The Business & Economics Digest 2015

ELIZABETHTOWN COLLEGE Department of Business

Editor

Cristina E. Ciocirlan, Ph.D.

Student Editor Kelsey Sloan

The Business and Economics Digest is an annual publication intended primarily for the unmitigated

reading pleasure of students, faculty, alumni and friends of the Department of Business

For this issue of the Digest, I would like to thank Kelsey Sloan again, for her efforts and time spent as student editor and to Shari Kain, our Administrative Assistant, for her diligence in providing

information and pictures faster than needed, as always.

Front cover picture: Students at the World Bank Back cover picture: Student presentation in the BA 111 class

Published by the Department of Business at Elizabethtown College, One Alpha Drive

Elizabethtown, PA 17022 Copyright © 2015 Elizabethtown College.

All rights reserved

Visit us online at www.etown.edu/business, on Facebook at http://www.facebook.com/etownbusiness and on Twitter @EtownBusDept

Editor’s Note

love the scent of lilacs in spring! Psychologists found that feelings outlast memories. In other words, one might not remember the exact facts of an event, but they remember how

they felt during that event. Every year in May, the scent of lilacs brings with it feelings and memories of my graduation. Even though it occurred decades ago (I won’t say how many), and it took place on another continent, my graduation ceremony was similar to Etown’s: there were flowers and congratulations, families and friends, hopes and worries, speeches and pictures, smiles and tears, hot weather and black robes. I might not remember the exact details of our graduation ceremony such as, who our commencement speaker was or what he talked about. But every year, when I smell the lilacs, I feel the joy of graduation. To me, lilacs signify celebration. As I reflect on the past year, I remember Steve Jobs’ words, “I want to put a ding in the universe.” It doesn’t matter how strong or what note the ding sounds; what matters is that you want to pursue it, find it and play it. I am very impressed with the class of 2015 and particularly impressed with our Outstanding Business Student nominees. They exemplify the Etown motto of “educate for service;” they not only challenge themselves, but they challenge those around them. They studied abroad, volunteered with nonprofit organizations, performed several internships, played varsity sports, speak another language fluently, play an instrument. We expect great things from them, so dear reader, please cover your ears: their ding in the universe is going to be very loud. No pressure though. For now, they should just enjoy the scent of lilacs. Here’s to the class of 2015! Congratulations! Enjoy reading,

Cristina E. Ciocirlan, editor Associate Professor of Management U.S. Fulbright Scholar, host institution: Durham University, UK

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Table of contents Faculty Reflections ......................................................................................................................... 2

My First Year at Etown............................................................................................................... 2 Dr. John Angelis ..................................................................................................................... 2

Are you being served? ................................................................................................................ 3 Prof. Jeffrey Gabriel, CPA, CGMA ........................................................................................ 3

Study Abroad, Field Trips, Case Competitions and Collaborative Industry Projects .................... 5 The 2015 Brussels Study Tour .................................................................................................... 5 The World Bank trip ................................................................................................................. 10 The China trip ........................................................................................................................... 10 The Finance Case Competition ................................................................................................. 12 Collaborative Industry Partnership Projects ............................................................................. 13

Student Research Papers ............................................................................................................... 15 Improving Financial Literacy and Personal Finance Education in Elizabethtown College Students ..................................................................................................................................... 15

Hannah C. Blecker ................................................................................................................ 15 Assessing the Role of Commodities in a Balanced Portfolio for the Individual Investor ........ 17

Corey Eshelman .................................................................................................................... 17 Operation Market Garden: A Strategic Analysis of the Decisions Leading up to the Attack .. 19

David Gallop ......................................................................................................................... 19 Assessing the Gap between Sarbanes-Oxley and Private Business .......................................... 20

Hannah Geiger...................................................................................................................... 20 The Linkage between Insider Trading Activities, Market Efficiency, and Stock Information Content ...................................................................................................................................... 22

Ashley Hoang ........................................................................................................................ 22 Student Reflections ....................................................................................................................... 24

Wes Bricker: Fit for Professional Growth ................................................................................ 24 Amanda Long ........................................................................................................................ 24

Jeff Stauffer’s M&M Lecture ................................................................................................... 25 Mariah Hatt .......................................................................................................................... 25

The Economics Symposium ..................................................................................................... 26 Nick Lorenz ........................................................................................................................... 26

Chip Marshall: A Lifetime of Lessons Learned ....................................................................... 27 Lydia Dearie ......................................................................................................................... 27

Phillies Marketing Night ........................................................................................................... 28 Stephanie High ...................................................................................................................... 28

Outstanding Business Student Nominees ..................................................................................... 29 Department Events ........................................................................................................................ 32 Student and Alumni Accomplishments ........................................................................................ 44 Faculty Accomplishments ............................................................................................................. 45 Who’s Who in Hoover .................................................................................................................. 46

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Faculty Reflections

My First Year at Etown

Dr. John Angelis Assistant Professor of Management

lizabethtown College intrigued me because I had always been interested in teaching at a close-knit, small college. I came down to interview on a crisp fall day. I spoke to a variety of faculty and staff, but what stood out

for me were the students I spoke to. They were friendly and quite forthcoming about the school, and I felt they truly wanted to help me in my choice. I liked the way students knew each other, and it made a highly favorable impression.

I also liked the location of Elizabethtown College. While I enjoy having four seasons, my previous location in Western New York had given me far too much winter for my liking. Besides its own charms such as Folklore and lovely country views, Elizabethtown also offers easy access to some larger cities. I enjoy major league sports and museums, and have been able to see quite a bit in Philadelphia, New York City, and Baltimore with visiting friends. I’ve also enjoyed finding favorite new places in Lancaster, Elizabethtown, and Harrisburg.

I arrived here to teach courses in Quantitative Methods, Operations Management, and Innovation. It’s been an interesting challenge to redesign and create courses, but an enjoyable one. For example, I ended up teaching a Family Entrepreneurship course for the first time. It was fascinating to hear from students who either have family members who own businesses, or who are running their own businesses. We also had an interesting time exploring stories of various high-profile family businesses such as Coors, Hyatt, and Newscorp and finding out how and why they succeeded or failed. I’m also looking forward to introducing a new course in Managing Innovation and Technology at Elizabethtown College. I’ve taught it at two previous universities and enjoy teaching innovation principles and also showing off the latest technology in topics like 3-D printing, neuroscience, and financial apps and programs.

One of the major challenges has been to configure Quantitative Methods to fit the students. For many of the students, Quantitative Methods will be their main exposure to business mathematics, as it is a required class. Increasingly, business has become more reliant on analytics to translate their data into useful products and better anticipate customer needs and opportunities. Thus, it’s important to introduce students to some of those methods, but also make sure that the students will be able to put those into practice accurately. Unfortunately, math itself often is scary or worrisome for students, and so there is a need to help them feel more confident in their skills.

I’ve also been working to add more real-life applications and speakers to the class, so that students can see the applications of math to business. One of the highlights for me was when the students wrote papers applying lean management methods to their previous jobs. It was enjoyable seeing how they could apply the material to past work experience. I’m also hoping to find ways to connect student teams with local businesses and their analytical needs through the class.

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Going to New York City for the World Business Forum was definitely one of my highlights of the past year. This is a unique opportunity for a few Etown seniors yearly to hear some of the best speakers anywhere; CEO’s, experts, and designers, among others, all gave wonderful talks. I also enjoyed the guest business speakers through the M&M/Mars series, the various first-year faculty events, musical recitals, and the student presentation day known as SCAD. It was lovely to get to know the students and faculty more in-depth. It’s been an interesting first year, and I look forward to further investing myself in the department and learning more about the school.

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Are you being served?

Prof. Jeffrey Gabriel, CPA, CGMA Lecturer in Accounting

always try to bring "real world" examples into the classroom and in many cases I draw upon my personal experiences. One of the topics I lecture on is kaizen, the concept of continuous improvement. Kaizen can relate to many areas in business: cost reduction, sales

performance, customer satisfaction. I am very familiar with the concept, having spent more than 23 years working for the U.S. subsidiary of a major Japanese company.

The example I'm going to relate in this article will certainly make for interesting discussion in the next semester's class and a refreshing change from my running feud with the cable company.

In April this year, my wife and I decided to purchase a set of casual dinnerware from a local department store. After nearly 32 years of marriage, we thought: “What the hell...let's splurge on some new china...you have to keep the magic alive somehow...” Right?

So we brought the box home, unpacked the china, and discovered that one of the pieces, a small fruit bowl was damaged. My wife logged onto the web site that was indicated on the card found with the product and entered a damage claim. The card touted in bold letters: "WE ARE HERE TO HELP"...and "WE ARE COMMITTED TO 100% CUSTOMER SATISFACTION!" She entered the information in the appropriate drop-down prompts and indicated the issue was damage. We printed off the site page and waited for an acknowledgement and a replacement bowl.

Tick...Tock...3 weeks passed and nothing. So, channeling my best calm persona, I called the phone number on the card to inquire what was the problem...I spoke to "Vince" who promptly agitated me to the point of a stroke. There was no record of the claim and was told I went to the wrong website and that I needed to go to a different website: www.canyoumakeitmoredifficult.com and use my "smart phone" to provide a picture of the damaged bowl and a copy of the receipt, and then and only then would he process the claim. Vince, who was channeling his best robot persona, was reading from his script...which only served to launch me like an ill-fated space shuttle. I asked to speak to a supervisor and was mechanically told none was available.

100% CUSTOMER SATISFACTION...really? Like I was going to scam the system and bring capitalism to a screeching halt submitting a phony claim for a fruit bowl...a small fruit

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bowl. When did common sense leave the building? I don't know who perpetuated the urban myth that everyone owns a smart phone or who allowed "Vince" out by himself without a keeper, but after waiting 3 weeks, I had no intention to jump through more hoops to correct what has now become my problem. So, why is this my problem?

Not to let the matter rest...I decided to call back the 800 number on the product card and now spoke to another representative: "Donna"...she is actually the only reason I would ever consider buying this company's product again. I explained the situation to her and she tried to look for the original claim and also could not find it. I explained my previous encounter with "Vince" and, although she reiterated the company's need to have documentation to process the claim, she understood my frustration with the incorrect claim procedure on the product card... and... she went the extra mile and actually talked to a supervisor. Hosanna!!! She got the "ok" to process the claim and provided me with a claim number and expedited the shipping. "Donna" got a nice e-mail note from me, copied to her supervisor thanking her for taking ownership of the problem and bringing it to a satisfactory close. I have to applaud "Donna," who abandoned the script, circumvented the technology, applied common sense and took the initiative to salvage the situation. "Vince" got a lump of coal.

Having an 800 number and a website may be a low cost way to deal with your customer... However, does the web address on the product insert actually work? Not every customer has the technology to fit your business model...neither do they want to expend extra effort to solve your problem. So try calling your own customer service number or logging onto your own website and put yourself in your customer's shoes... Are you feeling lucky?

There is a reason I tend to shop local and avoid online purchases and for that matter, most things internet. I find most websites horrendous to navigate, most search engines insipid in the way they retrieve everything you don't want and overly time consuming to wade through. I'm from a generation that enjoys the tactile shopping experience, examining the "goods," dealing with the owner or salesperson. No scripts when you talk in person. I can still remember when most shops did not have cash registers with "scanners," and the cashier actually wrote and totaled your purchases on the brown paper shopping bag...and...(gasp!) calculated the sales tax in their head. I appreciate a personal touch, being remembered on a return visit, building a relationship. Not tracked with cookies and beseeched with even more insipid sales offers.

"Like us on Facebook"...hell no! Like us face-to-face...you betcha!!

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A quick thought …

Getting a grip on stress

Prof. Joseph T. Molony Apparently, many of us go through life under the constant cloud of stress; overwhelmed by financial obligations; relationship problems; health issues or career demands. To what avail? William F. Buckley was once asked during an interview what advice he would give someone regarding life. His response was “to maintain a proper perspective.” We have been given the precious gift of life. Don’t let stress rob you of its joy.

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Study Abroad, Field Trips, Case Competitions and Collaborative Industry Projects

The 2015 Brussels Study Tour Dr. Sanjay Paul, Associate Prof. of Economics

n May 2015, students from Elizabethtown College and Konstanz University of Applied Sciences, Germany, spent a week together in Brussels. Our groups attended several sessions dealing with the European Union, leadership, and the city of Brussels itself. At the end of

the study tour, we asked the students to reflect on their experiences. In keeping with the collaborative nature of the program, we asked them to write in teams. Please find their reflections below. Learning About Each Other, Caitlin Mitchell (EC) and Petra Preiser (KU) “Navigating different cultures and interacting with people from various walks of life are vital elements of being a successful leader. The collaboration between the German and American students during the study tour has provided avenues to increase our knowledge of each other’s systems and values. As Americans, we discovered that Germany’s education system allows students to pursue higher education at minimal expense to the student. This is in contrast to the U.S. system, where American students typically take on debt to finance their undergraduate education. The German students were surprised to find that the Americans were so outgoing and willing to connect with the Germans. There are often many cultural stereotypes that people tend to hold about various groups, and we realized that this may be true with all cultures. Our firsthand experience has made us more aware of such stereotypes, and has made us less likely to judge others too quickly in the future. The openness of both groups enhanced the trip experience because relationships were formed easily and quickly. As a result of this trip, we have created many lifelong friends and travel partners. Many of us plan to participate in similar trips in the future.” Open Borders and Migration, Eric Carr (EC) and Christiane Siess (KU) “The presentation at the representation of Baden-Württemberg gave us insight into the immigration issues that are currently affecting Europe. Integration programs in Europe have been ineffective for a long period of time. In Germany, for instance, there is lack of integration between the Turkish Gastarbeiters and German natives. Integration between two cultures occurs when there is assimilation between cultures, a process that need not prevent each culture from retaining its unique attributes. Immigrants to European countries today however, are not integrating their culture into the native societal culture, leading to conflicts. In the long term, open borders may be possible. However, the current problems confronting the European migration will not be solved by opening of Europe’s borders further. Issues such as unemployment among the immigrant community must be addressed before allowing additional immigrants to enter. This might require that new immigrants learn the language of their host nation. For now, an open-border policy will only inflame the anti-immigrant sentiment within Europe.”

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Euro Crisis, Justin Fortney (EC) and Marcel Hasenmaier (KU) “After attending various information sessions, we gained a better understanding of the challenges facing the Eurozone and the fate of the single currency. The economic crisis in the Eurozone has led to an increase in budget deficits and subsequent borrowing from the EU and IMF, in some countries. The countries that find themselves in crisis include Spain, Portugal and, most importantly, Greece. When the crisis began with Europe going into recession, these countries faced an economic slowdown and high unemployment. In Greece, the unemployment rate stood at 21 percent by the end of 2011, while in Spain the unemployment rate was 23 percent. In order to repay its debt, Greece has had to borrow more money from the EU. This has led to friction with Germany, the leading member state of the EU, which insists on continued austerity and significant reforms by the Greek government. The pressure exerted by Germany, and the resistance by Greece, has raised a very troubling question: is it time for Grexit (Greece’s exit from the Eurozone)? What will be needed to prevent such an outcome? What sort of public policy reforms will the EU be willing to accept in return for giving Greece further financial support? The answers to these questions will determine whether the 19-member Eurozone will remain intact or not.” Influencing EU Policy, Mikaela Smith (EC) and Sina Steinebrunner (KU) “Two sessions were devoted to missions to the European Union. Missions are similar to interest groups—here they seek to lobby the various institutions comprising the European Union in order to shape policy-making. We visited the United States mission, as well as the Baden-Württemberg mission, which advocates on behalf of the German state in which Konstanz University is located. The two missions differ greatly due to the nature of their purpose and culture. Not surprisingly, the United States mission displayed strength and authority. We passed by two sets of armed guards before undergoing extensive security checks and an escorted walk to our meeting room. In our briefing, we learned about the importance of patience and flexibility for a diplomat. We also learned about the progress of the Transatlantic Trade and Investment Partnership (TTIP), the free-trade agreement being negotiated between the U.S. and EU, as well as the nature of sanctions (restrictions imposed on a nation when it violates international law). The Baden-Württemberg mission was more relaxing, but just as informative. Security checks were minimal. We were given a guided tour of the mission and told about the mission’s purpose of promoting the state’s various economic and political interests. We also learned about the current debate over immigration in Europe. Last year, Germany took in over 300,000 migrants, the largest number by far of any EU member state. A proposal to set up quotas for migrants is currently being discussed by the European Union.” Together in Brussels, Shane Cochran (EC) and Sandra Fallscheer (KU) “One of the biggest goals we had on this trip was to immerse ourselves in each other’s cultures, and this goal was achieved. We asked members of our group what they thought about their experience. They came up with these ideas: different sense of humor, difficulty communicating through the language barrier, playing fun games, making new friends, new stories, new opinions, and new cultures. Communicating through the language barrier made it difficult to understand

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the different sense of humor, which made us laugh a lot anyway. While walking on the streets of Brussels, whether during the day or night, we exchanged different opinions, stories, ways to think and behave, and we got along very well. On the one hand, having interesting sessions during the day made us learn a lot about European institutions and other issues such as leadership, hospitality, religion, and coping with the loss of stolen food from the hotel’s kitchen. On the other hand, playing fun games in the evening was a way to get to know each other personally and to see how complete strangers interact and share their knowledge about various topics. Sometimes it led to diplomatic arguments, but most of the time it was very harmonious and helped us see things from a different perspective. Mixing two entirely different groups of people who never met before can have its own challenges, but this program showed that different cultures could mesh quickly. We were able to enjoy a new city and at the same time, learn about the cultures of Belgium, and about each other’s culture. The Belgian waffles were also awesome.” The EU as an Institution, Kristina Hoffstetter (KU) and Robin Riesner (KU) “The main goal of our trip to Brussels was to get to know the EU better. We visited both the EU Commission and the EU Parliament. We learned was that the EU institutions are highly complex. On the one hand, the institution is quite powerful and can implement laws in all of its 28 member states. On the other hand, for some decisions, every single country has to agree which can make the process very slow. Especially for our American friends, it was hard to imagine how a system like this can work and even for us Germans it’s difficult. Additionally, some decisions are made at the EU level, but others have to be passed by the member states. One of our fellow students called it a “hybrid“—somewhere between a country’s government and a super-national federalistic system. A major challenge facing the EU is the lack of a unifying European spirit. This is the reason why there are programs that support nation building, especially given the common history of European countries. To conclude, we think that the EU is a fantastic institution. It opens up borders so you can travel without any barriers and creates standards, which makes many things easier. In exchange, however, countries give up some of their independence.”

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Servant Leadership, Lena Keller (KU) and Rebecca Schulte (KU) “Our visit to the Antwerp Cathedral dealt with the topic of servant leadership. Our speaker pointed out that, if you want to become a better leader, you first have to be a servant. He used the example of Jesus, who served his apostles by washing their feet on the night of the last supper. Additionally, he spoke about Pope Francis, who washed the feet of prisoners and who also reminds his priests to stay humble and poor. We also attended a workshop on servant leadership at the Greenleaf Centre in Brussels. Using small-group exercises, the organizers explained what servant leadership is, why it is important and how one can become a servant leader. According to them, a servant leader is someone who shares power, puts the needs of others first and helps people develop and perform at the highest possible level. In trying to motivate their employees, senior managers should remember that human beings need to be satisfied in four dimensions: mind, heart, spirit and body.” Leadership and Hospitality, Isabelle Gassert (KU) and Michael Kellermaier (KU) “Hospitality plays a big role in many institutions and organizations. In our first briefing, which was at our hotel itself, the manager pointed out the importance of being aware of the needs of customers and how to make them feel welcome. At the Baden-Württemberg mission, we were welcomed in a really friendly way. They offered us drinks and a typical German cake, showed us their workplace, and explained how they entertained visitors from Germany and the EU. At the synagogue in Antwerp, we learned that hospitality is a key tenet of Judaism and how people in their community help others. At the Cathedral, we learned that the church is trying to reverse a decline in the number of visitors by making the cathedral brighter and warmer, as well as possibly eliminating the entrance fee.” Antwerp and the Diamond District, Jan Schroff (KU) and Josh Thompson (EC) “Antwerp has been the center of diamond trading since the 16th century (after Bruges lost its access to the sea). It has the second biggest harbor in the European Union behind Hamburg. Diamond trade in Antwerp is dominated by the Jewish and Indian communities. In our session at the synagogue, we learned about the rules (over 600) that Jews seek to follow. We also learned about the importance of the day of rest, or the Sabbath, when Jews are not allowed to do any kind of work (this means that on Saturdays their diamond stores are closed). Antwerp is a melting pot, not unlike New York City, with immigrants from all over the world. The diamond traders prize stability, so any problems involving rifts between religious or ethnic communities are quickly handled by the mayor and community leaders.”

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The

Magritte Museum Tour, Nicolas Callahan (EC) and Catherina Maier (KU) “Born in 1898, René Magritte is Belgium’s most renowned artist. He started painting and drawing when he was 12 years old. In a tragic turn of events, when Magritte was 14 years old, his mother committed suicide in her wedding gown by drowning herself. When Magritte saw her, she lay with her face covered by her dress. This traumatic imagery was burned in Magritte’s memory. Subsequently, the motif of a covered face became an iconic and reoccurring concept in his art, though he claims there is no symbolism in his works. How does Magritte’s work relate to the leadership studies of the Konstanz group? One aspect of leadership is the ability to think innovatively. The group was challenged to think about how Magritte, as an innovator, demonstrated different leadership traits through his works. Magritte’s artwork deftly combines unrelated and paradoxical objects and ideas. The art was designed to stretch our minds, critically challenging common beliefs about reality, and the assumptions we make about language and sensory experiences in everyday life. Magritte’s works can be related to the characteristics of a leader. For instance, in a portrait depicting light-blue skies over a house and forest steeped in the darkness of night, we see an impossible combination of simultaneous events. Similarly, a good leader must be able to unite disparate elements of a team. In another image showing the transparent silhouette of a man in a stage curtain, we see an image that could be interpreted to say that a leader must make his intentions and desires transparent to his coworkers, so that they do not feel manipulated or unimportant. Any understanding of the European Union requires knowledge of European culture. Although Magritte is only a tiny part of an expansive European history, combined with the other cultural encounters we experienced, it gave us a clearer picture of what the EU capital feels like. This trip has given us a new wave of energy and motivation to continue traveling and learning, and we sincerely feel that some of the friendships we established will be lasting far into the future, into our professional lives.”

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The World Bank trip

Dr. Dmitriy Krichevskiy accompanied students to the World Bank in Washington D.C. on Friday, September 26, 2014. The group was hosted by Youth to Youth (Y2Y), a committee of young professionals. Students attended a presentation on careers at the World Bank and also heard a few words from the Senior Regional Manager. The students also visited the Cato Institute, where they attended a presentation on international monetary policy and think tanks.

Students at the World Bank

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The China trip Students in the class BA 372 Doing Business in China taught by Dr. Emma Neuhauser, took a trip to China in May 2014. Find below selected student reflections from the trip:

“Over the last month, my views of China have drastically evolved. Practically every action carried a lesson of, “Oh, so this is what China is like.” China’s cities are consumer markets; there is a lot to China that cannot be learned any other way than by experience. I would recommend spending a few weeks, experiencing the country first hand, partnering with other foreign companies who have already assimilated themselves into the culture and life on the east coast of Asia. As we continue to move through the twenty-first century, we should keep an eye on the evolution of developing nations around the globe, and pay particularly close attention to China.

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China will continue to progress in many areas: economically, socially, politically, and technologically. We would be wise not to lose sight of such occurrences.” ~ Colton Swindler

“After coming back from China, I believe that I have a broader view of the country. Before this trip, I thought that the cities would be dirty and under-developed, in comparison with our Western cities. I was completely wrong. Being in these three cities reminded me of being in different cities back in the United States. Strolling in Shanghai was no different than being in New York, while Beijing, with its national monuments, was no different than Washington D.C. I also understand and appreciate the vast economic opportunity that China offers. There are many untapped markets in China and they offer a wealth of business opportunities. On the one hand, China has a huge, growing middle class with a large disposable income that’s waiting to be spent. On the other, there are many opportunities to partner with entrepreneurial Chinese companies and create profitable joint ventures.” ~ Kyle Manbeck

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The Finance Case Competition

or the second consecutive year, Elizabethtown College business students placed first in the McDaniel College Gill Finance Case Competition. The annual contest, hosted in November by the Department of Economics and Business Administration at McDaniel

College in Maryland, gives participating teams a real-world scenario to consider. Students must then present a strategy to a mock board of directors. This year, students were given a fictional business case about a German beer company in the process of expanding to Ukraine. Seth Previty, a senior economics major, said the nature of the scenario case is an experience he hopes to encounter in his career. “Expansion is always a goal for a company and, if it is possible, that must be implemented through a number of steps such as we did for this case,” he said. “We had to look at different assumptions, financial models, as well the benefit analysis of different expansion opportunities.” Previty added that the competition had other value. He and his classmates were able to meet the judges who held positions with companies that handle portfolios and investment opportunities for different clients. “This was very beneficial to me because we got to see their perspective on the case, and hear their advice on career paths and our own personal growth,” he said.

Elizabethtown’s team, pictured here, was advised by Associate Professor of Finance Emma Neuhauser, and they competed against Juniata College, Towson University and McDaniel. Keeping the real-world learning going, the $500 prize will be invested in the College’s Trostle Investment Portfolio.

“I was very impressed with the level of preparation and professionalism exhibited by our team at this event,” said Sylvester Williams, chair of the Department of Business. “The level of

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confidence that was exhibited at this event was phenomenal. Emma prepared the team for the competition very effectively. As seen in the wrap-up with the judges, the team received lots of praise for its analysis.” Source: Etown NOW

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Collaborative Industry Partnership Projects Dr. Hossein Varamini, Professor of Finance and International Business

arking the fifth year of Collaborative Industry Partnership (CIP) program, seventeen senior International Business students at Elizabethtown College completed seven research projects for local businesses. The CIP program, a cooperative program

between the International Business Program at Elizabethtown College and the Kutztown University Small Business Development Center (SBDC), exposes international business majors at Etown to real world business challenges that require research, creativity and team cooperation among students, the professor and the SBDC. Beginning in January each year, students travel to each participating company to meet with senior management, tour the plant and discuss their research projects. Both Professor Hossein Varamini of Etown and Martin Brill of the SBDC participate in all aspect of the project and plant visits.

At the end of the semester, students give presentations to each participating company, summarizing their research and recommendations, and inviting company representatives to ask questions. Within a week after their oral presentations, each team provides a more comprehensive written Final Report to each company. Both the oral and written reports count toward the students’ final class grade in IB Seminar. This year’s topics included the following: researching potential export markets for innovative fishing reels and roof clips for Solar

Innovations creating an import marketing plan for a new printing system for KBA, N.A. developing a strategic plan for social enterprises in The Gambia and Ghana preparing a mathematical model to predict input prices for a global commodity for

Armstrong World Industries identifying alternative raw material suppliers for Armstrong World Industries

Dr. Varamini commented that he was “proud of the commitment and hard work that my students exhibited in the past few months on these projects. They were thrown into unfamiliar topics and had to solve problems with incomplete information. They realize that working for real companies and trying to solve real problems is more challenging than doing a case or an assignment from their textbook.” Martin Brill stated that “these projects were some of the most challenging ever undertaken in the CIP program and the students’ work this year was truly exemplary. I think that our clients were extremely pleased with the quality of the students’ research and their excellent oral presentations. This work is a great example of partnership between government, academia and the private sector.”

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Collaborative Industry Partnership (CIP) projects are important components of the IB Seminar class, as they provide relevant, practical experiences for our IB majors. The program is expected to continue next year.

Students and executives at a CIP presentation

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Student Research Papers

The following are summaries of papers presented at the Student Conference in Business and Economics, April 2015, Elizabethtown College

Improving Financial Literacy and Personal Finance Education in Elizabethtown College Students

Hannah C. Blecker Business Administration major

Advisors: Dr. Emma Neuhauser and Prof. Thomas Elicker

his research aims to identify the primary weaknesses in how college students and broadly, the American youth, learn how to become fiscally independent and responsible. Irresponsible citizens making their own choices on a small scale might turn into a country

of poor planners and decision makers, which only facilitates another financial crisis. Several studies are cited that corroborate the claim that each year millions of students graduate college without understanding the basics of personal finance and the tools available to them.

Financial crises and tales of evil bankers and mortgage brokers have pervaded the media since the housing bubble burst. As a result, both Presidents G.W. Bush and Obama considered finance education as “a top national priority” (Eades, 2011). While most were quick to blame the financial institutions and brokers, the responsibility of citizens to inform themselves about the risks of their actions was grossly overlooked by major news outlets and citizens alike. Americans should be angry. Americans should be alarmed. And Americans should be willing to learn the basics of personal finance. Enhanced personal financial literacy means creating a more knowledgeable population that is less likely to be persuaded by institutions to make choices that are not in its best interest.

There are many different opinions on what qualifies as having basic financial literacy skills. A few things most scholars can agree on include being able to understand financial statements, file taxes, purchase insurance and investments, and navigate major life purchases (think cars, houses, education and all of the financial instruments that come along with each) (Crain & Ragan, 2012). From the sampling mentioned above, it is clear there are many different skill sets that are considered “necessary” knowledge for a person to be considered a financially literate citizen. Unfortunately, one of the best ways to learn about personal finance is by making mistakes; but by providing seminars or courses on financial literacy, educators can intercept the mistakes before potentially life-altering decisions can be made (Chen & Volpe, 1998). Financial literacy is important because, when enough of the uneducated individuals make poor decisions that adversely impact their own lives, society is harmed on a local, national, and global scale. One of the main challenges facing educators of financial literacy is the different experience of pupils. For 75 percent of high school students, parents are the main source of information with regards to personal finance information. Unfortunately, “many of [the parents] feel uncomfortable having these difficult but necessary discussions with their children”

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(Coleman, 2014). In addition, there have been several observed benefits for children of homeowners. While it is somewhat difficult to separate the effects of homeownership from regular good parenting, many scholars believe that there is a significant impact on children when their parent(s) own a home. Besides being more likely to own a home themselves later on, these youth are also on the path to making better financial decisions (Brennan, 2010). According to Annamaria Lusardi, a professor at George Washington University in Washington, D.C., the differences in financial literacy knowledge is approximately 50% responsible for the ever increasing wealth gap in the United States (Kadlec, 2012). By not educating themselves, citizens are allowing income disparity to continue to grow, along with inequalities in neighborhoods and schools. An advocate and researcher for personal finance education, Lusardi is passionate about integrating financial education into every school in the United States. She takes it as far as calling it “the Fourth R—Reality” that educators should be certified in and instruct. Simply waiting for governments and schools to enact programs to better educate students on the importance of financial literacy is not a viable option. The longer Americans wait to insist that their children and the future productive members of society are taught the basics of personal finance, the easier it becomes for another financial meltdown to occur. Parents should take it upon themselves to teach their children about their financial successes and mistakes, as well as begin incorporating personal finance and money management into their children’s lives as early as possible. If students or parents feel that they are not a great resource or are financially illiterate themselves, they should reach out to another trusted adult or professional to learn how to improve these skills. Colleges should also bear the responsibility for contributing to the rising population of citizens who are unaware of how to deal with the all too common mountains of debt acquired along with a degree. Students, professors, financial professionals, and concerned citizens should write to their local colleges and universities and urge them to incorporate programs designed to produce better fiscally educated graduates. The Association of Governing Boards of Universities and Colleges is the main governing body of higher education and must be made aware of the need for intervention on every college campus. A mandatory class and passing exam score should be part of each school’s graduation requirement, and not just for business majors.

It would be great to see students gain exposure to the types of financial decision making required for “real life” while still in the lower school system. With increasingly tight budgets and uninformed teachers, it is critical for financial professionals to take time out of their schedules and volunteer to educate children and youth on the very basics of personal finance. Many firms offer incentives to employees who volunteer their time by rejuvenating playgrounds and parks across the nation; the same benefits should be given to those who enter schools and show students how to become responsible, financially-literate adults.

Without a population that can understand how to make sense of their dollars and cents, the entire economy and society as a whole struggles to function at its highest potential. Regulations for these types of skills are applicable to many more people than those pursuing a career in business. This is a universal issue that is going to take support from all types of people in all areas of industry and government. A better tomorrow lies not only within the hopes and dreams of the population, but also within their checking accounts, retirement funds, budgets, and investments.

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References Brennan, M. (2010). Foundation for Success? A Review of New Research on the Effects of

Homeownership on Children. Chen, H., & Volpe, R. P. (1998). An analysis of personal financial literacy among college

students. Financial Services Review, 7(2), 107. Coleman, H. (2014). Is It a Mistake to Try to Teach Financial Literacy in High School?. Crain, S. J., & Ragan, K. P. (2012). Designing a financial literacy course for a liberal arts

curriculum. International Journal Of Consumer Studies, 36(5), 515-522. Doi:10.1111/j.1470-6431.2012.01117.x

Eades, K. M. (2013). The Role of Professors in Improving Financial Literacy Roundtable Session Highlights from the 2012 FMA Annual Meeting. Journal Of Applied Finance, 23(1), 138-144.

Housing Vacancies and Homeownership (CPS/HVS). (n.d.). http://www.census.gov/housing/hvs/.

Kadlec, D. (2012). Financial Education: A Job for Teachers or Parents?

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Assessing the Role of Commodities in a Balanced Portfolio for the Individual Investor

Corey Eshelman Accounting and Economics double major

Primary Advisor: Dr. Sanjay Paul

Secondary Advisor: Dr. Randy Trostle

HID project

nvesting in commodities by an individual investor is often seen as a complex, inaccessible, and risky method for investing. However, there is evidence to suggest that commodities can serve as a valuable inflation hedge in a balanced portfolio and also provide an adequate

return. This research attempts to assess the value that commodities have in an individual's portfolio, with a focus on recent performance.

After reviewing relevant literature, it is clear that commodities are typically held in portfolios due to their value as an inflation hedge, a diversification tool, and for the return that they can offer. Inflation hedges are investment options that increase in value when inflation increases, shielding a portfolio's value from the damaging effects of inflation. Commodities help to diversify a portfolio by introducing a new type of asset to the portfolio, whose price is influenced by a unique set of factors. Lastly, commodities have the potential to improve a portfolio's return relative to risk due to the performance of commodities themselves.

First, in order to estimate the value of commodities as an inflation hedge, Pearson correlation coefficients between returns on a variety of Deutsche Bank Commodity indexes and inflation were calculated. Inflation was measured as seasonally adjusted CPI for all urban consumers for the period from 2005 to 2014. The results show that the DBCLI (an index

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including wheat, light crude, aluminum, corn, gold, and heating oil) and DBLCI OY Agriculture (an index of wheat, corn, sugar, and soybeans) commodity indexes had a significant, positive correlation with inflation over the period examined, showing the potential to act as an inflation hedge. Various other asset classes, including the MSCI EME and S&P 500, were also put through the same exercise in order to determine if they functioned as inflation hedges. The only other asset class to also act as an inflation hedge was the MSCI EME, an index of emerging markets equities.

Many more significant results were found upon expanding the Pearson correlation coefficient test to a period from 1995 to 2014 and looking at monthly commodity returns and inflation. The most strongly positively correlated indexes were those that had a large holding of energy commodities. On the other hand, livestock and precious metal indexes had very low positive correlations with inflation, not acting as weak inflation hedges.

Due to the particularly damaging effects that unexpected inflation can have on the value of portfolios, the last Pearson correlation coefficient test performed looked at the correlation between annual returns on commodity indexes and annual unexpected inflation from 1995 to 2014. Unexpected inflation was calculated by subtracting expected inflation as measured by the University of Michigan from actual inflation as measured by seasonally adjusted CPI for all urban consumers. The results show that broad, mixed indexes of commodities acted as strong hedges against unexpected inflation, while precious metals actually lost value due to unexpected inflation.

In order to discern the effect on return and risk that commodities have on a portfolio, Markowitz’s model for expected portfolio return and risk was used. The DBLCI index was used to represent commodities as it was the strongest inflation hedge over the period to be examined, 2005 to 2014. The commodities index was incrementally added to a portfolio otherwise distributed 60/40 to the S&P 500 and Barclays U.S. Aggregate Bond Index. Mean annual returns and standard deviations were calculated for the period from 2005 to 2014 and the results show that the highest level of return relative to risk is achieved when commodities are not included in the portfolio. The same results were found when another inflation hedge, the MSCI EME index, was included instead of commodities.

This research delved into the value that commodities hold as inflation hedges and their role in diversifying a portfolio. Although it seems that commodities can act as a hedge against inflation, they did not increase the return-to-risk ratio of a portfolio over the period examined. Further research may examine individual commodities, analyze different time periods and employ more advanced models for portfolio expected risk and return.

References Consumer Price Index for All Urban Consumers: All Items. (2015). Retrieved from Fred

Economic Data: https://research.stlouisfed.org/fred2/series/CPIAUCSL J.P. Morgan Asset Management. (2015). Guide to the Markets 1Q 2015. Market Insights. Markowitz, H. (1952, March). Portfolio Selection. The Journal of Finance, 7(1), 77-91. University of Michigan Inflation Expectation. (2015). Retrieved from Fred Economic Data:

https://research.stlouisfed.org/fred2/series/MICH Deutsche Bank Commodity Indexes. (2015). Retrieved from Deutsche Bank Index Quant Group:

https://index.db.com/dbiqweb2/home.do?redirect=dopersonalize&assetClass=Commodities&region=ALL&returnStream=ALL&submit=Save+your+settings 

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Operation Market Garden: A Strategic Analysis of the Decisions Leading up to the Attack

David Gallop Information Systems Major, Business Administration Minor

Faculty Advisor: Dr. Ed Chung

usiness is war. It is ruthless, cold, and only the best are left standing. Thus, it is not a surprise when strategies between the two overlap. Those who study business will often read Sun Tzu’s Art of War, as well as many other war strategy texts. There is an

incredible amount of information which can be obtained from the study of war. People have been studying and refining war tactics since the first stick was sharpened as a weapon, so it is no wonder the field of strategic management has advanced faster than other fields of study. By recognizing the connection between war and business strategy, a vast wealth of knowledge is suddenly made available to the business community.

A great example of unsuccessful strategy worth examining is Operation Market Garden. In August 1944, the Allied forces of World War II came up with a plan which, if successful, was thought to be able to end the war six months early (Fielder, 2015). The plan had both airborne and ground elements. The plan involved largest airborne operation of its time, combining the forces of American, British, and Polish troops (Kerkhoff, 2015). These troops were to take a series of bridges behind enemy lines, giving the Allies a more strategic position for attacking the Ruhr, an industrial region playing an important role in German army production. Once the bridges were taken, the British XXX corps, an armored land division, would make their way to each bridge providing backup to hold the position. The biggest challenge would be the final bridge in Arnhem. Without Arnhem, the Allies would lose their tactical advantage against the Ruhr, rendering the entire operation a failure. Sadly, this is exactly what happened; every bridge but Arnhem was captured. This was due to poor strategy and ineffective planning.

To research this topic, online sources, as well as the book and movie, A Bridge Too Far, were used for background information. First, the plans and preparations were examined; then, the operation outcomes were assessed. Essentially, hindsight was the most powerful tool for learning from Operation Market Garden. By analyzing the operation, certain findings became increasingly self-evident. One such finding was the sheer lack of preparation involved in the entire process: all of the plans were made in an extremely short amount of time, given the size of the operation. Another important finding was that the commanders in charge suffered from cognitive biases. Due to previous successes, they had become far too overconfident, causing them to ignore potential problems. In their confidence, they designed a plan that did not allow for any flexibility, assuming everything would go exactly as they expected. Not only was there no flexibility, but very little communication, making the unexpected even more difficult to deal with. These factors led to a major defeat for the Allied troops.

These problems can all be related back to several business practices that were ignored. Such practices include the following: SWOT analysis, awareness of biases in managerial decision making, focus on key success factors, and attention to core competencies. Hopefully, business and military strategists alike could use these findings to improve the effectiveness of their decisions and practices.

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References

Fielder, Mark (2015, Mar 26). The Battle of Arnhem (Operation Market Garden). BBC News. Retrieved from http://www.bbc.co.uk/history/worldwars/wwtwo/battle_arnhem_01.shtml

Kerkhoff, Roel (2015, Mar 24). Remember September '44. Retrieved from

http://www.rememberseptember44.com/rs44.htm Ryan, Cornelius (1974). A Bridge Too Far. New York: Simon and Schuster

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Assessing the Gap between Sarbanes-Oxley and Private Business

Hannah Geiger Accounting major

Advisors: Prof. Terrie Riportella and Prof. Jeffrey Gabriel

s a consequence of the prominence of corporate fraud in the 1990s and early 2000s and the resulting decline in shareholders’ confidence across the nation, the U.S. Congress enacted the Sarbanes-Oxley Act of 2002 (SOX), which created disclosure and reporting

standards to improve the transparency of publicly held corporations and repair the confidence of shareholders. However, private companies, both large and small, were not left untouched by the Act. In the post-SOX era, many investors, lenders, and other stakeholders have begun to expect non-public companies to improve their own disclosure and reporting systems. Even though non-public companies are not legally bound to follow the provisions set forth in the Act, lenders and investors hold them to these standards as a way to reduce their own risk. However, these practices may have an unwanted negative impact on smaller private companies, as they find a need to devote more resources to SOX compliance requirements instead of focusing on other priorities in their operations. How does SOX impact the financial and control reporting practices of small, privately held businesses in Central Pennsylvania Central Pennsylvania is a region brimming with private businesses, and as such, it is the focus of this research. The goals of conducting this research were two-fold: (1) to determine whether SOX has had a relatively negative financial impact on small businesses; and (2) to make a judgment as to whether it is fair and reasonable that non-public companies are measured against SOX standards, which were largely written for public corporations. In order to answer the research question posed, I sent a survey to sixty companies located in the Central Pennsylvania region. These companies were all members of the High Center at Elizabethtown College, which is an organization that works to support family businesses in the

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surrounding area. The companies operate in a variety of industries and under a variety of non-public ownership forms. There was a response rate of 50 percent.

First, the survey asked questions pertaining to the size, ownership form, and industry. Then, it asked about SOX-related activities performed in conjunction with borrowing funds and the executives’ perception of the benefits and costs associated with those activities. The final question of the survey asked the respondents to provide their overall opinion on whether it is fair for non-public companies to be held to the same SOX standards as public companies. The results of the research provide evidence for the claim that SOX has significantly impacted private companies of all forms and sizes. Most of the companies surveyed have been required to perform activities that are legal requirements for public corporations according to SOX standards. Maintaining and reporting on internal controls, having external audits performed, forming audit committees, and providing certified financial statements and other governance disclosures are all tasks that are legally required of public companies. As a result of lenders’ and investors’ policies and procedures, private companies are finding that they, too, must maintain a certain level of transparency by performing these tasks. In regards to the first goal of this research, the survey results show that the financial impact of SOX-related requirements has been generally perceived as negative. Most small businesses do not feel that the economic gains resulting from these activities are worth the costs. However, it seems that certain factors have contributed to this broader opinion. First, companies that have been required to provide financial statements are more likely to hold this viewpoint than those that have not. Second, small businesses that fall into higher categories of annual revenues are more likely to hold this opinion than those who fall into lower categories of annual revenues, possibly because the economic benefits gained hold more significance to smaller companies. Other reasons behind this phenomenon may include the complexity of implementing reporting systems in larger businesses, as well as the lower marginal benefit of applying additional controls in a company that believes it already has sufficient controls in place. This second theme was somewhat unexpected, since it would have been logical to predict that the fixed nature of many SOX-compliance costs would cause these costs to become more burdensome for companies with lower amounts of revenues. However, it appears that these smaller companies are more satisfied than their larger counterparts with the benefits they receive from conducting SOX-compliant activities. The second goal of this research was to determine whether it is fair and reasonable for private companies to be held to the SOX standards that were written for public companies. The general consensus of the survey respondents was that these requirements are not fair for reasons including freedom, privacy, a lack of outside shareholders, and the inefficient use of resources. This consensus remained, regardless of the size of the company’s revenues or the perceived benefits gained from SOX-complaint activities. Future research regarding the lenders and investors requiring private companies to provide SOX-level disclosures might prove beneficial. A survey of banks offering loans to small businesses could uncover the main motives behind these banks’ lending policies and requirements. Researchers might also be interested in quantifying the costs and benefits incurred by small businesses in their attempt to comply with the SOX Act.

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The Linkage between Insider Trading Activities, Market Efficiency, and Stock Information Content

Ashley Hoang International Business major

Advisors: Dr. Hossein Varamini and Dr. Emma Neuhauser

nsider trading has been a controversial topic in several ways. Some debate its rationality; others examine its impact on market efficiency, and yet others debate the usefulness of information to public investors. This study joins the insider trading debate as it discusses

existing studies and extends them by testing and analyzing empirical data. Insider trading has been a familiar term with stock market participants. The term is often

associated with illegal conduct, where a buying or selling activity is executed in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of nonpublic information about the security. The legal version of insider trading is when corporate insiders buy and sell stock in their own companies.

Not only do stock market participants pay attention to the insider trading debate, but stock market regulators do as well. From the perspective of the SEC, the government agency which supervises investing activities, insider trading should be strictly regulated because it could potentially lead to the deterioration of investors’ confidence in the fairness and integrity of the security market. From the public investor perspective, insider trading is a factor that could affect investment decisions. Insiders are assumed to either have knowledge about the firm’s operation or have access to nonpublic price-sensitive information. Thus, transactions made by insiders could be used by public investors to determine the fair price of the stock before making investment decisions.

Insider trading receives both criticisms and praise in existing studies. Specifically, a study indicated that, without insider trading, the market would operate with a lower level of efficiency, which reduces the information available in the market, further causing shareholders to demand an even higher return to compensate for the fact that they perceive this lack of information to create a riskier investment.

On the contrary, opponents of insider trading argue that insider trading crowds out information collected by outside investors by limiting the gains available to outside investors. A study of insider trading laws and stock price information indicated that market professionals devote fewer resources to information collecting if they see the opportunity for trading with insiders who have superior knowledge. By increasing information asymmetries, insider trading reduces investment, and thus, depresses stock market participation and liquidity.

Current research on the relationship between insider trading and stock price accuracy is inconclusive: there is no clear conclusion as to whether insider trading contributed to the enhancement of market efficiency or whether insiders are able to outperform the market. Hence, this research paper attempts to re-examine the performance of insiders using existing studies, combined with additional testing and analysis to test the hypothesis that insiders are able to perform better than the average market.

This study uses stock prices and the SEC Ownership Reporting System data files to extract corporate insider purchases and sales variables. The SEC requires that all corporate

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insiders and any owner of at least 10 percent of a company’s stocks register and file Forms 3, 4 and 5.

For the purpose of this research, only Form 4, which records changes in ownership of securities, were used to obtain sample data. After filtering the SEC database to only Form 4, the study proceeded to filter the type of security to include only transactions related to the transfer ownership of common stock. Afterward, an examination of the date of the transaction, codes for the type of transaction (buy or sell) and price paid for the security were conducted. In order to determine whether the performance of insiders’ investment decisions outperforms the average market, the S&P 500 was used to represent the broad market return. The percentage change was calculated for each of the sixty insider trades at the corresponding time periods.

The initial results appear to support the hypothesis that insiders were able to beat the average market. Results from insider buying activities showed that insiders did outperform the market over each period by a significant amount, which increases over the period of time. The data showed that, after their purchase of stock, insiders were able to gain more return than the average market. In particular, insiders beat the market by 24.94 percent over a one-month period, 30.59 percent over a six-month period, and 36.33 percent over a one-year period.

The data from insider selling activities also indicated that insiders continued to outperform the market through selling transactions. After the selling transaction of insiders, the individual stocks show a tendency of performing worse than the average market over all three periods. The insiders beat the market, as they were able to sell the stock before the depreciation of their stock occurred and therefore, avoid a potential loss. In the one-month period, stocks experiencing insider selling actually produced a negative average net return of 5.55 percent. Over the three periods examined, the individual stocks performed worse than the average. In particular, individual stocks return was 5.56 percent less than the average market during the one-month period, 6.94 percent during the six-month period, and 6.88 percent during the one-year period.

After obtaining the initial result, statistical tests were run to examine the significance of the data before the final conclusion was drawn. The study used the two-sample t-test to determine whether two independent populations (individual stock returns and the S&P Index) have different mean values. This test helps clarify the difference of returns between individual stocks and S&P Indexes, which answers whether the difference in the initial result represents a real difference between the two populations, or just a difference in my particular sample, which may not be representative of the true population. The t-test results appeared to support the proposed hypothesis that insider buyers were able to beat the average market.

With a sample size of thirty instances of insider buying and thirty instances of insider selling transactions, the initial results indicated that in most cases, insiders are able to outperform the market. However, the evidence does not support the argument that insiders’ abnormal profits are due to their access to a company’s private information. A comprehensive examination with a more extensive database is suggested before any conclusion is drawn over this subject matter.

As an advice to public investors, it is important to keep in mind that most of the market capitalization is in large stocks, where insider activities have limited value. One might consider trading in small stocks, but the transaction cost would offset a large portion of the profit realized. Even though beating the market average is the desire of the majority of public investors, it is often not the case.

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References Chauhan Y., Chakrapani C., & Viswanathan I. (2014). Insider Trading, Market Efficiency, and

Regulation. A Literature Review. The Review of Finance and Banking 06.1: 7-14. Fast Answers. SEC.gov. Securities and Exchange Commission. Fernandes, N. & Miguel F. (2008). Insider Trading Laws and Stock Price Informativeness.

Oxford University Press: 1845-887. The Society for Financial Studies.

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Student Reflections

The following are selected student reflections from events, talks or lectures they attended

Wes Bricker: Fit for Professional Growth

Amanda Long

es Bricker, a 2000 Elizabethtown College alumnus and current partner at PricewaterhouseCoopers (PWC), spoke at the M&M Mars Lecture about his personal journey, the culture of PWC, and his professional and personal growth. To begin, he

discussed how Elizabethtown gave him a continuous learning mindset, which he uses in his personal growth and development. While at Elizabethtown, he developed a passion for business and accounting and “learning the rules of the road.” These passions led him to PWC and a degree in law with a specialization in banking and securities. The values of PWC accurately represent Bricker’s personal values, including “building trust in society and solving important problems.” Elizabethtown inspired him to educate for service and help further the mission of PWC. PWC is a company which focuses on assurance, tax auditing, and consulting with other companies. When given a client, PWC provides them with a stamp of credibility through PWC’s brand of trust, accuracy, and availability. The assurance segment seeks to learn the culture of the client’s business to determine whether or not PWC will be able to do business with them. They want to ensure the client’s values are genuine and practical before affixing the PWC stamp of assurance. Similarly, the advisory segment of PWC works with clients to help them strengthen their strategies and keep them relevant in a changing environment. Mr. Bricker maintains that PWC must constantly change to maintain its level of success. PWC identifies trends in the environment, including shifts in demographics and global economic success, reacts to these changes to provide excellent service to clients and remain relevant as a company itself. Bricker also discussed the importance of professional growth. He suggested that your plans will inevitably shift throughout your career. From personal experience, he attests that, where you start is not where you will end up. As you follow a path, gaining valuable experiences and having mentors will help you to discover where the path leads. He encouraged

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us to challenge ourselves more broadly and develop tactical insights. By having purpose and passion, you can benefit yourself, your company, and society.

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Jeff Stauffer’s M&M Lecture

Mariah Hatt

lizabethtown alumnus Mr. Jeff Stauffer came back to the college to speak in the M&M Mars Executive Lecture Series on behalf of his company, Stauffer Glove and Safety. He brought with him his sales representative, and together they shared with us the history and

strategy of the company. They began by giving a brief background of Stauffer Glove and Safety. Stauffer is a five-generation family company that has been in operation since 1907. When Stauffer began, they only produced cotton gloves, but today, the company offers many other products in this industry. Mr. Stauffer focused a great deal on the strategy of the company. In order for a company to survive, it needs to adapt to the outside world. Stauffer Glove and Safety has successfully been able to withstand some of the most volatile periods in American history. They have been operating and generating a profit for over a hundred years. Impressively, they survived through many years of changing technology, severe recessions and depressions. This discussion reminded me of the strategy discussion in management class. The main reason that Stauffer Glove and Safety has been able to survive for such a long time is its ability to adapt to a dynamic environment. Stauffer is very rigorous in conducting environmental scanning. The company researches various trends and evaluates ways to transform the organization. As a result of this process, the organization found a way to better manage its inventory in-house in order to cut costs on wasted materials. Performing an external analysis of threats and opportunities led the company to add safety to its glove production; Stauffer now uses this as a competitive advantage. The company likes to offer a smaller variety of specialized items, as opposed to offering many products to a broad market. Since it is a family-owned and run organization, it faces fewer internal changes as opposed to external ones. Since many family members are working together, there is a cohesiveness that would not be found in a public corporation. Overall, the speakers gave a thought-provoking lecture that emphasized the importance of environmental scanning and adaptation to the process of strategic planning.

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The Economics Symposium

Nick Lorenz

n Wednesday February 19, 2015, I had the opportunity to attend a panel of experts speak about the current state of the economy. The three speakers at the convention were Dr. Randy Trostle, Ardy Lynn Wurtzel, and Joseph Besecker. Each of the speakers had

vastly different backgrounds: Dr. Trostle is an Associate Professor of Finance who teaches Macroeconomics and Investments classes here at Elizabethtown. He is also the Director of the Trostle Student Portfolio (TSP), which enables students to invest in the stock market. Ms. Ardy Lynn Wurtzel is a research associate in the Corporate Affairs Department of the Federal Reserve Bank of Philadelphia. She is also an adjunct professor at Temple University, Arcadia University, and Rutgers University. Mr. Joseph Besecker is the founder, chairman, president, and CEO of Emerald Asset Management, Inc. He has appeared on various television programs produced by CNBC and Fox Business News. His company has also been featured in The Wall Street Journal, The New York Times, and USA Today. Dr. Trostle began by talking about returns and the current state of the stock market. He mentioned that equity returns and the S&P 500 are up, but foreign markets are currently down. In his view, the bull market is extending longer than ever since the Clinton era. S&P 500 had hit an all-time low of 677, but has climbed back up to over 2,000, generating an average return of 342 percent. All of these factors are contributing to the very low interest rates on bonds today. Two trends that one might be concerned about, according to Dr. Trostle, are the low oil prices and the excessive evaluation of the market. Overall, he believes that the U.S. economy is growing at a decent rate; internationally, Japan is experiencing great growth, while European markets could go either way.

Ms. Wurtzel believes that the economy is growing, but not necessarily at the same rate everywhere. The regional GDP data she presented showed that New Jersey’s economy is shrinking, while Philadelphia’s is growing at a reasonable rate. Based on consumer and government spending data, she predicts that our GDP will increase by 2.5-3.0 percent in 2016-2017.

Mr. Joseph Besecker began by describing the operations of his company. Emerald Asset Management is paid by larger firms to manage their money and invest wisely in the stock market. Currently, his company has a net worth of over $3.2 billion in assets and is growing consistently every year. He was very confident in the current state of the economy and the health of the financial markets. He struck down the general misconception according to which the market grows slowly when fewer companies are listed on the market. He explained to us that it is just the opposite: the fewer companies there are in the market, the higher demand there is for stocks. This drives the price of each stock up, producing a gain in market spending. Mr. Besecker believes that the market will show consistent growth in the near future. After the symposium ended, I had the opportunity to go out to lunch with Mr. Besecker and learn more about the operations of his company and how the market contributes to his personal financial growth. After hearing more about his company, I would love for the opportunity to work at Emerald Asset Management, Inc. and possibly intern there in the future.

After hearing all three speakers, I feel that I have a better understanding of the path our economy is taking. Not only do I understand the trends in the market, but I now understand what

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data are used by economists to assess the current state of the market and make predictions on the future. It was beneficial to hear different perspectives on the economy, from different angles: the macro, regional and individual company levels. I also learned that, although the market is often hard to predict, investors can make good financial decisions when they conduct extensive research. As Mr. Besecker said at lunch, “all the information you need is available to you; you just have to go and get it.”

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Chip Marshall: A Lifetime of Lessons Learned

Lydia Dearie

n February 13, 2015 Joseph W. Marshall III, also known as “Chip,” spoke to students and faculty of Elizabethtown College about “A Lifetime of Lessons Learned.” He began his lecture by saying that he hoped he would be able to give students a few tips that will

“spare us some of the pain that comes with getting experience.” Chip graduated from Temple University with an undergraduate degree in Political

Science and a law degree. His first job out of law school was at Mid-Atlantic Legal Foundation, where he stayed for five years before founding Goldman & Marshall with one of his past classmates. Their law firm specialized in health care and did work all across the nation with the attitude of “getting things done, not just saying no.” In the late 1990s, Chip, who had been on the board of Temple University since 1992, was asked to help turn around the hospital’s financial issues. After helping with this situation for about 10 years, he took a one-year sabbatical before ending up with Stevens & Lee Law Firm (which also owns Griffin Financial investment bank), where he is currently the Vice Chairman. Chip also has been aiding Maxim Health Care Services, located in Columbia, MD. His entire professional life has dealt with health care in some shape or form and he says that there “aren’t many areas health care doesn’t impact.” Chip has served on and is a current member of several different boards. He feels that boards are a great way to network and offer a helpful context for looking at your own business issues. He also feels that “we should be about public service.” For Chip, this means serving on the board of Mission Kids, a child advocacy center.

When speaking of entities, Chip says that each one is made up of 15 percent “A” employees, 15 percent “F” employees, and 70 percent of employees who are somewhere the middle. This middle group is what determines the success or failure of an organization because they are waiting to see if you (as a leader) are someone they want to follow; it is up to the leader of the organization to get this group motivated and engaged. Another important key is communication, which goes in two directions: be open and honest, but also be willing to listen. The term “servant leader” has become somewhat of a buzzword nowadays, and Chip takes it to mean that it is the leader’s job to help those in the organization do their job better. They need to align the organization so that responsibility is pushed down and the leaders are accountable for others. Transparency and consistency are also extremely vital, because organizations thrive on information. The leaders of an organization need to take the time and make an effort to know the organization and the people in it. “People don’t know what they don’t know” and it is the job of the leader to “educate people in spite of themselves” because “in the business world, ignorance is

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not bliss.” It is important to focus on the solution when a problem arises, not the history, and get people to move on. Teams are stronger than individuals, but leaders need to build the team, push and develop them, and create a safe place for honest conversations. Chip paraphrased Jim Collins by saying, “it’s not enough to merely get people on the bus, you have to get them in the right seat;” further, “true leaders aren’t intimidated by a blank piece of paper” and “the smartest person in the world is the person who knows they know nothing.”

I felt that Chip was able to give those in the audience a lot of helpful advice that is very relevant to the future world of business. Hearing insight from someone who has gone through many experiences really puts our textbook material into the context of a real-life situation.

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Phillies Marketing Night

Stephanie High

n Tuesday April 21, I had the pleasure of attending the Phillies Marketing Night for college students. The night consisted of a panel of marketing professionals within the Phillies organization, followed by a Phillies game. We were directed to an elevator that

took us to the basement where the media room is located. This is the room seen when the manager and players are interviewed after the game, where hardly anyone is allowed to visit, so it was a privilege to access this part of the stadium.

The night opened with the introduction of General Manager Reuben Amaro Jr. Though Reuben could not stay long, he spent about ten minutes talking to us about how he got to where he is. Growing up, Amaro played sports in order to get to a good school, which paid off when he was accepted at Stanford University to play baseball. Eventually, the Philadelphia native joined the Phillies. He admits that he was not a star player, but his hard work and passion led him to Major League Baseball. Knowing his career in baseball would not last forever, Amaro gave great thought to his career afterwards. While still suited up in pinstripes, Amaro approached the General Manager about a job after baseball, and found himself as the Assistant General Manager in no time.

I attended the panel of marketing professionals next. The following participants served on the panel: Senior Vice President, Dave Buck; Director of Marketing & Special Projects, Michael Harris; Director of Corporate Partnerships, Rob MacPhearson; and Manager of Marketing Promotions, Andy Shenk. The panel was very beneficial to me, as they answered many questions.

The industry is fast paced and the professionals said that no two days are the same: “If you need structure and schedule, this isn’t for you.” Personally, I get bored easily doing the same thing again and again, so I would love a job that allows me to do a variety of tasks on my own schedule. The panelists were asked how difficult it is to get into the sports marketing field, especially in an organization as big as the Phillies, to which they replied “really, really hard.” They encouraged getting an early start in the organization and working your way up, as the Phillies often hire and promote from within. Furthermore, they enlightened students to career opportunities that exist beyond baseball, such as in the media and public relations field.

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“The hours are hell,” one panelist stated in regards to the downsides of the job. Not only does the marketing team work the usual 9-5, they also stay for home games, meaning they often work 14-hour days during season. At this point in my life, I would be willing to work those hours since I do not have a family holding me back, and a career is mine for the taking.

One of the most important points they made is the significance of face-to-face interaction, or at least phone calls. So often, they claim, our generation is caught up in emailing and texting, and loses sight of the real value of face-to-face conversation. The Phillies organization takes pride in the clarity of their communication.

Finally, when asked about advice on finding our first jobs, Dave Buck put it best. He told us to envision our careers as a college timeline. Our twenties are our freshman year. It’s the year we find our way and test the waters, to “relax, and don’t freak out as soon as you graduate.” Sophomore year is our thirties, when we finally find our niche, or “declare our major.” The forties are junior year when you’re cruising along and feeling good about where you got in life. Senior year is our fifties and sixties, where we continue doing our thing while preparing for life after a career. This perspective was refreshing and pleasant, and made me look at the next couple of years in a whole new light.

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Outstanding Business Student Nominees

Please find below the short bios of the students who were nominated for the Outstanding Business Student Award. Congratulations to all!

ensen Appleman is a senior accounting major with a GPA of over 3.79. She was inducted into Etown’s chapter of Alpha Lambda Delta and recognized as an Emergent

Scholar during her sophomore year. She participated in the Volunteer Income Tax Assistance (VITA) Program in the spring of her junior year. VITA was a great "real-world" learning experience, as it enabled her to take the concepts learned in class and apply them to real client tax returns. Jensen completed two internships: one with First Northern Bank & Trust, a local bank in Palmerton, PA, and another with Trout, Ebersole & Groff, a regional accounting firm in Lancaster. At the end of last summer, she accepted a full-time job offer for after graduation, and will start working in June 2015. During her four years at Etown, she participated in various extra-curricular activities. She was a member of Called to Lead, a program that focuses on leadership development. She lived in a Student-Directed Learning Community (SDLC) with three other students, and the theme of their house was environmentalism and sustainability. They volunteered with Penn State Extension- Greening the Lower Susquehanna, participating in tree planting and water restoration projects. Jensen also worked in the Athletic Department, Learning Services and as a student assistant for the Business Department.

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atie Brumbach is a senior International Business major who maintained a 3.83 GPA throughout her college career. She was designated as an Emergent Scholar, and

inducted into the Alpha Lambda Delta National Honor and the Delta Mu Delta National Business Honor societies. She worked as a student ambassador and senior mentor in the Business department, attending many prospective student days and offering advice to current International Business students. Katie held an internship with the Pennsylvania Chapter of the nonprofit Association for Strategic Planning and another with Clark Associates. She was offered a position as a purchasing analyst with Clark, which she will start after graduation. Katie is fluent in Spanish and she has used her language skills when studying in Barcelona and engaging in a conversation buddy program with a Catalan woman in Spain. She exemplifies the Etown motto of “educate for service” by conducting several volunteering projects, with Capital Area Therapeutic Riding Association (CATRA), and with Heifer International, a nonprofit organization that works toward providing farm animals and other supplies to families in poor communities. One of her greatest extra-curricular accomplishments was planning and fundraising for a close friend and 4H leader who recently lost his life to brain cancer. By organizing a horse show, she raised $1,000 to help cover high medical expenses.

orey Eshelman is an Economics and Accounting double major and participant in the Called to Lead and Honors programs at Elizabethtown College. In his sophomore year,

he had the opportunity to participate in a European Union study tour to Brussels, Belgium with Dr. Sanjay Paul. That experience inspired him to spend a semester abroad in Brussels during his junior year. Studying abroad in Brussels expanded his view of the world and enabled him to grow academically and personally. He has conducted internships with RKL, Clark Associates, and Trout, Ebersole & Groff, which spurred his interest in an accounting career. Corey was awarded the Alice Knouse Scholarship in 2014 and the Mary Sachs Scholarship in 2013. He placed in the 99th percentile of the ETS Major Field Test for Business. Corey enjoys playing and watching sports and being involved in intramural sports. On campus, he served as Secretary of the Accounting Club, tutored for Learning Services, and worked as a Student Coordinator at Campus Security. He won an intramural championship in softball and had the opportunity to peer mentor incoming first-year students.

elsey Grant is an Accounting major with a GPA of 3.88, graduating with a magna cum laude honor. Kelsey was inducted into several societies including Delta Mu Delta, the

International Business Honors Society and Alpha Lambda Delta, the Elizabethtown College Freshman Honors Society. In her sophomore year, she was designated as an Emergent Scholar, remained on the Academic Dean's List for all semesters and received the Mid-Atlantic Conference (MAC) Academic Honor Roll for the three years that she played field hockey. She recently received the FEI (Financial Executives International) Central PA Chapter 2015 Outstanding Senior Award for finance, accounting, or economics majors. During her college experience, Kelsey has also played an active role in extracurricular activities and had campus jobs. She played cello for the Elizabethtown College and Community Orchestra and was a student manager for the Development and Alumni Relations Office's Phonathon. Kelsey had a tax internship with Ernst and Young, which enhanced her knowledge of tax concepts and helped develop her soft skills, including teamwork and professionalism. She has accepted a

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full-time offer with Ernst & Young and intends to begin her professional career as a full-time staff accountant in the tax department next October. Kelsey hopes to pass the CPA exam before she begins to work full-time for Ernst and Young.

yan Perez is an Accounting major, recipient of the John F. Chubb scholarship and an Emergent Scholar. With a love of education inspired by his father, a special education

teacher, Ryan was inducted into two honor societies at Elizabethtown College. He had an internship with Walz Group CPA, where he conducted employee benefit audits, learned about tax preparation, and saw firsthand some of the challenges of the accounting profession. On campus, he enjoyed supporting the arts, often attended theater productions and even took a basic acting course (a wonderful way to get over a fear of public speaking). Whether it was leading team projects, or studying for finals, he always felt that performing to the best of his abilities was what truly mattered. After graduation, he will work as an audit associate with PricewaterhouseCoopers in Harrisburg, Pennsylvania. Ryan’s vision for the future includes becoming a CPA, engaging in community service and working for the Securities and Exchange Commission (SEC).

hil Wenger is a Business Administration major with a concentration in Finance. He was a member of the teams that competed in the RISE Student Managed Investment Portfolio

Challenge and the CFA Challenge. He was inducted into the Delta Mu Delta International Honors Society in Business. Outside of the classroom, he played basketball on the Men's Varsity team, where he eventually became a captain during his last two years. During his senior season, Phil broke the Elizabethtown College career steals record, which had not been broken in 30 years. He was one of forty-four DIII basketball players nationally to be nominated to the Capital One Academic Men's Basketball All-District Team, which recognizes the nation's top student athletes for their academic and athletic performance. With the basketball team, he participated in many community service activities, including Brittany's Hope 5k and the 2013 Walk to Cure Alzheimer's. He was also part of the Milton Hershey Peer Mentor program, where he became a mentor for a student at Milton Hershey High School. On campus, he worked as a tutor in the Learning Services department. Phil conducted internships with Emerald Asset Management and Dimensional Fund Advisors. After graduation, he will begin his career as an Associate in Financial Advisor Services at Dimensional Fund Advisors. His vision for the future is to gain experience in the investment industry, pursue an MBA degree and one day, to start his own Financial Advisory business.

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The winner of the Outstanding Business Student Award is Phil Wenger. Congratulations!

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Department Events

Meet and Greet

Fulton Bank sponsored a meet-and-greet for first-year business students on August 27, during which eighty-five new Blue Jays were welcomed to the Department of Business. Fulton Bank representatives spoke to students about potential career opportunities in banking and the skills useful to a successful career in business. The students were introduced to the faculty members within the department and had the chance to talk with their future professors.

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March Open House

Elizabethtown College held an Open House event for prospective students in March, during which twenty-seven prospective business students visited campus. The Department of Business is excited about the large pool of prospects for the class of 2019.

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Scholarship Competition Day

January 31, 2015, the KAV, Brossman Commons Prospective accepted business students participated in interactive sessions with faculty, alumni, and current students and competed on an aptitude test in order to earn department scholarship

awards.

Schedule TIME EVENT 8:30 am Registration & Continental Breakfast 9:00 am Welcome to the College 9:05 am A Degree of Value: How Do We Stand Out In The Crowd? 9:40 am Outstanding Features of our Career Development Programs 10:00 am Distinguishing Features of our Student Managed Investment Portfolio (TIP) 10:10 am Outstanding Achievements of Enactus 10:20 am Break 10:30 am Break-Out Sessions and Alumni Panels in Accounting, International Business,

Business Administration & Economics 11:30 am Student Lunch with Alumni and Current Students 11:30 am Parent Q&A 12:30 pm Student Scholarship Competition 12:30 pm Parent Lunch with Alumni 1:30 pm Campus Tours & other appointments

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The International Business Day

Dr. Hossein Varamini, Professor of Finance and International Business

he IB Day began with a continental breakfast and networking with twenty-three members of the IB Advisory Board, several faculty members and a couple of administrators at the Hoover Center for Business on October 15, 2014. Dr. Carl Strikwerda, the President,

delivered the welcoming remarks to members of the Advisory Board at 9:30 am and expressed his gratitude for the support of the IB program and for their contributions to development of our students.

The meeting of the Board began with a presentation update by Liz Braungard, the Executive Director of the Office of Marketing & Communications, regarding the proposed IB marketing plan. Hossein Varamini then provided information to the executives about the profile of International Business students, members of the first year class, 2014 graduates and the current IB seniors. He also discussed the current challenges for recruiting international students from other countries and helping them find internships and jobs in the U.S.

The Board members were updated about the 2015 Collaborative Industry Partnership (CIP) projects through which IB seniors work on practical projects for regional multinational companies to gain more real-world experiences. Board members were invited to contact Martin Brill and Hossein Varamini if their organization has a potential project for the CIP program in the future.

From 11:00-12:30 pm, members of the Board participated in two round table discussions

& lunch with IB students to discuss career opportunities and give students suggestions to further

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develop networking and communications skills (see picture above). This part of the program allowed the IB students to have conversations with a couple of Board members before rotating to another table to talk to other executives.

At 12:30, the students were dismissed and the executives held a round table dialogue to discuss the co-op fellowship program, a business model in IB, suggestions for improving the IB program, and their overall impression of IB Day.

In regards to the co-op program, the executives suggested that the program be further developed so that the program is self-sustaining. They also recommended the development of a professional marketing piece to promote the program among companies, and engage IB alumni to increase co-op opportunities.

To further develop the IB program, the executives suggested promoting the location of the College, how the program fully prepares students for employment upon graduation, and their entrance into the prestigious MBA programs. They also suggested the developing of a strategic plan based on our defined audience and being more proactive in recruiting students from other countries. Lastly, they suggested developing a relationship with a large city program, such as a university in Washington, DC, Philadelphia or NYC.

The overall impression of the IB Day among the participating executives was very positive. They prefer this format to the panel discussion format because it provides more opportunity to engage the students. They did suggest that during the 12:30-2:00 pm timeframe, a couple of individuals from the administration should be invited to interact with the Board and that some students join the meeting to take notes for executives.

We are looking forward to the next year’s IB Day, to be held on Wednesday, October 14, 2015.

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The Business Advisory Board Meeting

Dr. Cristina E. Ciocirlan, Associate Prof. of Management

he meeting was held on April 1st, 2015. After a brief discussion of the current Business Administration curriculum, the Advisory Board members shared their suggestions on improving our program. Several themes emerged from the discussion. First, members

emphasized the need to encourage students to improve their verbal communication skills, by choosing phone or face-to-face communication, rather than digital media. Members offered to attend student presentations and provide their feedback. They also stressed the importance of written communication skills in any business field. In this context, they also discussed some of the negative stereotypes of Generation Y. At a minimum, students should be aware of these stereotypes and should learn how to use different communication and interaction strategies with people from other generations.

Second, the discussion focused on improving students’ self-awareness, by coupling the Myers-Briggs personality assessment with an individualized coaching plan for each student. The plan would identify effective strategies of interaction with people who are different from them. Members emphasized the need for students to learn how to give and respond to constructive criticism. Several strategies were discussed, such as a mentoring program, a mini-version of the

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360 instrument for group members, the introduction of a new course Pass/Fail, on soft skills, or using a Strength Finder instrument.

Third, Board members discussed the need to expose students to careers in different subfields of a larger business field. They emphasized the need for students to participate in events such as “Career Day” and internships. Further, students should be encouraged to develop a mindset of “every day is an interview.” Members noted that Gen Y employees want to work for an organization that is ‘more than a company’ and ‘stands for something;’ in this context, the Board members appreciated the fact that Etown’s ‘educate for service’ motto is well implemented in practice.

Last, Board members urged the faculty to engage students in “living business cases,” where students are called to solve a real business problem that an organization currently faces. Faculty might also assign students specific projects to manage. For instance, students would organize an event and be responsible for it, from the beginning to end; then, they would be evaluated based on how effectively they manage this project. Some also suggested implementing a foreign language requirement of at least one year.

The meeting adjourned at 10:30 am and members went to their panels.

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The Accounting Advisory Board Meeting

Prof. Terrie Riportella, Director of Accounting Program

he Accounting Advisory Board met for its annual meeting on December 3, 2014. The meeting began with refreshments and conversation. The Board welcomed new attendee Scott Hartman, Executive Director of Assurance Services in the Ernst & Young Philly

office, who was filling in for Jennifer Manbeck. The business portion of the meeting was attended by six outside board members (Scott Hartman, Eugene Lee ‘08, Rodney Martzell ‘93, Robert Sands ’90, Linda Schroeder ’77, and Eric Wenger) and all accounting faculty (Terrie Riportella, Thom Elicker and Jeff Gabriel).

The Board meeting opened with the announcement that Thom Elicker is planning to retire after the fall semester of 2015. The Department currently plans to fill his position with a professionally qualified (CPA + Masters) faculty member as opposed to an academically qualified (PhD) hire. We will look to hire someone to start in the Fall of 2016 for the 2016/2017 academic year. A position advertisement will be forwarded when the search is officially underway. Accounting faculty asked Board members if they, or someone they know, may be interested in such a position.

The Board was updated on several outcomes that the department has been tracking. In terms of CPA exam performance, our scores in all four subject areas continued to be above the state and national averages. The percentage of students able to graduate with 150 credits (64 percent) was slightly lower than the previous year (68 percent), but since the 150 hour requirement has been in effect, two thirds of our students have graduated with 150 credits. Our internship and job placement results continue to be very high. Most of our students had secured jobs prior to graduation. Seventeen internships were performed in 2014.

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The Board also spent a fair amount of time discussing curricular issues including the committee members’ opinions on whether they continue to support a Bachelor’s with 150 credits versus a Master’s degree as hiring equivalents. The Board confirmed that a degree completed with 150 credits in four years was not considered inferior to a Master’s degree, in terms of entry-level hiring. We discussed our current coverage of Private Company GAAP and IFRS. The Board felt that the current curriculum coverage of both topics was sufficient. One area where the Board felt we should consider expanding our coverage in the future was in the use of data analytics. Faculty will explore options for when and how coverage could be added.

Finally, the meeting concluded with a discussion of the job outlook and student skills and deficiencies. Public accounting firms reported that hiring continues to be fairly strong. They stressed that Excel skills are very important for current graduates, and that students need a better understanding of basic business concepts and various aspects of professionalism.

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Business Alumni Reunion (BAR)

The Department of Business saw an outstanding turnout at the 2014 BAR, held during the Homecoming Weekend. The meet-and-greet event welcomed alumni back to their home in the Hoover Center for an afternoon of networking and fun.

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Living Learning Community

Members 1st, sponsor of the First-Year Living Learning Community, conducted a series of three seminars for first-year students. The first seminar was held on November 19 and focused on budgeting and credit management. The other two seminars of the series were held during the spring semester and covered topics such as leases, loans, insurance, and investments.

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The 2015 Economics Symposium

Wednesday, February 18, 2015, 11:00 a.m. │ Hoover 212 Panelists: Ms. Ardy Lynn Wurtzel, Research Associate, Federal Reserve Bank of Philadelphia Mr. Joseph E. Besecker, Founder, Chairman, President, CEO, Emerald Asset Management, Inc. Dr. Randy Trostle, Associate Professor of Finance Emeritus, Elizabethtown College Panel Moderator: Dr. Dmitriy Krichevskiy, Associate Professor of Economics, Elizabethtown College

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The Student Conference in Business and Economics

April 8, 2015, Hoover Center for Business, Room 212

Time Room EVENT1:00 H212 Opening Remarks: Susan Traverso, Provost and Senior Vice President,

Elizabethtown College

1:10 H212 Keynote Speaker: Bappa Choudhury "Planning for Success in College and Beyond: Triple B's"

2:00 H212 Session A | Moderator: Professor Terrie Riportella Hannah Blecker ◊ "Personal Financial Education for Elizabethtown College Students" Samantha Chavanon ◊ "Consumer Language Knowledge and Its Impact on Foreign Brand Names Perception" Corey Eshelman ◊ "Assessing the Role of Commodities in a Balanced Portfolio for the Individual Investor" David Gallop "Operation Market Garden: An Analysis of Strategy Gone Wrong"

3:00 H212 BREAK 3:15 H212 Session B | Moderator: Professor Bryan Greenberg

Hannah Geiger ◊ "Assessing the Gap between Sarbanes-Oxley and Small Business" Trang Hoang ◊ "The Linkage between Insider Trading Activities, Market Efficiency, and Stock Information Content" Alexandra Jenny & Abigail Riccardo "An Empirical Investigation of the International Fisher Effect in Selected Latin American Countries" Tayler Petrowski "Sweet Temptations: Entrepreneurial Opportunities in the Chocolate Confectionary Industry"

5:30 KAV Department of Business Awards Reception & Banquet - by Invitation ◊ Department of Business Honors in the Discipline Presenter

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Department of Business Awards

Each year, The Department of Business holds an awards reception and banquet to recognize the students in the department for their awards and accomplishments

AWARD RECIPIENT

Glenn R. Patterson Scholarship

Mackenzie Atkinson Thomas Hopkins Stephanie Turnbull

John F. Chubb '61 Scholarship

Jeffrey Halligan Kaitlyn Kembel Allison Salata

Freshman Ernst & Young Accounting Scholarship Kaitlyn Kembel

Christine Eberle '96 Memorial Scholarship Jeffrey Halligan

VITA (Volunteer Income Tax Assistance) Participants

Michael Cannon Danielle Cockey Kelsey Grant Jeffrey Halligan Tien Hoang Conner Land Randall Martin Allison Salata Andrew Sandridge Shane Votto

The Pennsylvania Institute of Certified Public Accountants Awards

Corey Eshelman

Accounting Alumni Award

Ryan Perez

Financial Executives International (FEI) - Central Pennsylvania Chapter Outstanding Student Award

Hannah Geiger Kelsey Grant

James B. Hoover Business Department Scholarship

Hannah Blecker Kelsey Sloan

Bets Keen '77 Campus Wide Entrepreneurship Scholarship

Bhim Thapaliya

Robert E. Hall '68 Scholarship

Shannon Maguire Tyler Stecz

Stephen Poorman '72 Entrepreneurship Award Tayler Petrowski

Outstanding International Business Student Award Katie Brumbach Abigail Riccardo Bret Stencovage

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AWARD RECIPIENT Student Conference in Business & Economics Certificates

Hannah Blecker Samantha Chavanon David Gallop Hannah Geiger Corey Eshelman Trang Hoang Alexandra Jenny Tayler Petrowski Abigail Riccardo

Student Conference in Business & Economics Best Paper Awards Corey Eshelman Hannah Geiger

Dentsply Scholarship Lia Kopar

David Smith

Jay & Carolyn Buffenmyer International Business Scholarship Marley Currin

Douglas and Victoria Meacham Memorial Award Kelsey Bayzick

Fondren-Miller Advertising Award Phillip Spector

Powell Adams Scholarship Jared Meyers

Nuts About Granola Innovation Scholarship Erin Gregory

Herman G. Enterline Scholarship Award Rebecca Steele

Musselman Scholarship Kelsey Detweiler Jessica Lehr

Mary Sachs Scholarship Kylie Bueti Collin Davidson Lia Kopar

John W. Hess Scholarship Award Stephanie High Madison McCall

Alice L. Knouse Scholarship Lydia Dearie James B. Hoover Outstanding Business Student Award

E. Philip Wenger

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M&M Mars Executive Lecture Series

04/24/15 Butch Potter, President & CEO, Martin's Potato Chips

History of the Potato Chip and the importance of it to Central Pennsylvania

03/27/15 Andrew Shelly, Owner, Andrew Douglas Jewelers

Small and Profitable

03/20/15 Wesley Bricker, Partner, PricewaterhouseCoopers LLP

Fit for Professional Growth

02/27/15 Bob Marquette, President & CEO Members 1st Federal Credit Union

Your Future in the Banking Industry

02/20/15 Philip Wenger, Chairman, President and CEO Fulton Financial Corp

Fulton Financial Corporation: Creating Value for our Constituencies

02/13/15 Joseph W. "Chip" Marshall III Vice Chairman, Stevens & Lee

A Lifetime of Lessons Learned

01/30/15 Lee Corrigan, President Corrigan Sports Enterprises

Corrigan Sports and the Baltimore Marathon

01/23/15 Israel Schwab CEO, D&H Distributing Co.

Distribution, Sales and Logistics in the Computer and Consumer Electronics Business

11/21/14 Terry Harris Managing Partner, McKonly & Ashbury

Building Relationships and a Business Network

11/14/14 Scott C. Rogers President, The Glatfelter Agency

Trusted Choice and the Independent Insurance Agent

10/31/14 John T. Reed, Esq., Partner, Barley Snyder

Success Through Giving Back

10/10/14 Linda Goldstein, Vice President/COO, Harrisburg Regional Chamber and CREDC

"Careers. A Ladder or a Jungle Gym??"

9/26/14 Joseph E. Murphy CEO, Masonic Villages

Educate for Service – Mission Driven Business Model

9/19/14 David Groff President, WEBstaurant Store

Building an E-Commerce Strategy Around Millennials

9/12/14 Roger North, North Group Consultants

Culture Eats Strategy for Lunch

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At the M&M Mars Series: Dr. Williams, students and Mr. Joe Murphy, CEO Masonic Villages

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CPA Passport to Opportunity November 3, 2014, Leffler Chapel, Elizabethtown College

For the 7th consecutive year, Elizabethtown College and a local PICPA (Pennsylvania Institute of CPA's) chapter co-hosted one of the "CPA - Passport to Opportunity" programs that occurred across the state. The program was a one day event that invited students from surrounding high schools to learn about the diverse career paths in accounting, first hand from local CPA's. Speakers talked to students about their unique career and school experiences, as well as the importance of a work-life balance. The session also included an opportunity to ask questions of some of our current accounting majors and the attendees were given information on the college admissions process and how to apply to college. Attendance was in excess of 200 high school students and educators. Professor Terrie Riportella, Edgar T. Bitting Chair of Accounting and Director of Accounting Program, welcomed the students and educators at 9:00 a.m. and was involved in a panel along with other Elizabethtown College Accounting students at 11:30 a.m.

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The Accounting Job and Internship Fair Tuesday, September 16, 2014, Brossman Commons KĀV

The event featured representatives from regional and national accounting firms, as well as government and industry. They provided information on job and internship opportunities.

Representatives from the following companies have registered:

Auditor General Brown Schultz Sheridan & Fritz Ernst & Young Herbein + Company, Inc. Hershey Entertainment & Resorts KPMG Maher Duessel McKonly and Asbury LLP PA State Civil Service Commission ParenteBeard LLC

PHEAA PricewaterhouseCoopers LLP Rager, Lehman & Houck, P.C. Reinsel Kuntz Lesher LLP Rite Aid Corporation Simon Lever LLP Smoker & Company The Hershey Company Trout, Ebersole & G Walz Group, P.C.

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Student and Alumni Accomplishments The Emergent Scholars program at Elizabethtown College honors students who have achieved a GPA of at least 3.75 at the conclusion of their first three semesters at Etown. Students nominate a mentor from their respective department and attend a luncheon to celebrate their academic achievements. Congratulations to the following business students:

Peggy McCall Kelsey Detweiler Kathleen Banik Brian Lukacsy Kylie Bueti Nicolas Callahan

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The following students scored in the 98 percentile or above on the Major Field Test. This means that they beat more than 98 percent of students from 489 institutions across the country. Congratulations!

Corey Eshelman Ryan Perez Joel Harnly Ryan Clune Phil Wenger

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Martina White graduated from Elizabethtown in 2010 with a degree in Business Administration and Marketing, a minor in Economics, and a concentration in Finance. White recently became Philadelphia's second Republican member in the state House. She won the seat by a 14 percent0 margin with 97 percent of the vote. Congratulations!

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Faculty Accomplishments Dmitriy Krichevskiy, Assistant Professor of Economics, participated in the Penn State Harrisburg Academic Perspectives on Current Events: "International Influences on the U.S. Economy" as a panel member in February 2015. He also moderated the panel discussion at the annual Economics Symposium held at Elizabethtown College. Ed Chung, Associate Professor of Marketing, attended the Northeast Decision Science Institute Annual Meeting in Boston, a business conference that he attends annually. He presented a teaching case exploring the reasons behind Target's failed launch in Canada, entitled "Missing the Target: Diagnosing Target's Failed Launch in Canada." The paper was co-authored with Carolan McLarney of Dalhousie University in Canada. Ed Chung and his co-author, Nargiza Seitova, RN, presented their research at the 2015 Eastern Sociological Society Annual Meeting in New York City. Their paper, “Why Can’t a Woman be like a Man: Women as Outliers in Canada’s Universal Healthcare System,” attacks the dominant masculine ideology that informs the development and administration of Canada’s healthcare system. Chung and Seitova offered suggestions and outlook for a more inclusive and holistic healthcare regime. Cristina E. Ciocirlan, Associate Professor of Management, was awarded the Fulbright Scholar Award for the fall semester of 2015. Her research project focuses on environmental behaviors in organizations and it will be conducted in collaboration with Durham University Business School, in the United Kingdom. Ed Chung and Cristina Ciocirlan had a case study accepted for publication in the Journal of the International Academy for Case Studies (JIACS). The case study, titled, “A Loonie Too Much: How Target Failed to Bring Home the Canadian Bacon,” was co-authored with Carolan McLarney of Dalhousie University in Canada. Terrie Riportella, Director of the Accounting program, was chosen by the Pennsylvania Institute of CPA’s as the 2015 South Central Chapter Volunteer Service Award recipient. This award is bestowed upon a member who has shown outstanding dedication and service to the organization, either at the chapter or state level. Hossein Varamini, Professor of Finance and International Business and Director of International Business, participated in the 2014 Teaching Interfaith Understanding Seminar (Cambridge). The seminar was featured in the fall 2014 issue of the Council of Independent Colleges.

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Who’s Who in Hoover 2014-2015

JOHN ANGELIS 717-361-1284, Email: angelisj@etown.edu – Assistant Professor of Management. Ph.D. Operations Research from Case Western Reserve University; Bachelor degree in Industrial & Systems Engineering from Youngstown State University. Dr. Angelis has previously taught at the University of Wisconsin-Milwaukee and Rochester Institute of Technology, and previously worked for General Electric and the United States government. His research focuses on entrepreneurship and technology issues for small businesses and startups, and also studying the intersection of innovation (whether open or closed) and social networks. Dr. Angelis specializes in teaching courses in technology/innovation and operations management. JAY BUFFENMYER 717-361-1314, Email: buffenjr@etown.edu – Professor of Management and International Business Emeritus; B.S. Elizabethtown College; M.P.I.A., Ph.D. University of Pittsburgh. Dr. Buffenmyer worked in six countries, finishing his international career as Management Consultant for the Organization of American States. His assignment in Barbados involved the establishment of the Institute of Management and Productivity for the private and public sectors. After teaching for a few years, he returned to the Institute to complete two management textbooks for the Caribbean region. In two other sabbatical leave periods, he was a Visiting Professor and conducted research on international business programs at the American Graduate School of International Management, and conducted research at the University of Hawaii to complete eight chapters of a textbook for his new course, Cross-cultural Understanding and Interaction. In addition, his teaching career included courses in management, marketing, international business, and small business management. ED CHUNG 717-361-1597, Email: chunge@etown.edu – Associate Professor of Marketing. Dr. Chung received his Ph.D. in Marketing (1997) from the Schulich School of Business at York University in Toronto, Canada. Before going into academe, Dr. Chung acquired 14 years of progressive managerial experience with various multinational corporations including Mobil Oil and Sun Life Financial Services. At Mobil, Dr. Chung had planning coordination responsibilities spanning twelve countries, and was heavily involved in Mobil’s re-entry into China in the mid 1980s. At Sun Life, Dr. Chung ran the marketing communications arm of the company’s Trust company setup. Dr. Chung also had managerial experience in accounting, strategic planning, and product development. Dr. Chung has published extensively in peer-reviewed academic journals, and is a frequent presenter at major international conferences. Dr. Chung teaches Marketing Management and Consumer Behavior. CRISTINA E. CIOCIRLAN 717-361-6618, Email: ciocirlanc@etown.edu – Associate Professor of Management; Ph.D. in Public Administration, Penn State Harrisburg. Dr. Ciocirlan mentors students in the “Called to Lead” program on the topics of corporate social responsibility (CSR), environmental sustainability, social business, servant leadership, effective communication skills and service learning. She worked with ABN AMRO Bank, Transylvania Bank and consulted with several small and medium-sized businesses in Romania. Her research interests focus on CSR, environmental management, human resources management, strategic management and family business management. Dr. Ciocirlan teaches Management and Organizational Behavior, Managerial Communications, Human Resource Management and Management Seminar. THOM ELICKER 717-361-6616, Email: elickertg@etown.edu - Lecturer in Accounting, B.S. Accounting Elizabethtown College; M.B.A. Finance St. Joseph's University; CPA - Commonwealth of Pennsylvania. Professor Elicker joined the faculty in 2009. He has over 40 years of experience, in both

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the accounting and human resources fields. Prior to joining the faculty, he was the Director of Human Resources and Director of Recruiting for Ernst & Young in Philadelphia. He has also held various financial management positions at Vishay Intertechnology, a manufacturer, and Windsor Shirt Company, a retailer. Professor Elicker is a member of both the PICPA and the AICPA and is professionally qualified by the AACSB. He teaches Introduction to Accounting, Advanced Accounting, International Accounting and Personal Finance. JEFFREY GABRIEL 717-361-1576, Email: gabrielj@etown.edu – Lecturer in Accounting, 2009, Adjunct Professor of Accounting, 2008. B.S. Accounting, Manhattan College, C.P.A. – State of New Jersey, CGMA. Professor Gabriel joined the faculty full time in 2009. Mr. Gabriel has approximately thirty years of experience working outside academia. His background includes public and private accounting, controllership, information systems, operations, compliance and consulting. He has extensive experience with P&L management, directing systems development, computer operations, business process design and re-engineering, shared services, contract negotiation, project management, outsourcing, risk assessment, IT effectiveness and litigation support. He had a 23 year tenure at Sony Electronics, Inc (A $12 Billion subsidiary and the largest single geographical operation of Sony Corporation, Tokyo), where his most recent position was as Director, Sarbanes Oxley Compliance. Previously, he spent two years as Accounting Manager in the Subsidiary Operations Comptrollers Department of The Prudential Insurance Company. Mr. Gabriel also worked five years for Coopers & Lybrand, New York (now Pricewaterhouse Coopers). Professor Gabriel is also a member of both the AICPA and the PICPA. He teaches Cost Management Accounting, Accounting Information Systems and Forensic Accounting. WILLIAM GORDON 717-361-1270, Email: gordonw@etown.edu – Adjunct Professor of Business; Mr. Gordon graduated from Millersville State College in 1969 with a BA in mathematics and studied business management at LaSalle Extension University during the early 1970's. He obtained a MS degree in quality systems management from the National Graduate School of Quality Systems Management in 2011 and is currently a doctoral candidate at the same school. He attained quality engineering and six sigma black belt certifications; completed U.S. Army courses in operations research and construction engineering; and completed a Masters Certificate program in Human Performance Improvement at PSU. He began his career as a construction inspector and as a Quality Engineer. He held positions in manufacturing, business planning, international operations, marketing, and project management before returning to the quality field in 1997. While working with the PA Department of Transportation, Mr. Gordon gained practical experience with ISO 9001 and 14001, reengineering, and the Malcolm Baldrige Performance Excellence model. Assigned as the Quality Assurance Manager at the Construction Materials Testing Laboratory, he also co-led an asphalt industry collaborative where he spearheaded a research effort to investigate the process capability of asphalt production plants and paving operations. Mr. Gordon’s research interests include the application of experiential learning theory in engineering and operations education, performance improvement in the Healthcare Industry, and the application of statistical process control to improve the management of processes. BRYAN GREENBERG 717-361-1282, Email: greenbergb@etown.edu – Associate Professor of Marketing; Ph.D. in Mass Communication from Syracuse University; M.S. in Media Management; M.B.A. in Marketing; and B.A. Binghamton University. Professor Greenberg’s research focuses on advertising, media management and film marketing. He has served as a consultant for the last seven years conducting research projects for clients in the film, publishing, and distance learning industries. Previously, he was a Corporate Development Manager for the Center for the Media Arts and Regional Marketing Manager for the Washington Post Educational Group.

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BASIL HOLOBETZ 717-361-1279, Email: holobetzb@etown.edu – Adjunct Professor of Business, holds a B.S. Degree in Business Administration, major concentration in International Business from Villanova University and an MBA in International Management from the Thunderbird School of Global Management. He also earned a PFP (Professional Designation in Personal Financial Planning) from UCLA Extension and a certification from AACSB International to qualify as Professionally Qualified (PQ) faculty at the Collegiate level. Basil started his professional career as an International Logistics/Freight Forwarder specialist and worked in both Long Beach, CA and Jeddah, Saudi Arabia handling Hospital/Medical supplies and Household goods/personal effects. He then joined one of the largest agricultural export trading companies in California where he worked as an export trading manager developing products and markets in over 25 countries including Europe, Asia and the Middle East. Basil was instrumental in forming the companies Collection Support Committee (CSC) and in attaining several grants from the California Department of Agriculture to promote the successful exports of agricultural goods. After 18 years at his trading position, Basil left and has since started his own small export trading company, became licensed in both real estate and financial consulting(including NASD series 7, 65, 63 and insurance) and started instructing at the College level. He loves teaching and can be found instructing various International Business courses including Introduction to International Business, International Management, International Marketing, Global Business Negotiations and Importing/Exporting (Global Logistics) as well as Principles of Management and Marketing. DMITRIY KRICHEVSKIY 717-361-1271, Website: http://facultysites.etown.edu/krichevskiyd/, Email: krichevskiyd@etown.edu – Assistant Professor of Economics; Ph.D. in Economics from Florida International University, receiving the best dissertation award; M.A. in Economics from Florida International University; and B.A. in Economics and Mathematical Sciences from Florida International University. Krichevskiy has taught economics, business and statistics courses at Florida International University and Miami Dade College prior to coming to E-town. His areas of research are labor economics and entrepreneurship. He has received a number of research and presentation awards such as Kauffman fellowship and best paper awards. Before going into academe, Dr. Krichevskiy worked as an Engineering manager for Hilton Corporation. SEAN P. MELVIN 717-361-1280, Email: melvins@etown.edu - Sean P. Melvin is an Associate Professor of Business Law and has taught at E-town since 2000. Dr. Melvin is the author of five books (including two textbooks), has contributed over two dozen scholarly and professional articles and case studies to various publications, and is a member of the Academy of Legal Studies in Business. His most recent textbook, The Legal Environment of Business: A Managerial Approach (McGraw-Hill) is now in its Second Edition and is in use at over one hundred colleges and universities. His recent article Case Study of a Coffee War: Starbucks v. Charbucks won “Best Case Study” and “Distinguished Proceedings” at the 86th Annual Meeting of the Academy of Legal Studies in Business and was published in the Spring 2012 volume of Journal of Legal Studies Education. Before his academic career, Professor Melvin was a corporate lawyer in a large Philadelphia-based law firm and went on to become vice-president and general counsel at a publicly-traded technology company in King of Prussia, PA. Melvin earned his Juris Doctorate from Rutgers Law School where he was awarded the American Jurisprudence Award in Business Organizations. JOSEPH T. MOLONY 717-361-1281, Email: molonyj@etown.edu – Lecturer in Accounting, B.S., Accounting St. Joseph’s College; M.S. The American College; Chartered Life Underwriter (CLU); Chartered Financial Consultant (CHFC); Series 6, 7 & 8 Brokerage Licenses. Professor Molony joined the faculty in January 2001. He had previously been associated with the Northwestern Mutual Financial Network; and twenty-six years as a Business Financial Planner. Prior to that he was employed for ten years in various capacities of corporate accounting and financial management with such companies as Westinghouse, Philco-Ford and RCA. He also served as a 1st Lieutenant and as Accounting and Finance Officer in the USAF. He is a frequent public speaker to related professional organizations and conducts

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continuing education seminars for the Penn State Continuing & Distance Education. He is currently engaged as a Consultant to one of the business groups within the S. Dale High Center of Family Business. Active in many community organizations, he has served as president for the Lancaster Estate Planning Council, president for the Lancaster Sertoma Club, and as Campaign Chairman for the United Way of Lancaster. EMMA HONGSONG NEUHAUSER 717-361-4752, Email: neuhausere@etown.edu – Assistant Professor of Finance; Ph.D., Department of Finance and Managerial Economics, State University of New York at Buffalo; MSc in Computer Science, National University of Singapore; BEng in Computer Science, Tianjin Institute of Technology, China. Ms. Neuhauser joined the college in the fall of 2008. During the past 15 years, Ms. Neuhauser has held a variety of positions including Chalfont Hill Research Group LLC, Redback Networks Systems Canada Inc., Liahoni Consulting Private, and Industrial and Commercial Bank of China. She brings with her experience as a quantitative research analyst, system verification engineer, business consultant, project manager and assistant engineer. Most recently, she was an instructor of corporate finance at State University of New York at Buffalo. She is a member of the American Finance Association, Financial Management Association and Global Association of Risk Professionals, and has earned several prestigious awards for her work. SANJAY PAUL 717-361-1543, Email: pauls@etown.edu - Associate Professor of Economics. B.Tech. Indian Institute of Technology, Madras; Ph.D. State University of New York, Buffalo. Dr. Paul teaches courses in international economics, economic development, and mathematical economics. His areas of research include globalization, trade policy and innovation. Dr. Paul writes a newspaper column dealing with business and economic issues. He has organized and led study tours to New York and Geneva (United Nations), Brussels (European Union) and Dhaka, Bangladesh (Yunus Centre). TERRIE RIPORTELLA 717-361-3753, Email: riportellat@etown.edu – Edgar T. Bitting Chair of Accounting, Director and Lecturer of Accounting; B.S.B.A. Bucknell University; M.B.A. St. Josephs University; C.P.A. – Commonwealth of Pennsylvania. Professor Riportella joined the accounting faculty of Elizabethtown College in the fall of 2002 and is currently Director of the Accounting program. In addition to teaching Intermediate Accounting, Auditing and Tax, her responsibilities include supervising the accounting internship program, assisting in career placement activities, student recruitment, accounting curriculum review and directing the Volunteer Income Tax Assistance Program. Terrie has 11 years of experience working outside academia in the field of accounting. Her most recent position was as a Senior Manager of Finance for Mapquest.com. She also spent 7 years in the manufacturing industry with Dana Corporation holding various positions including plant controller. She started her career in public accounting with the firm of Ernst and Young and actively maintains her license as a CPA. She serves as faculty advisor for the Accounting & Finance club and is on both the state level and south central chapter Relations with Schools and Colleges committees of the Pennsylvania Institute of Certified Public Accountants (PICPA). Ms. Riportella is also a member of the American Institute of Certified Public Accountants. PETRU SANDU 717-361-1269, Email: sandup@etown.edu – Associate Professor of Entrepreneurship and Management; B.A. the Academy of Economic Studies, Romania; MBA at The Ohio State University, Fisher College of Business; Ph.D. in Entrepreneurship at Al. I. Cuza University in Iasi, Romania with studies at University of Greenwich, England and University of Toulon, France. Dr. Sandu served as Dean of the School of Economic Sciences and Public Affairs at the Suceava State University in Romania, owned and managed his own firm for seven years, and consulted with more than twenty companies. He has published several books and textbooks and many articles in the field. Professor Sandu received outstanding teaching awards five years in a row and was selected as a Fulbright Scholar at The Ohio State University. Dr. Sandu joined Elizabethtown College in the fall of 2003.

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RANDY TROSTLE 717-361-1393, Email: trostler@etown.edu - Associate Professor of Finance Emeritus; B.S. Elizabethtown College; M.Ed., M.B.A. Shippensburg University; Ph.D. Lehigh University. He is a member and past secretary of the Central PA Chapter of the Financial Executives International and former Chair of the Lancaster County Hospital Authority. Dr. Trostle has served the College as department chair (1993-1999), acting dean of the faculty (2001) and vice-president of finance (2003-2007). For 20 years, he was an adjunct professor in the MBA program at Lebanon Valley College. Currently, he teaches macroeconomics, investments and serves as the advisor to the Trostle Investment Portfolio (TIP), the department’s student-managed investment portfolio (SMIP). He is a financial consultant with DDMP Investment Advisors, LLC.

HOSSEIN VARAMINI 717-361-1278, Email: varaminih@etown.edu – Professor of Finance and International Business; Turnbull-Jamieson Chair, B.S. in Business Administration, Tehran Business College in Iran; MBA Phillips University; Ph.D. Kansas State University. Dr. Varamini joined the College in the Fall of 2000 as the Director of the International Business Program after holding a similar position at a different institution for over ten years. His primary teaching areas are corporate finance, international financial management and international business. He has published numerous articles in peer-reviewed academic journals, and has presented his scholarly work extensively at national and international conferences.

KRISTEN WAUGHEN 717-361-4760, Email: waughenk@etown.edu – Visiting Assistant Professor of Computer Science; B.A. in Information Systems, Susquehanna University; M.S. in Information Systems, Shippensburg University; Ph.D. in Management with a specialization in Information Systems Management, Walden University. Dr. Waughen’s research focuses on database management, various types of data analysis, and digital forensics. Prior to joining the faculty in 2000, she worked for companies such as Rite Aid and Kodak Imaging Services. Her last position before teaching was a software engineer in the medical field. She has advised an award-winning Enactus team, and worked on entrepreneurship projects around the world. Dr. Waughen has received grants from companies such as HSBC, Campbell’s, Sealed Air, Discover Financial Services, Goldman Sach’s, Sam’s Club, General Electric Consumer Products, & Aflac. Her research interests include databases/data warehouses, data mining, and data analytics.

SYLVESTER E. WILLIAMS, IV 717-361-1168, Email: williamss@etown.edu – Department Chair and Associate Professor of Business Law. BA (Economics/Finance) Howard University; MBA Wake Forest University; JD Wake Forest University; Communication Law Certificate Catholic University of America; Visiting student London School of Economics. Dr. Williams has had an extensive career in both the public and private sectors. He worked as a legislative aide for the United States Senate Foreign Affairs Committee and U.S. Senate Committee on Banking, Housing and Urban Affairs. He worked as a policy advisor for Vice President George Bush on his Domestic Policy staff addressing banking, economic, and finance issues. He worked for the State Department handling issues relating to Economic development in Latin America. He spent several years working for the Federal Communications Commission as a staff attorney in the Mass Media Bureau. He has extensive work experience in the entertainment area of business working with law firms as well as Time Warner. He spent 10 years working with Time Warner in their corporate office, cable division, movie division, and music division. Dr. Williams was appointed by President Ronald Reagan to serve on the National Advisory Committee for Juvenile Justice and Delinquency Prevention for his four year term. He was also selected by President Ronald Reagan to deliver a speech before the United Nations General Assembly at the Conference on International Youth Year. He has written several workbooks used for e-commerce law, project management, and marketing on the Internet. As a public official, he has written and presented several documents on various topics relating to free trade and free trade agreements.