For the Month of April 1999
Rotman School Announces Three Key Chair Appointments
The Rotman School has appointed three award-winning professors from within
its own faculty as incumbents for recently endowed chairs.
Professor Joel Baum, an expert in business strategy and organization, is
the Canadian National Chair in Strategic Management. Professor Laurence
Booth, a specialist in corporate finance, is the Newcourt Chair in
Structured Finance. Paul Halpern, professor of finance and former interim
dean, is the Toronto Stock Exchange Chair in Capital Markets.
"These chairs play a key role in moving the Rotman School toward our vision
of becoming one of the top ten business schools internationally," says
Roger Martin, dean. "At a time of unprecedented demand for business
expertise, the Rotman School is committed to expanding into new areas of
research which we believe will be critical to enhancing Canada's
competitive edge in the global market."
Prof. Baum is a professor of strategic management with a cross-appointment
to the U of T department of sociology. He studies management and economics
from a sociological point of view. Prof. Booth has been a faculty member
since 1978 and a professor of finance since 1987. Specializing in corporate
financing, mergers and acquisitions and both domestic and international
financial management, Booth's many research interests include capital
market theory, micro-financial economics and the determination of corporate
financing decisions.
Paul Halpern, professor of finance, and Prof. Jeffrey MacIntosh of the
Faculty of Law are the first two Toronto Stock Exchange Chairs in Capital
Markets. In January 1998, the TSE invested $2.75 million to establish the
chairs and create an institute to bring together academics and leaders in
industry and government to conduct research in Canadian capital markets and
related public policy. The role of the chairs will be to conduct research
and teaching activities in the area of capital markets and to head the
Capital Markets Institute. Halpern will act as director of the institute,
and MacIntosh as associate director.
Bonham Gift to Rotman School Honoured by U of T
Dean Roger Martin and U of T President Robert Prichard hosted a reception
at the Rotman School for Mark S. Bonham, President and CEO of Strategic
Value Corp. on April 15.
The reception recognized Bonham for his personal gift of $1M to establish
and endow the Bonham Centre for Finance. Strategic Value Corp., the company
he founded, added $250,000 to the gift to endow MBA student fellowships.
Bonham is a Rotman Commerce graduate who went on to receive his MBA at the
London School of Economics.
"Mark Bonham's gift to the Rotman School is extremely significant and will
have tremendous impact on our already successful finance studies area,"
says Dean Roger Martin. "He shares our vision and represents the type of
financial services investor that the School wishes to attract in the
future, to enable us to make our academic priorities a reality."
Bonham's mutual fund company competes in an increasingly competitive
marketplace. On April 14, Bonham announced that Strategic Value Corp. would
purchase O'Donnell Investment Inc. to form a new company, SVC O'Donnell
Corp., with $3.3 billion in assets.
Alumni Association to hold Annual General Meeting
Class of '99 Encouraged to Run for Election
The Rotman School of Management Alumni Association will hold its Annual
General Meeting on Wednesday, April 28 at 6:30 pm in the CIBC room, says
president Lara Zink, MBA'95. All alumni and graduating students from all
Rotman School programs are invited to attend. Elections for the new board
of directors will be held. If you are interested in running for election to
the board, please fax a declaration of candidacy to Lara Zink at (416)
842-6100. For more information visit the Rotman School's web site at
www.rotman.utoronto.ca/alumni/events/reunions.html.
Spring Reunion'99
Alumni of the Rotman School will be back in the classroom during the first
week of June as part of the Rotman Spring Reunion'99. This year's event is
part of a campus-wide alumni weekend.
"At the Rotman School, we hope to create a rich environment of life-long
learning in which our alumni continue to look to us as their premier source
for new and exciting information," says Roger Martin, dean.
The reunion begins on June 3 with a dinner and keynote address by the Dean
and continues with a series of lectures on June 4. Alumni will have the
chance to attend lectures by the Rotman School's leading thinkers and
researchers including Prof. Laurence Booth, Newcourt Chair in Structured
Finance; Wendy Dobson, adjunct professor of international business; John
Hull, professor of finance; Eric Kirzner, professor of finance; Gary
Latham, Secretary of State Professor of Organizational Effectiveness; Dean
Roger Martin; Tony Yuen, adjunct professor and senior vice president, new
market development, Nortel; and Janice Gross Stein, Harrowston Professor of
Conflict Management.
For more information visit the Rotman School' s web site at
www.rotman.utoronto.ca/alumni/events/reunions.html
Call for Nominations for Canadian Women Entrepreneur of the Year Awards
The Rotman School of Management is pleased to announce the call for
applications for the 1999 Canadian Woman Entrepreneur of the Year Awards.
The deadline is May 17, 1999.
The Awards program are an annual initiative of the Rotman School,
recognizes outstanding women entrepreneurs and is part of the school's
mandate to develop and recognize Canadian business leaders.
"Entrepreneurship is an attitude, a behaviour and a set of values," says
Carol Denman, National Chair. "When combined with the qualities of
creativity, innovation, risk-taking and a strong need to achieve, the
result is an individual who is a strong contributor to the Canadian economy
and an inspiration to others."
Denman, who has been a judge since 1994 was honoured with the award herself
in 1993.
The six award categories are: Start-Up, Lifetime Achievement, Innovation,
Export, Impact on Local Economy and Turnaround. The recipients will be
honoured at an awards ceremony in Calgary in early November.
Applications are available from Ken McGuffin at the Rotman School
(mcguffin@rotman.utoronto.ca).
These awards are sponsored by Bank of Montreal, National Post and WTN, in
partnership with AOL Canada, Canadian Pacific Hotels, Department of Foreign
Affairs and International Trade; Flare; Ford Motor Company of Canada, Ltd.;
and PricewaterhouseCoopers. Tiffany & Co. designed and created the 18 Karat
gold Award brooch presented to each recipient.
Rotman Web Site Updated
The Rotman School's web site (www.rotman.utoronto.ca) is currently under
major construction, reports Kate Eccles, assistant dean, marketing and
communications. Over 240 pages on the site have undergone review since the
beginning of March and a significant redesign is also underway. The
redesign includes a new site structure and incorporates the new Rotman
graphic identity. It is expected the site will be re-launched before the
end of the summer.
Half of United Way's MBA Volunteers are Rotman Students
Eighteen Rotman MBA students, along with 16 other MBA students from across
Canada, will volunteer for the United Way in Toronto. The students will
take on the role of MBA Account Executives, helping to raise funds and
awareness by building relations with the business community. The United Way
is a non-profit organization that was created more than 40 years ago in
order to gather financial and human resources towards making a difference
in the community. It is the largest non-profit funder of social programs
in Toronto, supporting a network of 200 social service agencies across the
city. Account Executives will play a critical role in the United Way
Campaign process by providing invaluable links between the United Way and
Canadian businesses, and communicating the United Way message. The Rotman
account executives include:
Aparna Bishnoi
Samantha Cheung
Rosella Crispino
Sarah Duffy
Ehong (Maggie) Gu
Annabella Guo
Phillip Hardie
Brit Hennig
Hiyam Jibry
|
Bobby Lavoie
Jonathan Lister
Meredith Low
James Myelet
Mitchell Radowitz
Hashim Rizvi
Susanna Tai
Jian Tang
May Wong |
If anyone would like to learn more about this program, please contact:
Hiyam Jibry (MBA '00)
(416)925-4845
jibryh@pathcom.com
U of T Positive Space Campaign
The U of T has initiated the Positive Space Campaign to help create a
campus that is free of discrimination on the basis of sexual orientation.
It is also aimed at generating a broad and visible commitment to welcoming
sexual diversity. The U of T has a large lesbian, gay, bisexual and
transgendered community comprising a culturally diverse population of
students, staff and faculty. The University, including the Rotman School,
is committed to the establishment of policies and the development of
services that support all community members.
If you want to help create a welcoming, inclusive space at the Rotman
School, you can put up a poster or sticker in your work area.
For materials please contact Ken McGuffin at the Rotman School.
First-Ever Rotman Dragon Boat Club Launched
The Rotman Dragon Boat Club has begun to make a splash in the dragon boat
community. The club has received a very strong response from the students
of the Rotman School and is well on its way to registering a crew for the
Toronto International Dragon Boat Festival. This is the first season a
Rotman crew will participate in the Toronto Festival, which is the largest
of its kind in North America. Over 150,000 spectators and more than 180
corporate and community crews are expected to come together in this
incredible integration of culture, community, and business. The Festival
will be held on Centre Island on June 26 & 27. Members and friends of the
Rotman community are encouraged to come to the Island and support the
Rotman Crew, who will be training hard this spring in hopes of bringing
home Dragon Boat glory.
For more information, contact one of the crew's co-captains:
Rotman in the News
During the past month, the Rotman School received an unprecedented level of
national media coverage. The highlights include:
Roger Martin, dean, was interviewed on April 7 on CTV's Canada AM regarding
the failed merger of KPMG Canada with Andersen Consulting. He was also
interviewed on April 15 by CBC News on the impact of strikes on Canadian
productivity. Martin was quoted in a National Post profile of U of T
President Robert Prichard on April 3 regarding donations to the Rotman
School. "I tell corporate donors we'll name it after your company, and be
extremely thankful, and keep you informed, but we'll be running the
research agenda."
The Rotman School was featured prominently in a Canadian Business article
on fundraising at Canada's business schools in the March 26 issue. The $1
million gift by Mark Bonham, chairman and CEO of Strategic Value Corp., was
highlighted with quotes by Bonham, Roger Martin and Mark Sack, executive
director of development.
Rotman staff, faculty and alumni were quoted in the March/April issue of
Canadian Banker on the growing numbers of bank employees taking university
courses. Dean Roger Martin, Prof. Eric Kirzner, director of the EMBA
program, Michael Hartmann, director of executive programs and Pam Pitz,
EMBA'92, senior vice-president and manager for Royal Bank in Ontario, were
featured.
Joe D'Cruz, professor of strategic management and Roger Martin were quoted
in the cover story of the April issue of Profit on what it will take to run
a successful business in the next century. The growth of partnerships in
the future means more opportunities for women since "a greater number of
women are able to collaborate than men. The socialization of men is
weighted to leadership being one person in charge. Women have fewer things
to tear down to get there," says Martin.
The Rotman School's executive programs were mentioned in a supplement to
the April 19 issue of Canadian Business on executive development. As
competition heats up the executive education area, a higher degree of
specialization and focus is undoubtedly an advantage as organizations seek
the best possible leadership. "You're seeing the commoditization of
non-specialized courses. The only way to succeed in a commodity business is
to be the low-cost supplier. The other route is to deliver differentiated
products," says Joe D'Cruz citing the Rotman School's new healthcare
management program. The six day course scheduled for June is a joint
venture with Harvard University.
An article on April 12 in the Globe and Mail discussed issues regarding the
enrollment and participation of women in MBA programs. While other Canadian
schools are experiencing difficulties in attracting female students, the
Rotman School was cited as faring better than most. In a recent Financial
Times survey of MBA programs around the world, the Rotman School ranked in
the top-ten in terms of female enrollment, at 36 per cent.
Paul Halpern, Toronto Stock Exchange Chair in Capital Markets, published an
opinion article in the March 22 issue of the Financial Post on the
restructuring of Canadian stock exchanges.
Jack Mintz, Arthur Andersen Professor of Taxation, was quoted in the March
27 edition of the Toronto Star regarding the downhill trends in Canadian
productivity, innovation and the environment. Mintz suggests that the
federal government could turn things around by slashing corporate taxes and
balancing government books with an environmental tax on polluters.
On April 8 Prof. Mintz was quoted in the Toronto edition of the National
Post on Premier Mike Harris' claim that his government has ended corporate
welfare. Mintz and other economists argued that the Premier has simply
replaced direct subsidies to businesses with tax credits. "They become like
grants. What Ontario should be doing rather than having these favoured tax
credits ...is look at more broad-based reductions in their corporate income
tax rate."
Mintz and Tom Wilson, professor of economics, were quoted in a Maclean's
Magazine special report in the April 12 issue on the high tax burden in
Canada.
An article by Eric Kirzner, professor of finance and director of the EMBA
program, appeared on the cover page of the March issue of the TSE's Members
Newsletter. The article was entitled "Managing Entry of ATSs Key Challenge
for Market Regulators." Prof. Kirzner was also quoted in the Toronto Star
on April 3 on the decline in gold prices. "Gold is a haven when you're
looking at very high inflation rates or extreme currency turmoil," said
Kirzner. "But we haven't been in a high inflationary period since the early
'80s."
Faculty News
Professor Becky Reuber received $48,000 to continue her research on the
internationalization of small Canadian firms, from the Entrepreneurship
Research Alliance II. She is a member of the ERA II, which is a $2.4
million five-year research network recently funded by an SSHRC Major
Collaborative Research Initiative Grant. The network involves Canadian and
American researchers in the entrepreneurship area, led by Raffi Amit of the
University of British Columbia and Ian MacMillan of the Wharton School.
Anbar Electronic Intelligence has chosen Laurence Booth's paper, "A New
Model for Estimating Risk Premiums (along with some evidence of their
decline), published in the Journal of Applied Corporate Finance (Spring
1998) for a "citation of excellence" and put it in their "Hall of
Excellence." Anbar provides a review service for clients of management
papers and journals. They constantly review what they regard as the best
management journals and issue citations to about 10% of the papers reviewed.
Doctoral Graduates of the Rotman School of Management are actively involved
in the organization of the 1999 conference of the Administrative Sciences
Association of Canada reports Dan Ondrack, professor of organizational
behaviour. In the Organizational Behaviour Division, Barbara Kelsey,
Ryerson Polytechnical University, is the program chair and Diane Miller,
University of Lethbridge, is the academic reviewer. In the Human Resources
Division, Gehard Seijts, University of Manitoba, is the academic reviewer.
In the Organization Theory division, John Usher, Memorial University, is
the Program Chair. John Medcof of McMaster University, is program chair in
the Technology and Innovation division.
Staff Changes
Mary Cunningham has taken up a position as Business Officer in the Ontario
International Medical Graduate Program at the Faculty of Medicine. She
joined the Rotman School as Financial Services Assistant in 1997. As part
of the Financial Services Team she was instrumental in overseeing the
transition to the new Human Resources Information System at the School, and
for making improvements in the recoveries systems. In April 1998 she was
promoted to the position of assistant to Mary Ellen Yeomans, Assistant Dean
and CEO of the Rotman School.
Upcoming Events
Friday, April 16
2:00 - 3:30 pm
Capital Markets Workshop
"Illiquidity and Expected Return of Treasury Securities"
Long Chen, PhD student
Rotman School, Room 151
Wednesday, April 21
4:00 - 6:00 pm
Institute for International Business Roundtable
"The World Economic Outlook"
Prof. Peter Pauly
Rotman School of Management
Please note that attendance is by invitation only.
Contact Liza Tham at (416) 978-2451 for more information.
Friday, April 23
2:00 - 3:30 pm
Capital Markets Workshop
"Comparison of the Credit Risk Portfolio Models
CreditMetrics and CreditRisk+"
Wei He, PhD student
Rotman School of Management
Room 151
Tuesday, April 27
10:30 am - 12:00 pm
Capital Markets Workshop
Presentation
Prof. J-C. Duan
Hong Kong University of Science of Technology
Room 151
Wednesday, April 28
6:30 pm
Rotman School of Management Alumni Association
Annual General Meeting
Friday, April 30
2:00 - 3:30 pm
Capital Markets Workshop
"Foreign Exchange Contingent Claim Variation in a Partial
Equilibrium Setting"
Steve Hadjiyannakis, PhD Student
Rotman School of Management
Room 151
Monday, May 17
1999 Canadian Women Entrepreneur of the Year Awards
Deadline for nominations
Thursday, June 3- Friday, June 4
Rotman Spring Reunion'99
Dinner and Life-Long Learning Lectures
. . . . . . . . . . . . . . . . . . . .
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