kU wOMEN IN FINANCECAROL ZOELLNER HALLMARK CARDS

iSSUE no. 4, SUmmEr 2012

mAnAging UnivErSiTy invESTmEnTS

mArKETing For FinAnCE

ThE ArC From mom To DEAn

kU wOMEN kU wOMEN Special Issue:

02 I

FROM THEDEAN

It is my great pleasure to bring you this, the fourth issue of our award-winning magazine, Annual Report of KU Finance. This is special to me because it is my fi rst outreach in this publication as dean of our beloved school.

Even back when I was a student at KU, our fi nance department was known for world-class faculty, excellent students and incredible connections with industry. You will be delighted to know that these are strengths on which we continue to build.

Our students are gaining valuable, hands-on experience through our Finance Scholars program, and the Applied Portfolio Management classes. There is not an alumni event I attend where someone does not come up to tell me about the classes in fi nance they took and how much these impacted their careers and their lives (yes, even if the lesson for some of them was that fi nance was not their cup of tea!) Cathy Shenoy, whom you know as a key architect of these programs, is now serving as our MBA program director, and has successfully transitioned these programs to other faculty leaders.

Our faculty is setting the stage in research that makes a difference. They are not recluses in an ivory tower. They tackle issues of great signifi cance to the nation and to the world. They bring this knowledge to the classroom, making sure our students are well-prepared to face the challenges of the global economy.

As a “recovering banker” myself, I greatly appreciate our fi nance area’s ability and willingness to engage with industry. We have been fortunate to have Steven Koenig, former co-head of Latin America sales and trading - JP Morgan Chase, as our fi rst Professor of Practice, and we have hosted many speakers in every area of fi nance from private equity to banking to corporate fi nance.

I am committed to a strong and vibrant fi nance program. We have hired two new faculty who will be joining us in the year ahead. Our MBA faculty have selected fi nance as one of two focus areas for our students, allowing us to leverage our resources effectively. Our undergraduate fi nance major continues to grow in popularity and in the caliber of students we recruit.

None of this is possible without YOU! Thank you for your friendship and support of the KU business school. We hope you will come and see us soon.

Rock Chalk!

Neeli BendapudiDean

FROM THE DIRECTOR This issue of Annual Report of KU Finance highlights the careers of several women who have connections to the School of Business. The women featured range from those who have already made substantial progress in their careers to those who are just graduating, and includes one who is a current faculty member in the School of Business. I enjoyed reading the stories of each of these women, particularly because of the wide variety of careers and life experiences represented. It was especially rewarding to learn about the accomplishments of some of my former students. These women represent the quality of students who have chosen the KU School of Business in the past and the type of students we currently hope to attract.

Approximately 35 percent of current undergraduate business students are women. My hope is that these students will see the women profi led here as role models for their own lives and careers. These women have shown it is possible to be successful in their careers, have a healthy work-life balance and contribute to their communities.

The stories these women tell are a testament to what our graduates, who have a quality education and are willing to work hard, can achieve. It was gratifying to learn of the ways in which professors at the School of Business have positively infl uenced many of these women. I hope that our current students will continue to call upon our faculty as a resource that can play an important role in their learning.

Finally, this issue highlighting women in fi nance is timely because the School of Business has a new dean, Neeli Bendapudi, who is another one of the outstanding women graduates of the school. Neeli has brought many changes to the school, and in my new role as director of the Finance, Economics and Decision Sciences area of the school, I am excited to join her as we build upon the successes of the past and seek to move the fi nance area and the school to an even higher level. As the faculty and staff in the school build upon the strong foundation already in place, I know our alumni and friends will be there to help. Thank you for your ongoing support as we move the school into the future.

Steve HillmerArea Director – Finance, Economics and Decision Sciences

03 I

TAbLE OF CONTENTS

Jami Waggoner 05

Joanna rupp 06

Deborah Kobe norris 08

Janet holt 09

internships 10

Jackie nugent 12

rekha Patnaik 13

Carol Zoellner 14

Jamie melzer 16

hsulin Peng 17

opportunities for learningat JP morgan 18

renee Augustine 20

laurian lytle 21

Karyl leggio 22

From internships to Full Time Employment at Koch industries 24

Cathy Shenoy 26

Scholarships and Awards 27

Donor recognition 28

Finance Faculty Contributions and Achievements 30

Finance Advisory Board 31

MIKE THOMPSON

CORpORATESpONSORS

CRIMSON & bLUE SpONSORS

The fi nance faculty and the KU School of Business thank these companies and individuals for their sponsorship of the Annual Report of KU Finance.

04 I

FROM THE FACULTY EDITOR This year’s Annual Report of KU Finance turned out so well, I wish I could take credit for it. Unfortunately, I cannot. Rather, credit for both the theme – “KU Women in Finance” – and for the stellar execution goes to others. I am happy that I’ve been able to help.

Cathy Shenoy originally proposed the topic. The heavy lifting was undertaken by Kim Gronniger, an experienced business writer, and by Toni Dixon, our communications director. Many thanks to all three for an annual report that conveys so much of the texture of life at KU and beyond, and the tremendous accomplishments of our alumnae.

This special issue is a celebration of a development long in the making and not nearly finished. I won’t presume to say what the world of finance should ultimately look like, but it is clear that women in the past faced an array of barriers – some explicit, some the product of ignorance or outdated notions – that kept many from careers in finance for which they were well suited. Thankfully, things have changed. If the faculty and staff have contributed to that change, and I think we have, we can be proud.

I confess that I also read this issue focused on the question: what contributes to a satisfying, useful educational experience at KU? With so many stories of success and triumph over adversity, I was sure there would be – if not answers – at least some strong hints.

I boiled it down to three things: the human connection, sparking interest and learning how to solve problems. Pure test taking and the dry checklist within the four corners of a course syllabus count for something, perhaps, but the big value-added comes from being inspired by the material and the instructor, and working with others to make things happen.

George BittlingmayerWagnon Distinguished Professor of Finance Faculty Editor of Annual Report of KU Finance

DeanNeeli Bendapudi

Area Director for Finance, Economics and Decision SciencesSteve Hillmer

Faculty EditorGeorge Bittlingmayer

Director of CommunicationsToni Dixon

Communications CoordinatorAustin Falley

WriterKim Gronniger

PhotographersAnn DeanUniversity of Kansas archives

DesignFriesen Design, Inc.

PrintingSun Graphics

CONTACT US The University of Kansas School of BusinessSummerfield Hall1300 Sunnyside AvenueLawrence, Kansas 66045-7601P: 785-864-7500bschool@ku.edubusiness.ku.edu

05 I

Jami Waggoner AmEriCAn CEnTUry invESTorS

Waggoner, a CPA, is chief financial officer at

American Century Investments, where she oversees

financial forecasting and corporate operations,

accounts payable, payroll, fixedasset accounting,

billing, procurement, financial reporting and tax

functions. She credits KU with instilling a strong

work ethic necessary to manage multiple projects

and expectations in a corporate environment.

She worked as a mutual fund auditor at

PricewaterhouseCoopers in Kansas City before

joining American Century in 1996 as the

company was acquiring Benham Management

International. She determined that she liked

accounting research and financial reporting more

than auditing and transitioned into a new role.

Fortified with a competitive drive, an infectious

laugh and a stash of candy bars she shares with

staff, Waggoner thrives on work that is both

predictable and unexpected. “We produce

recurring monthly and quarterly reports and value-

added analysis on projects to determine viability

and evaluate investments we’ve made to pass

along to our key executives,” she says, “but there

is no typical day, so that keeps the work fresh.”

For example, Waggoner and her team recently

performed due diligence work for a corporate

purchase/shareholder agreement with the

Canadian Imperial Bank of Commerce, which

acquired a 40 percent ownership in American

Century.

Emphasizing the importance of being well

balanced, Waggoner makes time not only for

work but also for friendships, fun and philanthropy.

She travels, plays golf and serves as treasurer and

secretary for Ronald McDonald House Charities

of Kansas City.

“Good grades are important, but we also look for

involvement in activities and leadership positions

that demonstrate contributions and ambition,” she

says. Balance is also important in new recruits.

Appreciative of former boss Maryann Roepke’s

“huge influence” on her as a mentor, Waggoner

strives to “be accessible, informed and connected

to people I have formally or casually mentored,

even if it’s just lunch once in a while in the

cafeteria,” she says.

She describes working in a corporate culture

compatible with her own ideals and aspirations as

“incredible” and admires the company’s emphasis

on performance paired with long-term results for

clients and “profits with a purpose.”

Waggoner is eager to apply her expertise,

experience and enthusiasm as a new member

of the KU Finance Advisory Board, which helps

faculty, staff and students.

A former master’s degree candidate at KU,

Waggoner opted out of the program when an

intriguing promotion diminished the time she could

devote to her studies.

“I see ads all the time for accelerated programs,

but it’s a personal thing. If I decide to go back

to school, I refuse to go anywhere else but KU,”

she says.

Friendships developed in Delta Sigma Pi and members forming a

pyramid on the football field at graduation

Going to Joe’s Bakery

Taking aerobics classes at Robinson Center

Topeka native Jami Waggoner knew she wanted to “wear a suit and carry a briefcase to work” someday, so when a bookkeeping course eclipsed pre-med aspirations, she learned all she could through classes and business fraternity leadership positions.

THE IMpORTANCE OF bALANCE

06 I

The former Salina, Kansas salutatorian intended to become a doctor but an economics class left such an indelible impression on her that she changed course.

“I loved learning about interconnected systems and how incentives align with and influence behavior,” recalls Rupp, who happily spent hours listening to music and poring over textbooks detailing the intricacies of supply and demand curves, price subsidies and public policy effects on economic outcomes.

Rupp explored a variety of classes, even studying in Aberystwyth, Wales, for a year. “That trip abroad helped me become self-reliant and more nimble in my decision making in an unfamiliar environment,” she says.

The experience also kindled a lifetime love for international travel, inspiring hiking trips to Kilimanjaro, the Alps and Patagonia.

Just as processing information quickly, accepting ambiguity and acting decisively are helpful traits in navigating a foreign country, the attributes are also advantageous when managing money through global partnerships.

“We are extremely prudent in the processes we use, yet open to fi nding strong talent and investing early with promising firms,” Rupp says. “We identifi ed a manager who does private equity investments in India, so we did a due diligence

trip before we made the allocation. Those types of investments have contributed signifi cantly to our performance, and we have resolved to stay on top of new opportunities that can add meaningful alpha and facilitate value creation.”

When Rupp graduated from KU in 1985, few women shared her major and jobs were scarce. Although she accepted a data entry position with a Kansas City credit union for $10,200 a year, she aspired to be an analyst.

“One of my hallmarks, good or bad, is determination,” says Rupp, who persisted in learning all she could about the business. Passed over a third time for being “too quiet,” she says, “I went to a manager I respected who gave me a shot. With both feet in the deep end, I learned to communicate in a direct, concise manner, which has helped me throughout my career.”

She advises new graduates to network, develop confi dence and “give credit to others, but realize that if you say ‘we’ too much, you run the risk of people not realizing it was, in fact, ‘you.’”

Although more women occupy high-profi le fi nance positions and serve as role models than when Rupp was a student, she says female business school graduates often cluster in sales and marketing positions, possibly “intimidated by the quantitative aspects of fi nance” and workweeks incompatible with raising young families.

Despite routinely working 90 to 100 hours a week as a Goldman Sachs associate, Rupp enjoyed the work’s perks, including frequent travel and a high-rise apartment where she once occupied an elevator with broadcast legend Peter Jennings, who asked for a cookie from the tray she was taking to her doorman as a thank you for a party she was preparing to host.

“I won a blue ribbon at the state fair for my chocolate chip cookies, and they have always been a party staple during my KU years and even now,” laughs Rupp.

The single mother of a two-year-old daughter, Rebecca, Rupp says overseeing foundations and charitable endowment funds can offer the work/life balance so many people are looking for in a career. “These fi nance positions are more mission-focused with a different compensation structure than an investment banking or asset management fi rm, but it’s still a lucrative profession that offers lifestyle options that don’t require living in metropolitan areas.”

For Rupp, another necessary aspect of personal fulfillment entails volunteering. She supports Deborah’s Place, a Chicago non-profi t agency that provides services to homeless women striving to live independently. Rupp taught typing skills to clients before joining the board, serving as president for two years and becoming a founding member of President’s Circle, a sustaining board of contributors.

“We live in a world, particularly in business, where the objective is to generate results and move things forward,” says Rupp. “We don’t see gargantuan shifts here because the bar for success is very different. I may have spent weeks teaching someone to type. During that time, she may still

Poised and personable in a downtown Chicago offi ce with an expansive view of Lake Michigan, Joanna Rupp, assistant vice president and chief operating offi cer, oversees the operational, administrative and risk management infrastructure of the University of Chicago’s office of investments of an endowment investment portfolio worth more than $6 billion.

ASSISTANT vp, CHIEF OpERATINg OFFICER AT UNIvERSITY OF CHICAgO OFFICE OF INvESTMENTS

Joanna RuppFASCINATED bY FINANCE AND MAkINg A DIFFERENCE

not know how to type, but she’s showing up and showering and that’s success.”

Rupp discovered that contributing her fi nancial expertise to the agency’s efforts was more valuable than her one-on-one interaction with clients, noting that organizations “typically” don’t have “people with finance backgrounds who can help with fi nancial planning, management and oversight.”

After nearly 25 years in finance, Rupp has maintained her fascination with her fi eld. “I still love seeing how the capital markets work and how policies infl uence the process. At the end of the day, the United States still has one of the most robust climates for business and development.”

ASSISTANT vp, CHIEF OpERATINg OFFICER AT UNIvERSITY OF CHICAgO OFFICE OF INvESTMENTS

Playing in the marching band

Playing cards at Ellsworth

Making Joe’s Bakery doughnut runs

Spending Friday afternoons at the Hawk

Sharing meals with other resident assistants at the Campus Hideaway

Waiting tables at Mass St. Deli

Childhood visits with her family to see the coach and teammates

of KU’s1953 NCAA national championship cross country team

on which her father ran

08 I

Deborah Kobe Norris BUllSEyE DATABASE mArKETing

Norris grew up in a first-generation, blue-collar Catholic family in the Strawberry Hill section of Kansas City, Kansas, and aspired to be a nun. High marks on the PSAT test, however, brought National Merit Scholarship recognition and a scholarship and work-study package from Barat College in Lake Forest, Illinois, where she earned a bachelor’s degree in business and economics.

After graduation, Norris returned to Kansas City, where a bank recruiter with whom she was interviewing advised her to get an MBA. Norris thrived on the classes and camaraderie that developed among faculty and students at KU, often facilitated through Friday afternoon happy hours she coordinated.

She also excelled at the coursework by giving “125 percent” every day, ultimately earning the prestigious Wall Street Journal award as one of the country’s top business students that year.

She nearly ruled out consulting when Ed Kangas from Deloitte (then Touche Ross) described to a group of students that Deloitte was looking for 30-year-old males with quanti tative

undergraduate degrees and significant work experience. Kangas, however, encouraged her to interview, and she received one of the consulting offers Deloitte extended that year.

Norris spent 14 years at Deloitte, the first four in Kansas City as an associate consultant working with health care and financial institutions. Possessing an appealing blend of ambitious brashness and Midwest practicality, Norris noticed in the company newsletter that a new financial services center was opening on Wall Street. She called the switchboard and asked for the partner in charge. Tom Presby answered his own phone, “only to find this lowly associate in Kansas City on the other end of the line,” laughs Norris. “I told him I thought this was the most exciting thing the firm had done and that I wanted to be part of it. A month later I was headed to New York.”

Norris became a partner, working on global mergers and acquisitions, performing due diligence, forecasting whether deals would provide the appropriate level of return on equity to investors and “loving every minute of it.” Pregnant with her daughter, however, Norris realized on a flight from Indonesia to the Netherlands that she needed to make a change. “My husband (a corporate chief financial officer) and I had enough Kansas in us to know we weren’t cut out to raise a child in New York City, much less juggle parenthood with the international travel demands of my job,” she says.

She connected with Kenyon Blunt, an MBA classmate who owned Bullseye Database Marketing, a boutique agency providing strategic direct marketing programs for financial institutions. In 1993, with a plan “literally jotted down over

drinks on a napkin,” Norris embarked on her next act, eventually buying out Blunt in August 2001.

Then 9-11 happened and “the world stood still,” she recalls. Despite the unexpected roller coaster ride, Bullseye survived, prospered and grew.

In addition to her work as chairman and CEO of Bullseye, Norris serves on boards, maintains homes in Arizona and New York and regularly travels to the Bullseye office in Oklahoma and to Kansas to attend KU School of Business Advisory Board meetings and visit family.

She encourages students to use college as “a time for sampling a diverse array of experiences, for discovering things about themselves and for finding their passions.”

TRANSITIONS: HOw THEY HAppEN AND HOw TO MAkE THE MOST OF THEMDeborah Kobe Norris is an excellent example of what can be accomplished when hard work, high energy and luck converge.

TGIF happy hours with the faculty at campus bars

Graduate Business Council bus trips to KC Royals games

Brown bag lunches to hear speakers talk about their careers

KU School of Business Advisory Board

09 I

Janet Holt WADDEll & rEED

Her childhood earnestness evolved into a fulfilling role as a financial advisor with Waddell & Reed in Overland Park, allowing her to aid the well-being of others through solid investment practices and pursue her personal interests in community service and philanthropy.

“Being a financial advisor combines the excitement of meeting new people and the benefits of long-term personal relationships while also satisfying my daily need to use a calculator,” laughs Holt. “Every day I help people set their goals for retiring or sending kids to college; then I help them develop plans to reach those goals.”

Holt earned a bachelor’s degree in business from the University of Missouri-Columbia, then worked for four years before pursuing a master’s degree at KU.

Before KU built the Regents Center at the Edwards Campus in 1990, MBA candidates like Holt took evening classes in a former elementary school

replete with child-height water fountains and cubbies for coats. The one accommodation for the aspiring Jayhawks was KU blue venetian blinds in the classrooms.

During this era before internet and email, Holt worked at the JCPenney catalog distribution center during the day, then spent a couple of nights a week attending classes and using the computer lab to research and write papers. “I didn’t have a social life for five years,” she recalls.

Al though demanding work and fami ly commitments prevented a lot of additional fraternizing, Holt says the students and professors “often stayed after class to solve the problems of the world, or at least discuss them.”

She also benefitted from candid stories of classmates, some of whom “had launched businesses that had failed and shared how the outcome might have been different if they had known some of the basic things we were learning in class.”

Holt stayed home with her children when they were born to “concentrate on being a mom” and finish her master’s degree. She kept her business skills current by volunteering for computer and finance duties at non-profit agencies. She joined Waddell & Reed in 1999, holding dual roles as a management team member and financial advisor from 2001 to 2009, at which time she decided to focus on being a financial advisor full-time.

While recruiting for Waddell & Reed through the university’s Business Career Services Center, she was able to develop an internship program. “Over

the years, I’ve worked with about 30 interns, mostly from KU, and they have been bright, professional and willing to learn - -everything an employer is looking for,” she says.

Holt has also participated in the KU Leadership Challenge program, a collaborative forum for 50 exceptional business and engineering students. She remains passionate about volunteering, especially for initiatives addressing youth, poverty and literacy.

Grateful for the blessings in her life and intent on helping others, Holt has achieved a version of the “rich” lifestyle her younger self once imagined as she conscientiously recorded figures in her savings account ledger.

“My husband and I thought we’d have the one-car lifestyle of our childhoods, but we’ve had this incredible life that lets us do so much more,” she says. “It’s important to us to give back because life has been good to us.”

HELpINg STUDENTS wITH jObS, CLIENTS wITH INvESTMENTSWhile her second grade peers in Columbia, Missouri, were blowing their allowance on bubble gum and Barbies, Janet Holt kept an accounting ledger for her $40 savings account, having learned she “would be rich someday because of compound interest.”

Walking down the hill at graduation wearing leis and “huge letters that spelled out R-E-G-E-N-T-S

C-E-N-T-E-R in a show of solidarity” with her classmates

Vicariously enjoying her daughter’s Kansas Honors Program and

scholarship hall activities when she attended KU

INTERNSHIpSFROM THE CITY OF FOUNTAINS TO THE bIg AppLE

University of Kansas School of Business internships demonstrate the depth and breadth of the Jayhawk network nationwide, enabling students to make their mark and alumni professionals to support the Rock Chalk fl ock. Meet four students who used their 2011 summer internships as a springboard for securing corporate positions upon graduation.

Lawrence nat ive eriN rOBiNsONj o i n e d B a n k o f Oklahoma in Kansas City last year as a commercial lending analyst and worked with a group that m a ke s l o a n s t o companies with $20

million or more in assets. She reviewed fi nancial information for entities with which the bank had credit facilities, accompanied managers on client calls and interacted frequently with the chief executive offi cer.

One of the most gratifying aspects of her internship was participating in a company-wide challenge through which two internship teams devised “strategic, creative ways to improve a new

business development presentation.” Robinson’s team won.

With 14 competitive interns, she says she was “pleasantly surprised to see just how prepared I was” based on her academic coursework at KU.

Robinson notes that an additional benefi t of an internship is to develop insights that can help guide a career path. She praises the Finance Scholars program and the Business Career Services Center for helping students identify career opportunities that mesh with their backgrounds, personalities and aspirations.

Because of that extensive exposure to so many possibilities, Robinson pursued corporate opportunities involving consulting and travel. She recently accepted a position as a business analyst with Deloitte Consulting in Kansas City.

DANieLLe kOPP, Leawood native, grew up in a Jayhawk family and has enjoyed the opportunity to be “close to home and graduate with no debt” while also participating fully in sorority, Rock Chalk Revue and volunteer activities, in addition to academic pursuits.

Kopp’s internship stemmed from a dinner conversation with a parent of a child she once coached in swimming. The fortuitous encounter led her to Great Range Capital, a middle-market private equity fi rm in Leawood, Kansas, founded by Ryan Sprott and Paul Maxwell, both KU graduates and brothers-in-law, with extensive Wall Street experience.

“They trusted me and gave me more responsibility as I proved I could handle the workload,” says Kopp, who set up a one-page template for summarizing acquisition targets and assessed more than 20 companies. Additionally, she built a couple of leveraged buyout models outlining confi dential price targets, deal merits, multiples for purchase price and growth implications.

After graduation, she will join Robert W. Baird and Co. in Milwaukee, Wisconsin, as an investment banking fi nancial analyst. “The vice president helped me prepare for the banking world and then passed my resume to his contact at Baird,” says Kopp. “Talk to people because you never know where it might lead.”

KU concert choir

Chi Omega Rock Chalk Revue director

Student Senate

Mortar Board National Honor Society

Finance Scholar

Kappa Kappa Gamma

Rock Chalk Revue activities

11 I 11 I

As a fi nancial analyst intern at the Federal Reserve Bank of Kansas City, Shawnee, Kansas, native JULiA VALeNTiNe worked on budget planning and analysis and developed an online chat solution to connect internal users for the national service desk department that links all Federal Reserve banks.

Valentine also interned at Cerner Corp. between her sophomore and junior years and is a strong proponent of the internship concept. Her experience as an information systems teaching assistant and her familiarity with Microsoft Excel and Access prepared her well for independent assignments.

“With internships, you really have a chance to learn about a company’s culture and business model and determine whether it’s something you

want to pursue, especially since you get to see a lot of behind-the-scenes activities,” she says.

She credits the Applied Portfolio Management course with enabling her to “interpret and analyze large amounts of data and then create concise reports.” Leadership experience cultivated through Mortar Board National Honor Society and Kappa Alpha Theta activities also contributed to her confi dence and capabilities.

Va l e n t i n e w i l l become a fi nancial analyst at the bank upon graduation. “The in ternsh ip really helped me clarify my career goals,” she says.

BAT-ULZii LUVsANsHArAV grew up in Ulaanbaatar, Mongolia, and had never ventured “a mile away” from her hometown before boldly following in her older sister’s footsteps to seek a college education in the United States.

At KU, she has participated in the Finance Scholars and Jayhawks on Wall Street programs, which enabled her to visit major banks in New York City, meet with industry professionals and solidify her decision to pursue an investment banking career path.

In 2011, she worked as a summer analyst for Deutsche Bank in New York City and assisted in building financial models and preparing management presentations in the Natural Resource Group. “It was very analytical, strategic and fast paced,” she says. “I loved it, even the long hours.

I definitely enjoyed camaraderie with my co-workers and learned a lot from them.”

During her internship, she found material learned in Susan Scholz’s advanced fi nancial accounting course and Kelly Welch’s valuation course especially helpful. “In the accounting class, we worked on 10Ks and learned how the information fl ows,” she says, “and in professor Welch’s class we worked as a team and were able to incorporate and leverage our knowledge from previous classes.”

She is “thrilled” to return to Deutsche Bank in the summer as a full-time investment banking analyst. She encourages students to “try your best, get a challenging internship and know that KU people are happy to help each other.”

Kappa Alpha Theta activities

Mortar Board National Honor Society

KU football and basketball games

Jayhawks on Wall Street

University Scholars Program

12 I

Jackie Nugent FEDErAl rESErvE BAnK oF KAnSAS CiTy

After earning an MBA from KU in 2001, she first worked at a regional brokerage firm. She then joined the Federal Reserve Bank of Kansas City in 2004 as an assistant bank examiner with a three- to five-year track for becoming commissioned. In addition to the required technical skills, the position also entailed using communication skills that complemented her personality and undergraduate degree in psychology.

In her role now as manager of the applications department in the banking supervision function of the Federal Reserve, Nugent oversees the evaluation and processing of applications for banking mergers and acquisitions, among other transactions. She also teaches financial analysis and risk management twice a year for employees through the Federal Reserve Bank system.

As a sixth grader, Nugent spent every weekend in the local library, often ending up in the psychology

section, where she was engrossed by stories of people who had triumphed over tremendous obstacles. Those inspiring stories left a lifelong impression on Nugent and continue to influence both her career and her philanthropic commitment toward causes that support struggling families.

Growing up half Asian and half Caucasian in a small town where “it took a while” to win over classmates and persuade them that she wasn’t any different than they were, Nugent often draws on that self-assuredness when making remarks at a table of mostly men. “It’s been different at times for men to hear a tough message from a young woman, but it’s not something that has impacted my career,” says Nugent, who appreciates that a once entrenched “good-old-boy” banking image is now yielding unprecedented opportunities for women.

Just a few years ago during her stockbroker days, she was mistaken for a sales assistant because of her gender at a convention where the keynote speaker opened his remarks with a joke about three women--a blonde, a redhead and a brunette. Now the Federal Reserve Bank of Kansas City is led by a woman she admires, Esther George, who is president and chief executive officer.

“She has been particularly inclusionary in her management style,” says Nugent, who believes that barriers continue to break down as more women excel in financial services. “She started out in banking supervision and worked up the ranks and gained respect.”

Nugent still recalls wisdom imparted by two KU professors during her graduate school days. Bill Beedles’ reputation for “it depends” answers developed her critical thinking skills, something she believes “can set you apart in a workplace.”

Although she didn’t take courses from Bill Lewis, she served as his teaching assistant and absorbed life lessons that have shaped her approach ever since. “He was famous for telling us there was no free lunch, and then he’d take us to Schlotzsky’s and buy us lunch,” laughs Nugent. “I love the place to this day for the sheer sentimental value.”

As a manager, mentor and mother, Nugent strives “to emulate his common sense approach combined with genuine care for those around me.”

INCLUSION, THE pERSONAL DIMENSION, AND THE wISDOM OF “IT DEpENDS”Jackie Nugent, a native of Belleville, Kansas, was working as a bank customer service representative when she realized that she would need a master’s degree in business administration to have the kind of financial services career she envisioned.

Being a resident assistant

Assisting with a Thanksgiving feast for international students

Participating in church activities and “Red Dog’s Dog Days of Summer

workouts at 6 a.m. on the KU football field with several hundred

people - the most fun, hands down”

13 I

Rekha Patnaik UmB

Her father’s “influence and adherence to the Benedictine philosophy of ‘work as worship’” led Patnaik, in part, to an airy corner office overlooking the UMB Financial Corp. (UMB) courtyard in Kansas City.

Just before the tragedy of September 11, 2001, Patnaik moved to the United States to attend Stonybrook University in Long Island, New York, where she met her husband. When he transferred to Kansas City for his career, she relinquished her role as an information technology software consultant to earn a master’s degree in business administration at KU.

Determined to be “a sponge and absorb everything,” Patnaik’s immersion entailed learning Russian, participating in case competitions and taking trips to Berkshire Hathaway and Wall Street firms for the “eye opening” chance to see stocks traded and meet with influential alumni.

She landed a position with UMB and completed a management rotation program for emerging

leaders. She joined the company in a corporate strategy role that evolved into a mergers and acquisition position she refers to as her “dream job.” She has completed close to 20 deals with her boss and mentor, Begonya Klumb. Two of the most sizeable securities and investment deals she helped close in 2010 had a value of around $100 million.

“The industry changes so much and the deals we analyze are all so different,” says Patnaik. “I love that nothing is defined.”

Describing her employer as a “very responsible, prudent lender,” she thrives on the ability to learn something new every day, whether the knowledge is gleaned from working on a new acquisition, learning a technique from a book, collaborating with a colleague or adapting to industry developments or accounting rule changes.

Patnaik also appreciates barriers broken by predecessors, including a female co-worker at a former employer, who 20 years ago experienced curious employees traipsing by her office so they could see the only female commercial lender and “check it out for themselves.” Another amusing anecdote involves Sheryl Sandberg, Facebook chief operating officer, who pitched a multimillion dollar deal on Wall Street and then perplexed her male audience during the break when she asked the location of a ladies’ room.

“Women have a ways to go, but it’s just a matter of time. At least we don’t have to wear big bow ties,” quips Patnaik.

As mother of a one-year-old, she seeks inspiration from role models who have fulfilled ambitious

career goals without forgoing family life. Indra Nooyi, chairman and chief executive officer of PepsiCo., has captured her attention because of her international background and ability to “steer her company through trying times,” while also parenting teenagers.

A role model herself, Patnaik advises finance students to apply for internships and opt for richness of experience over a paycheck when evaluating offers, so they can build a strong skill set.

It’s too early to tell whether her daughter, Mehrunisa, will follow Patnaik’s corner-office career path, but she will definitely have “a basket filled with books and papers that she can work on with me,” says Patnaik.

While Rekha Patnaik’s father, a government official, signed documents at his desk at home, Patnaik, at just around three years old, sat at her own corner desk scribbling on cast-off papers and placing them in a worn briefcase.

THE DREAM jOb AND NO bIg bOw TIES

Listening to National Public Radio during “my relaxing commute home

to Lenexa after classes”

Carol ZoellnerHALLMARk CARDS

Growing up in a large family, Lawrence native Carol Zoellner often gravitated toward the greeting card section of a local drugstore to read the sentiments and study the pictures while waiting for her parents to collect her and her siblings from dance classes. Today she is vice president of North American Finance of Hallmark Cards, the world’s premier corporation for cards and party paraphernalia designed to infuse life’s milestone and mundane moments with heart and humor.

Behind the brightly colored bows, bags and keepsake ornaments is a whole cadre of financial experts ensuring that whimsical creations reap bottom-line results.

Relying on extensive research to glean consumer insights and then expanding innovation across all formats has enabled the company “to break through the clutter even during an unfortunate economic time,” says Zoellner.

Since joining Hallmark as a credit analyst after a two-year stint as an auditor at an Ernst and Young predecessor, Zoellner has worked in progressively more responsible financial and analytical roles that support product launches, monitor performance and make market adjustments. Previously, Zoellner was corporate controller for three years, working

with the core company, as well as with other Hallmark enterprises. Although the new role is a lateral transfer, she welcomes the shift from a governance and accounting role to one that infl uences business results more directly.

“I feel like I’m going back to where I grew up,” she says. “I loved working with engineers and calculating capital expenditures and conducting payback analyses and then going to a plant to watch the machines work. Everything in this area is very real, and results are very measurable.”

As a fi nancial professional working in an artistic environment, Zoellner acknowledges that her job often entails being “the little black rain cloud” of reason. “We have to be careful not to kill ideas

too soon just because of cost issues,” she says. “Our job is to fi nd the good in each idea, yet push and guide its development so it can be successful when it’s introduced to the market.”

Zoellner pursued a bachelor’s degree in accounting and business administration and learned about computer systems, in part through a position at the computer center. Other part-time jobs included grading tests and working in the Summerfi eld Hall business offi ce. She also served as the philanthropy chair and treasurer of Chi Omega.

Though an advocate of networking now, Zoellner candidly recalls keeping a “low profi le” as a student, preferring to “dig in and teach myself.” After graduation, she discovered through her position at the public accounting fi rm that her tenacity, combined with a technical skills emphasis at KU, made her more prepared than peers who had attended programs focused on passing the CPA exam.

“The material I learned provided me with a good functional foundation, but the true value of my education at KU was in the intellectual challenge to expand my analytical and problem solving ability,” she says.

She fosters “a continuous improvement mindset, always seeking a better way to fi x, tweak or streamline a process to improve effi ciency and fi nancials.”

Technology has transformed business and influenced work habits for a better balance between job and family responsibilities. The mother of two sons (one a KU freshman, the other a high school senior), Zoellner says, “Being able to connect from anywhere is so benefi cial because now the focus is on getting the work done regardless of where you are, so you can enjoy your kids’ activities without being stigmatized. I have my BlackBerry in bed with me every night, going back and forth with my staff so we all know what we need to focus on the next day.”

For many years, Zoellner’s commitments revolved strictly around work and family with volunteer activities limited to her sons’ interests. As her children have gotten older and more independent, she has taken on additional enrichment opportunities. Her position on the KU Finance Advisory Board has exposed her to “different leadership styles and approaches to problems,” a network of peers to draw from

TECHNOLOgY, TECHNICAL SkILLS AND kNOwINg THE bUSINESS

“The material I learned provided me with a good functional foundation, but the true value of my education at KU was in the intellectual challenge to expand my analytical and problem solving ability,” Carol Zoellner says.

15 I 15 I

HALLMARk CARDS

and the opportunity, as a potential employer, to share insights to help ensure students are prepared for and placed in positions upon graduation.

She also is a recent member of Financial Executives International, serving on its Committee for Finance and Information Technology.

Zoellner has seen women make tremendous strides since her graduation in 1986 when they were a business “anomaly” and “wore stuffy suits and goofy ties” around their necks with client interaction at fi nancial services companies often “curtailed” during pregnancy.

Attributing her success to being true to herself and committing to continuous learning, Zoellner asserts, “Basic technical skills are the price of entry - it is your knowledge of the business and the processes that allows you to leverage your technical skills to make you valuable to a company.”

Her advice is as practical as greeting card prose: “Be open to any role that will give you an opportunity to develop your business knowledge. Your fi nancial skills will serve you well in any role. Work hard, be patient and good things will happen.”

15 I

Meeting her husband in an organizational behavior class

Chi Omega activities

Hanging out “with the best friends of my life!”

16 I

“I knew I wanted to go into finance, but I didn’t really understand all the different areas available,” remembers Melzer, vice president of high yield research for Bank of America Merrill Lynch in New York City. “Because of that trip, I fell in love with New York City and investment banking.”

Melzer sits on a trading floor conducting high-yield research on the credit side and covering corporate bonds of lower-rated companies with metal, mining and coal operations.

Each spring Shenoy brings KU students to Melzer’s of fice as part of the successful recruitment program that stemmed from the 2005 trip. Melzer says, “I am always impressed with how prepared the students are and how well they represent themselves when they are here, and she gets the credit for that.”

As the team lead for the “KU resume drop,”

Melzer notes that the university is one of just “three non-target schools that we officially recruit from in global research” and encourages juniors and seniors to send their resumes her way.

Describing Shenoy as a “fantastic, encouraging mentor,” Melzer says the Applied Portfolio Management course was effective in teaching her and students how to analyze stocks and determine which would under- or over-perform. “The best thing about this course is that students who take it will know that they will be better prepared on day one of a new job than some of their colleagues,” she says.

In addition to helping Jayhawks secure Wall Street positions, Melzer’s favorite aspects of her job are conducting due diligence trips and hosting investor tours, adding that “3,000 degree molten steel is one of the coolest things I have ever seen in person.”

She finds the industries and companies she covers “interesting and relevant, given how dependent they are on the United States and international economies. It forces me to stay on top of what’s going on in the world.”

She thrives on the varied interactions her job entails, from bankers and capital markets group members to account representatives and company management teams. “I don’t think there are many positions that give you that much first-hand interaction and experience, particularly right out of college,” she marvels.

Although her life consisted mostly of “work, work and work” her first few years in New York City, she now finds time for vacations, spin, yoga and tennis. She also enjoys gathering with three siblings (all KU grads living in New York City) to watch games and cooking with homegrown herbs and vegetables.

“New York City is an amazing city to live in, but it can get very claustrophobic,” she says. “It’s so nice to have a backyard and fresh air again--it’s one of the things I have missed most about Kansas.”

Watching the “credit crisis and subsequent market rebound” has been “exhausting at times, but irreplaceable in terms of experience,” Melzer says. “It has been an amazing seat to be in.”

Jamie Melzer BAnK oF AmEriCA mErrill lynCh

HIgH YIELD RESEARCH AS A LENS ON THE wORLDWichita native Jamie Melzer and three finance students taking Cathy Shenoy’s Applied Portfolio Management class traveled to New York University in April 2005 to compete in an investment competition. While there, Shenoy facilitated opportunities to visit with several alumni, serving as the impetus for the Jayhawks on Wall Street program introduced on campus the following fall.

Working “a lot” to finance her education so that she’s not “massively in debt today”

Tailgating before football games

Cheering on the basketball team

Serving as a teaching assistant for Cathy Shenoy and Lisa Bergeron

17 I

Hsulin Peng BAirD & Co.

She subsequently landed an investment banking opportunity with A.G. Edwards before joining Inergy, a Kansas City-based company, as manager and then director of corporate finance.

After earning a master’s degree in business administration from the Massachusetts Institute of Technology in 2005, she worked at Citi Investment Research and Luminus Management in New York City as an analyst covering energy stocks. A year ago, she joined Robert W. Baird and Co., headquartered in Milwaukee, Wisconsin, at its Stamford, Connecticut location.

Although she didn’t purposefully seek a career in energy, the serendipitous opportunities it presented to her all pertained to this sector. Peng has found that being a female minority in a male-dominated profession, especially working

in the typically “WASPy energy sector,” has advantages. “If I meet with people, they don’t forget me,” she laughs. “I stand out in an energy crowd, but people are usually nice and I enjoy working with them.”

With her extensive energy background, Peng is now responsible for “an entrepreneurial opportunity to build and develop the energy research franchise” at Baird.

“It’s exciting to build something from scratch and have an opportunity to shape it and be a guiding force behind it,” she says.

As a sell-side publishing analyst, she begins a typical workday before the market opens, digesting news and analyzing data to pick stocks and write research reports to inform clients about new developments. She also interacts with institutional and corporate clients and internal sales force employees, pitching stock ideas and discussing companies and industry news. The work is demanding with 70-hour work weeks or more being the norm.

An avid proponent of networking, Peng keeps in touch with contacts she’s made through school, work, industry associations and other venues. “You never know who you might meet,” she says. “Networking is the most important skill in one’s career, and you constantly make new contacts at events and conferences.”

The chance encounter underscores Peng’s networking philosophy and willingness to act on introductions whether they take place in a Summerfield classroom, around a client conference table, at an industry conference or a marathon starting line.”Build your network at KU and wherever else you are, and it will benefit you,” she says.

bUILDINg AN ENERgY RESEARCH FRANCHISE AND NETwORkINgBorn in Taiwan, Hsulin Peng moved to Lawrence at age 12. An aspiring accountant, Peng chose KU to earn her bachelor’s and master’s degrees in accounting because it was the “most cost effective” way. She graduated with a master’s degree in tax accounting in December 1998, and although she loved the practicality of her chosen profession, she didn’t find tax compliance work to be an inspiring career for her.

Swimming at Robinson Gymnasium

International Club activities

Business fraternity and Accounting Club activities

Attending basketball games

Hanging out with friends at Perkin’s or Paisano’s

OppORTUNITIES FOR LEARNINg AT jp MORgAN

A tennis scholarship and

a desire to learn English

and earn a degree drew

LUiZA LOUreirOto KU from Brasi l ia,

Brazil. When her tennis

career ended junior year

because of an injury, she bounced back with an

interest in fi nance, which led to an internship at

JP Morgan through a program called

Sponsor for Educational Opportunity

(SEO).

After graduating in 2007, she moved to New York

City to work with the Latin American derivatives

desk, part of the Sales and Trading division within

JP Morgan. She provides risk management advice

to corporate, sovereign and quasi-sovereign clients

in Latin America.

“One day, I can be on the phone non-stop

providing clients market color and executing

trades,” she says. “Other days, I can be preparing

marketing materials and reading companies’

financial statements to find potential

transactions.”

Loureiro also travels frequently to

Latin America to meet executives

and present risk management

ideas for their businesses.

She returns to campus

periodically to share

her experiences

with business

students and

participates in the Jayhawks on Wall Street

program through which students visit investment

banks and meet with alumni to forge a career

network.

During her summer internship, she met Steve

Koenig, a former managing director at JP Morgan

and currently a professor of the practice at KU.

“Steve is an excellent mentor who helped me

achieve my current job,” Loureiro asserts.

Her best advice? ‘’Exhaust all your resources

and learn the most you can. Before I interned at

JP Morgan, I took a risk management class with

Professor Paul Koch, and I probably went to his

offi ce once a week to learn about derivatives.

Who knew that in six months I would be working

on a derivatives desk?”

Playing tennis

Participating in Jayhawks on Wall Street

Hanging out with friends

For Luiza Loureiro, Kelly Miller and Ashley Moser, JP Morgan’s culture and client focus across its subsidiaries have fostered fulfi lling fi nancial careers in investment banking.

keLLy MiLLer, a native

of Excelsior, Minnesota,

serves as a vice president

and portfolio manager

at JP Morgan asse t

management in New

York City. Miller’s days

consist of reading analyst and media reports

and meeting with internal research analysts,

sell-side analysts and company management to

understand business models and industry trends

to make investment decisions.

In her role, she evaluates data on macro and

micro levels to build portfolios that fulfi ll client

objectives, relying heavily on material learned

in courses taught by Cathy Shenoy, Bill Beedles

and Kelly Welch.

Addi t ional exper ience complement ing

challenging coursework came from waiting

tables at Buffalo Bob’s and other Lawrence

establishments. “I never knew for sure what

customers were going to be like until I got them

to engage with me, which is a skill that is still

helpful today,” she says.

She reassures fi nance majors that fi rst jobs may

not become their life’s work, advising them to “be

intellectually honest in evaluating strengths and

capabilities and pursue areas that they enjoy.”

Appreciative of the mentoring opportunities

she received at KU, Miller reciprocates by

“introducing our human resources department

to qualifi ed candidates” identifi ed through the

Jayhawks on Wall Street program.

She enjoys her Park Avenue offi ce’s proximity

to points of interest, and although free time is

at a premium, Miller maintains a network of KU

peers, who occasionally congregate at local

bars adopted by the Jayhawk faithful so they

can watch games with other fans.

“KU’s emphasis on thinking independently

and working collectively has been important

to my career and will continue to be as I move

forward,” she says.

Update: Miller and her husband recently

returned to Minneapolis, Minnesota, where

she has accepted a position as vice president

with US Bank.

Based in JP Morgan’s S a n F r a n c i s c o , California, location, AsHLey MOser, a Topeka native, is a sales assistant and analyst with a dual

marketing and fi nance role, serving as “a go-between” for hedge funds and mutual funds and the company’s research platform.

A former civil engineering and marketing major, Moser’s selection as a Finance Scholar the end of sophomore year shifted her focus. The program taught her about “investments, networking and leveraging relationships with alumni,” and she credits its mock interviews and intense focus on

professional preparedness as “a pivotal reason” she received her position.

Moser also participated in JP Morgan’s innovative “Winning Women” one-day event, which draws accomplished women nationwide to observe panel discussions, shadow executives and interview for coveted positions. She was selected as an intern the summer before her December 2010 graduation, enabling her to experience the company’s culture and commitment to diversity before joining full time in May 2011.

Being based in San Francisco isn’t all cable cars and Ghirardelli candy bars, as the Pacifi c Coast time zone necessitates a 4 a.m. workday start. “It was a lot to get used to at fi rst,” says Moser, laughing, “but my typical 12-hour day ends at 4 p.m. so that’s pretty redeeming.”

At KU, Moser served as a teaching assistant and was active in sorority activities, opportunities that further broadened her experiences. “Participating in KU’s fi nance program gave me a solid fi nancial base and encouraged me to dig deeper,” she says.

Kappa Kappa Gamma activities

Cheering on sports teams

Studying at Anschutz Library

Hanging out at the Wheel and 1232 Ohio

Delta Gamma sorority activities and friends

Panhellenic Council

Hanging out at the Hawk,the Wheel and 715

19 I

20 I

“Nike sells a lot of products, but the company is ultimately in the business of human potential and inspiring the average athlete to perform at his or her best,” says Augustine, who joined Nike in March 2011.

She is responsible for analyzing and forecasting cash flow, interest income and expense, share count and foreign exchange earnings translation and developing capital structure strategies surrounding share repurchase and debt programs.

While colleagues in other industries may be feeding vending machines to fight fatigue between meetings and conference calls, she appreciates the opportunity to regularly incorporate afternoon workouts to break up her day at the company’s headquarters in Beaverton, Oregon. She compares the corporate complex to a college campus where people may be playing soccer

or training for a marathon between meetings.

A Hutchinson native, Augustine had always perceived herself as a “Jayhawk in spirit.” After working in Kansas City and Los Angeles for JP Morgan Chase for more than two years, she earned a master’s degree in business administration in December 2007 and accepted a position as an associate client manager with Bank of America Merrill Lynch in Kansas City.

While working in corporate banking, she rekindled her dream of working in sports. “My eyes were opened to the numerous opportunities on the corporate finance side,” she says. “I developed confidence that I could leverage my experience in banking to find a position on the corporate side with a company I believed in and where I could build a career.”

Augustine’s athletic background was also a “contributing factor” in landing her current position. “People who work here love sports,” she says.

She also credits a rigorous curriculum with cultivating the ambition and drive she needed to have the confidence to go after a job at Nike. “My experience at KU really encouraged me to go after what I want,” she says.

One personal development area she strives to strengthen is to become more confident in her voice, a reticence trait she ascribes to attitude rather than gender. “I have been in situations

where I find it’s easy to lose my voice if I don’t assert myself,” she says. “I’ve always expected to be on an equal playing field with my colleagues and if I have ever been treated differently, I’ve always stuck up for myself. You have to as a woman and as a young professional. No one else cares as much about your career as you do.”

When Augustine isn’t working or working out, she volunteers with the Junior League of Portland and an organization that operates an after-school running program to build girls’ self-esteem. Community connection is important to Augustine and an outgrowth of extracurricular activities she participated in at KU, such as the Graduate Business Council and Net Impact, which provided participants with “leadership and networking opportunities.”

Whether applied to business or sports, Augustine’s mantra for a meaningful and rewarding life is equally applicable: “Pursue your interests and passions early and don’t hold back.”

A former college basketball player at Bethel College in Newton, Kansas, Renee Augustine always hoped to tie her career to sports as an orthopedic surgeon, but she sidelined that idea after a professor piqued her interest in a business career. Now a capital planning analyst for Nike, Augustine’s position enables her to pursue joint passions for finance and fitness for a competitive global corporation whose culture is synonymous with sports.

FINANCE SUppORTINg THE ACTIvE LIFE

Celebrating on Mass Street when KU defeated the University of North Carolina and Memphis during the

2008 NCAA tournament

Hanging out with friends at Henry T’s, the Wheel and Red Lion

Renee Augustine niKE

21 I

Her go-for-broke disposition also served her in competitive artistic and academic venues. She spent eighteen months touring with “Up with People” before pursuing a business and economics degree at Bethany College in Lindsborg, Kansas, and graduate work in public policy at Harvard University.

Ultimately, she sought a Ph.D. in economics as a third-generation Jayhawk. After becoming frustrated that “some of the assumptions underlying the economics didn’t match the real world,” a fortuitous conversation with Mohamed El-Hodiri prompted her to study finance instead, because the program better suited her philosophical assumptions. She particularly enjoyed instruction provided by O. Maurice Joy, Jack Gaumnitz, Steve Hillmer and George Pinches and strived to emulate them when she began her own teaching career at the University

of Wisconsin after graduation.

Three years into her role, Lytle met Tom Plumb, owner of a money management firm, and asked him to speak to the investment club for which she was faculty advisor. She peppered him with questions about “the applied side of things and how the material covered in class related to how the real world works.”

Shortly after attending an investment conference at Plumb’s suggestion, she left academia for a stock analyst position with First Star Investments. She joined an investment firm in Des Moines, Iowa, in 2000, and in 2005 moved to Waddell & Reed in Kansas City to be close to family.

While she was working at Waddell & Reed, following financials became a “roller coaster ride” with mounting “mortgage security losses and bad loans underlying it all.” She met with fixed income securities analysts at two of the largest investment banks with mortgage operations and immersed herself in the analysis of mortgage securities to determine what drove the value of assets held by companies she followed and what factors subsequently caused “an inevitable economic decline.”

Lytle recalls that new acronyms emerged weekly, creating continued opportunities to learn about and analyze fixed income securities of which equity analysts were previously unaware.

One of the things she has found most rewarding

has been working as an analyst at firms managing mutual funds. “The investment world is full of wealth and egos, but as an analyst I helped people finance their retirement,” she says. “Everyone needs to feel confident that they won’t outlive their resources.” She recently accepted a position as an assistant professor of finance at the University of Central Missouri.

Lytle continues her affiliation with KU as vice president of the Kansas City CFA Society and director of the local portion of the CFA Institute Research Challenge, in which a KU team competes.

Lytle’s game plan for a successful life? “Ask questions, maintain an intellectual curiosity and enjoy what you are doing.”

wANTINg TO kNOw HOw THE wORLD wORkS: FINANCE IN SERvICE TO REAL NEEDSGrowing up in Topeka, Laurian Lytle was an avid athlete. Whether she was playing backyard football or participating in organized swim meets and softball games, Lytle’s determination to perform and play hard prepared her well for a career in finance.

Joe’s Bakery doughnuts

Yello Sub

Basketball games

Meeting her husband, swimming at Robinson Gymnasium

Laurian Lyt le WADDEll & rEED

Karyl Leggio

A few years and three children later, Leggio was a Kansas City stay-at-home mom in a quandary about which schools

to apply to for doctoral work. She sought counsel from Paul Koch, O. Maurice Joy professor of business.

“He told me I had strong test scores and could go anywhere, but that KU’s philosophy was to screen applicants for high-caliber talent upfront and then mentor those students through the program,” recalls Leggio.

Named a prestigious Self Fellow, Leggio was even more convinced that selecting KU had been a wise

choice. The program, established through the generosity of Madison and Lila Self in 1989, fostered a forum for

interdisciplinary leadership and collaboration through enrichment opportunities.

“At a luncheon, I might be seated wi th a pharmaceutical chemist and a botanist, so it taught me to see the world differently through their lenses,” she says.

Karyl Leggio’s Miami, Florida, hometown has served as the cinematic setting for numerous crime stories, so it’s understandable she once wanted to be a police offi cer. Her pragmatic parents insisted she delay her dream until she had earned a college degree at Virginia Tech. Leggio soon discovered she preferred GAAP accounting to guns, so after graduation, she moved with her husband to Tennessee to work in telecommunications.

DEAN AT LOYOLA UNIvERSITY MARYLAND SELLINgER SCHOOL OF bUSINESS

COLLAbORATION, SERvICE AND EXpECTINg THE UNEXpECTED

23 I

“Students should look at startups in the Silicon Valley and pursue other non-traditional options too, because there is great potential out there,” she advises. “Finance careers don’t have to be in investment banking on the east coast.”

Upon graduation, Leggio’s husband was commuting to work in Dallas and her children were in middle school. Job offers were plentiful but all involved relocation. Keith Chauvin, then KU associate dean, suggested she stay at Summerfi eld Hall to teach for a couple of years, and she accepted. “He gave me the option to balance my family, and it was wonderful not to disrupt my children at that point and to take a couple of years to settle in and be a faculty member without having to worry about tenure,” she remembers. “I will be forever grateful to Keith for that.”

Leggio went on to become associate dean at the University of Missouri at Kansas City and now works as dean of the Loyola University Maryland Sellinger School of Business in Baltimore, Maryland. At the highly ranked institution with

a reputation for teaching, scholarship and a Jesuit focus on service beyond self, Leggio welcomed the chance to take the helm.

“The ingrained expectation at Loyola is that you have a personal obligation to lead in your area and also in your community,” says Leggio, who is in her fourth year as dean. “It’s a good fi t with my philosophy of teaching the next generation of leaders.”

Besides serving on 11 boards and volunteering at her church, Leggio fulfi lls the school’s mission in ways that infl uence both learning and livelihoods. In an economically disadvantaged urban area where residents are afraid to venture out after dark, students, under Leggio’s tutelage, are working with restaurants to create websites so patrons can order meals online for delivery. Additionally, students have started blogs to build

buzz and are working on a business plan to help establish a grocery store within a two-mile stretch that has none.

An added benefi t is the university’s proximity to Leggio’s parents and siblings, who all live in the Washington, D.C. area. From her father, retired associate chief hydrologist for the U.S. Geological Survey, she inherited a work ethic and adventurous spirit that suits her well for the frequent international trips her job requires. From her mother, she learned that being organized is helpful in adapting to unexpected circumstances.

These family traits have been especially helpful during travels to China with a male Chinese colleague where the novelty of a Caucasian woman in a highly populated area has “literally” caused Leggio to stop traffi c when exiting a cab.

Leggio, who “could live on M&Ms and Diet Coke,” trusts her colleague to select options that won’t make her squeamish when they have business dinners. However, on one occasion the hosts presented her with a bowl of soup specifi cally served only to women to enhance their beauty. “My colleague’s facial expressions were encouraging me to pass but I thought it would be impolite to do so since it was an expensive delicacy and had taken a long time to prepare. I took one bite. It tasted a little like coconut, but I found out the key ingredient was bird spit,” laughs Leggio.

From telecom employee and homemaker to doctoral candidate and dean, Leggio’s career has encompassed unexpected benefactors and plot twists worthy of any episodic cop show story. She encourages students to broaden their sights so they don’t get too focused on any one option

and miss opportunities that might be more ideal for them than they anticipated.

“Students should look at startups in the Silicon Valley and pursue other non-traditional options too, because there is great potential out there,” she advises. “Finance careers don’t have to be in investment banking on the east coast.”

Referring to networking as the universal “key to success,” Leggio emphasizes the importance of attending lectures and taking advantage of social networking sites to help manage a career path.

“Invest in connecting with people and it will pay off,” she says.

DEAN AT LOYOLA UNIvERSITY MARYLAND SELLINgER SCHOOL OF bUSINESS

A lot of time on Highway K-10 commuting between Kansas City

and Lawrence

Football and basketball games

The camaraderie that developed with a group of friends who still

stay in touch

24 I 24 I

FROM INTERNSHIpS TO FULL TIME EMpLOYMENT AT kOCH INDUSTRIEScHALLeNGiNG cOUrses AND cHALLeNGiNG JOBs: THe sATisFAcTiON AND BeNeFiT

Koch Industries Inc., based in Wichita, frequently hires summer interns from business schools nationwide, using the process as a training ground for promising recruits. Two students, Rachel Berry and Megan Hicks, recently completed internships between their junior and senior years of college and both secured job offers for full-time positions with the company upon graduation.

Berry, a native of Abilene, Kansas, and a third generat ion J a y h a w k , f i r s t became interested in pursuing an internship opportunity with Koch Industries after hearing

a company representative present at a KU business career fair.

“The internship sold me on Koch because they gave me well-rounded, challenging work, not fluff assignments,” says Berry. “I was able to get really involved and learn something new every day.”

After working hours, she made new friends with 54 other Koch interns, most of whom lived in the same Wichita apartment complex. Best of all, she started her senior year with the job offer she wanted. “It was a huge weight off my shoulders,” she says.

She took to heart a professor’s advice to pursue a career path that ignites passion, and she fervently believes she has found that with Koch since accepting full-time employment in May 2010. “There are so many opportunities here if you work hard,” says Berry. “I can envision working in several different jobs during my career without leaving the company. I really like the possibility of exploring new areas of the business while keeping the same corporate culture.”

To prove her point, Berry already has held two positions since joining the company full time, moving most recently into a trade support role in Koch Supply and Trading, LP. Now she spends her days providing accounting and analytical support to a group of commodities traders located in Houston.

She believes that the financial accounting courses she took senior year prepared her well for her responsibilities, as did Kelly Welch’s instruction on futures and options.

“One of the best skills I learned through my courses at the business school was simply time management,” she says.

In addition to attending the business school career fair each year, Berry encourages

students to join the Finance Club and other business organizations to make contacts, practice interviewing and get assistance with resume preparation. As an undergraduate, she also pursued opportunities as a Finance Scholar and as a teaching assistant to broaden her experience and exposure to possibilities.

Her cumulative academic and extracurricular experiences at KU underscored the importance of “communicating well” and “being happy in what you do over the course of a long career.” She says, “The point to pursue what you enjoy was stressed so often, and from that perspective I am confident I chose well.”

Hicks, an Oxford, Kansas native, spent her summer 2011 internship at Koch Industries as a supply chain and logistics analyst working at the Invista subsidiary.

She helped with reporting and analysis regarding freight costs for polymers and fibers and assisted with rebuilding supply chain models. In her role, she became more fluent in Microsoft Excel and able to see its business applications. Additionally, she applied her accounting and finance skills toward collaborative projects designed to generate “better business ideas” for transporting freight.

Faced with new responsibilities in an unfamiliar

environment, Hicks drew on experiences gleaned through courses taught by Bill Beedles and Kelly Welch. “They both challenged me in the classroom and pushed my learning,” says Hicks.

She also relied on genetic gumption gleaned from a long line of entrepreneurs. “My mom and dad have owned a lumber business and self-storage facilities, and my grandparents owned businesses, too,” she says. The entrepreneurial spirit and underlying principles at Koch matched Hicks’ own philosophical positions and rekindled pleasant childhood memories of when her mother once worked for the company.

Although initially drawn to investment banking, Hicks says a trip to New York City changed her mind. “I decided it wasn’t the right fit for me,” she acknowledges. “I wanted challenging and rewarding work, but I didn’t want to work 100 hours a week.”

Her career plans were further shaped through participation in Finance Club and the Delta Epsilon Iota Honor Society, as well as through work as a finance teaching assistant and Bloomberg assistant. Hicks received a job offer from Koch and is joining the company as an analyst this summer, enabling her to experience a somewhat “stress free” senior year.

“The company exposed me to situations during my internship through which I could see leaders demonstrating the Koch principles in their everyday lives as they worked with people and made tough decisions,” says Hicks. “This is what I want.”

Studying abroad through the CIMBA Italy program one summer

Football and basketball games

CIMBA program

Basketball games

26 I

HELpINg STUDENTS MANAgE A pORTFOLIO AND FIND jObS NATIONALLY

Lubbock, Texas, native Cathy Shenoy attended the University of Dallas as a math major before studying in Rome her sophomore year. Captivated by the city’s attributes, she stayed another year to savor the cultural amenities without coursework distractions. While working odd jobs to support her Italian immersion, she encountered KU graduates who spoke so highly of their alma mater that on a whim she decided to finish her degree here. Three degrees later, Shenoy has transitioned from student to professor in a venue that complements her business acumen and sense of adventure.

When Shenoy arrived at KU, she changed her major to accounting. Midway through senior year she took the foreign service examination, securing a state department position as the budget and fiscal officer for Algeria, Tunisia, and Libya after graduation.

Two months later, she married her husband, Prakash Shenoy, the Ronald G. Harper Distinguished Professor of Artificial Intelligence at the School of Business. After two years in Tunis,

Tunisia, and the birth of their daughter, Shenoy returned to Lawrence to complete her MBA.

After graduation, she worked at the Institute for Public Policy and Business Research where she worked with KU professors Chuck Krider and Tony Redwood to help create a Kansas economic development plan and other noteworthy reports before deciding to pursue a Ph.D “because research assistants don’t get bylines,” she laughs.

A classmate of Dean Neeli Bendapudi, Shenoy began the doctoral program in January 1987, benefitting from the instruction of “internationally renowned” professors and gleaning insight from her husband, who cautioned her, tongue-in-cheek, that “the best way to get a lot of research citations is to make a really big mistake,” she recalls wryly.

In 1999, she took over the Applied Portfolio Management course, which was founded by Kent McCarthy in 1993 to help students understand how the market works by managing a $1 million portfolio. Previously, few students were placed with investment banking firms because they didn’t understand what the jobs for which they were interviewing entailed. The complexity of the work that investment bankers, research analysts and sell-side analysts do prompted Shenoy to develop the Finance Scholars Institute. Sophomores are selected each spring and given extensive coaching and instruction before being introduced to influential alumni.

The Finance Scholars program originated in the Jayhawks on Wall Street program that grew out of spring 2005. A successful dinner with alumni and affirmation from participants about the gathering’s value prompted Shenoy to continue the program, which has led to “100 percent placement” for

the scholars after graduation.

Shenoy has also accompanied students on trips to tour companies in China and to meet Warren Buffett, Berkshire Hathaway chairman of the board, in Omaha. The coveted opportunity, initiated by Mark Hirschey, began in 2004 as an exclusive benefit for KU students. The group would take Buffett Dilly Bars from Dairy Queen, one of his companies, and perform skits before joining Buffett for lunch.

“One time I sat next to him, and it was unreal to think that people pay millions of dollars to sit with him at a meal and there we were,” marvels Shenoy.

In the fall of 2011, Shenoy began a new chapter as director of MBA studies.

Eager for a new challenge, her best advice for students is simply to “get out there and get after it.”

Cathy Shenoy UnivErSiTy oF KAnSAS

Walking down the hill nine months pregnant with her second daughter

on a “really hot day” at her MBA graduation

Playing bridge with friends at the Union

27 I

2011-12 AwARDS & RECOgNITION

2010-11 AwARDS & RECOgNITION

JUNiOr FiNANce scHOLArsJohn Bartak

Daniel Bjornson

Connor Blankenship

Kirsan Caswell

Jordan Cordry

Michael Cray

Sarah Hageman

Erin Murphy

Courtney Sheldon

Brian Simpson

Gabriel Valdez

Joseph Viviano

Eveline Wang

seNiOr FiNANce scHOLArs Christopher Brito

Matt Farmer

Dominik Hertzler

Megan Hicks

Dev Vrat Khanna

Danielle Kopp

David Larson

Richard Linkesch

Robert Lohse

Bat-Ulzii Luvsansharav

Jacob Painter

John Pecis

Erin Robinson

David Webb

Zach Zarda

John Zecy

FiNANce ADVisOry BOArD scHOLArsHiPsJohn Bartak

Joe Viviano

OUTsTANDiNG JUNiOr scHOLArsHiPDaniel Bjornson

MArk HirscHey scHOLArsHiPConnor Blankenship

FiNANce ADVisOry BOArD GrADUATe sTUDeNT AWArDsBoone Bradley

Ben Gaydess-Hodgins

FiNANce ADVisOry BOArD seNiOr AWArDsDominik Hertzler

Dev-Vrat Khanna,

Richard Linkesch

Marci Mauch

Abby Reichenberger

John Zecy

OUTsTANDiNG seNiOr AWArDBat-Ulzii Luvsansharav

FiNANce scHOLArs & OUTsTANDiNG FiNANce seNiOr scHOLArsHiPsLynn Bammel

Christopher Brito

Estefania Bruzzone

Braden Cielocha

Matthew Farmer

Greg Halper

Dominik Hertzler

Megan Hicks

Dev vrat Khanna

Danielle Kopp

David Larson

Richard Linkesch

Robert Lohse

Bat-Ulzii Luvsansharva

Phillip Mauriello

Erina McKinney

Chelsea Mercer

Jacob Painter

John Pecis

Erin Robinson

Julia Valentine

Joanna Vosburg

David Webb

Aaron Whitesell

Zachary Zarda

John Zecy

FiNANce ADVisOry BOArD AWArDsoUTSTAnDing grADUATE STUDEnT AWArDSThad Sieracki

Trang Nguyen

oUTSTAnDing SEnior AWArD Aaron Andra

SEnior AWArD Lynn Bammel

Corey Bonk

Christopher Chaffee

Robert Thomas Freeman

Alexander Vezendan

Jessica Wochner

MArk HirscHey scHOLArsHiPDominik Hertzler

Trang Nguyen

OUTsiDe recOGNiTiON: FiNANce sTUDeNTsFEi AWArDDev vrat Khanna

rESPECT AWArDLynn Bammel

This page reflects the awards and recognition received by KU Finance students in both April 2011 and April 2012.

28 I

DEAnS ClUB AmBASSADorS (Gifts of $10,000 or more)

Todd E. Preheim & Colleen K. Preheim

DEAnS ClUB BEnEFACTorS(Gifts of $5,000 to $9,999)

Scott F. Jones

Kent C. McCarthy & Mary Hodge McCarthy

DEAnS ClUB PATronS (Gifts of $3,000 to $4,999)

Charles E. Heath & Kathleen M. Heath

Jade M. Shopp

John M. Thompson & Karen L. Thompson

DEAnS ClUB (Gifts of $1,000 to $2,999)

Diane Ash & Ronald A. Ash

Keith W. Chauvin & Teresa Chauvin

Bob DeYoung

Gene M. Diederich & Kimberly Somes Diederich

Daniel V. Drake & Kendall Price Drake

Helen Taylor Fahler & Jeffrey A. Fahler

Jack E. Gaumnitz & Janice Tande Gaumnitz

Michael Hagedorn

Zachary A. Hamel

Kathryn E. Haug

Elaine G. Jones

Paul D. Koch & Candace R. Koch

Brett P. Leeth

William E. Lewis & Laura Dent Lewis

Raquel A. Meyer Alexander & Glenn Alexander

Matthew T. Norris

Kevin W. Prine

James Schier

Jami D. Waggoner & John A. Waggoner

CAmPAnilE ClUB (Gifts of $500 to $999)

Claire Marie Barker

Maurice Joy & Betsy Joy

V. Parker Lessig & Nancy Cline Lessig

Charles D. McCarthy & Marie Schumacher McCarthy

Ozde Oztekin

Sydney J. Pohl

Sandra Blome Reddin & Timothy W. Reddin

Daniel G. Spencer & Sarah Spencer

Dianne J. VanBeber & Jay R. Watkins

Angela Jacobson Watson & Wendell C. Watson

CrimSon & BlUE ClUB (Gifts of $300-$499)

John B. Dicus & Brenda Roskens Dicus

Gregory D. Freix

Jack L. Graham

Alexander T. Mack

Frank E. Marshall

Jamie L. Melzer

1865 ClUB (Gifts of $100-$299)

Christopher W. Anderson & Shari Roberts Anderson

Vincent L. Barker & Kathryn Barker

L. Joseph Bauman & Joanie P. Bauman

William L. Beedles & Ann Beedles

Eli Beracha & Michelle Rodick Beracha

Lisa Pohlman Bergeron & Adam Bergeron

George Bittlingmayer & Beth Ann Bittlingmayer

Audra Reeves Boone

Joseph P. Braun & Jeannette E. Braun

Timothy V. Carpenter

Suzanne S. Charnes & John M. Charnes

Andrew N.K. Chen

Robert H. Chestnut & Melissa Sampson Chestnut

Tailan Chi

Edith W. Clowes & Craig L. Huneke

Peter T. Curzon

Charly Edmonds

Gaye R. Erwin

Michael Ettredge & Katherine Gay Ettredge

Shalie L. Gaskill

Jeremy D. Glauner & Stephanie Ford Glauner

James P. Guthrie & Diane Guthrie

William D. Hannen & Lori Kay Hannen

Lucia Orth Head & John W. Head

James A. Heintz & Celia M. Heintz

Barbara C. Hillmer & Steven Hillmer

Russell B. Hoffer & Mary Jane Hoffer

Douglas A. Houston & Pamela Houston

Joan E. Huber

Nisha M. Joseph & Kissan Joseph

Jennifer Wight Keil & David A. Keil

Molly Olson Kelly

Kathryn M. Kelm

Brian J. Lall

Jay Lee

John Maguire

Wallace W. Meyer Jr.

Anju Mishra & Sanjay K. Mishra

Patrick V. Musick & Mary Beth Musick

Norma J. Olson & Paul T. Kelly

Matthew C. Paquette & Amy C. Paquette

Todd J. Pederson & Colleen Smalter Pederson

John B. Pepper

Ryan J. Peschka

Alee S. Phillips & Timothy M. Phillips

Patrick F. Quinn

Scott C. Renze & Tara Johnson Renze

Carol C. Rose

Dennis L. Rosen & Terri Rosen

Adam M. Ryan

Daniel G. Sailors

Stefany L. Samp

Joshua R. Schoenfelder

DONOR RECOgNITIONThank you to all of our alumni and friends who supported the KU School of Business Finance Division. With your support our finance program can continue to provide a superior education and learning opportunities for our students. Please consider showing your advocacy and support by renewing your gift or supporting the publication of Annual Report of KU Finance. Recognition here reflects support received July 1, 2010 through June 30, 2011.

mArK hirSChEy SCholArShiP - Thank you to all the donors who contributed to the Mark Hirschey Finance Scholarship. The endowed fund will support undergraduate or graduate students majoring in finance at the KU School of Business.

29 I

Surendra N. Singh & Namrata Singh

Derek M. Smashey

Kevin R. Smith

Dr. Rajendra Srivastava & Madhuri Srivastava

James E. Sumaya

Terri Gajewski Valentine & Rocky D. Valentine

Richard H. Votel & Susan J. Votel

Kelly D. Welch & Tara S. Welch

Mark A. Whitaker & Kristen Merchant Whitaker

Elizabeth A. White

Peggy Cameron Wysocki

Po Lung Yu & Chao-Tzu Yu

DonorS (Gifts to $99)

Gregory J. Bien & Marlene J. Bien

Matt C. Brunner

Rex C. Buchanan

Yi Cai

Angela Johnson Claussen & Chris Claussen

Merrilee Cooper & Ted P. Frederickson Jr.

Martha G. Corrow

Frederick N. Coulson IV & Lucy Coulson

Christopher L. Dammerich

John M. Davis & Evelyn C. Davis

Paul A. Dietz & Kolene Anderson Dietz

Emily K. Dix

Michael K. Everett & Linda Wylie Everett

Joelle S. Ford & Allen Ford

Zachary T. Gale

Bryan J. Gonzales & Erin M. Gonzales

Heidie Grove-Tosaka & Shu Tosaka

Thomas K. Grutzmacher

Daniel T. Hearshman

Linda E. Henry

Danielle L. Holtzman & Vance O. Holtzman

Matthew R. Hornbaker

Grant M. Humphries

Vladimir Ivanov

Ann Jeffrey & Mike Jeffrey

Anne Madden Johnson & Kelly Johnson

Matthew E. Johnson

Jennifer E. Jordan

Carol D’Souza Karer

Renate R. Mai-Dalton

Paul D. Maxwell

Douglas R. May

Elaine M. May

Steven D. Meuten

Stuart E. Michelson & Barbara A. Michelson

James R. Mick & Jennifer F. Mick

Gregory A. Moore

Wendy A. Mueller & Daniel W. Mueller

Jason P. O’Connor & Serena L. O’Connor

Joseph D. Onofrio

James A. Orr & Marilynn A. Orr

Patricia C. Oslund

Steven R. Padget & Barbara J. Padget

Shane C. Parr

Denver S. Porter

Srinivasan Ragothaman & Rekha Ragothaman

Stanley L. Rasmussen & Teresa Kramer Rasmussen

Vernon J. Richardson

Frank A. Sciara

Catherine Smith Shenoy & Prakash P. Shenoy

Greg Shirron

Alfred J. Simmons & Anne Cortopassi Simmons

Ryan M. Sprott & Molly E. Maxwell

Scott C. Stockwell & Sonja Stockwell

Mark D. Strand

Koleman Strumpf

Brian G. Teefey

Elizabeth van der Hagen

Paul Wallace & Karla Wallace

Robert Woodard & Marlene Woodard

Jane Zhao

Erik D. Zimmerman

orgAniZATionS (Under $10,000)

Blackthorn Investment Group, L.L.C.

Entertainment Properties Trust

Farmland Foods, Inc.

Hawker Beechcraft Corporation

KC Heartland Roundtable CSCMP

Koch Industries, Inc.

KU Supply Management Club

Tortoise Capital Advisors, LLC

Tradebot Systems, Inc.

UMB Bank, NA

United Parcel Service, Inc.

Waddell & Reed Inc.

For qUESTionS or To lEArn morE, PlEASE ConTACT:

Brian Moore

Development Director

KU Endowment-School of Business

785.832.7462

bmoore@kuendowment.org

30 I

FiNANce FAcULTy cONTriBUTiONs AND AcHieVeMeNTsAcADeMic yeAr, 2010-2011AWArDS

Kelly Welch Beta Gamma Sigma Outstanding Educator Award, 2011.

nEW hirES

Ferhat Akbas Assistant Professor in Finance

PUBliCATionS

Christopher Anderson

Anderson, C.W., Mark Fedenia, Mark Hirschey, and Hilla Skiba, 2011. “Cultural influences on home bias and international diversification by institutional investors,” Journal of Banking & Finance 35, 916-934.

Anderson, C.W. and Eli Beracha, 2011. “Local comovement in REIT returns: implications for portfolio performance,” Journal of Real Estate Portfolio Management 17, No. 2, 113-125.

Robert DeYoung

“Scale Economies are a Distraction,” Federal Reserve Bank of Minneapolis, The Region, September, pp. 14-16, 2010.

“Bank Lending: Supply vs. Demand,” Thinking Bigger Business, pp. 48-49, February 2011.

Mark Haug

Haug, M. and Baird, E., “Finding the Error in Daubert,” Hastings Law Journal, 62:3, 2011.

Haug, M. and Hirschey, M., “The September Swoon,” Journal of Applied Finance, 21:1, 2011.

Haug, M. and Cichelli, A., “The Roth IRA for Children: Multigenerational Wealth Planning,” Journal of Financial Planning, covered in the Encyclopedia–Britannica Online Encyclopedia and in the Los Angeles Time.

Paul Koch

Paul Koch with Henk Berkman, Laura Tuttle, and Ying Zhang. “Paying Attention: Overnight Returns and the Hidden Cost of Buying at the Open,” forthcoming, Journal of Financial and Quantitative Analysis, 2011.

Paul Koch with Ted Juhl and Ira Kawaller. “The Effect of the Hedge Horizon on Optimal Hedge Size and Effectiveness when Prices are Cointegrated,” forthcoming, Journal of Futures Markets, 2011.

Catherine Shenoy

Shoulder Injury Reduction with Post-Offer Testing, WORK: A Journal of Prevention Assessment, and Rehabilitation, Vol. 39, 2011.

Jide Wintoki

Jide Wintoki with Kissan Joseph and Zelin Zhang. “Forecasting Abnormal Stock Returns and Trading Volume Using Investor Sentiment: Evidence from Online Search,” International Journal of Forecasting, 27 (2011), 1116 – 1127.

ProFESSionAl PrESEnTATionS

Christopher Anderson

Strategic versus financial investors: A contractual perspective based on PIPE financing structures (with Na Dai). Presented at 2010 FMA meetings in New York and the 2011 FMA-European meetings in Lisbon, Portugal.

Home price appreciation and entrepreneurial activity: evidence from the housing boom (with Shane Moser and Vladimir Ivanov). Presented at University of Missouri-St. Louis in spring 2011.

Foreign investment in Brazilian real estate markets. Plenary session at the 2010 Latin American Real Estate Society annual meeting in Sao Paulo, Brazil.

Robert DeYoung

“Ruralness and the Quality of Small Business Credit,” Federal Reserve Bank of Minneapolis, August 2010.

“A Theory of Bank Resolution: Political Economics and Technological Change,” Tilburg University and Erasmus University, The Netherlands, September 2010.

“Liquidity and Liquidity Risks,” Deutsche Bundesbank, Frankfurt, Germany, September 2010.

“Executive Compensation and Business Policy Choices at U.S. Commercial Banks,” Financial Management Association, October 2010.

“Executive Compensation and Business Policy Choices at U.S. Commercial Banks,” Allied Social Sciences Association, January 2011.

“Risk Overhang and Loan Portfolio Decisions: The Supply of Small Business Loans Before and During the Financial Crisis,” Bangor University, Wales, UK, March 2011.

“Resolving Insolvent Large and Complex Financial Institutions,” Federal Reserve Bank of Cleveland, April 2011.

Keynote Speaker, European Workshop on Efficiency and Productivity, Verona, Italy, June 2011.

Keynote Speaker, International Finance and Banking Society, Rome, Italy, July 2011.

Paul Koch

“The Lake Wobegon Effect: Informed Trading through the Accounts of Children,” Asian Financial Management Association Conference, New Zealand, April 13, 2011.

“Investment Skills Across Investor Types Before and After Earnings Announcements,” Financial Management Association Conference, October 12, 2010, and Southern Finance Association Conference, November 21, 2010.

Catherine Shenoy

Presentations to University of Almeria Department of Applied Statistics. Bayesian Network for Portfolio Analysis I and II. Department of Applied Statistics, University of Almeria, Almeria, Spain. March and May, 2011.

Kelly Welch

“Investing Behaviors to Avoid” Professional Edge series at the KU Edwards Campus.

“Investing Behaviors” in a radio interview for the Mutual Fund Store.

“Personal Finance and Investing” presented as a day-long seminar to the KU Self Fellows.

Ph.D. STUDEnT AWArDS

Jian Huang

Constance Ducey Outstanding Teaching Award. School of Business Dissertation Fellowship for fall 2012.

mEDiA APPEArEnCES

Christopher Anderson

Quoted in Lawrence Journal World, on KCUR Radio’s Central Standard Program, on WIBW-Topeka’s Newsday, on FOX 4 TV and Sunflower 6 TV during early August 2011 financial market volatility episode.

Quoted in Shawnee Mission East Harbinger on “Occupy” movements, 31 October 2011 “Occupy KC Protests Corporate Control.”

31 I

Robert DeYoung

American Banker, “Taking Stock of a Slowdown in Bank Failures,” April 12, 2011.

American Banker, “Shut Down by Regulators and Seeking to Reopen, Thrift’s Managers Sue FDIC, OTS,” February 22, 2011.

Catherine Shenoy

Listed in People on the Move – Graduate Management News, Sept 2011. http://www.gmac.com/gmac/NewsandEvents/GMNews/2011/Sept/PoM.htm?Page=2

Jide Wintoki

“Forecasting Abnormal Stock Returns and Trading Volume Using Investor Sentiment: Evidence from Online Search” was cited in National Affairs (Cost of Capital Blog), March 7, 2011

oThEr ACTiviTiES

Christopher Anderson

Re-appointed to Finance Council, St. John the Evangelist Catholic Church.

2011 Alvamar Country Club men’s golf champion and member of Alvamar’s 2011 KGA Kansas Cup championship golf team.

William Beedles

Bill Beedles serves as Faculty Coordinator of the School’s Center for Management Education; the year’s highlight was the MBA Essentials Program for the American Business Women’s Association. He also chairs the School’s Undergraduate Team, whose primary project this year is development of a proposal for a Business Honors Program. Beedles also serves on the Lawrence Public Library’s endowment investment committee and chairs the Investment Committee for the Bert Nash Community Mental Health Center.

He was recently appointed Director for Undergraduate Studies at the School of Business.

Robert DeYoung

Vice President and Program Chair, Southern Financial Association, 2010-2011.

Research Program Director, FDIC Center for Financial Research, 2010-2011.

Co-editor, Journal of Money. Credit and Banking, Ohio State University Press, 2010-2011.

Visiting Professor, University of Limoges, France, March 2011.

Kelly Welch

Nominee for the 2010 H.O.P.E (Honor for Outstanding Progressive Educator) Award.

Served on the editorial board for Pearson’s new online course called Corporate Finance Online.

Reviewed a new text on derivative securities by Jarrow and Chatterjea.

Todd BanksBlackthorn Investment Group

Fred CoulsonFive Elms Capital

matt DenneyTradebot Systems

Daniel DrakeLiberty Assest Management

Steven DykemanIndustry Capital

Jeff FahlerCommerce Bank

James FinchCredit Suisse

michael hagedornUMB

Zachary hamelTortoise Capital Advisors, LLC

Scott JonesPrairie Wind Capital LLC

Cory lagerstromFrontier Wealth Management

Brett leethKoch Fertilizer, LLC

Kent mcCarthyJayhawk Capital Management

marc naughtonCerner Corporation

matthew norrisWaddell & Reed

Brent PadgettThe Citizens National Bank

Todd PreheimCampanile Capital

James SchierSecurity Benefit

Jade ShoppDeloitte

Al SimmonsWells Fargo Advisors

ryan SprottGreat Range Capital

John (mike) ThompsonUBS Financial Services, Inc.

Jami WaggonerAmerican Century

Carol ZoellnerHallmark

AssOciATe MeMBers

vince grisellIntergy

Paul gregoryFive Elms Capital

FiNANce ADVisOry BOArD, 2011

The University of KansasSchool of Business

Summerfi eld Hall1300 Sunnyside Avenue

Lawrence, Kansas 66045-7601business.ku.edu

Nonprofi t Org.U.S. Postage

PAIDParsons, KS

Permit No. 181

The Annual Report of KU Finance is the recipient ofThe 2011 MarCom Gold Award for higher education publications.

business.ku.edu