Category: Honors & Awards
Executive-in-Residence Mark Williams presented his top-10 risks associated with Bitcoin during the Virtual Currencies: Regulatory and Legal Challenges of New Peer-to-Peer Technologies in Financial Services panel at the 2014 World Bank Conference.
His top-10 risks include:
- Bitcoin is not legal tender
- Extreme Price Risk
- Extreme Price Risk Can Quickly Erase Company Profit Margins
- Bitcoin is a Hyper Asset Bubble in the Process of Deflating
- Growing Concentration and Bankruptcy Risk to Financial Middleman
- Bitcoin Exchange Bankruptcy Risk
- Bitcoin Use Can Trigger Significant Tax Risk
- Transactional Fraud Risk – Double Spending
- Significant Consumer Protection Risk
- Sovereign Attack Risk
The aim of the panel, according to the session abstract, was to contribute to reaching a common understanding of the major legal, supervisory, regulatory, and policy challenges related to virtual currencies.
Williams has shared his expertise on Bitcoin during congressional testimony in April 2014, which led to an invitation to speak at the World Bank Conference. “It is a great honor to be asked to speak,” he said in an email.
Williams is a risk management practitioner and academic with two decades of experience. Since 2002, he has been on the Finance & Economics Faculty at Boston University and currently holds the academic rank of Executive-in-Residence/Master Lecturer. Prior to teaching, he worked as a senior trading floor executive, a bank trust officer and as a bank examiner for the Federal Reserve Bank. He is particularly experienced relating to risk management in the energy trading, banking industry and derivative matters involving the capital markets. In addition to his teaching duties at the graduate as well as undergraduate level, his expertise is called on frequently by national media. He has also been a guest columnist for Forbes.com, Reuters.com and the Boston Globe. In 2010 he published Uncontrolled Risk (McGraw Hill), a book examining the root causes of the financial crisis and the rise and fall of investment banking giant Lehman Brothers. Outside of academics, he conducts risk management seminars, has provided consulting for various Fortune 500 companies, and is a senior advisor at the Brattle Group. On several occasions, he has also been an expert witness in various corporate cases involving risk management matters.
The Richard R. Nelson Prize for 2014 has been awarded to Assistant Professor of Strategy and Innovation Kira Fabrizio for her article “Absorptive Capacity and the Search for Innovation,” Research Policy, 38 (2009), which examines the link between a firm’s absorptive capacity-building activities and the search process for innovation. Fabrizio will receive the award, which includes a prize of $3,000, at the Nelson Award Prize Dinner to be held in spring 2014 at the University of California, Berkeley.
The award’s namesake, Richard R. Nelson, is a professor of economics at Columbia University and is regarded as one of the leading figures in the revival of evolutionary economics, as well as one of the most influential theorists on innovation in the world today.
“I am honored to be recognized with this award,” Fabrizio said, “especially because Dick Nelson’s work has been so influential in my own thinking and research.”
Fabrizio’s article takes the perspective of the firms that rely on university science in their own innovation processes, focusing on pharmaceutical and biotechnology firms. The article establishes the importance of specific firm strategies for accessing and utilizing university-generated science, and has been influential for a large body of subsequent work on firm strategies for accessing knowledge outside of the organization, and the implications for innovation outcomes.
“I am proud to be contributing to ongoing important research exploring the strategies firms employ to identify and exploit knowledge from outside the firm boundaries,” Fabrizio said.
The Richard R. Nelson Prize is awarded every two years for the best article, alternatively, in the academic journals Industrial and Corporate Change (Oxford University Press) and Research Policy (Sage). Representatives from the head editors of both journals act as judges for the best article with a tilt toward younger scholars. The choice of journals reflects Professor Nelson’s favorites in the scholarly fields to which he has made major contributions. Fabrizio’s article was selected by the editors of Industrial and Corporate Change from a list of final candidates provided by the editors of Research Policy.
Fabrizio came to Boston University School of Management in 2011 and received the Broderick Prize for Excellence in Research Scholarship in 2013.
Boston University School of Management Professors Yrjo Koskinen and Rui Albuquerque, along with Art Durnev, associate professor of finance at the University of Iowa, have been awarded the 2014 Standard Life Investments prize for best paper in the European Corporate Governance Institute’s (ECGI) Finance Working Paper series. This annual prize, sponsored by global asset manager Standard Life Investments, was awarded for their research paper in which they create an industry equilibrium model where firms can choose to engage in corporate social responsibility (CSR) activities.
As part of the 2014 ECGI Working Paper Competition, Koskinen and Albuquerque were presented the award at a ceremony held at the Royal Academy of Belgium in Brussels. The professors’ paper was chosen from 53 others published in the ECGI’s finance series, making this year’s selection the most competitive to date, according to ECGI director of communications Jeremy Miller.
“It’s a great honor to receive the best finance paper award from the ECGI,” says Albuquerque, associate professor of finance and dean’s research fellow. “Being selected as the top paper among the best papers in the profession that make it to the ECGI list is incredible validation of this work by both peers and industry leaders.”
Their paper, “Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence,” models CSR activities as an investment in customer loyalty and shows that CSR decreases systematic risk and increases firm value. The award represents CSR’s growing relevance among finance scholars, which, according to Koskinen, is a significant achievement.
“CSR as a topic has received scant attention from the academic finance community,” says Koskinen, assistant professor of finance. “As our results show, CSR has lowered cost of capital for many firms and thus created value for shareholders. CSR is too important of a topic to be ignored. This recognition certainly encourages us to keep working on the topic.”
The professors’ paper was previously awarded a research grant by the BSI Gamma Foundation in 2012, as well as the best paper award at the inaugural Geneva Summit on Sustainable Finance in 2013.
Founded in 2002, the ECGI is an international scientific non-profit association that provides a forum for debate and dialogue between academics, legislators, and practitioners, focusing on major corporate governance issues. Standard Life Investments is a leading asset manager that manages $311.1 billion on behalf of clients worldwide. It has sponsored the Finance Prize for best paper since 2005.
Karen Golden-Biddle and Susan Fournier honored with endowed chairs
Allen Questrom (SMG’64) and his wife of 45 years, Kelli, have endowed two new chairs through a $10 million gift donated to Boston University School of Management in spring 2012, one of the most significant in the history of SMG, which also provides seed funding for a planned new building to house graduate programs at SMG. The chairs were presented to professors Karen Golden-Biddle and Susan Fournier on April 8.
A master of retail, Questrom directed the successful turnarounds of several major department and specialty store retailers, including J.C. Penney, Barneys New York, Macy’s, and Neiman Marcus, and served as a director of Wal-Mart—but not before sitting in the classrooms of SMG, which he considers the springboard for his extensive career in retail management.
While attending SMG, Questrom met professors who would ultimately inspire his path to becoming an icon of corporate America. Questrom credits one in particular, the late Professor Alan Beckwith, with igniting his passion.
“He changed my life in probably 10 different ways,” says Questrom, who now shares his business experience as a Boston University Trustee and member of the Development Committee of the Board. Upon graduation, Questrom had no interest in retail—in fact, he planned to be a ski instructor for the winter. Beckwith, who was Questrom’s professor in an elective on retailing, saw a bright future for him in retail, and encouraged Questrom to pursue an opportunity with New York department store Abraham and Strauss—an opportunity that started Questrom on his path to becoming the go-to mind in retail and introduced him to his wife Kelli.
Striving to build upon SMG’s legacy of inspiring professors, the Questroms honored both Golden-Biddle and Fournier with an endowed chair at a celebratory luncheon at SMG. President Robert A. Brown, University Provost Jean Morrison, Allen Questrom Professor and Dean Kenneth W. Freeman, and a large audience, including Golden-Biddle’s and Fournier’s faculty colleagues, family, and friends, attended the event, showing strong support for Golden-Biddle and Fournier, as well as gratitude for the Questroms’ generous donation to the School.
Golden-Biddle, who joined SMG in 2007, was elated when she learned that she would become the next Allen and Kelli Questrom Professor in Management.
“Whether in retail or philanthropy, the Questroms are people of integrity,” says Golden-Biddle. “I am deeply honored to hold this title.”
A professor of organizational behavior and senior associate dean, Golden-Biddle has garnered much attention for her scholarly contributions to understanding how organizations drive and manage change.
Along with receiving the Everett W. Lord Distinguished Faculty Scholar Award from 2007-2013, she received the 2013 Douglas McGregor Award for her work in organizational change, and in 2003 was awarded the Academy of Management’s Robert McDonald Award for the Advancement of Organizational Research Methodology.
Golden-Biddle, who holds a BA from Denison University and an MBA and PhD from Case Western Reserve University, has published two books and more than fifty articles and book chapters in top management journals—and her work won’t stop there.
“This chair provides a platform for the research I have been doing, and secures that platform to stretch it even further,” notes Golden-Biddle.
Golden-Biddle says she is thrilled to share this experience with Fournier, who came to SMG in 2005 and now serves as faculty director of the MBA program. As Fournier puts it, “It’s like having an academic sister. We are connected forever by this amazing donor.”
As a professor of marketing and dean’s research fellow, Fournier explores the creation and capture of value through branding and brand relationships. She is the winner of seven academic awards, including the Long-Term Contribution Award in Consumer Research and Emerald’s Citations of Excellence Award for the top 50 articles in Management, and maintains a range of consulting assignments dedicated to the commercialization of brand relationships to inform her teaching and research, such as a partnership with GfK, a top market research institute.
Fournier, who holds a BS in marketing from the University of Massachusetts Amherst, an MS in marketing from Pennsylvania State University, and a PhD from the University of Florida, is particularly excited that the endowed chairs were both given to women, raising the School’s number of female endowed chairs from one to three.
What’s more, says Fournier, this professorship reflects SMG’s dedication to retaining and rewarding faculty who represent its powerful voice. “It allows me to be a part of the School’s message that we’re a world-class research institution.”
David Weil named Peter and Deborah Wexler Professor in Management
It’s been 20 years since Peter Wexler (GSM’93) walked the halls of the School of Management as a student in the Professional Evening MBA (PEMBA) program, a step on his journey to launching SpiderCloud Wireless—named one of the Wall Street Journal’s top startups to watch—and meeting his wife, Deborah, who, he jokes, is “the gift that keeps on giving.”
Peter and Deborah Wexler (GSM’93) crossed paths while pursuing their master’s degrees in the PEMBA program and now, together, have presented a gift to the School that truly does “keep on giving.” A generous donation from the Wexlers has created a new professorship in management, stemming from the couple’s confidence that Allen Questrom Professor and Dean Kenneth W. Freeman and President Robert A. Brown will continue to mold SMG into one of the world’s elite business schools.
“What motivated us to make a donation was Ken Freeman and President Brown,” says Peter Wexler, who is an active member on the Dean’s Advisory Board. “We saw in Ken Freeman somebody who is really able to bring the business school forward, somebody who has experience in industry, not solely in academia. Bob Brown stands out as an individual who has a vision and has demonstrated an ability to move things forward and motivate people.”
Knowing that the School’s leadership was solid, Wexler and his wife felt that funding a chair would send a message to Freeman that they were “energized by his vision,” as well as advance the School’s profile.
“When we invest—because that’s what the gift is, an investment—you want to raise the level of the institution,” Wexler notes. “You have to attract outstanding faculty. When you attract outstanding faculty, you attract outstanding students, and there’s this virtuous cycle that happens.”
One of those outstanding faculty members is Professor and Everett W. Lord Distinguished Faculty Scholar David Weil, who, through the Wexlers’ gift, now adds “Peter and Deborah Wexler Professor in Management” to his title.
“I’m very grateful to Peter and Deborah Wexler for endowing a professorship at the School of Management,” Weil says. “Chaired professorships promote and enhance the intellectual and teaching excellence we continue to build at SMG, and I’m deeply honored to have been chosen as the first recipient of the chair.”
On February 10, a celebratory luncheon was held at SMG to honor the generosity of the Wexlers, and to present Weil with his chair. Freeman, Brown, University Provost Jean Morrison, and a number of faculty and staff attended in support. A warm and joyful celebration, the luncheon included remarks from Freeman, Brown, Wexler, and Professor James Rebitzer, as well as plenty of smiles and laughs from Weil, who gave a speech expressing his appreciation.
Weil joined the School in 1991 and has since been a significant contributor to its scholarly, teaching, and programmatic efforts. During his time as a professor of markets, public policy, and law, he received the Broderick Prize for Teaching, the Broderick Prize for Research, and numerous teaching awards for his work in the MBA program, for which he helped design and implement a new curriculum.
The most recent and, perhaps, most memorable achievement of Weil’s was his nomination by President Obama to lead the US Department of Labor’s Wage and Hour Division this past September. If confirmed*, the BU expert in labor market policy and industrial and labor relations policy would oversee a division that, among its many functions, ensures American workers receive minimum wage and required overtime for their work, and protects responsible employers from competition with companies that do not comply with federal wage and hour requirements by enforcing the Fair Labor Standards Act, which also regulates child labor.
Wexler, who is now co-founder of SpiderCloud Wireless, a company that allows mobile operators to deliver unprecedented cellular and Wi-Fi coverage to enterprise customers and was ranked 5th on the Wall Street Journal’s “Next Big Thing” list in fall 2012, recalls the high caliber of professors and courses during his time in PEMBA, and is thrilled to have honored Weil with an endowed chair.
“You want to be associated with an institution that’s viewed as outstanding in its field and innovative, and we feel that with the leadership that’s in place, that’s what Boston University is heading towards, and it’s great to have your name associated with that,” Wexler says. “But beyond that, it’s great to have your name associated with an outstanding person like David Weil.”
*The Senate confirmed Weil on April 28 to lead the US Department of Labor’s Wage and Hour Division.
Each year, SMG recognizes faculty excellence with the Broderick Awards for Teaching, Research, and Contribution to undergraduate and graduate programs.
This year, the SMG Faculty Awards were presented at the Undergraduate and Graduate Convocation Ceremonies on Friday, May 17. The recipients were:
|Broderick Award for Outstanding Teaching
|Broderick Award for Outstanding Teaching
|Broderick Award for Outstanding Research
|Broderick Award for Outstanding Contribution to the Undergraduate Program
|Broderick Award for Outstanding Contribution to the Masters-level Graduate Programs
|Inaugural Broderick Award for Outstanding Contribution to the Doctoral-level Programs
Two faculty were also nominated by student vote for recognition. The recipients were:
|Student-Nominated Faculty Awards|
|Beckwith Award for Undergraduate Teaching
|PhD Program Distinguished Faculty Mentor Award
Assisting Institute on Research for Better Patient Decisions & Outcomes
Boston University School of Management’s Alan Cohen has been appointed to the federal Advisory Panel on Improving Healthcare Systems by the Patient-Centered Outcomes Research Institute (PCORI), created by the Affordable Care Act of 2010.
PCORI is an institute authorized by Congress to research and provide information to both patients and health care providers with the goal of enabling more informed medical and health-related decisions.
According to PCORI, the Advisory Panel on Improving Healthcare Systems is one of four panels appointed to represent the institute’s “broad stakeholder community.” In addition to enhancing healthcare systems, these expert panels will guide PCORI’s efforts to improve patient engagement, address disparities, and enable better patient and practitioner assessment of options for prevention, diagnosis, and treatment.
Along with twenty other leading researchers, clinicians, industry representatives, policymakers, and patient advocates in the field of improving healthcare systems and outcomes, Professor Cohen will help the institute “refine and prioritize research questions, provide needed scientific and technical expertise….and help us model full and meaningful patient and stakeholder engagement efforts.”
Cohen is a professor of health policy and management at Boston University and executive director of the School’s Health Policy Institute. He was formerly vice president for Research and Evaluation at the Robert Wood Johnson Foundation (RWJF), the nation’s largest philanthropic organization dedicated solely to public health, where in 2012 he was named a “Luminary” for his role in research and initiatives having a major impact on the field in the previous forty years. Cohen is also principal author of the book Technology in American Health Care: Policy Directions for Effective Evaluation and Management.
Placed 16th overall, 1st among female academics
In December 2012, the American Marketing Association (AMA) launched a new annual initiative to track top contributors to premier marketing journals such as the Journal of Consumer Research, Journal of Marketing, Journal of Marketing Research, and Marketing Science. The goal is to acknowledge the most productive researchers, both by authorship and university affiliation, in the previous five years and to provide a unique perspective to future doctoral students making application decisions about marketing PhD programs.
In the first Author Productivity in the Premier AMA Journals list, Boston University School of Management’s Shuba Srinivasan has ranked number 16 overall and number one for female academics for contributions to the Journal of Marketing and Journal of Marketing Research.
Srinivasan is an associate professor, Dean’s Research Fellow, and PhD Program faculty liaison in marketing. Her research focuses on strategic marketing problems, the link between marketing and financial gains, and metrics for gauging marketing performance.
Professor Srinivasan’s publications include:
- Srinivasan, S., K. Pauwels, and V. Nijs (2008), “Demand-based Pricing Versus Past-price Dependence: A Cost-Benefit Analysis,” Journal of Marketing, 72 (2), 15-27. (Abstract)
- Srinivasan, S. and D. M. Hanssens (2009), “Marketing and Firm Value: Metrics, Methods, Findings and Future Directions,” Journal of Marketing Research, 46 (3), 293-312. (Abstract)
- Srinivasan, S., K. Pauwels, J. Silva-Risso, and D. M. Hanssens (2009), “Product Innovation, Advertising Spending and Stock Market Returns,” Journal of Marketing, 73 (1), 24-43. (Abstract)
- Srinivasan S., M. Vanhuele, and K. Pauwels (2010), “Mind-Set Metrics in Market Response Models: An Integrative Approach,” Journal of Marketing Research, 47 (4), 672-684. (Abstract)
- Osinga, E., P. Leeflang, S. Srinivasan, and J. Wierenga (2011), “Why Do Firms Invest in Consumer Advertising with Limited Sales Response?” Journal of Marketing, 75 (1), 109–124. (Abstract)
Professor Srinivasan is also chair of the AMA’s Marketing Research Special Interest Group and serves on the editorial boards of Marketing Science, Journal of Marketing Research, and International Journal of Research in Marketing. Among her other honors are being named a finalist for the 2012 Robert D. Buzzell Best Paper Award, winning the 2010 Broderick Prize for excellence in research scholarship at Boston University’s School of Management, and receiving the 2001 European Marketing Academy Best Paper Award.
See Professor Srinivasan’s additional honors.
“Getting Inside the ‘R’ in Customer Relationship Management”
Boston University School of Management’s Susan Fournier was featured as a keynote speaker in Stockholm recently, where she delivered her talk, “Getting Inside the ‘R’ in Customer Relationship Management,” for the Swedish Marketing Federation’s 2012 annual conference.
Her keynote covered the top three consumer relationship mistakes: Relating with “consumers” but leaving the “people” out; adopting a one-size-fits-all approach to relationships; and not effectively listening or playing by the rules of the consumer-brand contract. Fournier then offered the following advice for marketers:
- We are not relating with “consumers;” we are relating with people.
- People aren’t here to have brand relationships; they are here to live their lives.
- Optimized systems put brand relationships in perspective as facilitators, not ends in themselves.
Contact Professor Fournier for a copy of the presentation.
“‘Guru’ of Guru Speak Decodes 5 Game-Changing Trends for t2”
In a profile featured in Times of India, David J. McGrath, Jr. Professor in Management N. Venkatraman presented his new framework to analyze the impact of IT on business performance. His model, referred to as The Venkatraman Framework, encompasses the so-called the “five webs” and offers a vision for the future of IT and Globalization 3.0.
Professor Venkatraman also discussed these topics during his talk in February at Guru Speak 2013, an annual advanced knowledge workshop organized by the IIM Calcutta Alumni Association and The Telegraph, who dubbed him “the ‘guru’ of Guru Speak.”
Excerpts from Times of India:
Professor Venkat N. Venkatraman’s interests lie at the point where strategic management and information technology intersect. The Boston University professor, who was recently recognized as the 22nd most cited scholar in management over the past 25 years, has created a new framework to analyse the impact of IT on business performance, referred to as the Venkatraman Framework.
“[The Venkatraman Framework] is about different aspects of how IT shapes and evolves business models. In the 1980s, I focused on how IT impacts internal processes. That was during the period where most companies saw IT as driving business efficiency. Then, in the 1990s, I focused on how IT allows firms to connect externally with suppliers and customers and change business scope. Then, IT became more strategic and CEOs began to take interest in how IT could become a strategic driver.
“As the Internet became more central and important in the early 21st century, I started focusing on the role of the web. Right now, my framework is focused on what I call five webs: mobile web, social web, media web, real-time web and machine web. These are not separate webs but are interconnected. They impact companies all over the world-although their effects may be different. I believe these webs taken together lay the foundation for the emerging digitally connected business infrastructure that could alter the basis of competition in the coming decade.”
Excerpts from The Telegraph (Calcutta):
Will BB10 be happy with fourth place? Will Bring Your Own Device become popular in India? Management strategy expert Venkat N. Venkatraman, professor in management at Boston University’s School of Management, has the answers [offered below]….
Samsung vs Apple
Both are focused on design and user experience. The key difference is software. Apple iOS is not yet big in India (despite the popularity of iTunes and iPods)….Google is well positioned in India and Samsung is positioned with TVs (and appliances). So, the combination of Google plus Samsung is unbeatable in India….
Just as IBM felt secure with their mainframe architecture, RIM (Blackberry) felt secure in the belief that they defined the enterprise mobile worker market with their mobile phones. The advent of two new entrants from outside the traditional industry boundaries –– Apple and Google –– has seriously challenged Blackberry and upset the industry equilibrium…The mobile game is now a two-horse race with Apple and Google. The jockeying for the third place is between Microsoft (Nokia) and BB….
Social media network
…I expect that more businesses in India will embrace social media more formally and aggressively as part of the marketing campaigns. Companies such as Facebook and Twitter should seek to find examples of application of social media in India that have broader applicability….
Read more coverage of The Venkatraman Framework and the professor’s talk at Guru Speak from the Business Standard (India)