Yaniv Konchitchki Receives Prestigious American Accounting Association Award

Yaniv Konchitchki, assistant professor in the Haas Accounting Group, has received a prestigious 2014 Best Paper Award from the American Accounting Association (AAA), the world’s largest community of accountants in academia.

The winning paper, “Earnings Transparency and Cost of Capital,” recently published in the Journal of Accounting and Economics, was coauthored with Mary E. Barth (Stanford) and Wayne R. Landsman (University of North Carolina). The trio received the Best Paper Award on August 4, 2014, at the American Accounting Association’s Annual Meeting, Financial Accounting and Reporting Section, held in Atlanta, GA.

The annual award honors the paper that best reflects the tradition of academic scholarship in financial accounting and explores research that is relevant to problems facing the accounting profession and standard-setters.

The paper makes a case for more transparent accounting information from Corporate America by providing evidence that corporations with more transparent earnings enjoy higher stock valuations through a reduction in their cost of capital. A firm's valuation is often determined by discounting future cash flows by the firm's cost of capital, Konchitchki explains. The study finds that the cost of capital is negatively related to transparency. In other words, when there is less earnings transparency, the risk to investors is higher, resulting in higher cost of capital. Likewise, if there is more earnings transparency, one has access to more information about a company's value by observing its earnings, resulting in lower risk and, in turn, lower cost of capital. Ultimately, lower cost of capital equates to higher firm value.

The research has the potential to change how capital market participants consider the quality of accounting data from corporate financial statements because the findings illuminate the importance of transparent corporate accounting for stock valuation, Konchitchki says.

Konchitchki, who joined the Berkeley-Haas faculty in 2011, is the Schwabacher Fellow, Hellman Fellow, and Bakar Faculty Fellow for Distinguished Excellence in Research. Konchitchki specializes in interdisciplinary capital markets research, focusing on the usefulness of accounting information through its links to macroeconomics (e.g., inflation; GDP) and valuation (e.g., financial statement analysis; cost of capital; asset pricing). His research has helped develop a relatively new interdisciplinary area of Macro-Accounting by serving as a starting point for a new line of work on the informational role of the links between financial reporting, valuation, and the macroeconomy. He provides a comprehensive analysis of both macro-accounting “directions”: macro-to-micro (e.g., how overall price-level changes in the economy inform accounting results of individual corporations), and micro-to-macro (e.g., how accounting results of individual corporations inform overall macroeconomic activity).

Konchitchki teaches the core MBA Financial Accounting class and the PhD Financial Accounting Research class. He was recently selected by Poets & Quants as one of the “World’s Top 40 Under 40” business school professors and by his MBA students as the winner of the Haas School’s Earl F. Cheit Award for Excellence in Teaching. For three straight years he won membership in Club Six for teaching excellence.

Read the AAA press release

Read more about the award winning paper

Read more about Yaniv Konchitchki

Stephanie Fujii Named New Assistant Dean, Full-Time MBA Program and Admissions

Stephanie Fujii

Stephanie Fujii, MBA ’04, has been named the first assistant dean of the Full-time MBA Program and Admissions, a newly created position at Haas.

Fujii was appointed by Haas Dean Rich Lyons, effective Aug. 1, 2014.

An alumna and nine-year veteran at Haas, Fujii served most recently as executive director of Full-time MBA Admissions. In her new role, she will oversee both the full-time MBA admissions and the full-time MBA program office.

Fujii has held a number of roles at Haas over the past decade. As executive director of admissions for the Full-time MBA program, she led her team in integrating the school’s Defining Principles into the admissions process. She also helped streamline the admissions process, moving to an online evaluation system, and consolidating application rounds from four to three.

“Under Stephanie’s leadership, Haas has maintained one of the highest selectivity rates among top MBA programs while continuing to bring in a richly diverse class,” said Jay Stowsky, senior assistant dean for instruction.

Fujii and her team have strengthened the diversity of the applicant pool, significantly increasing applications from international candidates, women, underrepresented U.S. minorities, and military candidates in particular.

Prior to her promotion to executive director of admissions for the Full-time MBA Program, Fujii served as senior associate director and associate director of admissions.

Before returning to Haas to continue her career, she served as the executive director of Kokoro Assisted Living, a 54-unit assisted living community in San Francisco.
She has remained on the board of Kokoro, and has chaired its Nominating Committee since 2013.

As part of the new Full-time MBA Program and Admissions department structure, Erin Kellerhals will become the executive director of Full-time MBA admissions and Dan Sullivan will be the director of the Full-time MBA Program Office.

Contact Stephanie Fujii at [email protected]. (510) 642-1405.

New Professors Arrive at Berkeley-Haas

Berkeley-Haas is welcoming an international group of new faculty members in Fall 2014, including Christopher Tang, a visiting distinguished management and operations professor from UCLA’s Anderson School.

Associate Dean for Faculty Andrew Rose led the effort to create a diverse academic group of hires with expertise ranging from global supply chain management to mortgage finance and housing markets to environmental policy.

"Haas continues to recruit many top-tier faculty members who will lead the university in research and teaching excellence," Rose said.

New faculty members include :

finan

 

Associate Professor Frederico Finan (native of Brazil)
Department of Economics; 25 percent, Business and Public Policy (BPP)
PhD: Agriculture and Resource Economics, University of California, Berkeley
Former position associate professor, Stanford Graduate School of Business.
Research focus: Applied microeconomics, development economics and political economy

 

palmer

 

Assistant Professor Christopher Palmer
Haas Real Estate Group (RE)
PhD: Economics, Massachusetts Institute of Technology, 2014
Former position Visiting Scholar, Federal Reserve Bank of Boston, 2011-2014
Research focus: Mortgage finance, housing markets, foreclosure crisis, gentrification, applied econometrics

 

 

sraer

 

Assistant Professor David Sraer (native of France)
Finance Group (FIN)
PhD: Economics, Toulouse School of Economics
Former position: Assistant professor of economics, Princeton University, Department of Economics and Bendheim Center for Finance.
Research focus: Corporate finance and behavioral finance.

 

 

reed

 

Assistant Professor William (Reed) Walker
Business and Public Policy (BPP) at Haas
PhD: Economics, Columbia University
Former position: Robert Wood Johnson Scholar in Health Policy, University of California at Berkeley
Research focus: Federal environmental regulation and policy, environmental health policy

 

 

christopher tang

 

Christopher Tang will be joining Haas as a visiting professor in Operations and Information Technology Management (OITM). Tang is currently a UCLA Distinguished Professor and the Edward W. Carter Chair in Business Administration. His research focuses are Global Supply Chain Management, retailing in China, social entrepreneurship, risk management, project management strategy, and process improvement in health care.

Tang has published over 100 academic articles in management and operations research journals. He’s written on management for the Wall Street Journal, Financial Times, and The Guardian and is the editor of the Springer book series on Supply Chain Management. An award-winning teacher, he has won UCLA’s Teaching Excellence Award in 2013 for the UCLA-NUS (National University of Singapore) Executive MBA Program, the J. Clayburn La Force Faculty Leadership Award in 2013, and the Distinguished Teaching Award in 2012.

 

dellavigna

 

Stefano DellaVigna, already a professor at Berkeley’s Department of Economics, was named Daniel Koshland, Sr. Distinguished Professor of Economics with a 0% teaching appointment. DellaVigna’s research focuses on Psychology and economics, Applied Micro, Media Economics, Political Economics, Behavioral Finance. He earned the UC Berkeley Campus-wide Distinguished Teaching Award in 2008 and UC Berkeley’s Social Sciences Distinguished Teaching Award in 2007.

Jamba Juice CEO James D. White to kick off Dean’s Speakers Series

Jamba Juice CEO James D. White will kick off the Dean’s Speakers Series Sept. 3 at Haas, discussing how he led the company through a turnaround, building Jamba Juice into a global juice powerhouse.

White will speak at 12:30 p.m. in the Wells Fargo Room on Leading Transformational Change.

The Dean’s Speakers Series focuses on distinguished leadership, specifically how leaders succeed by helping to create organizations where innovation is allowed to flourish.

Additional Dean’s Series speakers this fall include Duncan Niederauer, former CEO of the NY Stock Exchange Group, (Sept. 10), Deanna Berkeley, the president of Alice + Olivia, (Oct. 16), Janet Napolitano, president of the University of California and former United States Secretary of Homeland Security, (Nov. 4), and Biz Stone, co-founder and CEO of Jelly Industries, and co-founder of Twitter, (Nov. 6).

White, who is also chairman and president of Emeryville, Ca.-based Jamba Juice, joined the company in 2008, facing management and profitability challenges. To help Jamba Juice navigate the recession, White, a St. Louis, Mo. native, shifted Jamba Juice’s business model to include more franchises than company-owned stores.

Now the nation’s largest fresh juice and smoothy retailer, Jamba Juice has 854 stores globally — 551 of which are franchises selling hot new items like kale and chia seed juice. The company recently announced ambitious plans to add 500 new stores nationwide over the next five years.

Previously, White held executive positions at Safeway Stores, The Gillette Company, Nestle Purina, and the Coca Cola Company. He has been a director at Hillshire Brands, Inc. since 2012 and is a director at Daymon Worldwide, Inc.

The talk is free and open to the Haas community. Learn more about the Dean’s Speaker Series at https://haas.berkeley.edu/haas/about/deansspeakers.html.

The series is made possible in part by the Mary Josephine Hicks Distinguished Speaker Series Fund.

Berkeley-Haas Students Named “Best Overall Team” in National Science Foundation I-Corps Program

Four Berkeley-Haas students completed the Bay Area National Science Foundation’s I-Corps program this summer, developing innovative products from a noise-canceling hospital pillow to a fertility-tracking application for couples.

The Bay Area NSF I-Corps is a collaboration between University of California Berkeley, University of California San Francisco, and Stanford University.

Bay Area I-Corps is one of three new I-Corps “nodes” established by the NSF nationwide last year to commercialize university research and foster innovation. I-Corps is funded by a $3.75 million three-year National Science Foundation grant.

Over 90 teams participated in the Bay Area I-Corps in the past year.

“Haas prepared us well for the I-Corps program,” said Ben Hamlin, MBA 14, who with Maya Tobias, MBA 14, and Rohan Salantry, MIMS 14, created Localwise, which won the “Best Overall Team” award at the final presentations on July 28. “We had a firm understanding of the theory underlying the course’s methodology. The course taught us how to ‘get out of the building’ and apply that theory.”

The Bay Area I-Corps course is based on the Lean LaunchPad curriculum pioneered at Haas by lecturer Steve Blank. Andre Marquis, the Lester Center’s Executive Director manages the I-Corp. program with Haas Dean Rich Lyons. Rather than using the traditional long-form business plan, Lean LaunchPad encourages quickly evolving business models and directs students to “get out of the building” to talk to customers and focus on building a scalable business.

NSF Bay Area faculty director T. Todd Morrill , MBA 97, taught Haas students as they turned ideas into specific product plans through customer interviews, testing and re-evaluating their ideas.

After an introductory workshop, teams participate in web-based discussions, coming together at the end of the program to share what they’ve learned. The Localwise team, for example, conducted 144 customer interviews before creating an online platform that local business owners use to share service recommendations.

“Our I-Corps journey helped us learn what our customers really want,” Tobias said.

Chidananda Khatua and Janice Chien, both MBA 16, refined an idea for zPillow, a pillow that uses noise-cancellation technology to create a quieter sleeping environment. After more than 100 customer interviews the team narrowed its pillow technology to hospitals, where night-time noise is often a problem.

“I-Corps’ Lean LaunchPad course is like boot camp for evaluating many different business scenarios in a short time,” Khatua said.

More information about the Bay Area NSF I-Corps program is available at http://bayicorps.com/.

Haas Lecturer Steve Blank

Robert Strand named Executive Director of Center for Responsible Business

Robert Strand, an international expert in sustainability and corporate social responsibility, has been appointed new executive director of the Center for Responsible Business at Haas.

Strand started in his position August 18, 2014. He succeeds Jo Mackness, who was named COO of Haas in March 2014.

In his role, Strand will oversee the 12-year-old center, which has grown from an educational startup into a mature organization focused on establishing corporate social responsibility with five associated faculty, 10 classes each year, and more than 1,200 alumni.

Strand joins Haas from Denmark, where he most recently served as assistant professor of leadership & sustainability at the Copenhagen Business School (CBS) and director of the Nordic Network for Sustainability. Directing the Center for Responsible Business was an incredible opportunity that drew him back to the U.S., he said.

“The university’s legacy provides such a solid foundation from which to promote responsible business practices,” said Strand, who was a visiting scholar at Haas this year. “I personally love the Haas defining principles to “question the status quo” and “confidence without attitude.” These principles speak to me and I feel such a great fit here at Haas.”

“Robert is an energetic and committed leader who combines strong academic training and broad hands-on international experience in the fields of corporate responsibility and sustainability,” said Laura Tyson, Professor of Business Administration and Economics Director of the Institute for Business & Social Impact and the Haas Business and Public Policy Group. “He will help the Center for Responsible Business realize its mission of redefining business to build a sustainable future by incorporating social responsibility and sustainability into business strategy.” 

Strand earned a PhD from Copenhagen Business School focused on Corporate Social Responsibility, an MBA from the University of Minnesota, and a BS in industrial engineering from the University of Wisconsin. In recent years, he developed campus and study-abroad sustainability programs for undergraduates, MBAs, PhDs, professors, and executives. While a U.S. Fulbright scholar in Norway, he explored sustainability and CSR across Scandinavia.

Prior to his work in academia, Strand spent a decade in industry with IBM and Boston Scientific. Strand believes Haas is uniquely positioned to bring sustainable and responsible business into the mainstream.

“Haas has a definitive opportunity as an institution to question the status quo of business,” he said. “And I want to be part of this.”

A frequent contributor to both The Financial Times and The Journal of Business Ethics, Strand will be joined by his wife, Sarah Bly, a consumer behavior expert in sustainable consumption, and their 9-month-old old son, Mikkel Gavin Bly-Strand. 

See more at: http://bit.ly/1sSaLop

Business education and university leader Earl F. Cheit dies at age 87

Earl F. Cheit, former executive vice chancellor of the University of California, Berkeley, and dean and professor emeritus at the Haas School of Business, died of cancer at his home in Kensington, Calif., on Saturday, Aug. 2. He was 87.

Cheit, or “Budd,” as he was known by friends and colleagues, joined the business school in 1957 and stayed until retiring in 1991. While there, he served as dean twice (1976-82 and 1990-91) and presided over the school’s growth and modernization. He was a pioneer in the study and teaching of the impact of business on society.

Cheit held key roles at UC Berkeley, including as executive vice chancellor (1965-69), athletic director (1993-94) and trustee of the University of California Berkeley Foundation. He also served as vice president of financial and business management for the University of California system from 1981-82.

Cheit was born in Minneapolis in 1926 as the son of Russian immigrants and grew up in Hague, N.D. He was the first in his family to attend college and became a staunch advocate for higher education.

His academic writing included ground-breaking studies on the economic impact of and compensation for occupational injuries and social insurance. He wrote in the 1970s about the affordability concerns facing universities. He also noted the need to draw more women to management education and careers.

“The impact of Budd's contributions extends well beyond our school and campus. He sowed many seeds of our school's Institute for Business and Society, which helps for-profit and non-profit enterprises magnify their impact on society,” said Rich Lyons, dean of Berkeley-Haas.

“Budd influenced management education more broadly through his research and teaching on the role of business in society and the potential for markets to create a better world,” Lyons added. “We are deeply in his debt and will miss him dearly as a colleague and friend.”

A man of wide interests, Cheit began an association with Cal Performances and Zellerbach Hall during the hall’s construction in the 1960s. During this time, he created and chaired a board that developed a budget for the new facility. In 1996, he was elected founding chair of the Cal Performances Board of Trustees and remained an active member until his death.

Cal Performances Director Matías Tarnopolsky said that Cheit “had an incredible capacity to bring together the visionary and the practical, with his unabashed advocacy for quality and for the essential importance of the performing arts. His voice at Cal Performances’ board and committee meetings often would be the last heard, and importantly so – summing up the issues in an artistic, historical and economic context which simply made sense, and showed us all a clear path to the future. “

In 2010, Cheit received the Award of Distinction in the Performing Arts from the Cal Performances Board of Trustees.  

Cheit attended the University of Minnesota, where he earned his undergraduate Bachelor of Science in Law degree, a J.D. degree from the law school and a Ph.D. in economics. His thesis, “Incentive Effects of Workmen’s Compensation,” disproved a commonly held belief that higher compensation for workers injured on the job would result in “malingering” – employees remaining on worker’s compensation longer than necessary.

After practicing law and labor arbitration, in addition to teaching at the University of Minnesota, Cheit accepted an academic post with the Department of Economics at Saint Louis University.

In 1957, Cheit came to UC Berkeley’s Institute of Industrial Relations to head a three-year research project on occupational disability that was funded by the Ford Foundation. This research was captured in his seminal book “Injury and Recovery in the Course of Employment.”

Cheit’s work at the institute also led him to organize in 1964 one of the first multi-disciplinary academic conferences in the nation on business and society. It resulted in the book “The Business Establishment,” which Cheit edited.

After becoming a tenured professor at UC Berkeley, Cheit helped develop courses in the emerging area of the social and political environment of business. A recipient of the campus’s Distinguished Teaching Award in 1989, he also taught industrial relations, labor law and labor economics classes.

In 1964 at UC Berkeley, during the Free Speech Movement, Cheit was elected to the Emergency Executive Committee of the Academic Senate. The following year, he was appointed executive vice chancellor of the campus. In 1965, he also chaired the Wage Board of the California Industrial Welfare Commission.

While on sabbatical with the Carnegie Commission, Cheit studied the financial situation of 41 U.S. colleges, leading to his book “The New Depression in Higher Education” (1971), which made national headlines and resulted in a two-year follow-up study. He served from 1972–73 as the Ford Foundation’s program officer in charge of higher education.

In 1976, Cheit was named dean of UC Berkeley’s business school during a time of state funding cuts and campus enrollment cutbacks. To transition the school from an academic department to a professional school, he sought to increase the autonomy and standing of the school and to forge closer relationships with the business community, according to a book on the history of Berkeley-Haas written by Sandra Epstein that is due out early next year.

Cheit took first steps toward securing a new home for the business school, which was named for Walter A. Haas Sr., a 1910 graduate of the school and former president and chair of Levi Strauss & Co. In Cheit’s honor, the school named its teaching award the Earl F. Cheit Award for Excellence in Teaching and one of the building’s classroom wings Earl F. Cheit Hall.

Cheit was a family man and avid hiker who also loved the arts, music and sports. In addition to his roles over the years at the university, he served as a program manager for higher education and research at the Ford Foundation and was a Mills College trustee, chairman of Shaklee Corp., director of CNF Transportation Inc., director of Simpson Manufacturing Co. Inc., associate director of the Carnegie Council on Policy Studies in Higher Education and senior advisor for Asia-Pacific relations for The Asia Foundation.

He is survived by his wife of 63 years, June (Andrews) Cheit; four children, Danielle (Wendy) Cheit of Kensington, Calif., David Cheit of Davis, Calif., Ross Cheit of North Kingston, R.I., and Julie Ross of New York, N.Y.; and three grandchildren.

In lieu of flowers, the family asks that donations be made to the Haas School of Business or to Cal Performances at UC Berkeley. A celebration of Cheit’s life will take place on campus this fall. A tribute in his memory will be held on Sunday, October 19, from 3:00 to 5:00 PM on the Faculty Glade and Club Lawn on the UC Berkeley campus. More details at https://haas.berkeley.edu/alumni/cheit_tribute.

Cheit’s life and work also is captured in an oral history conducted by the Regional Oral History Office at UC Berkeley and available at the Bancroft Library.

Keeping Haas ‘Haasome’ Spurs MBA Giving

Graduating Full-Time and Evening & Weekend Berkeley MBA students raised some $43,000 as part of the 2014 graduating gift campaigns.

Michael Larcher and Ryan Schultheis, both MBA 14, led the full-time MBA campaign and focused their messaging on keeping Haas “Haasome.” They used a cohort competition, social activities, and multiple videos to encourage classmates to donate so that other students can have the same life-changing experience at Haas that they had. In this 26th year of the campaign, the full-time MBA graduating class achieved 90 percent participation and raised more than $31,000.

In the Evening & Weekend Berkeley MBA Program, 24 percent of the graduating class raised almost $12,000 for their gift campaign, which was led by Katie McMahon and Jathurshun Sivaloganathan, both MBA 14. The campaign featured a lively cohort competition and focused on the importance of supporting Haas.

The totals raised by Full-Time and Evening & Weekend MBA students include a 1:1 matching gift from UC Berkeley.

Read an earlier story on the undergraduate Feed the Bear Campaign.

Haas Hosts Premier Marketing Conference on Competitive Strategy

Big data's role in sectors from marketing analytics to social media is one of the key themes to be examined at this week's Summer Institute in Competitive Strategy (SICS), sponsored by the Institute for Business Innovation and hosted at Berkeley-Haas for the 12th year.

The annual conference, held at Haas July 21–25, attracts 100 leading scholars from around the world to present their findings on a wide range of competitive strategy topics.

"This is one of the premier academic events of the year, and we are proud to continue to host it at Berkeley-Haas for the 12th time," said Professor Miguel Villas-Boas, the J. Gary Shansby Chair in Marketing Strategy and one of the organizers of the conference.

"The ready availability of huge data sets has opened new possibilities for academics to dig more deeply into marketing and competitive strategy than has ever been possible," he added. "This has greatly enriched the research in this realm."

Examples of papers to be presented include a study on how companies in consumer-rich industries can increase the return of their marketing dollars based on data from casino visitors. Another study examines the effect the mere threat of Walmart’s debut into a new market can have on other retailers.

In addition, Haas Professor John Morgan's "Entrepreneurship and Loss-Aversion in a Winner-Take-All-Society" illustrates how much an entrepreneur is willing to sacrifice to increase the chances of success.

How the music and entertainment industries handle competitive strategy is the theme at Thursday's Media Day, sponsored by the Media Program at Columbia University. Papers on banking, retail, and marketing will also be presented at the conference. This year, Harvard University marketing professor Elie Ofek and Yale University marketing professor K. Sudhir co-chair the event.

For more information, contact [email protected] or 510-642-4041. Find the conference agenda at http://groups.haas.berkeley.edu/marketing/sics/index.html.

New California Management Review Features Prof. Katona’s Case on Social Media

Even traditional industries and sectors can build on the authenticity and spontaneity of social media to boost their marketing efforts, reveals a Berkeley-Haas case study by Associate Professor Zsolt Katona published in the latest California Management Review.

"Maersk Line: B2B Social Media—It's Communication, Not Marketing," co-authored by Columbia Business School Professor Miklos Sarvary, shows the disruption of traditional marketing methods at Maersk Line, the world's largest shipping container company. The case discusses the organizational aspects of the social media launch as well as pressure from the marketing department to better integrate the largely independent operation into the company's broader marketing efforts.

Katona has been teaching social media, a subject he points out not many competing business programs offer, at Haas for three years. He will use the case as an example of how old-economy companies use new media.

"Container shipping is not traditionally friendly to new media platforms," Katona says. "If I didn't see it, I would not have believed it. The case outlines how social media can be successfully used in almost any industry, but also that it is sometimes managed as an experiment and not integrated into traditional marketing organizationally."

The case follows new social media head Nina Skyum-Nielson as she succeeds Jonathan Wichmann, the architect of Maersk's social media efforts. With a team of one starting in 2011, Maersk Line garnered over 1 million fans on Facebook, 40,000 followers on Twitter, and 22,000 followers on Instagram by 2013. When Wichmann leaves, Skyum-Nielson grapples with tripling the budget, creating three new positions, and shifting $250,000 from print advertising, web-banner advertising, and sponsorships to social media advertising and management tools.

The Maersk case brings a unique opportunity to Haas classrooms not only in its findings but also in questions left unanswered. Katona notes that Maersk doesn't compare social media marketing efforts to traditional marketing and that its ROI methodology is weak.

"All of these measures are kind of ad hoc," Katona says. "Our discussion will encourage students to analyze the shortcomings of the initiative."

Students will evaluate Skyum-Nielsen's choice to go forward with this scale because of the initiative's demonstrated success. As the case evolves, Katona believes students may be surprised at some of Maersk's unconventional tactics, including not trying to hide negative stories from social media audiences. After all, Wichmann's mantra was: "In social media, people—whether it's seafarers or CEOs—don't want third-person narratives that are pushed out…like press releases or TV ads. They expect a human touch. And if companies have that, and it's not in a manufactured way, they will be rewarded big time."

Maersk was indeed rewarded quantitatively. A formula for measuring Facebook engagement that Wichmann devised by weighting likes, comments, and shares put Maersk at number two for engagement when compared to similar data from multinational brands like LEGO, Disney, Shell, GE, Ford, and McDonald's.

"Social media can work in B2B and there aren't a lot of cases out there that accomplish that," Katona says.

Katona's Maersk Line case study is part of the new Berkeley-Haas Case Series, a collection of business case studies on a range of companies and industries, written by faculty at the Haas School of Business. Each quarter, a key case study from this collection is featured for publication in California Management Review, UC Berkeley's management journal. Learn more at: http://cases.haas.berkeley.edu/index.shtml.

Zsolt Katona

Jeff Rosenthal Named CEO for Executive Education

Jeff Rosenthal has been named chief executive officer of the UC Berkeley Center for Executive Education (CEE) starting August 4, Dean Rich Lyons announced today. Rosenthal currently serves as senior partner for Korn Ferry Leadership and Talent Consulting in San Francisco. He is a former lecturer at Berkeley-Haas.

Rosenthal’s career spans more than 20 years in leadership consulting and in executive search. He has written and presented on the topics of executive development, effective leadership, communication, and talent management.

"Jeff brings a powerful combination of management talent, industry experience, and knowledge of our school to our executive education programs. His extensive and deep relationships across many industries will serve him well in this role," said Haas School Dean Rich Lyons. "He is a great fit for our culture and mission and an exemplar of our four Defining Principles. We look forward to seeing him lead our already successful executive education team to new heights."

Lyons chairs the board of CEE, which became a self-supporting 501c3 nonprofit organization in 2013 to gain greater operational flexibility. Under the new structure, CEE retains the same financial model with respect to Haas and the Berkeley campus, and it continues its strong affiliation with Berkeley-Haas.

"I'm thrilled to join the UC Berkeley Center for Executive Education and I look forward to expanding on the center’s leading-edge, innovative programs into new markets," said Rosenthal. "I’m excited to work with the team at CEE and across the university to create world-class educational experiences that drive growth for our client organizations."

Since 2010 Rosenthal held the roles of both senior partner and global technology sector leader at Korn Ferry. Prior to that, he served as executive director at Russell Reynolds Associates, leading the human resources search practice for the West Coast. He previously was the senior vice president for Western U.S. and Asia Pacific at BlessingWhite, and he served as the director of account management at Watson Wyatt and as the senior account executive at Forum Corporation before that.

Rosenthal is active in community affairs and serves on two boards of local community organizations. He earned his MBA from the Anderson School of Management at UCLA and a bachelor’s degree in mathematics from Whitman College.

From 1997 to 2002, he co-taught the Leading Out Loud leadership communications course with Terry Pearce in the full-time Berkeley MBA program.

"Teaching at Haas was a fantastic experience that has resulted in lasting relationships and friendships for me," Rosenthal remembers. "I see many opportunities to engage the broader Haas community and to build more connections for CEE."

The UC Berkeley Center for Executive Education serves thousands of business clients around the world by designing and delivering executive education in the areas of leadership, management, and innovation. Its custom and open-enrollment programs offer a portfolio of courses developed by some of the most forward-thinking minds in academia and industry to accelerate the careers of professionals around the globe.

It offers Berkeley-Haas alumni discounts and preferred pricing on CEE custom and open-enrollment programs. Read more about CEE.

Haas Undergrad Program Ranks #3 in USA Today

The Haas Undergraduate Program ranked #3 among the top 10 US business majors, published by USA Today on July 2, 2014.

The top 10 list of business majors was provided by College Factual, a web site offering customized college selection tools and rankings. The ranking was based on equal parts early- and mid-career earnings of graduates (as provided by Payscale.com), the number of graduates, and the number of related majors at the college, as well as two parts of College Factual’s overall college quality rating published in 2013.

Read the USA Today report.

 

Haas Undergrad Program Ranks #3 in USA Today

The Haas Undergraduate Program ranked #3 among the top 10 US business majors, published by USA Today on July 2, 2014.

The top 10 list of business majors was provided by College Factual, a web site offering customized college selection tools and rankings. The ranking was based on equal parts early- and mid-career earnings of graduates (as provided by Payscale.com), the number of graduates, and the number of related majors at the college, as well as two parts of College Factual’s overall college quality rating published in 2013.

Read the USA Today report.

Haas Lecturer, Lean LaunchPad Creator Steve Blank Recognized in Washington, Spain

Lecturer Steve Blank has helped change how the U.S. government commercializes science, and was recognized for his efforts earlier this month with a coveted national leadership award.

Blank received the National Science Foundation (NSF) and National Collegiate Inventors and Innovators Alliance Innovation Corps Outstanding Leadership Award on April 11 at a National Innovation Network meeting.

As co-founder of the NSF Innovation Corps (I-Corps), Blank has helped shape the first major changes to commercializing government-funded research in 50 years.

Last year the Haas School's Lester Center for Entrepreneurship was named the coordinator of the Bay Area I-Corps Node, headed by Haas Dean Rich Lyons and Blank. Lester Center Executive Director André Marquis serves the role of Node manager.

All of NSF’s I-Corps nodes teach the Lean LaunchPad framework, a training program developed by Blank that focuses entrepreneurs on developing business models, rather than business plans, and on iterating their models quickly and frequently based on customer feedback. The framework grew out of an earlier customer development course Blank taught at Berkeley-Haas after observing that few business plans ever survived first contact with customers.

As part of I-Corps, Lean LaunchPad teaches hand-picked teams of the nation's top scientists and engineers how to take their ideas out of the lab and into the marketplace. ARPA-E also uses the program, and later this year the National Institutes of Health with adopt it, too.

A serial entrepreneur, Blank is the author of The Four Steps to the Epiphany; The Startup Owner's Manual; and “Why the Lean Startup Changes Everything,” a Harvard Business Review cover story that defined the Lean Startup movement.

In further recognition of his influence, Blank also was invited to give the commencement speech at the ESADE Business School in Barcelona last month. The focus of Blank’s talk was how innovation will shape the business world of the next 50 years—and what it means to business school graduates.

“The convergence of digital trends along with the rise of China and globalization has upended the rules for almost every business in every corner of the globe,” Blank said. “It’s worth noting that everything from the Internet, to electric cars, genomic sequencing, mobile apps, and social media were pioneered by startups, not existing companies.”

“Perhaps that’s because where established companies might see risks or threats, startups see opportunity,” Blank continued. “A pessimist sees danger in every opportunity but an optimist sees opportunity in every danger. Be an optimist. … Embrace change and lead the way.”

Read Blank’s ESADE speech on his blog or watch a video of it.

Read an article about Blank’s Lean LaunchPad class in BerkeleyHaas magazine.

Haas Raises $250,000 for Socially Responsible Investment Fund

Tapping into a new Berkeley crowdfunding platform, the Haas School’s Center for Responsible Business successfully raised more than $250,000 to scale up its Socially Responsible Investment (SRI) Fund this semester.

The center surpassed its $100,000 goal, ultimately raising $126,209 from individual donations and corporate matches. That amount then was doubled thanks to a matching gift from alumnus Charlie Michaels, BS 78, bringing the total raised to $252,418. Michaels and his wife, Doris, originally seeded the fund in 2008 with alumni Al Johnson, BS 62, MBA 69, and his wife Marguerite; and Larry Johnson, BS 72, and his wife, Victoria.

Since its launch as the first and largest student-led SRI fund at a top business school, student managers of the Haas SRI Fund have grown the initial investment of $1.1 million to more than $2 million—a return of more than 50 percent over six years. From 2011 to 2014, the fund’s cumulative return beat the KLD social index (used as a benchmark for SRI investing) by almost 5 percent.

“I’ve never dreamt they would take it this far,” Michaels said in a recent article in The Guardian. Ultimately, he hopes the fund will become self-sustaining and also provide funding for the Center for Responsible Business.

As a result of the crowdfunding campaign and Michaels’ gift, students will be able to diversify the Haas SRI Fund’s assets beyond publicly traded stocks into fixed-income and social-impact bonds, gaining rare real-world experience managing a multi-asset class fund.

Students who have managed the fund have gone on to leadership positions at such firms as the Calvert Social Investment Foundation, Cambridge Associates, and Citi Community Capital.

Those interested in supporting the fund can still donate here and contact the Center for Responsible Business for questions at [email protected].  Donations can also be made toward general CRB programming here.

Haas Alumnae Named Among Top Women Business Leaders in Bay Area

The San Francisco Business Times released its 2014 list of the Most Influential Women in Bay Area Business, and six are Haas grads, representing a variety of industries: real estate, consumer goods, financial services, biotech, e-commerce, and accounting. The women will be feted at a gala dinner on June 12 in San Francisco.

The Haas alumnae who made the list are:

Rhonda Diaz Caldewey, MBA 88
Managing Director and Principal, Cassidy Turley / Terranomics Retail Services

Joy Chen, BS 87
CEO, Yes To

Carrie Dolan, BS 87, MBA 97
CFO, Lending Club

Shelly Guyer, MBA 88
CFO, Veracyte

Teri Llach, MBA 89
CMO, Blackhawk Network

Laura Martinez, BS 89
Partner, PricewaterhouseCoopers

From Mindful Leadership to Coding, Students Build Career Skills in Applied Innovation Workshops


Lecturer Lisa Solomon, author of Moments of Impact, teaches a workshop on "Designing Strategic Conversations for Innovation."

Meeting rage is a silent epidemic, lecturer Lisa Solomon tells a class of about 30 full-time Berkeley MBA students at a recent workshop. After all, everyone has probably attended a meeting that felt like a waste of time. So how do you design a conversation that sparks creativity and innovation?

Students learned the answer to that question in Solomon’s workshop, titled "Designing Strategic Conversations for Innovation," one of a half-dozen offerings in the Full-time Berkeley MBA Program’s new Applied Innovation Workshop Series.

"It was great to learn how you could build an engaging presentation in a larger retreat setting to help people understand what the problems are," Kavita Patel, MBA 15, said after attending the workshop led by Solomon, an expert within the intersecting spaces of design, leadership, and innovation.

In addition to providing concrete tips—such as "get visual" and "introduce disruption"—Solomon shared several colorful examples of effective meetings and retreats. For instance, to emphasize the importance of mobile strategy at a retreat of top-level executives at Intuit, the company's VP of innovation and design confiscated the executives' BlackBerries. Then she required them to use new smartphones that they had never used before to complete a scavenger hunt.

“The next day, everyone’s commitment to mobile was visceral,” Solomon told students.

The Applied Innovation Workshop Series is designed to help students build skills that are not generally offered in the formal curriculum to help them in their job search and post-MBA careers. Other workshops have covered everything from mindful leadership to personal storytelling.

Another popular workshop was Intro to Code for MBAs, six sessions of 2 ½ hours each, designed to teach students with a non-technical background the tools, processes, and vocabulary used by developers today.

"The goal is really for students to have a better understanding of how code is used by developers. Many students won't become coders but they will interview better because they understand the lingo, the tools, and the actual process of coding," explains alumnus Joe Wadcan, MBA 12, who taught the class. "And it is useful to understand the terminology when you are about to enter a technical company."

Wadcan taught a similar, shorter version of the class at Haas in the past through the student Entrepreneurs Association so that MBA candidates could avoid the mistakes he made when learning to code. For his latest version in the Applied Innovation Workshop Series, he added a panel discussion of people whose work involves coding, including developers and product managers from small startups and large companies.

Frances Chang, MBA 15, said she found the panel to be a useful way to test what she had learned in the class. "It was a safe setting to test if the information we knew was valuable or just enough to get us into trouble," says Chang, who hopes to work at the intersection of technology and the social sector.

"Understanding what the coder has to work with at a very high level is very important," she says. And "since the class was taught by an alum, the coding workshop was a good opportunity to ask questions in a very supportive environment."

Students to Race to Mongolia for Breast Cancer Research

Instead of taking a traditional internship this summer, three Haas students will pack into a pink van like sardines and screech across the Greater Barsuki Desert in Kazakhstan. Their destination? Ulaanbaatar, Mongolia. Their mission? To support breast cancer research and awareness.

On July 20, Bradford “Chip” Malt, Nate Wojcik, and Brian Canty, all MBA 15, are slated to begin the Mongol Rally, one of the most enduring and epic global charity car races in the world. The “race” starts from just outside London and will take the team, which also includes two Harvard MBA students, through their chosen “more adventurous” 8,500-mile route through countries such as Turkmenistan and Uzbekistan.

Covering about 500 miles a day in a 1994 Toyota Lucida minivan purchased sight unseen from a woman in London, the team will stop to enjoy sights, camp by the roadside, and photo-document their entire journey. They aim for an August 20 arrival in Mongolia.

“It’s an exercise in being confronted with ambiguity and uncertainty –– exactly the kind of thing you need as an entrepreneur,” says Malt, the team lead, who will spend the rest of his summer in a mini-internship working with the startup Rhone Apparel.

The team is currently seeking corporate sponsorship and individual donations to reach their goal of $25,000, every penny of which will go directly to the Dana Farber Cancer Institute in Boston, Mass., to support breast cancer research. “We’re subsidizing the actual trip ourselves,” says Malt.

“This cause has a lot of meaning for me,” says Wojcik. “Close family members as well as some of my classmates from the Coast Guard Academy have suffered from breast cancer. The trip will challenge us in ways we could never expect, and I know it will be the most rewarding thing I’ve ever done.”

Canty concurs. “After earning a MBA at Haas, many of us will go on to successful careers. But sometimes it feels like the ends are for personal satisfaction,” he says. “It’s good to spend time going against the grain and doing something more impactful, which will hopefully give us more perspective on what really matters.”

For more information, and to donate, visit https://www.trevolta.com/travels/Fighting-Breast-Cancer-From-London-to-Mongolia-12841/.

Laura Tyson to Interview former U.S. Treasury Secretary Timothy Geithner, May 29

The Haas community is invited to an event featuring former U.S. Treasury Secretary Timothy Geithner reflecting on the financial crises in a conversation with Professor Laura Tyson May 29 in San Francisco.

The event shares the same title as Geithner’s new book, Stress Test: Reflections on Financial Crises. In the book, Geithner, who served as treasury Secretary from 2009 to 2013, provides a definitive account of the unprecedented effort to save the U.S. economy from collapse in the wake of the worst global financial crisis since the Great Depression.

Tyson is a former chair of the U.S. President’s Council of Economic Advisers under President Bill Clinton and formerly served as dean of the Haas School.

The event will begin at 7 p.m. May 29 at Congregation Emanu-El, 2 Lake St., San Francisco. As a community partner of the event, Haas is offering a special discount to students, faculty, staff, and alumni who wish to attend. Using the discount code HAAS25 will allow members of the Haas community to pay $25 for an orchestra seat (typically $55), which includes a free copy of Geithner’s book (a $30 value).

For more information about the event and to buy tickets, visit https://www.jccsf.org/arts-ideas/lectures/history-current-affairs/timothy-geithner/.

Haas Names New Schwabacher Fellows

Associate Professor Nicolae Gârleanu (left) and Assistant Professor Yaniv Konchitchki have been awarded Schwabacher Fellowships by the Haas Executive Committee, a panel that includes the dean and senior faculty.

The fellowship is the highest honor that Haas bestows upon up-and-coming faculty stars. It consists of a small unrestricted cash award, a research grant, and a modest instructional point credit.

Gârleanu, a member of the faculty's Finance Group, joined Berkeley-Haas in 2007 and was awarded the Paul. H.Stephens Chair in Applied Investment Analysis in 2011. He has received numerous research awards, including the Journal of Finance Smith Breeden Prize in 2013 and the Review for Financial Studies Barclays Brennan Award in 2012. His award-winning papers have explored how financial-asset returns can predict GDP growth and the variation of returns on bonds with identical cash flows during the financial crisis.

Gârleanu, who earned his PhD from Stanford, most recently taught Financial Derivatives in the Full-time Berkeley MBA Program in fall 2013.

Konchitchki, a member of the Haas Accounting Group, joined Haas in 2011. Since then he has received the Earl F. Cheit Award for Outstanding Teaching, the highest teaching award bestowed annually upon Haas instructors, in 2013; the Bakar Faculty Fellowship; and the Hellman Fellows Fund Award for Research Excellence. He also was named to the "World's Top 40 Under 40" list of business professors by Poets & Quants, a business school news website.

Konchitchki specializes in interdisciplinary capital markets research, focusing on the usefulness of accounting information through its links to macroeconomics (e.g., inflation and GDP) and valuation (e.g., financial statement analysis, cost of capital, and asset pricing). His research has helped develop the interdisciplinary area of macro-accounting.

During the spring semester, Konchitchki taught the core MBA Financial Accounting class and the PhD Financial Accounting Research class. Konchitchki was a CPA and senior financial consultant at PricewaterhouseCoopers as well as a senior investment and economic expert at the Securities Authority before earning his PhD from Stanford.