October 2004 Issue

Lubin Top Ten in Metro-NY
Nobel Laureate on Globalization
Tiffany President Honored at Alumni Luncheon
Merrill Lynch Chairman at Securities Industry Conference
Nasdaq CEO at Global Finance Leadership Forum
Keith Reinhard, Executive in Residence
Lubin and School of Ed Co-Sponsor MetSchools CEO
LubinFutures - New Flagship Magazine for Lubin
PwC LLP Welcomes Lubin Students and Faculty Members
Lubin Students Honored - Will Study in Asia
International Field Study to Japan
Christine Sudlow Named Director of Development and Alumni Relations at Lubin
Many Ways To Give
Dr. Corinne Post Receives INFORMS' 2004 Best Dissertation Award



[U.S.News & 
World Report ranking badge]
Lubin Top Ten in Metro-NY

U.S.News & World Report ranks Lubin's undergraduate program 120th nationwide, which is among the top 3rd of all professionally accredited business schools, in its "America's Best Colleges 2005" survey. This positions Lubin among the top 50 private business programs and in the top 10 of undergraduate business programs in the Metropolitan-New York region. Visit USNews.com for more information.

Nobel Laureate on Globalization

[Dr. Joseph Stiglitz]
Dr. Joseph Stiglitz, Nobel laureate in economics, will deliver the guest lecture on "Globalization and Its Discontents" at the 5th Annual Henry George Symposium. The symposium will be held in the Multipurpose Room at the Pace downtown New York City campus on Wednesday, November 3, 2004, from 6:30 p.m. to 8:00 p.m. Dr. Robert Isaak, Henry George Professor of International Management, will introduce Dr. Stiglitz. Guests are welcome.

Awarded the Nobel Prize for economics in 2001 for helping to create the "Economics of Information" exploring the consequences of information asymmetries and contributing to concepts of adverse selection and moral hazard, Dr. Stiglitz is Professor of Economics and Finance at Columbia University. He served as Chief Economist and Senior Vice-President of the World Bank from 1997-2000, and as a member of the Council of Economic Advisors during the Clinton Administration, and later Chairman (1993-1995). Author of numerous books and articles, including The Roaring Nineties and Globalization and Its Discontents, Dr. Stiglitz has made major contributions in macro-economics and monetary theory, development economics and trade theory, public and corporate finance, theories of industrial organization and rural organization, theories of welfare economics and of income and wealth distribution. His work has reawakened interest in the circumstances in which markets do not work well and how selective government intervention can improve performance.

Dr. Stiglitz became full professor at Yale in 1970. In 1979 he received the John Bates Clark Award given biennially by the American Economic Association to the economist under 40 who has made the most significant contribution to his field. Having also taught at Princeton, Stanford, and MIT, he was the Drummond Professor and a fellow at All Souls College, Oxford.

Visit Lubin's Henry George Symposium Web page for details of the event.

[James E. Quinn]
Tiffany President Honored at Alumni Luncheon

James E. Quinn '80 will be the honoree for the 12th Annual Alumni Achievement Award Luncheon on December 3rd, 2004, at One Chase Plaza in NYC. The award recognizes an alumnus for oustanding professional leadership achievements, community service and social responsibility. For a sponsorship or more information, contact anj enterprises, anj@frontiernet.net, (845) 221-9931.

[Stan O'Neal]
Merrill Lynch Chairman at Securities Industry Conference

"Surviving Increased Competition and Increased Scrutiny in the Securities Industry" is the theme for the 11th Annual Securities Industry Conference presented by the William C. Freund Center for the Studies of Securities Markets. The conference will take place on Thursday, October 21, 2004, at the Pace University downtown New York City campus. E. Stanley O'Neal, chairman, CEO, and president of Merrill Lynch and Co., Inc., will be interviewed by Paul E. Steiger, managing editor of the Wall Street Journal.

Conference details and registration information can be viewed at www.pace.edu/lubin/freundcenter/securitiesconference/program.

Nasdaq CEO at Global Finance Leadership Forum

[Robert Greifeld]
Robert Greifeld, president and CEO of the Nasdaq—the world's largest electronic stock market —was the guest of honor at the 2nd Annual Global Finance Leadership Forum breakfast on September 29, 2004. The Forum was held at the Forbes Galleries in downtown New York City.

The Forum was sponsored by the Lubin School's Center of Global Finance and the Accounting Department in conjunction with Forbes magazine, Forbes.com and Gartner, Inc., and attracted business leaders from such institutions as Goldman Sachs, Deutsche Bank, and the Wall Street Journal, to name a few.

After welcoming remarks by Dean Arthur L. Centonze and James J. Spanfeller, president and CEO of Forbes.com, Paul Maidment, editor of Forbes.com, and executive editor of Forbes, conducted a lively interview with Greifeld.

In response to one of Maidment's first questions, about the need to build up trading activity, Greifeld started off by saying that Nasdaq is trying to attract more foreign companies to trade in the U.S., and that the Market (currently listed on Nasdaq's Over-The-Counter Bulletin Board) plans to list itself on its own National Market by the end of the year in order to increase liquidity in the stock and to boost its trading activity.

The Dual Listing Initiative
When asked about dual listings on both the New York Stock Exchange (NYSE) and the Nasdaq, Greifeld said Nasdaq plans to announce more dual listings in the coming months. "We're talking to a number of firms," he commented. "Certainly, you'll see some more dual listings later this year." Stressing that the dual listing initiative is a transition program, at the end of which Nasdaq expects companies to choose one listing, Greifeld predicted more companies would drop their NYSE listings this year.

When asked if the Google IPO—the biggest IPO in a long time—was triggering a new round of investor interest, Greifeld pointed out that even though the stock had risen about 50 percent since it began trading, it hadn't brought back the retail investors. "A solid retail investor interest just has not been there," he said. "[However], despite the low retail investor interest, the IPO market has been pretty good," continued Greifeld, pointing out that the pipeline to announce new IPOs looked "strong," with "about 150 applications in the back log."

Boosting Volumes, Lowering Costs
According to Greifeld, Nasdaq has a lot of opportunities in terms of financial products, one of which is QQQ—an exchange-traded fund that tracks the Nasdaq 100 index. Currently listed on the American Stock Exchange (AMEX), QQQ—the most actively traded security in the world —Greifeld suggested it might return to Nasdaq before the expiration of its license with AMEX. "We will license that product down to others ... [so] we will increase our share of trading in the Qs quite dramatically," said Greifeld. Currently, he said Nasdaq is licensing QQQ to the markets in Mexico, Germany, and Italy.

Other initiatives undertaken to boost market trading volumes include the introduction of the opening and closing cross, an "official" opening and closing price for stocks, which is designed to address fund managers' complaints about the lack of clear Nasdaq closing prices. Hoping this will attract retail investors, Greifeld commented: "We are very excited about that… our opening and closing procedures needed improvement and we are certainly achieving it."

The recent acquisition of the Brut Electronics Communications Network will also allow Nasdaq to accelerate its growth, while lowering execution costs, Greifeld said. "[With this acquisition] we more than doubled the market share with our closest competitor…If we put our strategy in place, we are the price leader, we are the market share leader, and we will be the innovative leader," he concluded.

Jorge Pinto, director of the Center for Global Finance, closed the breakfast by pointing to the positive synergy of having business, education, and media people coming together for this discussion—a sign of the times.

For more information and photos from the event, visit the Center for Global Finance Web page.

Keith Reinhard, Executive in Residence

[Keith Reinhard]
Keith Reinhard, chairman, DDB Worldwide Communications Group, Inc., will be visiting the New York City campus on November 3, 2004, as an Executive in Residence. Reinhard is chairman of DDB Worldwide. DDB ranks among the largest global advertising agency networks in the world, with 206 offices in 96 countries. Acknowledged as the industry's most creative multinational network, DDB has won more Grand Prix awards in the 50-year history of the International Advertising Festival in Cannes than any other agency, and over the last 16 years, has won more awards in Cannes than any other agency network. In 1998, DDB was named by Advertising Age as its first-ever Global Agency Network of the Year and, in 2004, DDB Worldwide was named 2003 Global Agency Network of the Year by Advertising Age magazine and 2003 Global Agency of the Year by Adweek magazine. In 2004, for the fourth consecutive year, DDB was also named Network Agency of the Year at the Clio Awards.

In 1986, Keith was one of the architects of the advertising industry's first and only three-way union, creating Omnicom, one of the world's largest advertising and marketing services holding companies. Concurrent with the creation of Omnicom, Keith accomplished the merger of Doyle Dane Bernbach and Needham Harper Worldwide, first known as DDB Needham Worldwide and now DDB Worldwide. Keith's vision as chairman-CEO was to create a new DDB capable of bringing to life the insights of DDB founder Bill Bernbach and applying them broadly to the modern world.

Advertising Age has referred to Keith Reinhard as the advertising industry's "soft-spoken visionary" and in 1999 named him among the top 100 industry influentials in advertising history. The Wall Street Journal has included Keith in its well-known "Creative Leaders" campaign.

His media and compensation innovations, once considered revolutionary, are now beginning to find widespread acceptance. His blueprint for the "Agency of the Future" calls for a nimble organization capable of being big and small, local and global, bundled and unbundled, all at the same time, forming and re-forming itself in response to the changing needs of clients.

Keith's background is on the creative side of the advertising business, so he is understandably proud of his agency's creative record.

DDB's multinational clients include, among others, Anheuser-Busch, Clorox, Dell Computer Corporation, Johnson & Johnson, McDonald's, ExxonMobil, Royal Philips Electronics, and Volkswagen.

As a working creative man, Keith was best known for work on McDonald's, including "You Deserve a Break Today," which in 1999 was voted the No. 1 jingle of all time in Advertising Age's The Century of Advertising. Over the years, Keith has served on most of the major award juries. In 1984, he was a member of the Cannes jury and was elected by that jury as its first-ever American president. In 1999, Keith was jury president for the Cannes International Advertising Festival.

Keith is a passionate believer in the transforming power of creative ideas and shares Bill Bernbach's belief that properly practiced creativity can make one ad do the work of ten. A well-known example is DDB's 1959 Volkswagen campaign, named the No. 1 campaign of the century by Advertising Age in 1999.

Keith has contributed generously of his time and talents to the industry and the community. He is president of Business for Diplomatic Action, an initiative he began in 2001 to improve American business diplomacy. He is the co-chair of the marketing committee for Jazz at Lincoln Center. He is a member of the Board of Visitors of Johns Hopkins Medicine and chairman of the Advisory Council for Johns Hopkins' James Buchanan Brady Urological Institute. In New York, Keith serves on the boards of The Association for a Better New York, the Mayor's Fund to Advance New York City, NYC2012 (New York City's bid for the 2012 Olympic Games), and the U.S. Ski & Snowboard Team Foundation. He is a member of the advisory board for Union Theological Seminary in New York and has served as its chairman. He is a past chairman of the American Association of Advertising Agencies and remains a member of its advisory council. He has also served on the boards of the New York City Ballet and the United Nations Association. Click for more information on Reinhard's appearance on the New York City campus.

[Michael Koffler]
Lubin and School of Ed Co-Sponsor MetSchools CEO

Michael C. Koffler, CEO of MetSchools, Inc. will visit the New York City campus as an Executive in Residence on Thursday, November 18, 2004. The School of Education is partnering with Lubin for this visit. Koffler is President and CEO of MetSchools, Inc. and affiliated companies. The company is a leading supplier of regular and Special Education schools that include Nursery, Preschool and Kindergarten through eighth grade programs in New York City. MetSchools (www.metschools.com) currently operates seven schools, with a new site, Claremont Preparatory School, scheduled to open in September 2005.

MetSchools' first program, Sunshine Developmental School, was established in 1985 (www.sunshineschool.org). The company now services over 1,800 children ages birth to 8 in a variety of academic programs, including special education, early intervention and daycare settings.

MetSchools employs 505 persons, in seven locations with a total of 150,000 square feet of space. It is the largest privately held non-governmental nursery school provider in New York City.

In 1998 the company sold its Phoenix Preschool Education Center's unit, which operated 40 preschool centers in Florida, North Carolina and Georgia.

Mr. Koffler holds a B.S. in Business Administration and Accounting from SUNY Buffalo. He sits on the Board of Future in Education Foundation (of the Diocese of Brooklyn & Queens), and is Chairman of the Young President's Organization Metro New York Chapter. He resides in Manhattan, is married and has two sons who are pursuing their undergraduate degrees at George Washington University and London School of Economics.

[LubinFutures]
LubinFutures - New Flagship Magazine for Lubin

The Lubin School is launching a new flagship magazine, LubinFutures, this fall. The publication replaces our newsletter, Lubin Business. This biannual magazine reflects our position as a thought leader in business education with trend-driven feature articles that are timely and relevant to the business community. This more topical approach reflects our emphasis on continous improvement and building on our considerable strengths.

PricewaterhouseCoopers LLP Welcomes Lubin Students and Faculty Members

[John J. O'Connor]
On Wednesday, September 22, 2004, Lubin Leaders and Scholars students as well as Beta Alpha Psi Honor Society student members gathered at the PricewaterhouseCoopers NYC office for a breakfast hosted by the largest of the Big Four accounting firms. In welcoming the students and faculty, John J. O'Connor, vice chairman, Services, spoke candidly about the current changes in the accounting profession and the challenges the industry faces in this transforming environment.

"The accounting profession has undergone a significant change over the last three to four years …because of those scandals at Enron and WorldCom, among others. Today the major change is that [because of the Sarbanes–Oxley Act] we moved from a self-regulated industry to a regulated one," commented O'Connor on the creation of the Public Company Accounting Oversight Board (PCAOB)—a non-profit corporation that oversees the auditors of public companies in order to protect the interests of investors—which has changed the accounting profession in a dramatic way.

Pointing to the loss of trust resulting from the corporate failures that has made PwC modify its strategy, O'Connor said, "What has changed every day for us is really the renewed focus on the quality of our assurance practice. Our strategy is to regain the public trust for our firm, for the profession, and to make sure the capital markets in the United States function well." He said that the public expectations of the independence of public auditors has forced the company to sell its consulting and bankruptcy practices and focus on providing auditing services to its clients, while buying the other services from the outside. This major transformation in the way the firm does business has significantly reduced its size.

PwC University
With the accounting profession under tremendous scrutiny and oversight, O'Connor said PwC is concerned to maintain a high level of integrity within the firm by organizing "PwC University"—the experiential learning program targeted at changing the culture within the company by focusing on such values as teamwork, courage, and leadership. To make sure the high ethical tone is maintained throughout the organization, he said the company has also hired an ethics officer and launched an ethics hotline so that employees can call and discuss any ethical dilemma they might encounter. "[We want to make sure] our people have the courage to stand up and do the right thing," stressed O'Connor.

Another transformation PwC is experiencing is changing from a high turnover business model to a low turnover one by creating an environment "where people don't leave and [where they] feel connected to the organization." To achieve this, O'Connor said the company pays a lot of attention to providing flexible work schedules, all kinds of backup programs for people with children, and helping employees to maintain the proper work-life balance. "Our people are our number one priority…our clients value continuity, that is something indicating quality to them," said O'Connor.

Professor Rudy Jacob, chair of the Accounting Department, addressed the way academia responds to the changes in the profession. Thus, the Accounting Department has launched a new CPA review workshop in order to better support Lubin students taking the CPA exam. To address the need for accounting professionals with advanced knowledge of technology, he said the Department now offers an M.S. in Accounting and Information Science program in conjunction with the Information Technology Department. Working closely with AICPA, FASB, and PCAOB, the Department has resumed its plans to create the Standards of Financial Reporting in order to foster advancement in financial reporting as well as to increase the relevant knowledge and practice of accountants in global markets.

A lively roundtable discussion on the subject of "Ethics Leadership in Accounting" followed, facilitated by Professors Susanne O'Callaghan and Eric Kessler, faculty advisor to the Beta Alpha Psi Honor Society and director of the Lubin Leaders and Scholars Program, respectively.

For more information, visit the Lubin Leaders and Scholars Web page.

[International Field Study]
Lubin Students Honored - Will Study in Asia

David Negard '04, has received a William J. Fulbright scholarship to study research in business for a year in Taiwan, with a University Affiliation. He majored in international management, with minors in Chinese and computer science. Gary Sefcik '05, a finance and economics major, was awarded the Freeman Foundation Asia Program Award. He will study and do research at Thammasat University in Bangkok, Thailand.

[International Field Study to Japan]
International Field Study to Japan

The Lubin Leaders and Scholars Program (LLSP) took its inaugural international field study trip to Japan in August 2004, accompanied by Eric H. Kessler, director of the Lubin Leaders and Scholars Program and associate professor of management, and Stephen Blank, professor of management and international business. LLSP students from the New York City and Pleasantville campuses traveled to Tokyo, Kyoto, and Osaka to engage in corporate visits, meetings, and briefings.

[Christine Sudlow]
Christine Sudlow Named Director of Development and Alumni Relations at Lubin

Christine L. Sudlow, the new director of development and alumni relations for the Lubin School of Business, brings legal and development experience to her new position. Prior to assuming her new role she was a major gift officer with the University. Sudlow also worked for the Widener University School of Law Alumni Association. A lawyer by trade, she worked at Latsha Davis & Yoge, P.C. in Malvern, Pennsylvania, prior to going into the development field. "My main objective as the director of development for Lubin is to raise money for the construction of a new building for the School. Lubin deserves to have it's own front door."

[Many Ways to Give]
Many Ways To Give

If you would like to "give back" to Lubin and you are not familiar with all of the ways in which you can make a gift other than by writing a check, consider a "planned gift." Please go to www.pace.edu/alumni and click on "Planned Giving" in the lower right corner for some ideas, including designating Lubin as a beneficiary of your will or trust.

[Dr. Corinne Post]
Dr. Corinne Post Receives INFORMS' 2004 Best Dissertation Award

Dr. Corinne Post, assistant professor of management, was honored by the Institute for Operations Research and the Management Sciences (INFORMS). Post was awarded the 2004 Best Doctoral Dissertation Award for her dissertation "Allocating Favorable Work Contexts in Industrial R&D: the Role of Race/Ethnicity, Gender, Family Characteristics, and Organizational Setting." For more information, visit Dr. Post's Web page.

To view the rest of this issue, please visit www.pace.edu/lubin/elubin/october2004/