The George Washington University

School of Business: GWSB News

October 24, 2008

Business and Academic Experts Discuss the Implications of the Current Financial Crisis on the World Economy

The School of Business will host a panel on “Demystifying the Global Financial Crisis: Implications for the World Economy” on Monday, Oct. 27. 2008, at 6:15 p.m. at the Cloyd Heck Marvin Center, Grand Ballroom, located at 800 21st St., NW.

The recent failures of major financial institutions and the subsequent volatility of national stock markets raise a number of questions for managers, investors, and policy makers. Panelists will discuss the origins and implications of the current financial crisis for the global economy and answer questions such as why did a U.S. housing bubble create a meltdown for the entire economy? How did a U.S. financial crisis reverberate through markets around the world? Does globalization itself render the world economy more vulnerable to financial crises? How is the global crisis changing the terrain of the business and investment environment worldwide? What does this mean for government policy and for private investors?

The panel comprises a diverse set of panelists with experience in U.S. and international financial institutions, the public and private sectors, and academia, including Stijn Claessens, John Glascock, Susan Phillips, and W. Russell Ramsey, BA, ‘81.

  • Claessens is assistant director in the research department of the International Monetary Fund where he heads the Macro-Financial Linkages unit. His policy and research interests are firm finance; corporate governance; internationalization of financial services; and risk management.
  • Glascock is West Shell professor of real estate finance and director of the Real Estate Center at the University of Cincinnati, and former GW professor of real estate finance. Dr. Glascock is the former Grosvenor Professor of real estate finance at Cambridge University and has an extensive and impressive background in real estate.
  • Phillips is dean of The George Washington University School of Business and professor of finance. Previously, she was a member of the Board of Governors of the Federal Reserve System from December 1991 through June 1998. Dr. Phillips’ areas of specialization include monetary policy, regulation and supervision of financial institutions, derivatives, financial management, and economic theory of regulation.
  • Ramsey is chairman, CEO, and CIO of Ramsey Asset Management, and chairman of the GW Board of Trustees. Over the last four years he has overseen the creation and staffing of the University’s world-class investment office and played a critical role in helping the University surpass the $1-billion threshold in its endowment.

The panel will be moderated by Robert Weiner, GW professor of international business, public policy and public administration, and international affairs. Dr.Weiner teaches international financial management, international financial markets, and international portfolio management.

The event will be Web cast live at For more information, visit

MBA Students Take on New York City

Karan Rajput from India has never been to New York City. This month, Rajput, a first-year MBA student at the School of Business, and 40 of his peers got a taste of the Big Apple’s corporate culture. The MBA students are seeking opportunities in marketing, human resources, non-profit management, corporate finance, investment management, and financial services.

Today’s market demands creative, strategic career planning for MBA students who want to stand out in the job market. GW School of Business Dean Susan M. Phillips said, “Our students realize that in today’s cost-conscious environment, companies are cutting back on on-campus recruiting, and an alternative way to pursue these companies is to go to their offices.” The School of Business’ MBA career trek brings prospective employees to the recruiters. “The students’ ambitious and entrepreneurial spirit will bring them to the forefront of the corporate world,” added Dr. Phillips.

Eran Goudes, a second-year MBA student and coordinator of the third-annual GWSB MBA New York Career Trek, said, “I can’t just sit here and wait for companies to come to me. If I want a job in this market, and the ability to pay off my student loans, I need to take the extra initiative and do the leg-work.”

The diverse group of students attended corporate presentations and private alumni dinners in New York from Oct. 22 - 24. Organizations that opened their doors to the GW School of Business MBA talent included banks, investment firms, non-profit organizations, and media companies. Students visited Jefferies & Co., Inc, the New York Times, Time Inc., SIRIUS XM Radio, Bank of New York Mellon, Nonprofit Finance Fund, and Teach For America. The finance students also experienced the New York Stock Exchange.

Gilbert Yancey, executive director of the school’s F. David Fowler Career Center, said, “These treks, typically held twice a year in New York and San Francisco, have provided a great opportunity for our students to showcase their talents and career-management competencies while increasing our MBA program’s visibility on both U.S. coasts. The impressions students made at these organizations have actually led to employment opportunities.”

The career trek also is an opportunity to connect with alumni. Karen Ancillai, director of development at the GW School of Business’ Office of Development and Alumni Relations, said, “Building a lifelong and worldwide community of alumni is a top priority for the School of Business. We call upon alumni to get involved with the MBA Trek to model their success and become mentors to the next generation of business leaders.” Most of the corporate visits have been coordinated through alumni who work in these organizations.

You can view the students’ blog at

All Aboard! Business School Students Trade the Classroom for the Rails

GWSB Assistant Professor of decision sciences Marie Matta (center) with students Jami Rodgers, Colleen Hellman, Catherine Kuhlmeier, Ritesh Dharia, Louise Robertson, and Anthony Bigalbal during Amtrak field trip.

Six GWSB graduate students received their “Operations Management”classroom lesson on board an Amtrak train. The students and GWSB Assistant Professor of decision sciences Marie Matta participated in an all-day, insider’s tour of Amtrak’s operations. The group traveled from Washington, D.C. to Wilmington, Del. to Philadelphia, Pa. and back to D.C. on September 26.

Their private tour started in the Union Station board room in Washington, D.C. where the students received an overview of the company from Amtrak’s top management before departing on the high-speed Acela for the Wilmington station. In Wilmington, they experienced an up-close and personal tour of the locomotive and component remanufacturing shops. After lunch, the group departed for the Philadelphia station for a behind-the-scenes visit to the centralized electrification and traffic control center for the Northeast Corridor.

“This unique sneak-peek into Amtrak’s operations enabled students to see how all of the parts of a real system work together in concert. They were able to see the locomotives, repair lines, and employees in action,” Matta said.

The group also heard first-hand from management about the enormous challenges that Amtrak faces in keeping the operation running at all times. Forecasting issues, scheduling problems, inventory management concerns, and capacity and logistical issues were discussed throughout the day. After the tour, the students talked about what they had learned as they traveled at speeds of 135 mph aboard the Acela train on their way back to Washington.

Undergraduates Receive Hands-on Lesson about Migrant Contribution to Economic Development

GWSB Student Sonya Naganathan (center),George Hrivnak, GWSB management doctoral fellow (left), and Tjai Nielsen, assistant professor of management (standing).

GWSB Undergraduate Students Rafika Shibley, (BBA, ’08) and Sonya Naganathan (BBA, ‘10), have learned first-hand the important role that emigrants and their descendents, or diasporas, can play in the economic growth of developing countries. Shibley and Naganathan are the recipients of GWSB’s “Research Experience for Undergraduates Award.”

As research assistants for the GW Diaspora Homeland Capital Investment Project (GW-DCIP), the students have learned how diasporas stay economically involved in the countries that they leave through international investments. “Some go back home and start new companies, establish production and service facilities, buy real estate, or purchase stocks and bonds in local companies,” said Liesl Riddle, assistant professor of international business. GW-DCIP was founded by Riddle and Tjai Nielsen, assistant professor of management.

Shibley joined the GW-DCIP team last February and Naganathan joined the group in August.

Seminar Series Examines International Business and Economic Development

The GWSB department of international business is hosting a seminar series this semester, called “Institutions and Development.” The purpose of the series is to provide the GWSB business community with cutting-edge research on multiple aspects of international business.

“Attendees will develop a better understanding of how current institutional changes at the national- and international-level affect business, and how those changes affect economic development,” said Assistant Professor of international business Rafel Lucea.

To learn more about the series and view upcoming presenters, visit

Business School Professor Moderates Panel on Corporate Responsibility

Jennifer Griffin, associate professor of strategic management and public policy moderated a panel on “Corporate Responsibility in a Global Economy,” on September 29. Panelists Lynn Marmer, Kroger Group vice president of corporate affairs, and Peter Hughes, co-director of the Corporate Citizenship Company, shared insights on competing globally with disbursed supply chains, increased NGO scrutiny, tighter labor markets, and keeping an eye on bottom-line impacts. Using a whole-of-company strategic approach, Marmer explained Kroger’s innovation- and efficiency-driven activities aimed at keeping Kroger as “your local grocery store.” Hughes discussed CR (corporate responsibility) opportunities for global multi-nationals through social and environmental activities. The panel was hosted by the Institute for Corporate Responsibility-Global Stakeholder Strategies program and GW’s Center for International Business Education and Research (CIBER).

Under Armour Executive Shares Marketing Tips with Students

In 2001 Tori Hanna was hired as Under Armour’s director of sports marketing and the company’s 26th employee. Over the past seven years she has witnessed the tremendous growth of the athletic apparel company. Hanna epitomizes the true spirit of the company, making use of her athletic background to better understand Under Armour’s customers.

Hanna shared her experiences with GWSB sports marketing students on October 20. She explained how Under Armour differentiates itself through superior service. For example, the firm’s operations unit in its Baltimore, Md. headquarters is able to produce orders immediately; something its competitors cannot do. Students also saw and discussed Under Armour television commercials that have aired throughout the history of the company.

When asked what keeps Under Armour growing, she said, “One product launch per year.” For example, the company’s hunting and fishing product began when professional athletes wore Under Armour gear while they participated in off-season, recreational activities. Later, big outdoor store chains requested that the company produce products in camouflage.

Hanna’s parting recommendation to the students, was to avoid airing a Super Bowl commercial for new products that won’t be launched for another six months.

Professor “Rants and Reflects” About Second Life

Interested in getting an insider’s view about the virtual world Second Life? Check out GWSB Associate Professor of information systems and technology management John Artz’s new blog “Ranting and Reflecting.” Artz created the blog earlier this month. In his first entry he writes, “I wanted to try blogging but had no idea what to say. Normally, I am not at a loss for words. But those words are usually in some context. In a blog you can rant on about anything. ‘Ranting?’ I thought, ‘That is a good name and I love to rant.’ So that should be part of it.” Artz’s blog also provides useful information about Second Life, explaining virtual-world technology and how to create characters.

Square 54: Campus Construction Update

Currently Square 54 looks like a giant hole located at 2200 Pennsylvania Avenue, NW, but eventually it will be transformed in to a mixed-use town center. The project will include a grocery store, retail shops, apartments, and commercial office space.

The development is part of the 2007 Foggy Bottom Campus Plan called “Grow Up, Not Out.” The plan will allow GW to accommodate its academic and student housing space requirements within its existing campus boundaries. Two other components of the project include expanding the current home of the School Without Walls, a Washington, D.C. public school housed on G Street within the Foggy Bottom campus, and building a new GW undergraduate residence hall on F Street. Both of these projects are expected to be completed in fall 2009.

To learn more about Square 54, the Foggy Bottom Campus Plan, and School Without Walls projects, including project construction updates, community meeting notices, and zoning filings, visit

Luther Rice Society Launches “The GW Real Estate Alliance in D.C.”

Date: November 5, 2008
Time: 5:00 — 8:00 p.m.
7:00 — 8:00 p.m. (Panel Discussion)
Where: The Elliott School of International Affairs
City View Room, 7th Floor
1957 E Street, NW
Washington, D.C. 20052

RSVP: or call 202-99GWLRS. Space is limited; advance registration is recommended.

The Luther Rice Society in launching the GW Real Estate Alliance (GWREA) in D.C. GWREA is a network of alumni and friends working in real estate and related fields. The panel discussion, “Building GW, Growing our Community,” will include an impressive panel of experts who will discuss the 20-year campus plan, and how real estate helped grow GW, and The University’s impact on the community. The group provides professional development and networking opportunities for members and serves as a vital link between the university, students, and real estate professionals

Getting to Know: Young Hoon Kwak

Title: Associate Professor of Decision Sciences

Job Duties: Teaching and conducting research in project management

Years at GW: 10 years

Best part of working for the GWSB: I am always surrounded by supportive colleagues and intelligent students.

Favorite place on campus: 22nd and G Street, NW. I like walking down the street feeling like the whole city is our campus.

What co-workers don’t know about me: I am a fun-loving guy who enjoys playing poker.

Family: Wife and two sons

Favorite things to do on the weekends: Spending time with my family and exploring new food at new restaurants (good recommendations are always welcome!)

Favorite Vacation Spot: Rehoboth Beach, Del.

Favorite Book: “The World is Flat” by Tom Friedman


Theodore S. Glickman, professor of decision sciences, presented, “A Comparison of Safety and Security Factors on Alternative Rail Routes,” with Nuala Cowan, Ryan Engstrom, and Galen Evans; and “Selecting Optimal Alternatives and Risk Reduction Strategies in Decision Trees,” with Evrim Dalkian and Hanif Sherali. Both presentations were done at the annual INFORMS meeting in Washington, D.C. in October.


Susan Aaronson, adjunct professor of strategic management and public policy, published, “A Slick Solution for Oil Markets,” in Policy Innovations.

Theodore S. Glickman, professor of decision sciences, published, “The distribution of the Product of Two Triangular Random Variables,” in Statistics and Probability Letters, 78 (2008), pp. 2821-2826. The paper was co-published with GWSB doctoral student Feng Xu.

Young Hoon Kwak, associate professor of project management, published, “Risk Management Framework for Pharmaceutical Research and Development Projects,” in the International Journal of Managing Projects in Business, Vol. 1(4). pp. 552-565, and “Analyzing Enterprise Resource Planning (ERP) Systems Implementation Success Factors in the Engineering-Construction Industry,” in the Journal of Computing in Civil Engineering, Vol. 22 (6) pp. 373-382.

Getting Ink

Susan M. Phillips, dean and professor of finance, was interviewed by the Washington Post about what is happening to MBA applications in view of the economy. (10/15) She was also quoted in the Pittsburgh Post Gazette article, “Business students get a dose of ethics.” The story was about incorporating ethics education in business school curricula. “We will be studying this for eons,” said Susan M. Phillips, professor of finance and dean of the George Washington University School of Business in Washington, D.C. (10/14) Dean Phillips was also quoted in the Dean’s Digest article, “Duke, George Washington Announce Bold Global MBA Programs.”‘In announcing the programs, Susan M. Phillips, dean of the GW School of Business and professor of finance, said it was the school’s fundamental responsibility to “inspire students to act responsibly, lead passionately, and think globally.” The curriculum is designed to “cultivate business leaders empowered with the knowledge and practical skills to navigate the complex global marketplace,” she said.’(Oct.)

Timothy Clark, adjunct professor of strategic management and public policy was quoted in the Forbes magazine article, “Corporate Social Responsibility: The Business of Every Company.” The article focused on how an integrated, strategic approach to corporate social responsibility (CSR) can give companies a competitive edge. “CSR is much more than disaster relief and philanthropy,” says Timothy Clark, adjunct professor, Department of Strategic Management and Public Policy, George Washington University School of Business. “At least as important, but harder to grasp, is conducting business in the most socially responsible way in the first place. That means taking responsibility for all outcomes, including social and environmental impacts as well as financial.” (10/27)

Fernando Robles, professor of international business, was interviewed by Spanish-language CNN on the current global financial crisis. Robles said, “The U.S. financial market distress is a local crisis with global implications, the instruments proposed respond to the deregulation environment of the U.S. financial system, which is different from the rest of the world. As the U.S. crisis impact the global financial system, a global coordination is necessary to address different local financial crises.” (10/14)


Frank Anbari, assistant professor of project management, was named international editorial advisor for PMForum and PM World Today. PMForum administers and operates the world’s first project management Website and one of the world’s best known and leading sources of project management news and information. PM World Today is one of the world’s leading project management eJournals, to subscribe, visit

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