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Archives for: February 2005

TOLEDO BLADE, 2/1/2005
Study at Carnegie Mellon suggests disclosure carries its own risks
This article was originally printed in the January 17 issue of the Pittsburgh Post-Gazette. It features a study co-authored by Daylian Cain, a doctoral candidate in organizational behavior; Don Moore, assistant professor of organizational behavior and theory; and George Loewenstein, economics and psychology professor. Their study showed that disclosing conflicts of interest may actually harm clients.

'Goldman Sachs' on a Résumé Gives Continuing Rewards
Hedge fund managers have become “Wall Street’s new wonder kids,” according to this article. Particularly, former Goldman Sachs’ employees have risen to the top of the chart in hedge funds. David Tepper, alumnus and former Goldman junk bond trader, is mentioned for his success with Appaloosa Management.

Slow start for Bush's priority
When Steven Spear, professor of economics, heard President Bush say that the social security system would be bankrupt by 2042, he disagreed. "The president is either ignoring the fact that Social Security is owed money by the Treasury, or he's telegraphing that the government has no intention of making good on its debt to its own citizens," said Spear. Since higher returns mean higher risks, Spear questions the Social Security reform proposal.

Entrepreneurship: Follow the Golden Rule and success will follow
“It's almost a cliche that what satisfies people about the work they do isn't just the money they get out of it, but, more importantly, the recognition and respect they receive,” said Jack Roseman, former adjunct faculty member of entrepreneurship. “That has vital implications for effective leadership and smart hiring, but its greatest impact may be in their own self-respect.” Roseman discusses the importance of respecting others’ work and treating them the way you would want to be treated.

Fund boosts Massey investment
David Tepper and his gift to the business school are mentioned in this article. Tepper’s Appaloosa Management recently increased its holdings of Massey Energy stock. The hedge fund has acquired other coal and steel companies since coal is in high demand with increasing oil prices.

TECHYVENT, 2/7/2005
Venture Capital Funds Jump to $17 Billion Last Year: Does that Mean Local Firms Can Get Funded Easier?
According the National Venture Capital Association, venture capital funds increased $10.6 billion from 2003 to 2004. “Almost 75 percent of the capital raised went into follow on funds (Roman numerals), meaning that it is still extremely difficult for new partnerships to get traction with institutional investors,” said Frank Demmler, associate teaching professor of entrepreneurship. For entrepreneurs in the Pittsburgh area, this national increase in capital funds does not mean easy funding. “We’ve got our work cut out for us,” said Demmler.

CIO, 2/7/2005
Regain Your Focus with SWOT Analysis
“What keeps CIOs up at night?” asks Frank Demmler, associate teaching professor of entrepreneurship. Instead of focusing on fixing problems, Demmler proposes that CIOs should build the business. He suggests the Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis to focus attention.

Social Security plan attracts interest
“Money managers will all be competing aggressively,” said Robert Dammon, professor of financial economics, about how President Bush’s plan to privatize Social Security will impact the market. “There will be money to be made by investment managers, but the amounts they charge will be extremely low because that's the basis on which they'll be competing.” With regulations to limit the types of accounts people invest in, Dammon said that the results should be positive.

SiVault Systems Names Vice President of Sales
This article announces that alumnus Rick Arturo (BS 1981) joined SiVault Systems as vice president of sales. In this position he will be responsible for the development and implementation of a progressive channel strategy. With 20 years of experience in sales and sales management, Arturo held key positions with Cisco Systems, Sun Microsystems, Prime Computer and Rockwell International.

LATEST NEWS: SouthSide Works adds software company
Alumnus Joseph Ballay (MFA 1970, IM 1960), is co-founder and Principal of Maya Design, a high-tech firm that makes software for commercial and government clients. This announcement noted that Maya recently moved its office space from Birmingham Towers to SouthSide Works.

A remarkable life, a remarkable death
“Laura's photo albums are full of her smiles, either with her normal, shoulder-length red hair or while bald from treatment,” noted the Post-Gazette article about the life and death of Laura Mankamyer (BS 1996). “There are plenty of those carefully captioned and well-designed scrapbooks, as she was one of the most organized, creative, artistic individuals anyone who knows her has met.”

BARRON'S ONLINE, 2/14/2005
Soft Target?: Fed Will Muddle Through After Greenspan, Rules or No
Allan Meltzer, The Allan H. Meltzer University Professor of Political Economy, supports a rules-based system for the Federal Reserve. As Alan Greenspan nears the end of his term, there is speculation over whether the Fed should continue with the discretionary policy or change to more rules-based policies. According to Meltzer, the rules system “provides much greater certainty and it gives the opportunity to challenge [the Fed] when it appears they're deviating."

Social Security cure: procrastination
Steven Spear, professor of economics, said that there is no rush to reform Social Security. “A perfectly sensible proposal,” according to Spear, is to wait to see how the system fares in the next 20 years. Economists note that it is difficult to project the future of Social Security with changing factors such as the retirement age and the average number of children.

Down Rounds Undergo Important Change
Down rounds are more prevalent now than in the past, according to Frank Demmler, associate teaching professor of entrepreneurship, in his latest article with advice for entrepreneurs. “Among the reasons that raising capital is so difficult these days is that your potential investor knows that a down round and/or a disintegrated syndicate are distinct possibilities,” said Demmler. “Even companies that 'do all the right things' are exposed.”

Are your first impressions of new hires forcing them out the door? Then it's time to open your eyes.
Robert Kelley, adjunct professor of organizational behavior and theory, is quoted in this article about how new employees are perceived. When new hires try to take on too much, too soon, their good intentions go awry. “[New hires] think, 'Everyone will think I'm a star,' but the odds aren't in their favor,” said Kelley. These situations quickly lead to errors that neither side expects, making the employers doubt their new hires.

USA TODAY, 2/16/2005
Can Fiorina trump competition for 'worst tech CEO' title?
Robert Kelley, adjunct professor of organizational behavior and theory, participated in a business school faculty panel to rate six technology industry executives who were ousted from their companies to find the “worst tech CEO.” Of John Sculley, Apple’s CEO from 1983 to 1993, Kelley said: “He took one of the most innovative companies and never innovated. He misjudged what Apple is all about.” After all the ratings though, Carly Fiorina, who left Hewlett-Packard last week, won the infamous title.

Business News Briefs
Luke Skurman (MS 2004, BS 2002) is a founder of College Prowler, which publishes “inside” information about American universities. Fast Company magazine honored College Prowler, in a competition sponsored by Microsoft, with one of its "Fast 50" Breakthroughs awards for leaders, innovators and trend-setters in business. Skurman created College Prowler as a class project in 2002 at Carnegie Mellon.

Insight: Kyoto Treaty Enacted
Lester Lave, the Harry B. and James H. Higgins Professor of Economics, University Professor and co-director of the Carnegie Mellon Electricity Industry Center, was interviewed on this television program about the Kyoto Protocol, a new policy that mandates participating nations to reduce their emissions of climate-changing greenhouse gases. “Well, I think that the main thing that is going to happen is that for the first time, we're going to actually start paying attention to the efficiency with which we use fuels, so that we'll start looking for more fuel-efficient automobiles, we'll be looking for more fuel efficient appliances and so on,” said Lave. "Realistically, in democracies the only way people are going to make very large sacrifices is if it is very clear that they are needed, and right now it is not very clear. So if Kyoto is going to work, it is going to have to be because we innovate, we have technological change, which gets us what it is we want without using so much fossil fuels.”

THE BOND BUYER, 2/16/2005
Issuer Official Says Primuni's First, and So Far Only, Deal Saved it $19,000
Richard Green, Richard M. and Margaret S. Cyert Professor of Economics and Management and Chair of the Ph.D. Program, is quoted in this article about Primuni, a Pittsburgh-based company that pitches its services to issuers in order to cut down on borrowing costs. Primuni is yet to determine if it will be profitable. “That’s the hard part in this whole affair,” said Green, who authored a study in the muni market with data provided by the founder of Primuni. “We don’t know how expensive it is to move the bonds from large blocks held by underwriters to small chunks that will end up in the portfolios of retail investors.”

Power of the Purse: Self-made women are making their mark on philanthropy
Dina Dublon (MSIA 1979) is mentioned in this article about successful women who give back to the community. Dublon, former chief executive officer of J.P. Morgan Chase, turned her farewell party into a fund-raising event for the Global Fund for Women and raised more than $1 million.

THE ECONOMIST, 2/19/2005
Business schools stand accused of being responsible for much that is wrong with corporate management today
"The big eaters of MBA talent have regained their hiring appetite," said Ken Keeley, director of the Career Opportunities Center. The increase in MBA graduates’ salaries and job offers is good news for business schools. But, at the same time, the credibility of the MBA degree is being questioned by former academics, who criticize management theories and the ethics of MBA holders. Business schools have responded by adding mandatory courses in ethics, thus, this year’s MBA graduates come from far more “ethics-conscious” schools than ever before.

Jump in MBA Job Offers Signals Welcome Recovery on Campus
Job offers are on the increase for MBA students at the Tepper School of Business, reported Ken Keeley, executive director of the Career Opportunities Center. By mid-February, 57.3 percent of students had at least one job offer, up from 42 percent a year ago. “It looks like we're taking a quantum step forward,” said Keeley. “It demonstrates to me that more companies are engaging or re-engaging in college recruiting.” Jennifer Binder (MBA 2005) is mentioned for her participation in the Tepper School’s recruitment trip to San Francisco.

CMU MBA Students Heed Job Call to 'Go West'
Jennifer Binder (MBA 2005) was one of 28 MBA students from the Tepper School of Business who participated in a trip to the West Coast for recruiting. The goal is to “make it easier for companies to interview our students,” said Ken Keeley, executive director of the Career Opportunities Center. Intel Corp., Clorox Co., Yahoo, Apple Computer, Microsoft and Gap Inc. were among the companies that met with students.

Guerrilla Marketing: Stretching Your Marketing Dollars with Ingenuity
In his latest article in a series for TechyVent, Frank Demmler, associate teaching professor of entrepreneurship, addressed guerrilla marketing—“the need for entrepreneurs to employ imaginative tactics to get more than $10 of value out of every $1 they spend on marketing.” Demmler shared several creative stories about how entrepreneurs have been able to make their short supply of money work wonders for advertising. In one scenario an entrepreneur from San Francisco advertised his new business in TIME magazine but only in the Atlanta area to save money. He then bought reprints and put up a banner, “As advertised in TIME magazine.”

MBA JOURNAL: The First Weeks of B-School
In his third journal entry for BusinessWeek Online, Malcolm Johnson (MBA 2006) describes his first weeks as an MBA candidate at the Tepper School of Business. “To say that you should have a good grasp of quantitative concepts to succeed at Tepper is like saying that you should have a good grasp of doggie paddling to succeed as a Navy Seal,” Johnson wrote. “With more entry-level MBA level jobs focused on an ability to effectively forecast markets, work with sophisticated IT platforms, and overall analytical skills in general, Tepper students are guaranteed to have a leg up on graduates from less quant-heavy programs.”

Creditor accepts Argentina's debt offer
Adam Lerrick, the Friends of Allan H. Meltzer Chair in Economics and director of the Gailliot Center for Public Policy, is quoted in this article about Argentina’s debt restructuring. The Argentine Bond Restructuring Agency (ABRA), of which Lerrick is the chief negotiator, made a last minute decision to accept Argentina’s exchange offers. “The participation rate was key in making our decision,” said Lerrick.

SLATE.COM, 2/28/2005
The Ninth Annual Slate 60: Compiled by the Chronicle of Philanthropy America's most generous philanthropists, and where they gave.
David and Marlene Tepper are mentioned as philanthropists. The couple’s $55 million donation to Carnegie Mellon’s Business School in March 2004 prompted the school to change its name to the Tepper School of Business. Tepper earned his master’s degree in industrial administration from Carnegie Mellon in 1982. He is now president and founder of Appaloosa Management, a hedge-fund investment firm.

The Essence of Entrepreneurship: Differentiating Ideas from Opportunities; Passion
In his 50th article in a series written for TechyVent, Frank Demmler, associate teaching professor of entrepreneurship, offers advice for entrepreneurs. His topic: “Enlightened Serendipity—being at the right place at the right time; recognizing it; and acting upon it appropriately and passionately.” Demmler concludes, “Unlike administrators who attempt to optimize outcomes based upon a given set of resources and constraints, the entrepreneur pursues opportunities without regard to the resources currently available to him or her, but with the confidence that they can be obtained when needed.”

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