund
(1992-1994). During his administrative tenure,
he played a major role in the growth of
Georgetowns endowment fund and he
introduced three campus budgeting, a process
requiring each of the universitys academic
campuses to produce a break-even budget.
But these accomplishments are not the side of
Georgetown that Houston remembers. My
most fond Georgetown memory clearly is my
relationship with thousands of students, he
said. It was a privilege to share a classroom
with them and now to see how successful they
have become. Their success made all those
Sunday night reviews very worthwhile.
He became President of Mount Saint Marys
College and Seminary in 1994 and served
there until June 2003 when he became
President Emeritus and also received an
honorary degree. Although now retired, he
continues a prodigious volunteer schedule,
serving on almost a dozen boards and
foundations including the Council of
Independent Colleges and the Foundation
for Independent Higher Education.
Professor Houston also serves on the
Accreditation Committee for the Middle
States Committee on Higher Education and
the NCAA Recertification Committee. He
rejoined the McDonough School of Business
Board of Advisors in the fall of 2003, and
immediately agreed to lend his support to the
fundraising efforts for the new McDonough
School facility. This campaign has raised over
$70 million through September 2005 toward
a goal of $82.5 million.
Career Highlights: Of course, highlights
include my 33-year teaching career at
Georgetown, he said. Houston also
commented that he had a wonderful time
serving as president of Mount Saint Marys
College and Seminary. During his second
year at the Mount, he taught an introductory
accounting course that used the same text
book he had used at Georgetown. But his
classes at the Mount had only fourteen
students; at Georgetown they had over 100!
Education: Graduated first in his class at
Georgetown, where he was a member of
Beta Gamma Sigma, the Business Honor
Society. He wanted to study accounting.
Georgetown had the best accounting
program coupled with a liberal arts
education, Houston said. In addition to his
undergraduate degree from Georgetown,
Professor Houston holds an MBA from
George Washington University and is a
Certified Public Accountant, having achieved
the highest score on the CPA exam in the
District of Columbia in 1961.
Current Alumni Activities: Member of the
Board of Advisors of the Business School,
member of the Washington Alumni Club
and fundraising for the new business
school building.
Former Alumni Activities: Treasurer of
the University, treasurer of the National
Alumni Association and treasurer of the
Washington Alumni Club. Houston joked,
the only one of the organizations that had
any money was the Washington Club.
Life as a Georgetown Professor: During
my undergraduate days, I had substituted for a
faculty member, Houston said. Thus, I was
bitten by the teaching bug. In those days, the
faculty was part time, so I combined the
practice of accounting with the teaching of
accounting. I brought real life experiences into
the classroom that made the introductory
accounting course more interesting.
Family: Houstons 87-year old mother lives
in the metropolitan area as well as one sister
and her family. He has another sister in
North Carolina and a brother in southern
California.
Hobbies: Professor Houstons biggest hobby
is reading novels, biographies and histories.
Affiliations: Currently serving on the
boards of trustees/directors of the College
of Notre Dame, the Catholic Distance
University, the Woodstock Theological
Center, the Marion and Henry Knott
Scholarship Foundation and St. Marys
Ryken High School. He is a member of
the Finance Council of the Diocese of
Arlington, Virginia, a member of the
Financial Advisory Committee of the
Maryland Province of the Society of Jesus,
and a member of the DeMatha Catholic
High School Advisory Committee.
His View of the Value of Business
Education: Houston states, There is no
question that businesses drive the economics
of the nations of the world. And there is
no question, as we have seen far too often,
that some business could have been better
managed if they had paid attention to
values. A value-oriented business
education is precisely what Georgetown
offers. By supporting Georgetown, we are
supporting values in business.
McDonough Business c3
Save the Date!
June 2, 3 and 4, 2006 Reunions Planned

For more information 56

Undergraduate Alumni
Matthew T. Lambert
61
Director of Class Advancement and Parent Programs
(202) 687-4336 66
mtl6@georgetown.edu

MBA and IEMBA Alumni

71
Robert P. Johnson
Director of MBA & IEMBA Alumni Programs 76
(202) 687-3738
johnsonr@georgetown.edu 81
86
91
96
R E U N I O N S 01

2 0 0 6
Georgetown University Non Profit Organization
the mcdonough school of business US Postage
PA I D
Box 571147
Washington D.C.
Washington, D.C. 20057-1147 Permit 3901