Lubar College of Business
ANNUAL REPORT 2022-23
Friends and Supporters, When we charted our course with a five-year strategic plan in 2020, our faculty, staff, and stakeholders outlined a set of strategic priorities to guide us toward realizing our mission (see opposite page). I’m delighted to share this annual report with you that highlights our accomplishments in 2022-23 across these strategic priorities. Our distinctive identity emphasizes two primary 21st century business drivers– analytics and innovation – and you’ll discover insights from our annual AI & Analytics Symposium: Disruptive Innovation, featuring experts from industry and academia. Additionally, you’ll see an example of faculty scholarship that is addressing analytics and care coordination in the health industry. You’ll also learn about our new Ignite Startup Incubator, a key new player in southeast Wisconsin’s innovation infrastructure. Gain further insights into our faculty’s research, where you will read about corporate international strategies, the merits of adopting voice technologies, and leveraging corporate authenticity. In 2022-23, we marked an exciting new milestone in scholarship support for our student body, exceeding $2 million of need- and merit-based scholarships for Lubar students! Some of these scholarships support business study abroad, including a new program to Panama. Our engagement with the business community is also featured, highlighting the events and webinars held last year that focused on digital transformation, the Latin American economy, shareholder activism, and the Federal Reserve and banking stability. These gatherings, attended by hundreds of alumni, executives, and scholars annually, underscore our commitment to extending opportunities for lifelong learning for our alumni and the broader business and academic communities. Finally, we demonstrate how we are working within our community to offer our time and talents supporting organizations such as Junior Achievement and other nonprofit organizations. We are especially proud that excellence across all facets of what we do as a business school was recognized by AACSB International, the gold standard for business school accreditation, which extended our accreditation in both business and accounting for another five years. I share my sincere thanks to all those in the Lubar community for their unwavering dedication to excellence in all that we do as we serve our students and the world around us!
Kaushal Chari Sheldon B. Lubar Dean 1
STRATEGIC PLAN The Lubar College of Business Strategic Plan guided our activities and initiatives during the 2022-23 year as we worked to accomplish our mission and continue to drive toward our vision.
MISSION
VISION
We stimulate innovative and analytical thinking to produce impactful research and teaching that advance knowledge, drive change, and empower our diverse students to succeed in the global economy, thereby creating value for our students, business partners, and community.
As a GREAT business school, we will be: Global in our outlook Relevant to our stakeholders Entrepreneurial in our approach Accessible to students from diverse backgrounds Transformative in our impact
STRATEGIC PRIORITIES DISTINCTIVE IDENTITY: ANALYTICS & INNOVATION Cultivate analytical and innovative thinking in business education, business research, and business and community engagement.
IMPACTFUL RESEARCH Provide thought leadership through research that advances the boundaries of scholarship and practice.
STUDENT SUCCESS Empower students to be successful, ethical business professionals who create value in the global economy.
GLOBAL ENGAGEMENT STUDENT SUCCESS
IMPACTFUL RESEARCH Distinctive Identity:
ANALYTICS/ INNOVATION
BUSINESS ENGAGEMENT Leverage our location advantage by engaging with the business community on value-added initiatives that benefit them, our students, faculty, and staff.
CULTURE Promote an inclusive, respectful, and open culture that breaks all silos, to enable a positive, engaged, and collaborative work and learning environment.
BUSINESS ENGAGEMENT
CULTURE
FINANCIAL SUSTAINABILITY
GLOBAL ENGAGEMENT Facilitate global literacy and experiences, and promote the Lubar College of Business as a global brand.
FINANCIAL SUSTAINABILITY Sustain a financially viable plan to support the mission and vision of the Lubar College of Business.
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DISTINCTIVE IDENTITY: A N A L T I C S & I N N O VAT I O N
AI & ANALYTICS SYMPOSIUM FOCUSES ON DISRUPTIVE INNOVATION
The Center for Technology Innovation addressed the topic of “Disruptive Innovation” at its annual spring symposium with insights from industry and academic experts. The symposium was organized and moderated by Dr. Scott Schanke, Director of the Center for Technology Innovation.
Maribeth Achterberg, Vice President of Solution Delivery at Molson Coors Beverage Company (now with the BOLDT Company), discussed artificial intelligence as a disruptive technology that has hit critical commercialization in 2023 in a manner that begs questions be answered regarding how to govern and manage the uses and algorithm construction to safeguard society. Every societal role in the commercialization of AI, she says, needs to consider and recognize their obligation in this regard – including industry, academia and government.
Maribeth Achterberg
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“The common goal should be to temper our excitement over the technological advances with the sober reality of recent examples of tech having been unchecked for a long period of time, which has long term impacts and ramifications,” she says.
Dr. Rajesh K. Gupta, Founding Director of the Halıcıoğlu Data Science Institute and Distinguished Professor of Computer Science and Engineering and the University of California San Diego, delved into how AI, or more precisely, machine learning has captured the imagination for its generative capabilities as exemplified by automated chatbots, code generators and art generators. Underlying these capabilities, he says, lie many generations of advances in computing architectures and systems that have brought us at the threshold of decoding the interplay between human experience and the languages that encode such experiences, all eventually turning into streams of data that can be acted upon. Dr. Rajesh K. Gupta
Gupta discussed the world of physical experiences via time-series data generated from a variety of embedded sensors and encoded in the languages of tags and metadata labels, which are beginning to find use in many applications from personal health and climate science to robotics.
Dr. Avi Goldfarb, Rotman Chair of Artificial Intelligence & Healthcare at the University of Toronto, and Chief Data Scientist at Creative Destruction Lab, examined how artificial intelligence presents an extraordinary opportunity and an extraordinary threat. But not in the way that might be expected. Today’s AI, he says, is best understood as prediction technology rather than a machine that can do everything humans do. Prediction technology can nevertheless transform industries. It does this by decoupling prediction from the other aspects of decision making, thereby creating new ways of delivering value. Dr. Avi Goldfarb
Today, we sit in a “striking phase” in the development of this technology, he says — The Between Times after witnessing AI’s potential, but before its widespread impact. On the other side of The Between Times, when this process of invention is complete, the changes in decisions will mean changes in power. In industry, power confers profits; in society, power confers control, Goldfarb suggests.
Wrapping up the symposium, an industry panel discussed “Disruptive Innovation in Our Own Back Yard,” including: • Deepak Arora, Founder & CEO, Wearable Technologies • Kyle Crum, Director of Strategic Development, Rockwell Automation • Ross Younger, Business Development Executive, TechRender Many thanks to Church Mutual Insurance for sponsoring this symposium!
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ANALYTICS AND COORDINATION OF CARE IN THE HEALTHCARE INDUSTRY Coordination of care in the healthcare setting may not only result in better patient outcomes, but also stands to make a significant dent in healthcare costs in the U.S., where 18.3% of gross domestic product was attributed to healthcare spending in 2021. In fact, a 2019 study Atish Sinha published in the Journal of the American Medical Association found that failures in care coordination account for $27.2 billion to $78.2 billion in waste per year in the United States. Increasingly, healthcare organizations are recognizing the benefits of care coordination and are turning to analytics to improve it. But Atish Sinha, Rockwell Automation Endowed Professor in Connected Systems — an expert in artificial intelligence, machine learning, and analytics — says more in-depth study into explanatory analytics and predictive analytics is needed to better inform strategy and decision making. Explanatory analytics uses data to go beyond explaining what happened to focus on how and why it happened. Predictive analytics uses historical data to forecast what might happen in the future. To identify new analytics solution pathways to care coordination problems, Sinha and his research colleagues (Subodha Kumar of Temple University, Liangfei Qiu of University of Florida, and Arun Sen of Texas A&M University) developed a care coordination framework that looks at the care coordination perspective on one axis (single-provider, cooperative team of providers, or contracted team of providers) and the care coordination mechanism on the other. The research team analyzed 70 related scholarly articles from the period 1990 through 2020, and conducted a gap analysis to identify future research questions and propose solution approaches. Their study “Putting Analytics into Action in Care Coordination Research: Emerging Issues and Potential Solutions” was published in Production and Operations Management. 5
The findings of the study point to the importance of future research into referral management, care transition, and care integration. The roadmap to making progress in these areas, they say, is four-fold: (1) embracing artificial intelligence, machine learning, and the Internet of Things, (2) exploiting social media data, (3) improving resource alignment, and (4) developing new assessment measures. Advanced technologies could emerge as powerful enablers for care coordination, Sinha notes. Say a patient has a sudden drop in blood count, postsurgery. That information would be transmitted in real time by the patient’s wearable device to a predictive machine learning model, which could dynamically decide whether the patient should be sent to an acute rehabilitation facility or not. Future research could also tap into unstructured data from various social media patient forums or review platforms. For example, machine learning techniques could be applied to extract latent topics in patient reviews related to care transition — such as discharge planning, effective communication, or follow-up appointments – to potentially influence a hospital’s objective quality performance measures, such as the time spent in the emergency department, readmission rates, and mortality rate. Linking the right resources to meet patient needs is one of the major barriers in care coordination. While new technology platforms like Aunt Bertha, Charity Tracker, and Cross TX have emerged to facilitate referrals to community-based social services organizations, the authors suggest that these platforms could also be useful in answering questions on the influence of past referrals on hospital costs, health quality outcomes, or readmission rates. Finally, they note that there is an urgent need to develop assessment measures that can use unstructured data (like clinical notes or interpersonal communications between healthcare providers or providers and patient/family) to capture the dynamic aspects of healthcare data. “Having these measures would help us address research questions on whether the level of communication influences health care outcomes,” said Sinha.
NEW BUSINESS INCUBATOR OFFERS FREE HELP FOR MATURING STARTUPS A new business incubator launched in Fall 2022 through a partnership between UWM’s Lubar College of Business and the Lubar Entrepreneurship Center (LEC). In its first year, the Ignite Startup Incubator helped 10 startups acquire the skills needed to move their ventures forward. UWM students, faculty, alumni and members of the broader community were invited to participate in the 11-month program, which offers $5,000 grants to each of the program’s ventures. “Our vision for the incubator is to spur innovation, entrepreneurial growth and jobs in the region through this very hands-on and individualized approach,” said Lubar College Dean Kaushal Chari. In the first half of the program, participants attend weekly workshops through a course offered by the Lubar College and held in the LEC on campus. Workshops focus on skill needs for individual ventures, from sales and intellectual property to customer discovery and prototyping a product at the UWM Prototyping Center at the Innovation Campus building in Wauwatosa. The program’s second component, beginning in the spring, entails coaching and mentoring. “When a program is offering the expertise, guidance and networking that this incubator has, I don’t think you can ever get enough of that,” said participant Steve Glynn of Experience Milwaukee LLC. “This is a perfect opportunity to leverage all of the resources here at UWMilwaukee and use them to your advantage.” First year participants included: Alaina Whitson, Afiyana Apparel, UWM student Deepak Arora, Wearable Technologies Inc., UWM student Alex Schofield, Imago Labs LLC, alum Terrance Thomas, Forbidden Plates, alum Kate Schober, STEAM Milwaukee, community member Tara Bogart, KarmicSoft, community member Mitchelle Lyle, International Travel Assistance LLC, community member Steve Glynn, Experience Milwaukee LLC, community member Aaron Gregory, Upwardli, community member Sandhya Padala, Rex Academy, community member 6
IMPACTFUL RESEARCH The Role of Ownership and Control in Overseas Expansion
An important reason for a firm to expand overseas is the anticipated profit derived from a combination of its own resources with resources located in foreign countries. However, the fact that the resources are currently controlled by independent firms based in different countries separated by physical and psychic distances can present significant costs and risks, including potential failures of negotiation under uncertainty about the true qualities of the respective resources, difficulties in enforcing
contracts, and risks of intellectual property infringements. Tailan Chi, Richard C. Notebaert Distinguished Professor of International Business and colleagues developed a comprehensive model on the choice of organizational forms that a firm can use in managing its international operations to mitigate these costs and risks and enhance the value created from across-country resource combinations. The model analyzes three general organizational forms: Market (one firm obtains access to the other’s resources via contract); Internalization (one firm acquires the other’s resources by purchasing the whole or the part of the firm that owns the complementary resources); and Quasi-internalization (the two firms exploit jointly their respective resources). The authors argue that the choice among the three forms
also depends on the “distances” between the two countries and the “transactional” capacities of the two firms. Geographic, political, economic, and sociocultural distances between the two countries tend to increase the requisite extent of resource adaptations and exacerbate the difficulties in coordinating the needed adaptations. As such distances widen, the efficacy of the market falls, making internalization or quasi-internalization more desirable. The potential gains from resource combinations can become unrealizable if the distances are too vast. But the choice between internalization and quasi-internalization depends on whether one or both of the firms have developed strong capacities for undertaking and managing international acquisitions, or for building and managing business relationships internationally.
The full study, “Quasi-Internalization, Recombination Advantages, and Global Value Chains: Clarifying the Role of Ownership and Control,” Christian Asmussen, Tailan Chi, and Rajneesh Narula, was published in Journal of International Business Studies, Volume 53, Issue 4, July 2022.
What’s in a Name? For Craft Beers, a Lot Stanislav D. Dobrev, Robert L. and Sally S. Manegold Chair in Strategic Management, an expert in organizational authenticity, has studied its relevance in the craft brewing sector. In craft markets such as beer, cheese, or even chocolate, Dobrev says, the appeal to consumers is not just about the producers’ commitment
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to craft production techniques. It’s perhaps even more about their deep-seeded antagonism toward mass producers, exhibited in a sometimes “rebellious” identity that plays up originality in both process and promotion. There is even a name for this – oppositional craft markets. Dobrev and his collaborators
Alexa, Should My Company Invest in Voice Technology?
Companies investing in smart speaker technologies are trying to enhance their customers’ experience with their brand, but do those investments pay off? Lubar researchers Navid Bahmani (’22 PhD and now an Assistant Professor of Marketing at Rowen University) and Professor of Marketing Amit Bhatnagar studied close to 100 firms that released a voice assistant feature on the Amazon Echo or Google Nest between 2016 and 2020 to compare stock prices for each
firm immediately before and after the new feature was announced, essentially quantifying how investors responded to the new technology. Their findings showed a mixed bag – some positive bumps in valuations, but some with no change, and others that lost market value. Deeper analysis found that the type of voice assistant feature and the type of business could both be factors influencing the market’s response. The introduction of an informational voice assistant feature, for example, led to an average 1% increase in stock price, or nearly $925 million in average market capitalization. In contrast, the announcement of new objectcontrol features, such as adjusting a thermostat or starting a load of laundry, had little effect on stock price. So where were the “losers” in their study? Those were found with companies that introduced
transactional voice assistant features. Those firms’ stock prices fell an average of 1.2%, or more than $1 billion in average market value. Their analysis found that transactional features can actually be counterproductive because of their limitations, similar to the object-control features, but also because of the “higher stakes” involved. Specifically, because these are typically financial transactions, any problems because of technological errors can be quite serious. The study further showed that product firms fare better when launching new voice assistant technologies than service firms, where the technologies typically offer the same access to information customers can already tap into in more “traditional” channels.
The full study, “Hey, Alexa! What Attributes of Skills Affect Firm Value?” Navid Bahmani, Amit Bhatnagar, and Dinesh Gauri, was published in Journal of the Academy of Marketing Science, Vol. 50(6), November 2022, pp. 1219-1235. The article was also summarized in a Harvard Business Review article.
drew upon established theories of social identity, authenticity, and emotional contagion to posit that organizations that create products which broadcast rebellion through negative emotions – in this case through the names they assign to their beers – resonate more strongly with consumers
than those that convey positive emotions. The study found that consumers perceive negative emotions as sincere, in line with the oppositional, anti-mass production “cultural zeitgeist” of craft markets. In contrast, they perceive positive emotions as manipulative or fabricated. Dobrev
says the findings could have implications for other settings with strong homogenous consumer preferences, such as sports industries with strong home-based fan support or countercultural markets like alternative rock.
The full study, “Bottled Up or Poured Out,” Olga M. Khessina, J. Cameron Verhaal, and Stanislav D. Dobrev, was published in Strategy Science, Volume 8, Issue 4, December 2023.
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2022-23 FACULTY PUBLICATIONS The outstanding research published by Lubar College of Business faculty during the 2022-23 academic year includes: Profitability and Financial Leverage: Evidence from a Quasi-Natural Experiment Management Science
Venture Capital Exit Pressure and Venture Exit: A Board Perspective Strategic Management Journal
Giorgo Sertsios, Sheldon B. Lubar Associate Professor of Finance, with Davidson Heath
Ting Yao, Assistant Professor of Organizations & Strategic Management, with Hugh O’Neill
Quasi-Internalization, Recombination Advantages, and Global Value Chains: Clarifying the Role of Ownership and Control Journal of International Business Studies
Hey, Alexa! What Attributes of Skills Affect Firm Value? Journal of the Academy of Marketing Science
Tailan Chi, Richard C. Notebaert Distinguished Professor of International Business, with Christian Asmussen and Rajineesh Narula
Befriending the Enemy: The Effects of Observing Brand-to-Brand Praise on Consumer Evaluations and Choices Journal of Marketing Katherine M. Du, Assistant Professor of Marketing, with Lingrui Zhou and Keisha M. Cutright
Racial Regard and Black Consumers’ Responses to Stigmatized-Identity Cues Journal of the Association for Consumer Research Tracy Rank-Christman, Assistant Professor of Marketing, with David Wooten
Is Audit Partner Identification Useful? Evidence from the KPMG “Steal the Exam” Scandal Auditing: A Journal of Practice & Theory Lawrence J. Abbott, Professor of Accounting, with Russell Barber, William Buslepp, and Pradeep Sapkota
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Navid Bahmani (’22 PhD) and Amit Bhatnagar, Professor of Marketing, and Dinesh Gauri
Alexa, Should My Company Invest in Voice Technology Harvard Business Review Navid Bahmani (’22 PhD) and Amit Bhatnagar, Professor of Marketing, and Dinesh Gauri
Ending Hunger: How COVID-19 Revealed a Path to Food Access for All Journal of the Association for Consumer Research Katherine M. Du, Assistant Professor of Marketing, and Laura A. Peracchio, Professor Emerita of Marketing, with Melissa G. Bublitz, Jonathan Hansen, and Elizabeth G. Miller
Investing in Entrepreneurs: The Case of Franchising Managerial and Decision Economics Steven C. Michael, Bostrom Professor of Innovation and Entrepreneurship
My Real Avatar Has a Doctor Appointment in the Wepital: A System for Persistent, Efficient, and Ubiquitous Medical Care Information & Management
The Effect of Charity Website Design on Perceived Consistency and its Consequences Internet Research
Fatemeh Mariam Zahedi, UWM Distinguished Professor Emerita and Huimin Zhao, Professor of IT Management, with Patrick Sanvanson, Nitin Walia, Hemant Jain, and Reza Shaker
Derek L. Nazareth, Associate Professor of IT Management, with Dong-Heon Kwan, Saerom Lee, Jinwoong Lee, Greta L. Polites, and Deborah Erdos Knapp
Know Where to Invest: Platform Risk Evaluation in Online Lending Information Systems Research
High-Energy Ad Content: A Large-Scale Investigation of TV Commercials Journal of Marketing Research
Huimin Zhao, Professor of IT Management, with Zhao Wang and Cuiqing Jiang
Purush Papatla, Northwestern Mutual Data Science Institute Professor of Marketing, with Joonyuk Yang, Yingkang Xie, and Lakshman Krishnamurthi
The Democratization of Investment Research and the Informativeness of Retail Investor Trading Journal of Financial Economics Michael Farrell, Assistant Professor of Finance, with T. Clifton Green, Russell Jame, and Stanimir Markov
Nonprofit Governance: Are Related Board Members Bad for Nonprofits? Journal of Management Accounting Research Colleen M. Boland, Associate Professor of Accounting and Daniel G. Neely, Professor of Accounting, with Erica E. Harris
AACSB Extends Lubar College of Business Accreditation The Lubar College of Business has maintained its dual global accreditation in business and accounting for another five years with AACSB International, the Association to Advance Collegiate Schools of Business. “We’re honored that AACSB has again recognized the Lubar College of Business among the elite group of accredited business schools for both our business and accounting programs,” says Dean Kaushal Chari. “This is a testament to our shared commitment to providing the highest quality education and scholarship that benefits our students, business partners, and the community.”
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STUDENT SUCCESS
CL ASS OF 2023 The Lubar 25 Class of 2023 recognized stand-out undergraduate students in the Lubar College of Business for their accomplishments in academics, entrepreneurship, leadership, or campus/community service. Lubar 25 students were celebrated at a special event and received a $1,000 scholarship from the Friends and Family of Gary Elfe. As an Honors College student majoring in accounting with a near-perfect grade point average, academics are clearly top of mind for Zachary Baynham. But he also has a self-described passion for people and helping others. An officer in the Honors College Alternative Spring Break Club, Zachary and his fellow members focused on serving communities in need, spending their spring break week working for a disaster relief organization in New Orleans, and serving local organizations throughout the year. Last summer, he expanded work he began in high school as an advocate for people with intellectual disabilities, helping young adults of different abilities to develop professional skills that can be used in a business setting. At UWM, Zachary is a resident assistant in the dormitories, where he has gained important skills in crisis management, conflict mediation, and communication. He plans to pursue his master’s degree in professional accounting, become a Certified Public Accountant, and further incorporate his passion for advocacy into his career. Caroline Hansen didn’t realize how fascinating she would find supply chain management until she dipped her toes in the field. A double major in supply chain and marketing, she had the good fortune of working in three supply chain internships – her first with Kimberly-Clark, the second with Briggs & Stratton, and finally with ER Wagner. She says that the supply chain industry involves a lot more than transportation. One needs to “use personal critical thinking skills to solve any problems that may arise, especially in today’s current supply chain state.” Caroline was also enrolled in the Lubar College’s Business Scholars program, through which she conducted an academic research project under the supervision of her faculty mentor Mark Kosfeld. Outside of her studies, she was highly involved as a leader in her sorority Gamma Phi Beta. As vice president of finance, she managed the organization’s $43,000 budget and did volunteer work in fundraisers for their philanthropic partner Girls on the Run. She accepted a full-time position as a customer inventory analyst with Kimberly-Clark after graduating in May. 11
A student-athlete on UWM’s track and field team and a member of the Honors College, Cynthia Hernandez is used to outpacing the competition. With an incredible 4.0 grade point average, Cynthia earned the Athletic Department’s 2022 Smartest Panther Award for having the highest GPA among all UWM female athletes. She graduated in December with her BBA and has moved on to her accelerated master’s degree in marketing – a dual degree program that allows undergraduate students to add on a master’s degree with just one additional year of studies. Cynthia keeps busy applying her marketing skills as vice president of social media for the American Marketing Association, where she mentors other students and volunteers with UWM Make a Difference Day and the Panther Prowl. She’s also assumed a leadership role on her track and field team, including helping her teammates balance their academics and athletics. Last summer, Cynthia completed a district manager internship with Aldi. She looks forward to a career in advertising and strategy.
Profiles of all of the members of the Lubar 25 Class of 2023 can be found at lubar.uwm.edu/25. Cassidy Askin, Senior, General Business Abraham Atari, Senior, Finance and Supply Chain & Operations Management Zachary Baynham, Junior, Accounting Phareda Be, Junior, Marketing Nicholas Cervac, Senior, Marketing Jonathan David, Senior, Marketing Evan Domnie, Junior, Information Technology Management Carson Ejzak, Senior, Finance Andrew Gaeta, Senior, Finance Maisie Gelhar, Senior, Accounting Dylan Haagen, Senior, Marketing Caroline Hansen, Senior, Marketing and Supply Chain & Operations Management Maximillian Hartounian, Senior, Finance and Supply Chain & Operations Management Cynthia Hernandez, Senior, Marketing Alexia Kossow, Junior, Finance and Human Resources Management Henry Kucha, Senior, Finance Kayla Lokker, Junior, General Business Coleton Mueller, Senior, Marketing Casey Rajala, Junior, Finance and Marketing Ivan Ramirez, Senior, Information Technology Management Anny Santo Penna, Senior, Marketing Emily Schnaare, Senior, Marketing Andrew Skyberg, Junior, Finance Justin Thimmesch, Senior, Finance Bridget Wesolowski, Junior, Supply Chain & Operations Management 12
CONGRATULATIONS, LUBAR GRADUATES! Total 2022-23 Graduates:
863
BBA Average Starting Salary:
$55,943* Master’s Average Starting Salary:
$77,681*
Where Did They Go? ABC Supply Co. Accenture Advocate Aurora Health American Family Insurance Apple Artisan Partners Baker Tilly Bard Brady Corporation Charter Manufacturing Chase Deloitte Direct Supply Enterprise Rent-a-Car
Exact Sciences EY FIS Fiserv Generac General Motors Johnson Controls JPMorgan Kohler Komatsu Mining KPMG Lockheed Martin Medical College of Wisconsin Milwaukee Brewers
Milwaukee Bucks Milwaukee Tool Nestle Northwestern Mutual PwC Regal Rexnord Rockwell Automation SC Johnson SpotHopper Tri City National Bank U.S. Bank Uline Vanguard WEC Energy Group Wells Fargo
*2022-23 salary data based on graduate self-reporting 13
Record Year for Scholarship Awards More than 650 scholarship awards
were granted to students in the Lubar College of Business in 2022-23, exceeding
$2 MILLION Congratulations to our students and thank you to our generous donors!
ANNUAL SCHOLARSHIP AWARDS SURPASS $2 MILLION A college education affords many opportunities for graduates, yet for many, that education remains unattainable due to cost. At the Lubar College of Business, where 36% of undergraduate students are first-generation college students and 32% are eligible for Pell Grants (the largest federal grant program offered to undergraduate students, designed to assist students from low-income households), the need for financial support is significant. In the last academic year, the Lubar College set a record high for scholarship awards — exceeding $2 million in awards for the first time. More than 650 scholarships were awarded with an average value of just over $3,000. The Lubar College has approximately 115 different scholarship programs that support both undergraduate and graduate students. Awards are based on merit, financial need, or both. Senior Drake Dorfman, a Haag Family Foundation Scholarship recipient said about his scholarship: “This means that I will be able to more fully focus my efforts on my studies without having to balance them with earning enough to cover not just tuition but my own living expenses. It means that successful individuals believe in our program and are willing to offer financial support towards its students. It also means to me that others believe in investing in my future specifically which to me is both humbling and affirming.” “We are incredibly fortunate that we have a donor base that understands our students’ level need and is passionate about making sure they can have access to a college education,” said Dean Kaushal Chari. 14
BUSINESS ENGAGEMENT EVENTS The Lubar College of Business continued its strong tradition of bringing executives and thought leaders to the community to share their insights on important topics. Recordings of many of these programs are available on our YouTube channel UWM Lubar. The 2022-23 lineup included:
Artificial Intelligence and Analytics Symposium on Disruptive Innovation
Center for Technology Innovation Maribeth Achterberg, Molson Coors; Dr. Rajesh Gupta, UC San Diego; Dr. Avi Goldfarb, University of Toronto
Bridie Fanning
Latin America: A Sleeping Economic Giant?
Bradley Distinguished Lecture Series Dr. Sebastian Edwards, UCLA
Shareholder Activism: Beyond Short-term and Long-term Implications
M&I Center for Business Ethics Dr. Mark DesJardine, Dartmouth College Dr. Sebastian Edwards
What’s Next for the Economy, the Fed, and Banking Stability?
Bradley Distinguished Lecture Series Dr. Randall S. Kroszner, University of Chicago
Beyond Going Back to the Office: Digital Transformation and the Future of the Corporation
M&I Center for Business Ethics Bridie Fanning, Accenture; Peter Klein, Baylor University Dr. Randall S. Kroszner
The SAP University Competence Center (UCC) at the Lubar College of Business is one of only five UCCs throughout the world. The center provides hosting services and technical support to universities that participate in SAP’s University Alliance. SAP University Alliances is designed to inspire connecting students around the world interested in SAP solutions, careers, and research opportunities. Students participate in classroom sessions, app development, networking opportunities, and events. The UCC at the Lubar College currently hosts close to 170 universities in the U.S., Canada, Korea, Thailand, and Japan. It operates over 50 production SAP systems utilizing its own private cloud environment to deliver SAP to over 100,000 students a year. 15
IN THE NEWS How much would debt default damage U.S.? History offers clues
Notable leaders in higher education: Dean Kaushal Chari
Christian Science Monitor, May 24, 2023
BizTimes Milwaukee, January 24, 2023
Generation Z graduates prioritize work-life balance during job search
What’s behind your Milwaukee property tax bill and how machine learning could make it fairer
TMJ4 News, May 23, 2023
Milwaukee Journal Sentinel, December 19, 2022
New Microsoft data center proposed for Foxconn land in Mount Pleasant
Former Fiserv CEO Jeffrey Yabuki named Executive-in-Residence at UWM College of Business
Wisconsin Public Radio, March 28, 2023
Tech experts believe potential Microsoft project in Mount Pleasant will bring benefits
BizTimes Milwaukee, September 22, 2022
RNC 2024: Milwaukee anticipates economic impact
TMJ4, March 28, 2023
Fox6 Milwaukee, August 3, 2022
What Wisconsinites should know about recent bank collapses
New startup incubator coming to UWM’s College of Business this fall
Spectrum News, March 19, 2023
BizTimes Milwaukee, July 28, 2022
Industry leaders say bank failure unlikely to happen in Wisconsin
UWM launches business innovation incubator for local startups
CBS 58 News, March 13, 2023
Milwaukee Business Journal, July 25, 2022
EXECUTIVE EDUCATION
INDUSTRY CONNECT
Lubar Executive Programs partners with corporate clients and individuals on strategies to develop the business skills of high-potential leaders. Through custom programs that are collaboratively designed with the client, open enrollment programs focusing on management and leadership topics, the State & Local Taxation Webinar Series, the Strategic Leadership Series, and the Lubar Executive Education podcast series, the Executive Programs team continues to deliver high quality programming to companies and individuals throughout Southeast Wisconsin.
The Industry Connect program allows organizations to utilize UWM’s Lubar College of Business as an extension of their operations by tapping into Lubar students and faculty for project work. Industry Connect teams advanced Lubar students with client companies to work on project deliverables over the course of a semester. Students work under the joint supervision of Lubar faculty and a sponsoring partner representative. In addition to the completion of the project, companies benefit by gaining access to Lubar faculty expertise and assessing students’ capabilities for possible future employment. Students, of course, gain real-world experience to become more competitive in today’s job market. 16
C U LT U R E WELCOME, NEW FACULTY! The Lubar College of Business welcomes these new faculty members!
Dawei Jian Assistant Professor of Supply Chain & Operations Management Dr. Jian has expertise in incentives and information management within business contexts, especially in the areas of procurement, distribution channel, services design, risk management, and compensation design. His research primarily focuses on the question of what management can achieve when the information for decision making is dispersed, privately held, and evolving dynamically. He earned his PhD in Operations Management from the University of California, Riverside.
Pallav Routh Assistant Professor of Marketing Dr. Routh’s expertise lies in the domain of marketing strategy and quantitative marketing, where he combines machine learning methods with traditional econometric modeling techniques, especially text-based modeling techniques. His current research focuses on contemporary issues in the realm of B2B relationship marketing, frontline sales management, and social network analysis. In the past, he has worked on topics related to customer relationship management. He holds his PhD in Marketing from the University of Texas at San Antonio.
Joan Shapiro Beigh Teaching Professor of Management Dr. Shapiro Beigh joined us from Loyola University Chicago, where she received awards for teaching innovations in choice-based assignments and creative problem-solving. Her research has focused on heterogeneity within work styles, which she incorporates into her classroom teaching. Prior to her academic career, Dr. Shapiro Beigh had a consulting practice in organizational communication and stakeholder feedback research. She earned her DBA in Business from DePaul University.
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Chad Venne Lecturer in Real Estate and Director, Real Estate Program Mr. Venne specializes in real estate management operations and asset management of investment real estate portfolios. He teaches courses in real estate management and development. Mr. Venne is a Certified Property Manager ® with the Institute of Real Estate Management, an IREM Instructor, and a licensed Real Estate Broker in the State of Wisconsin.
Jiadi Xu Assistant Professor of Finance Dr. Xu conducts research in the areas of corporate finance, household finance, and urban economics. His teaching focuses on financial modeling and fintech. He earned his PhD in Finance from the University of Texas at Dallas.
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Lubar College of Business “Storefront” Opens at JA Finance Park In early 2023, the University of Wisconsin-Milwaukee and the Lubar College of Business joined other businesses to sponsor a “storefront” at JA Finance Park®, a simulation lab located in the Milwaukee headquarters of Junior Achievement of Wisconsin. The ribbon-cutting of the new storefront was held in mid-April with students from Milwaukee Andrew Douglas and Morgandale Schools in attendance. Sixth through ninth grade students in a 90-mile radius of Milwaukee can attend JA Finance Park after they complete a 14-lesson curriculum. During the classroom lessons, students learn the basics of building a budget and making the hard choices between needs and wants. When students arrive at JA Finance Park, they are assigned a life persona for which they must build and balance a monthly budget. They visit business “storefronts” to learn the costs of rent, house payments, utilities, car insurance, entertainment, and other typical monthly payments. “We are proud to have a strong presence in JA Finance Park. It is important for us to set up our future students for financial and career success through this partnership with Junior Achievement of Wisconsin,” says Dean Kaushal Chari. Current Lubar students volunteer in the storefront, which broadens their perspectives and allows them to give back to the community, adds Chari, who is a Junior Achievement board member.
Marketing Course Tied to Community Impact Marketing students in Dianne Crowley’s Event & Entertainment Planning course employed their talents to organize five spring events that benefited area non-profits. For her course, Crowley assigns a semester-long event planning project that engages student teams in event creation and conceptualization, development, planning, promotion, production, and execution. Students must include at least one sponsorship, monetization, and a nonprofit 501(c) (3) partner that will benefit from the event. She says that the project is an invaluable tool that gives her students hands-on experience that will benefit them professionally while providing reward and satisfaction for giving back to the community. Typically, the projects raise close to $10,000 combined for area non-profits. This year’s projects supported Combat Veterans Motorcycle Association, Planned Parenthood, Midwest Athletes Against Childhood Cancer, Huntsman Cancer Foundation, and the National Alliance on Mental Wellness. 19
GLOBAL ENGAGEMENT STUDENTS EXPAND THEIR HORIZONS THROUGH BUSINESS STUDY ABROAD Lubar students had wonderful opportunities to travel abroad in 2022-23 on educational trips to Czech Republic, Hungary, Panama, France, Spain and Morocco. These shortterm business study abroad opportunities include academic, professional, and cultural components to allow students to be exposed to business practices in their destination country, learn about its economy, and gain an understanding of its people and history. In the College’s first ever trip to Panama, students learned that – in addition to the Panama Canal – the country is also home to the Latin headquarters of many multinational companies, is a free trade zone, and has a large financial center. The group met with leaders at Samsung, GlaxoSmithKline, the Superintendency of Banks of Panama, Manzanillo International Terminal at the Panama Canal, and the Export and Investment Promotion Authority of Panama. Drew Skyberg, a junior studying finance, said that the corporate meetings were his favorite academic portion of the trip, especially the presentation at Samsung Electronics, where they toured the state-of-art headquarters and saw first-hand the innovations being developed by the company. A day at the Panama Canal included a presentation about canal operations and a facilities tour that allowed the group to see the massive container ships loaded and unloaded by systems of cranes and other equipment. Students also observed ships travelling through the new locks (completed in 2016) that doubled the capacity of the canal. “Being able to be there and see why the canal is so important to the economy was powerful,” said Skyberg. The Lubar College thanks the generous private donors who provide study abroad scholarship support to help reduce students’ cost to attend these impactful programs.
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FINANCIAL SUSTAINABILITY 2022-23 BY THE NUMBERS Fall 2022 data from UWM Office of Assessment and Institutional Research, OBIEE
Total Enrollment: 3,333
Undergraduate BBA majors in Accounting, Finance, General Business, Human Resource Management, Information Technology Management, Marketing, Supply Chain & Operations Management
Enrollment: 2,727 Undergraduate
Gender First Generation: 36.2%
Pell Eligible New Freshmen: 32.2%
5.7%
Other Race/ Unknown
36.8% Female
Gender
$2
Diversity
63.2% Male
2.5%
International
27.5% Targeted Ethnicity*
million+
in scholarships awarded
Diversity
64.3% White
69.9%
one-year retention rate (Fall 2022 New Freshmen Cohort)
63
Graduate MBA, Online MBA, Executive MBA, MS programs in Accounting, Professional Accounting, Graduate Digital Supply ChainGender Management, Finance Analysis, Information Technology Management, Diversity Marketing, and PhD
52.2%
Enrollment: 606
six-year graduation rate
30.3%
(Fall 2017 New Freshmen Cohort)
International
43.9% Female
Gender
56.1% Male
4.6%
Diversity
Other Race/ Unknown
12.6%
Targeted Ethnicity*
*African American, American Indian, Latinx, Southeast Asian American, Targeted Multiethnic 21
full-time faculty
52.5% White
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business professional organizations
lubar.uwm.edu | lubarcollege@uwm.edu | 414-229-4235