On May 2, The William C. Dunkelberg Owl Fund met to present their Annual Report to board members and Owl Fund alumnus. The Owl Fund’s mission is to provide the Temple University students with an active learning environment where they put investment principles into practice to achieve professional and personal goals related to investment management.

In 2016, members were able to learn and gain real experience inside the world of asset management. The year had an unprecedented amount of geopolitical events throughout the year, which caused market volatility. The Fund appreciated by 8.15%, underperformed the S&P 500, which was up 11.96% by 384 bps. The 8.15% gain on the year gave the Fund a market value of $256,613.38 as of December 31, 2016.

During the Fall 2016 semester, the Temple University Board of Trustees and executive administration allocated $250,000 from the University’s Endowment to the Owl Fund, effective January 1, 2017. The fund will receive monthly installments of ~$20,000 throughout the year.

The Fund also made changes to the investment policy statement (IPS). The Fund is now allowed to invest in companies that are not a part of the S&P 500 Index. This expands their investment horizon beyond ~500 stocks. Its sector holdings limit was also increased during the school year, from five stocks to seven stocks. This will help the Fund diversify, and limit the use of sector ETFs. Finally, the Fund is now allowed to invest in publicly traded REITs, as Real Estate became its own sector on September 23, 2016. These changes signal unanimous confidence that the University has in the Fund. Leo Helmers, member of the Dean’s council and Owl Fund Advisory Board, attended a meeting recently and said, “President Englert was gushing,” after the presentation the students made to the University’s Investment Committee earlier last week.

The opportunities gained in the Owl Fund are unmatched real-world experiences that expose students to global investment world. “The Owl Fund gave me access to C-suite executives and investor relations teams from Fortune 100 companies, introduced me to Temple alumni across the financial markets, and allowed me to meet top industry professionals from across the country. Most importantly, I was able to meet highly motivated and passionate peers and work with them on challenging projects,” said The Chief Investment Officer of the 2016 – 2017 academic year, Joseph Heidt.

During the first quarter of the year, from January 1, 2017 to March 31, 2017, the Fund outperformed their benchmark by over 100 basis points (1%). The year-to-date is up ~75 basis points (.75%) from their benchmark and they are learning from their experiences from the past year to put forth the tactics gained this semester. The Fund hopes to continue to grow throughout the rest of the academic year.

Allan Domb, Councilman-At-Large, City of Philadelphia
Allan Domb, Councilman-At-Large, City of Philadelphia

On May 2, during the annual Department of Finance Awards Dinner, Students and faculty were honored for their various achievements throughout the school year. In attendance were invited students, faculty and the Real Estate Advisory Board. The Fox School of Business’ Dean Moshe Porat kicked off the dinner with some advice to students, “Our job is to work hard, day in and day out.” This passion was well represented among this year’s award and scholarship recipients.

The Keynote speaker of the event, was Councilman-At-Large, City of Philadelphia, Allan Domb, who also is a member of the Real Estate Advisory Board. As a Councilman, his goal is to make Philadelphia a healthy city through practical bills that benefit not only the residents in the city, but the businesses in the city, as well.

A highlight of the evening was a presentation of the inaugural Forrest Huffman Award. Councilman Domb, who has known Huffman for over 30 years, spoke about the many contributions that Huffman has made to the Philadelphia real estate community. They, along with Dr. Peter Chinloy presented Adrian Dolinay, Fox ‘17 with the Forrest Huffman Award. Huffman is retiring after nearly 30 years of remarkable service to the Temple University community. Dolinay was joined by several members of his family to receive this honor.

Chair of the Department, Ronald Anderson, closed the ceremony with remarks about the accomplishments the Department of Finance has achieved this past year and how the department is looking to the future.

“In student outcomes, we’re getting better and better at placing our students into great jobs, each year,” he exclaimed.

Next year the Department of Finance hopes to expand their Financial Planning and Real Estate program, and continue to build on this past year’s achievements.

Recipients of the awards included:
Jordan Abrams, Fox ‘19, Fred E. Kemner Scholarship
Anthony Merola, Fox ‘18, Jay Lamont Scholarship
Adrian Dolinay, Fox ‘17, Forrest Huffman Award
Hinal Patel, Fox‘17, Jack Ritchie Award
Srinivasan Kuppuswami, Fox ‘17, Finance Outstanding Student Award
Joseph Heidt, Fox ‘17, Owl Fund Leadership Award

Pavel Savor, Associate Professor of Finance at Temple University’s Fox School of Business.

Pavel Savor, Associate Professor of Finance, and his co-author, Mungo Wilson, recently received the 2016 Amundi-Smith-Breeden Prize for one of the top three papers in The Journal of Finance. The paper is entitled, “Earnings Announcements and Systematic Risk.” This impressive honor underscores the strength of the Finance faculty at the Fox School of Business.

Power in Finance week kicked off Monday, October 31, 2016 with a bang. The Financial Management Association and Temple University Investment Association held a joint meeting to host Temple alumna, Celeste Clancy, the Vice President of Wells Fargo Banking. Mrs. Clancy talked to students about opportunities within the field of commercial banking. She also discussed her rise through the commercial banking industry and how critical her Temple University education was to her professional success.  

Real Estate was also well-represented during Power in Finance Week as Temple University alumus Michael Bailkin, of Akerman, came to speak to our Financial Modeling students. Bailkin is an accomplished lawyer and real estate executive, having served on the Real Estate Board of New York and the National Policy Committee of the Urban Land Institute.

On Wednesday, the Department of Finance dedicated their brand new Financial Planning Center that was funded by a $250,000 Charles Schwab Foundation grant given to the University. The center will act as a hub for education, outreach, research and innovation in the financial services field.

Assistant Professor of Finance, Cindy Axelrod joined by members of the Charles Schwab Foundation in receiving the Financial Planning Center.

During the week, students also learned some vital lessons from successful women in the finance profession. The Department of Finance hosted a panel with Andrea Kramer from Hamilton Lane, Kristie Bergey from the Center for Architecture and Design, Jean Rosenbaum from Hotaling Investment Management, Kellie Brady from AXA/Karr Barth and Eleisha Smith from JP Morgan Chase. Students in attendance asked the panel for career navigation advice and how to achieve success in a male-dominated profession.

Closing out the week, students participated in a University Trading Challenge that featured Jason Pride from Glenmede, as the keynote speaker. Students from Temple University student organizations, as well as students from New York University, Fordham University, University of Minnesota, Rutgers University, University of New Haven, and Adelphi University participated in the challenge. Winners of the competition included the teams from Fordham University and New York University.

The team from Fordham University was presented with the first place award.

Meanwhile, members of the Temple University chapter of the Financial Planning Association (FPA), joined the Philadelphia chapter of FPA for their Third Annual Career Day. The event included networking and interviewing opportunities with local financial planning professionals, knowledgeable panelists and speakers and best practices to help you make the leap from student to new professional.

Temple University Chapter of the Financial Planning Association at the Philadelphia chapter of the Financial Planning Association Career Day last Friday.

 

cvt7aduueaa5r11Assistant Professor of Finance, Cindy Axelrod, and Dr. John Soss took over 100 students to the offices of Brown Brothers Harriman on October 21, 2016 for the Fourth Annual Wall Street Day. The Wall Street Day is in its fourth year and has only grown since the Department of Finance began taking students in 2012. Undergraduate students from the Owl Fund, Fox Fund, Master of Business Administration and Specialized Master students enjoyed the day hearing from a panel of speakers in the industry which also consisted of Temple University alumni.

The panel was represented by Alan Cohen CLA ‘72 from Goldman Sachs, Kim Cross FOX ‘88 from Morgan Stanley, Joyce Mizerak FOX MBA ‘84 from JPMorgan Chase, Jonathan Shelon FOX ‘94 from KraneFunds, and Jerry Solomon CLA ‘85 from Capital Research Company.

The distinguished panel discussed their own careers, the stock market, bond markets, technology, emerging markets and career advice with students.

“Our students gained valuable career advice, management insights as well as real-world investment experience by connecting with our alumni. Wall Street Day clearly demonstrates the depth and the strength of an undergraduate and graduate degree from the Fox School of Business,” said Axelrod. The day was also of high-impact to our graduate students who attended. Dr. John Soss, Academic Director of the MS Finance Suite, added, “Wall Street Day recasts our student’s dedication and success in the classroom into exciting career opportunities. From invaluable insights into their career paths to sharing the current focus of Wall Street activity, our alumni offer an unfiltered view of both the hurdles and rewards to a successful banking career – the event is inspiring and reminds students to always dream big.”

Both Dr. Soss and Professor Axelrod look forward to building on this tradition to provide our students with unmatched real-world experience.

Fox Finance Professor, Kose John recently presented a keynote speech on his paper “Bank Capital Regulation: An Academic Perspective,” at the European Finance and Banking Conference, held September 1-2, 2016 in Bologna, Italy. The conference was organized by Temple University and the Journal of Economics and Business.

His speech was a refreshing call to arms to address and solve the overarching issue of capital level that is optimal for the banking system. “Though controversial, my paper generated excitement and discussion between scholars,” said John.

Banking and finance scholars from several other countries presented papers on corporate finance, corporate governance, regulatory compliance and banking to conference attendees. Professor Anthony Saunders from New York University, gave the second keynote speech on the difference between the loan spreads in the United States and in Europe.

Papers from the conference will be published in a special issue of the Journal of Economics and Business in 2017.

 

 

Francesca Brusa photoFRANCESCA BRUSA
Assistant Professor
Finance

Dr. Francesca Brusa joins the Fox School as an Assistant Professor of Finance.

Her research interests are in the areas of asset pricing and international finance. Her current work focuses on the pricing of currencies across the world, and on the determinants of human capital returns in the United States.

She earned her PhD in financial economics and Master of Philosophy degree in economics from the University of Oxford in the United Kingdom. She received a Master of Science degree in economics and a Bachelor of Arts degree in economics from Bocconi University in Italy.


Peter Chinloy photoPETER CHINLOY
Professor of Practice
Finance

Dr. Peter Chinloy joins the Fox School as a Professor of Real Estate in the Finance department. Most recently, he served as a Professor in the department of Finance and Real Estate at American University. At Fox, he also will serve as the Director of Real Estate programs and the to-be-established Real Estate Center.

His area of expertise includes real estate equity and debt pricing, mortgage option structure, managerial economics, real estate finance, and real estate development. More specifically, his interest centers on how real estate works to provide housing, business space, and a livelihood for many individuals. He has published numerous articles in quality refereed journals, including theJournal of Real Estate Finance and Economics, the European Financial Review, and the Journal of Housing Research, among others. Dr. Chinloy presently serves on the editorial boards of Real Estate Economics, the Journal of Real Estate Finance and Economics, the Journal of Real Estate Research, and the Journal of Housing Research.

He earned his PhD in economics and Master of Arts degree in economics from Harvard University. He attained his Bachelor of Commerce degree in business administration, accounting, and economics from Canada’s McGill University.


Sherry Jarrell photo

SHERRY JARRELL
Associate Professor of Practice
Finance

Dr. Sherry Jarrell joins the Fox School as an Associate Professor of Finance in the Department of Finance.

Dr. Jarrell most recently served as an associate professor of finance and economics at Wake Forest University, where she was the director of the undergraduate program in finance from 2011-2015. At Indiana University, she held a tenure track appointment as assistant professor, where she received an outstanding teaching award. She has served as a visiting professor at Georgia State University, Emory University, and Columbia University.

She earned her PhD in finance and economics from the University of Chicago, where she also attained her Master of Business Administration degree in finance and economics, with a specialization in industrial organization and regulatory economics. She received a Bachelor of Science degree in economics from the University of Delaware.


Mahsa Kaviani photoMAHSA KAVIANI
Research Assistant Professor
Finance

Prof. Mahsa Kaviani joins the Fox School as a Research Assistant Professor of Finance from Canada’s Concordia University.

Prof. Kaviani has served as a visiting scholar New York University’s Stern School of Business since 2015. Her research interests span corporate finance, banking, law and finance, financial market development, and corporate governance.

She is currently completing her PhD in Finance from Concordia University, in a joint doctoral program with Canada’s McGill, HEC, and UQAM Universities. She also attained her Master of Arts degree in economics from McGill, her Master of Business Administration degree in finance from Iran’s Mazandaran University of Science and Technology, and her Bachelor of Science degree in materials engineering from Iran’s Chamran University.


Hosein Maleki photoHOSEIN MALEKI
Research Assistant Professor
Finance

Hosein Maleki joins the Fox School as a Research Assistant Professor of Finance from Canada’s Concordia University.

Prof. Maleki has held the position of visiting scholar at New York University’s Stern School of Business since 2015. His research interests include corporate finance, capital structure, fixed income securities, international finance, and political economy of finance.

He is currently finishing his PhD in Finance from Concordia University, in a joint doctoral program with Canada’s McGill, HEC, and UQAM Universities. He also received his Master of Arts degree in economics from McGill, his Master of Business Administration degree in finance from Iran’s Mazandaran University of Science and Technology, and his Bachelor of Science degree in materials engineering from Iran’s Chamran University.

ryan-rist-200The Department of Finance’s Financial Management Association (FMA) student professional organization has appointed a new president — junior Ryan Rist.

Rist, a Finance major at the Fox School of Business, always loved mathematics and he knew that Fox could help him achieve his goals and prepare him to excel in any environment.

While in high school, Rist’s passion for entrepreneurship manifested in the launch of a landscaping business, and his Rist Custom Coasters. While he invested some of his own savings, he also launched a Kickstarter campaign and sold 350 custom drink coasters to backers in 15 countries including Japan, Germany, and Saudi Arabia.

As FMA’s president, Rist is excited to introduce the new Women in Finance Mentorship program, which will connect current Temple University students with successful women in the financial world. FMA encourages all students to get involved within the Department of Finance’s many student professional organizations like FMA, The Owl Fund and Temple University Investment Association (TUIA).

As evidenced by his many leadership accomplishments, Rist values the importance of maximizing his opportunities as a student at the Fox School. This fall, Rist is set to join the Owl Fund as an Associate Analyst in the healthcare sector, while also serving as a resident advisor to one of the University’s Living Learning Communities.

Over the summer, Rist completed an internship with Prudential Financial in its U.S. Business Planning and Analysis division, in which he helps forecast trends in asset management, annuities, and retirement.

Scott1The Department of Finance’s Deputy Chair, Professor Jonathan Scott joined The Washington Center’s academic seminar for the Democratic National Convention (DNC) on July 21, 2016 where approximately 150 undergraduate students from around the country participate in a two-week seminar series.

Scott spoke to the students about the many economic policy debates of this year’s monumental presidential election and their importance, as well as the challenges that the next president will face in promoting stability and oversight of financial markets.

“It is important that in this critical election, our young voters, most of whom will be first-time voters, are educated and informed about the economic policies of each party and candidate,” said Scott.

After the lecture, Scott took time to answer questions from the students about finance, financial market and the election cycle. Scott added “I was pleased to see the students so engaged and invested in their futures.”

Jason DeFazio, Vice President of the Valuation Research Corporation (VRC), embarked on his journey at Temple University’s Fox School of Business in 2004, later graduating summa cum laude with a B.B.A. in Finance and Entrepreneurship. While at Temple University he co-founded of The William C. Dunkelberg Owl Fund, which is the Department of Finance’s premier student-managed investment fund.

“My finance degree from Temple provided me with the foundation to launch a successful career in finance. Not only the traditional classroom education, but the wonderful extracurricular activities associated with the Fox School, including the Owl Fund and Temple University Investment Association, were fundamental in my professional development and understanding of the global markets and financial jargon,” said DeFazio.

The Owl Fund and his Finance degree helped DeFazio acquire jobs with Citigroup, Comcast and eventually VRC, giving him experience in a variety of positions. As a vital part of the portfolio valuation group, DeFazio specializes in assessing value of complex securities. This includes privately-held debt securities, convertible preferred equity securities, CLO equity securities, and business enterprises for tax and financial reporting purposes.

“I lean heavily on the skills I obtained at Temple, particularly in the Owl Fund, every day in my career in valuation financial services,” said DeFazio.

To learn more about Valuation Research Corporation, please click here.

Finance Alumnus Kevin Machiz was one of four of panelists asked to present at a seminar about emerging markets investment during the International Monetary Fund (IMF) and World Bank Spring Meetings this year. The panel on emerging markets investment covered a variety of subjects including emerging market performance and trends in asset allocation styles.

Each year, IMF and the World Bank Group bring together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern, including the refugee crisis, gender gaps in labor markets, and how to achieve durable development despite hard times. This year’s event offered distinguished speakers from Queen Rania and Ban Ki-moon to Michelle Obama and Bill Gates.

Machiz, while at Temple University, studied Finance and International Business Administration earning his BBA in 2011. Currently, Machiz is the Vice President of Callan Associates, where he works as a fixed income investment consultant in San Francisco Bay area.

Please click here for more information regarding the IMF and World Bank Group Meetings.

Photo of Fox School of Business and TD Ameritrade representatives on Wall Street.
Director of Development Don Kirkwood (fourth from left) and Financial Planning program director Cindy Axelrod (fifth from left) represent the Fox School of Business July 22 on Wall Street, with a group from TD Ameritrade Institutional, which award Fox’s new Financial Planning major a $25,000 grant. (Courtesy TD Ameritrade Institutional)

TD Ameritrade Institutional has awarded a $25,000 grant to Temple University’s Fox School of Business to foster development of a new financial planning degree program, as part its third-annual Next Gen Financial Planning Grants.

Through its Next Gen Financial Planning Grants, TD Ameritrade Institutional hopes to help the registered investment advisor industry remain vibrant for years to come by encouraging more colleges and universities to expand and enhance their financial planning degree programs, increasing the number of graduates produced each year. According to U.S. Department of Education data, roughly 700 students completed bachelor’s degree programs in financial planning in 2013, while only 90 U.S. colleges and universities offered degrees dedicated to financial planning.

“Independent financial planning is one the fastest-growing areas of the financial services business and may offer some of the brightest career prospects in the marketplace, but advisors need more than financial expertise. They need a strong desire to help people and a talent for building strong ties with clients,” Tom Nally, President of TD Ameritrade Institutional, said in a statement. “Schools like … Temple are helping educate and train a new generation of advisors so they can enter the workplace well-prepared for solving real world challenges.”

As part of a broader effort to encourage more undergraduates to pursue financial planning careers, and avert a talent shortage when thousands of baby boomer-era advisors leave the business, TD Ameritrade Institutional also awarded a grant to the University of North Texas, in Denton, Texas, to expand its existing financial planning degree program.

Temple University’s Fox School of Business will launch its Financial Planning undergraduate program this fall. Grant funds will help fund scholarships to attract top-tier students, underwrite a weekly “seminar series” that brings the workplace to campus, engaging financial planning practitioners in the Philadelphia area to speak with students providing insights into the profession’s challenges, trends and potential opportunities.

The Financial Planning major will prepare students for careers in the growing field bearing the same name, which takes a holistic approach to working with clients in order to enable them to identify and attain lifestyle and retirement goals. Students who complete the Financial Planning curriculum are eligible to sit for the Certified Financial Planner (CFP) examination upon graduation – a unique feature of the program.

“We are incredibly proud to have been selected by TD Ameritrade Institutional as the recipient of this grant,” said Cynthia Axelrod, Program Director of Fox’s Financial Planning major and Assistant Professor of Finance. “Professionals in this field are in high demand, and this grant will bolster Fox’s efforts to provide highly qualified students that will excel as Financial Planners. “

Forrest HuffmanThe undergraduate Real Estate program at Temple University’s Fox School of Business has been ranked among the best in the nation.

Fox’s Real Estate program is ranked No. 19 nationally by RentApplication.com, which published in June its first-annual list of the top-30 undergraduate real estate programs in the United States. The ranking lauds the program’s “lean toward the financial sector.” The Real Estate program is housed within Fox’s Finance department.

“We are delighted to learn that Fox’s Real Estate program has been ranked among such elite company,” said Dr. Forrest Huffman, Professor of Finance and Director of Fox’s Real Estate program. “Fox’s real estate students are consistently recognized by the prestigious student honorary organization, Alpha Sigma Gamma, for their academic achievements. Our students hone a variety of skills that will enable them to become leaders in all aspects of the real estate industry. Inclusion in this rankings report demonstrates the caliber of our program and students on a national level.”

The Real Estate program at Fox prepares students for careers in a variety of sectors, like real estate valuation, mortgage lending, residential and commercial brokerage, corporate real estate analysis, and beyond.

Fox is also home to the Temple Real Estate Organization (TREO), one of more than two-dozen student-professional organizations. TREO bridges the gap between the academic and business professional communities in real estate, finance, development, architecture, urban planning, law, and land economics, while also fostering scholarship in those fields.

Interior Image of Alter HallThe Fox School of Business at Temple University will introduce two new undergraduate majors for the 2015-16 academic year: Supply Chain Management and Financial Planning.

In all, the Fox School offers students a choice of 15 undergraduate majors.

“The additions of Supply Chain Management and Financial Planning as majors further bolster the Fox School’s reputation as not only the most comprehensive business school in the Philadelphia region, but one of the most comprehensive in the nation,” said Dr. M. Moshe Porat, Dean of the Fox School of Business. “Employers and industry partners agree that these concentrations are regarded as emerging fields wherein professionals are in great demand, and Fox has the renowned faculty to support such programs.”

The new majors are available to all students. Students entering their junior and senior years can declare for either of the majors and still remain on four-year academic plans. Interested juniors and seniors are encouraged to meet with a Fox School advisor to discuss their academic options.

The Supply Chain Management major will prepare students to operate and lead major aspects of the supply system in both established and start-up firms. Fox’s Marketing and Supply Chain Management department will oversee the program, which will ready students for careers in the interconnected chain of suppliers, manufacturers, warehouses and distribution centers, transportation-providers, retailers.

“Businesses today operate on a global scale,” said Dr. Neha Mittal, Assistant Professor and Academic Director of the undergraduate Supply Chain Management program. “For example, it’s very common for a company to have its sourcing in South America, manufacturing in China, and sales of its products to markets in Europe or North America. We’re talking about huge, complex supply chains here, which have fueled the need for supply chain management professionals to manage the flows between the different parties.”

The Financial Planning major will prepare students for careers in the growing field bearing the same name, which takes a holistic approach to working with clients in order to enable them to identify and attain lifestyle and retirement goals. Students who complete the Financial Planning curriculum are eligible to sit for the Certified Financial Planner (CFP) examination upon graduation – a unique feature of the program.

Fox’s Finance department will oversee the program, and will draw upon the expertise of faculty in Fox’s Legal Studies and Risk, Insurance and Healthcare Management departments, as well, said Cynthia Axelrod, Assistant Professor and Financial Planning Program Director.

“Within the next 20 years, 10,000 baby boomers will retire every day. This will produce a tremendous intergenerational wealth transfer, for which there won’t be nearly enough advisors to take on the burgeoning growth of clients and client assets,” Axelrod said.

“Further, retirement planning now resides with employees, not employers.  Individuals need help with retirement planning and investments. A financial planner brings objectivity to the process, and helps their client to develop a successful roadmap to attain their financial goals. A career in financial planning is very rewarding, allowing an individual to combine their investment skills and people skills, with excellent economic potential. All of this will lead to strong prospects for our students majoring in Financial Planning.”