News & Releases

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.

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. “

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.”

On Tuesday, February 24, IEI’s Executive Director, Ellen Weber, led a “Pitch Decks” workshop discussing the components and expectations of a pitch deck to prepare those who are competing in the BYOBB business plan competition. The presentation took place in Fox’s IEI Lab from 4:30 p.m. – 5:30 p.m.

Beginning the presentation, Ellen defined a pitch deck as “a six-to-eight minute presentation with an investor focus that grabs early attention and holds attention by hitting highlights of your business plan, leaving the investor eager to know more.” When someone likes your pitch, it increases your chances of getting your business plan read. For instance, if you do a great job with your pitch deck, the judges will be more favorably disposed while reading your business plan. 

Regarding the pitch deck PowerPoint presentation, it is important the presenter’s slides speak for his/her product or service. If the slides fail to tell a story, students should create a narration deck to include their notes from their note section to help the pitch deck flow. Remember, don’t just tell the business plan, share the business plan so the judges can see it and have a feel for it. A personal tip Ellen suggested to students was to create an appendix slide so BYOBB participants are prepared if a judge asks a question, the participant can go directly to that slide to answer the judge’s question.

Out of all of your PowerPoint slides, the financials slide is most important. This is because judges can get a sense of how you think as an entrepreneur by seeing a three year financial projection and history. By showing your revenues, expenses and EBITDA (earnings before interest, taxes, depreciation, and amortization), the judges can learn when you think growth or break-even may occur in your business. Keep in mind to never include decimals in your financials!

At the very end of your presentation, do not have a slide simply saying, “Thank You.” The last slide will stay up for judges to look at during the Q&A so it is essential to leave a lasting impression by ending with a summary slide of reasons why to invest in your company. Also, don’t forget to have your contact information listed in the beginning and end of the presentation because if someone sends your pitch deck to someone else, and you have no contact information listed, you may have lost yourself a major opportunity.

BYOBB judges will also pay extreme attention to how well the students know, understand and care about competition. Ellen advised, “The more you can differentiate your product or service, the better. The more you know about your competitors, the better. It is okay to have your competition do some things your company can’t do because this is how you show which niche you are going for.”

Overall, do what is best for you and your company. Make your story compelling, keep it simple and short, cover all of the necessary info, and show what the product looks like. Be passionate, entrepreneurial, honest and coachable. Don’t get discouraged by constructive criticism; do your homework and listen and accept negative feedback, as it will only help you in the long-run.

As a reminder, there will be On Demand Mentoring sessions on March 10 (5 p.m.) and March 11 (12 p.m.) for BYOBB participants to receive feedback from senior executives on the financials, strategy, marketing, and other challenging sections of their business plans. Both sessions will take place in Alter Hall’s IEI Lab, room 503D.

To learn more about how to create a successful pitch deck, visit http://bizclarity.com/handout-basics/. Be sure to stay connected with the Innovation & Entrepreneurship Institute to get the latest updates on workshops and events on Facebook, Twitter and Instagram.

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It was standing room only for renowned entrepreneur and Strategic Management Professor, Dwight Carey, as he led the “Cash Flow, Profits & Financials” workshop on February 18 in Fox’s IEI Lab.

Professor Carey started his presentation by stating, “Cash is more important than your momma because without cash you are out of business.” Students laughed at his opening remark, but he was very serious.

Throughout the workshop, he never strayed from the discussion of a cash flow pro forma, as it is key to an entrepreneur who does not want to run out of cash. He asked students about the components of a balance sheet and the main difference between income sheets and balance sheets because these answers are key to a successful cash flow pro forma. He shared the easy part of a cash flow pro forma is the expenses, and the hard part is the income.

As a young entrepreneur, the odds are going to be against you. Professor Carey said, “In the first five years, about 50 or more percent of all startups are going to go bankrupt. At the end of 10 years, only one in 10 companies will make it.” He provided advice on how to avoid joining these statistics:

  1. There is such a thing as “love money.” For example, your father is willing to cash in his 401K to get your business going. Be cautious because if this money burns out, you may have your father living with you for the rest of your life. Ultimately, be careful when borrowing this so-called love money!
  2. It is extremely important to project your revenue. This means, sit down with no distractions and write down every little thing that could affect your business sales in the future. This includes strikes, natural disasters, the city shutting down, etc. As entrepreneurs, you need to always look into the future for your business to succeed.
  3. Do not hire people in the beginning of your company simply just to “hire people.” You need to remember that once you hire someone, you have an ethical and moral responsibility to make them good employees. It is immoral to simply hire and fire people just because you suddenly realize you don’t need them in your company. Instead, hire independent contractors or your peers who have the skills your business needs to get started.
  4. If you want your product in a company, don’t be afraid to call that company’s president. Ask for just 15 minutes of his/her time to pitch your product to get it in that dream company. Perfect your pitch in front of a mirror so you are confident and ready to share your innovation and passion with the world!
  5. Lastly, ask yourself from May to the end of your first year, “Can I afford to lose $45,000?” If you say no, don’t throw your idea away quite yet. Instead, go back over your cash flow pro forma and either (1) increase your sales or (2) cut your expenses. Ultimately, be incredibly realistic about your product and business and ruthlessly honest with yourself in order to succeed.

At the end of the workshop, Professor Carey gave students “homework” to research the founder of SPANX, Sara Blakely, who is the first female billionaire under 30 years old. He told students to listen to her story from The Edge Connection, as she will share, “One day you wake up and you’re an inventor and then one day you wake up and you’re a company.” Learn more about Sara and her booming business here.

Be sure to stay connected with the Innovation & Entrepreneurship Institute to get the latest updates on workshops and events at Facebook, Twitter and Instagram.

whichmba_logoThe Global MBA program at Temple University’s Fox School of Business continues to climb in The Economist’s annual “Which MBA?” rankings.

The Fox School was ranked No. 33 nationally, a nine-spot improvement upon last year’s rankings. More impressively, the program leaped 20 positions to be ranked No. 57 among all programs around the globe.

The Fox School’s 20-spot improvement in the global rankings marks the biggest jump of any full-time MBA program featured in both the 2013 and 2014 reports. Additionally, Fox and the University of Pennsylvania’s Wharton School were the only full-time MBA programs from the Greater Philadelphia region to be included in The Economist’s prestigious rankings.

“These rankings by The Economist serve as further affirmation of the quality of a Fox MBA as one of the best value propositions in graduate business education,” said Dean M. Moshe Porat. “Our flagship MBA program further empowers students to experience the world while advancing their careers through experiential learning, and entrepreneurship.”

Released Oct. 9, the rankings recognize the top-100, full-time MBA programs worldwide, according to three years of data (2012-2014) drawn from questionnaires of business schools, students and recent graduates in areas such as quality of faculty and career services, student diversity, breadth of alumni network, and salary increase following graduation.

Fox’s Global MBA is one of four distinct MBA programs offered by the School. (The others are the Online MBA, Executive MBA and Part-Time MBA.) It features five components: a curriculum designed to develop competencies identified by employers; two global immersion experiences, one in each year of the program, that focus on emerging markets; experiential-learning opportunities for real clients within the Fox Management Consulting (Fox MC) practice and a structured internship; dual-degree options with the School’s array of specialized master’s programs; and an individualized professional-development plan.

Dr. Amir Shoham
Dr. Amir Shoham (Courtesy Temple University)

The Academy of International Business (AIB) held its annual global business conference in Vancouver, British Columbia from June 23-26, and a professor from Temple University’s Fox School of Business did not leave empty handed.

Dr. Amir Shoham, Associate Professor of Finance at the Fox School of Business, received the SSE/WAIB Award for Increased Gender Awareness in International Business Research in recognition of his research paper entitled, “Do Female/Male Distinctions in Language Influence Microfinance Outreach to Women?” The Stockholm School of Economics (SSE) and the Women in AIB (WAIB) sponsored the award.

Shoham set out to find a different solution for cultural dimensions than the commonly used survey-based measures. He studied the structure of languages in general and gender marking, particularly in grammar.

“Today’s research that is conducted is mostly survey-based and it’s extremely problematic,” said Shoham. “I wanted to find an alternate way and did so based on language that focused on culture and gender.”

Shoham also collected data based off financial records released from Microfinance Organizations (MFOs) in various countries around the world. MFOs provide financial services to individuals or small businesses in low-income areas, where traditional banking is a scarce resource.

In conjunction with his three co-authors – Estefania Santacreu-Vasut, of France’s ESSEC Business School; Isreal Drori, of the College of Management and Academic Studies in Israel; and Ronny Manos, of Cranfield University in the United Kingdom – Shoham discovered that language influences hybrid organizations’ management of its dual missions.

“The empirical evidence from MFOs’ outreach strategy toward females helped to analyze whether language’s influence depends on MFOs’ profit orientation and the consequences this has for whether there is a tradeoff between outreach and sustainability or whether they are compatible,” said Shoham. “The main finding is that the sustainability and outreach tradeoffs depend on how organizations treat societal attributes when defining their outreach strategy.”

Nonprofit MFOs define a universal mission of outreach that does not selectively interact with social attributes, Shoham said. For-profit MFOs build outreach strategies that target female borrowers. This occurs more frequently, he said, in countries where gender roles are unfavorable toward women.

The SSE/WAIB award is extremely selective, so much so that the award was not bestowed upon anyone in 2013. When their names were announced, Shoham and his co-authors were proud to know that their hard work had paid off.

“When your work is recognized,” he said, “it’s a great feeling.”

If annual shareholder meetings are held far away from home headquarters, earnings results may not be as up to par as companies want them to be.

A new study by Yuanzhi “Lily” Li of the Fox School of Business at Temple University, and David Yermack of New York University, titled Evasive Shareholder Meetings, found that companies tend to schedule meetings in remote locations when managers have information about future performance they want to keep private to avoid scrutiny by shareholders, activists and media.

The research team gathered data including location, days of the week, and the start time of 9,616 annual meetings between 2006 and 2010. Their findings indicate a systematic pattern of poor company performance, which followed annual meetings that are, moved a great distance away from headquarters.

“If managers don’t want to answer questions, they’ll make it harder for shareholders to attend,” Li said.

The paper cites an example using meeting locations of TRW Automotive Holdings, an auto parts manufacturer. The company held its 2007 annual meeting in McAllen, Texas, over 1,400 miles away from its headquarter located just outside Detroit, and more than 300 miles from the nearest major airport. In 2006 and 2008 to 2010, the company held its meetings in New York City. Coincidentally, in 2007, the company’s stock price fell from $38.97 to $25.90.

“We’re surprised by just how far managers are going to avoid activists and shareholders,” Li said.

Company bylaws may specify that meetings must take place with a recurring date or location, but often times, the board of directors are given the flexibility in choosing the site of the meeting.

Li and Yermack found that seventy-one percent of shareholder meetings take place within five miles of the what the managers would refer to as the “home office,” while sixteen percent occur between five and fifty miles away. They also noticed that twenty-nine percent of annual meetings take place more than fifty miles from a major airport.

Li believes companies and managers should change their practices, making it easier for shareholders to attend these annual meetings, allowing voting to take place with a higher quorum.

“Companies should be holding annual meetings closer to home,” Li said. “ We will be glad to see a law coming that says companies should always hold meetings in a close proximity to its headquarters so that local shareholders and analysts can easily attend.”

—Alexis Wright-Whitley

 

Corporate Governance encompasses the mechanisms within a corporation that ensures the managers’ interests are aligned with those of the shareholders.  In doing so, he/she may be a risk-taker, but why?  How does a firm make a CEO accountable for his/her actions or the firm’s performance?  Research on Corporate Governance studies the correlation between a CEO’s compensation package as a motivator to take risks, benchmarking CEOs’ pay, and the optimal functionality of a Board of Directors.  The understanding of Corporate Governance has not just practical relevance for a firm, but also implications at the policy level.

The Department of Finance in the Fox School of Business at Temple University is ranked No. 4 nationally in the research rankings released by Academics Analytics on the scholarly production of professors at research universities in the United States.The department chair, Ken Kopecky, cited the importance of the work of recent hires, Associate Professor David Reeb and Assistant Professor Connie Mao for earning this distinction.However, he also stressed that the ranking is not based solely on the productivity of a few faculty members but is broadly based across the entire department.

“The ranking methodology was designed to recognize the productivity of the average faculty member, both in terms of the number of articles published and perhaps more importantly the number of citations accruing to those articles. We have been fortunate that the department’s presidential faculty have been very productive as a group.”

Professor Reeb is known for his work on family-run firms and on the structure of corporate boards and has published several articles in the Journal of Finance. Professor Mao, known for her work in corporate finance and on the valuation effects arising from the dissemination of information across international markets, has published in theJournal of Finance and the Journal of Financial and Quantitative Analysis.Professor J. Jay Choi, the Laura H. Carnell Professor of Finance, who is an expert in international finance, recently published in the Journal of Financial and Quantitative Analysis.In the banking area, Professors Elyas Elysiani and Kopecky have both published in the Journal of Banking and Finance while Associate Professor Jonathan Scott published in the Journal of Money, Credit and Banking.In the asset pricing area, Associate Professor Anne Zissu recently had two papers published in the Journal of Derivatives and Professor Manak Gupta published in the Review of Quantitative Finance and Accounting.The real estate area is part of the finance department. Professor Paul Asabere, who is an expert on real-estate public policy issues and Professor Forrest Huffman, an expert on taxation in real estate markets, have published joint papers inReal Estate Economics, Journal of Real Estate Finance and Economics, and the Journal of Real Estate Research.

Said M. Moshe Porat, dean of The Fox School, “I am pleased and proud that Academic Analytics has recognized the research of Fox School’s finance department. This ranking helps complete a banner year of top rankings for The Fox School. The recent hiring of Professor David Cummins from Wharton, an expert in financial institutions, will further enhance our research productivity.”