For the Month of July 1999           MBA Students Win Saturn Canada Marketing Contest Congratulations to a team of Rotman MBA students for winning the 1999 Saturn Canada Business School Project. The team, of Class of '99 graduates Jessica Goldberg, Melanie Goodz, Greer Hozack, Tomi Poutanen, and Karen Webert, defeated teams from across the country to win $15,000. Established last year, the Saturn Canada Business School Project invites graduate business schools from across Canada to develop a national marketing campaign around one of their products. This year's project involved developing an integrated campaign to introduce Saturn's new 3-Door Coupe into the university marketplace. Working in teams, students were given five months to develop and implement a market research study and a comprehensive marketing strategy within an assigned budget of $2 million. Submissions were judged on criteria such as the quality of market research, feasibility of recommendations, and how well the marketing plans adhered to fundamental marketing principles. The Rotman team defeated other finalists from the University of British Columbia, the University of Calgary and Simon Fraser University. Summer Moves at Rotman Before you visit someone at the Rotman School, it may be best to phone ahead of your appointment. During the month of July several office moves are underway. Most noticeable are the new location for the Career Development Centre and MBA student services on the second floor of the Rotman School. Look for complete details in the next issue of the Rotman Reader. Commerce Program Marks 75th Convocation Seventy-five years after the first class graduated with Bachelor of Commerce degrees in 1924, the U of 's 75th Commerce class was honoured at Convocation ceremonies on June 15. Two hundred and ten students received their degrees. "This is a celebratory summer for Canada's pre-eminent commerce program," says Carl Amrhein, dean of the Faculty of Arts and Science. "As they celebrate 75 years of excellence, it's clear that U of  Commerce graduates have been a driving force in Canada's economic development and success throughout the Century." "As we enter into the new millennium, U of  Commerce grads will continue to play a leading role in shaping Canada's competitiveness," says Roger Martin, dean of the Rotman School. In the fall of 1920, 25 students registered in the Commerce program. Seven students, one women and six men, survived the program to graduate with Bachelor of Commerce degrees in 1924. The program has its origins in 1901 when a diploma program in Commerce was inaugurated in the U of 's Faculty of Arts. This was later transformed into a Bachelor of Arts program in Commerce and Finance in 1909. A photo of the first Commerce class is displayed near the Commerce office on the first floor of the Rotman School. It can also been viewed on the Commerce web site at http://www.utoronto.ca/commerce/grad24.htm C.D. Howe Chief to Lead Clarkson Centre C.D. Howe Institute President and CEO Thomas Kierans joins the Rotman School this September as head of the Clarkson Centre for Business Ethics and holder of the Geoffrey R. Conway Chair in business ethics. Kierans will be succeeded in his role at the C.D. Howe Institute by Jack Mintz, Arthur Andersen Professor of Taxation at the Rotman School. "Tom Kierans is joining the Rotman School at one of the most exciting times in our history," says Dean Roger Martin. "With his outstanding record of leadership in both the corporate and university sectors, Tom will play a pivotal role in our plan to become one of the top ten business schools in the world. All of us at the Rotman School are delighted to welcome Tom to the U of  community." Martin thanks Len Brooks, professor of business ethics and accounting, for stepping in to provide interim leadership to the Clarkson Centre following the death of former director and Rotman School dean Max Clarkson in June 1998. "Professor Brooks has provided exemplary leadership to the Clarkson Centre during a time of change and transition, and we are grateful to him for taking on temporary directorship of the Centre in addition to his demanding role as head of the Masters in Management and Professional Accounting program." Thomas Kierans has been President and Chief Executive Officer of the C.D. Howe Institute since 1989. With a B.A. from McGill University and an M.B.A. from the University of Chicago, Kierans was President and Director of McLeod Young Weir Limited (later ScotiaMcLeod), Senior Vice President of Pitfield Mackay Ross, and Vice President and Director of Nesbitt Thomson and Company Limited. He has held posts as Adjunct Professor at Queen's University's School of Policy Studies and served as a member of the Business Council on National Issues at the York University Faculty of Administrative Studies, as well as chairing many government and non-profit bodies, among them United Way-Areawide of Greater Toronto, the Energy Options Advisory Committee, the Ontario Economic Council, and the Royal Ontario Museum. He was also among the first to be inducted into the Institute of Corporate Directors. Executive Education Welcomes New Leader Jim Fisher, a former executive with George Weston Limited, has joined the Rotman School as associate dean, executive education. In his new role, Fisher will work closely with corporate Canada and Rotman's faculty to develop programs designed to meet the advanced education needs of today's executive. "In the knowledge age, lifelong learning is the mantra of the high-achieving executive," says Roger Martin "With significant senior management experience and a background in university teaching, Jim is ideally poised to lead the Rotman School in staking out uncharted new territories in Executive Education." Jim Fisher graduated from the University of Toronto with a BA in political science and economics and an MBA from Harvard University. Fisher was a founder of The Canada Consulting Group, which was the country's largest Canadian-owned strategy firm before it merged with The Boston Consulting Group. He joined George Weston Limited in 1986 and served as Executive Vice President of Weston Foods, Chairman and President of William Neilson Limited and President of George Weston North American Bakeries. Currently he is a Director of Trimark Financial Corporation, Canadian Tire Corporation and Signature Brands Limited and a member of the Business Roundtable on Work and Mental Health. He also has taught courses in strategic change in the Rotman School's Executive MBA program. He can be reached at (416) 946-5591. Rotman welcomes new Executive Director, Alumni and External Relations Nancy Holmes has joined the Rotman School as Executive Director, Alumni and External Relations. Holmes, who graduated in 1996 from Rotman's Executive MBA program, hails from IMAX Limited, where she held senior responsibility for operations, marketing and sales activities for IMAX Japan, and was the principal liaison between its Canadian and Japanese offices. Previously, she was Educational Account Manager for Corel Corporation in the Asia Pacific region, and managed her own corporate training firm for more than ten years. In her new role, Holmes is responsible for overseeing Rotman's alumni relations program, as well as developing and enhancing external partnerships in both the corporate and government sectors. She can be reached at (416) 978-8825. Health Policy Management Program a Great Success More than 60 top-level health care executives were at the Rotman School during the week of June 20 for a new six-day program entitled "Understanding the New World of Health Care". Participants included CEOs and senior physicians from top Canadian hospitals, as well as policymakers and leaders from health care service organizations. The sold-out program received international media attention including coverage in the Financial Times of London, England. "These are times of change and challenge for the health care sector, and Rotman aims to play a role in helping executives address these challenges," says Professor Joe D'Cruz, one of the directors of the program. " Thenumber of applications to this intensive Program has been so great, we've scheduled a second offering for October 1999." "Understanding the New World of Health Care" was offered through a groundbreaking partnership between Rotman's Executive Development Programs, Harvard University's Division of Health Policy Research & Education, the U of  Department of Health Administration and the U of 's Joint Centre for Bioethics. The program was designed to equip leaders in the health care field with new insights for understanding and contributing to the development of the Canadian health care system. Sessions covered such topics as: The Economics of Health; Management Issues in the Restructuring of the Health Care Sector; Making Mergers Work; Perspectives on Public/Private Partnerships in Health Care Delivery; Information Management; and The Anatomy and Physiology of Health Care Funding. Session leaders for this program included faculty from the University of Toronto and Harvard University, along with industry leaders and special guests - including former Ontario Premier Bob Rae, who shared insights about understanding government and its officials. Program Directors were: Professor D'Cruz; Martin McKneally, M.D., Professor of Surgery in the Department of Surgery and Joint Centre for Bioethics at U of , and Miles Shore, M.D., Professor of Psychiatry at Harvard Medical School and Visiting Scholar at the Kennedy School of Government. For further information regarding the program, contact Steve Arenburg at (416) 946-4038. Brazilian Executive MBA Students Study at Rotman The first two of four classes of Brazilian Executive MBA students to study at the Rotman School this year arrived during May and June. The students, all from the Business School Sao Paulo for International Management (BSP), were enrolled in "Managing In a Global Economy", a customized 10-day executive education program designed to teach North American perspectives on global management. This is the fifth year the Brazilian students have come to Toronto to participate in the special program, which is taught by a combination of Rotman School faculty and outstanding business leaders. As part of their learning experience, the Brazilians visitors visited some of Canada's most successful corporations, providing direct exposure to North American business operations. "We are pleased that our exciting partnership with BSP continues to grow," says Michael Hartmann, director of Rotman's Executive Development Programs. "Not only do Brazilian students benefit from their experience in this program as they are able to bring the real-world experience of the North American context back to their firms, the entire Rotman community is enriched by the interaction with our guests, who provide new and exciting perspectives for us as well." The Business School Sao Paulo for International Management (BSP) offers internationally recognized MBA, Executive MBA and Executive Development Programs. The BSP Executive MBA is a one-year degree taught in English for Brazilian executives. The 10-day Rotman program is an integral part of the degree. Two more groups are scheduled for later this year. Faculty Council Elections Uli Menzefricke, professor of operations management and statistics, was elected speaker of the faculty council for a three-year term, effective July 1. Becky Reuber, associate professor of strategic management, will serve as deputy speaker. "We are grateful to Professors Basil Kalymon and Dan Ondrack who have guided faculty council through occasionally turbulent times and have earned our thanks for their service to the school," says Peter Pauly, associate dean, research and academic resources. Max Clarkson Remembered by Academic Colleagues A special tribute to the life and academic achievements of the late Max Clarkson, former professor and dean of the Rotman School was published in the March issue of Business & Society. The tribute included eighteen essays written by his academic colleagues and four articles that represented his scholarly interests. Authors included the Rotman School's Professor Len Brooks, Richard Leblanc, Larry Hebb and Michael Deck, (MBA'89). Clarkson Centre Publishes New Book In a project funded by the Alfred P. Sloan Foundation (New York), the Clarkson Centre has published, "Principles of Stakeholder Management." The goal of the project was to develop a broad conception of the corporation as a vehicle for advancing the interests and responding to the concerns of multiple and diverse "stakeholders" (defined as persons and groups that stand to benefit from, or be harmed by, corporate activity). The overall design of the project, and the specific content of the "principles" were strongly influenced by the contributions of the late Professor Max Clarkson, who was one of its influential initiators. In recognition of his contributions, the principal contributors (including Lee Preston, Jim Post, S. Prakash Sethi, Tom Donaldson, Len Brooks, and Michael Deck), refer to the principles as the "Clarkson Principles." To obtain copies call Lee Benson at the Clarkson Centre for Business Ethics at (416) 978-4930. Rotman Crew Participates in Dragon Boat Festival The "Rotman Hostile Takeover", a dragon boat crew of MBA students, participated in the recent Toronto Dragon Boat Festival on June 26 - 27. Although this was the first year the Rotman School participated in the festival, the crew placed fourth out of eleven teams in the tough university division and fourth out of six teams in the community mixed division final. Special thanks to crew captain Bernie Chan, MBA'99 for organizing the team and congratulations to all crewmembers on their success. Rotman Faculty and Staff Participate in U of  Licensing Task Force In April, Professor Len Brooks, Professor Tim Rowley, and Lee Benson, representing the Clarkson Centre for Business Ethics, along with members of the Ontario Public Interest Research Group (OPIRG), the Graduate Students' Union (GSU), and U of 's Development and University Relations, provided input to the University's Licensing Task Force. Falling under the mandate of Dr. Jon Dellandrea, vice-president and chief development officer, the Task Force's mandate is to develop criteria for codes of conduct for apparel manufacturers licensed to use the U of  logo, as assurance that products are not manufactured under "sweatshop" conditions. Anyone interested in learning more about, or contributing to, the Task Force may call Barbara Dick, associate director of alumni relations, at 978-2366 or e-mail barbara.dick@utoronto.ca. MBA Students Publish Team Project in Academic Journal Daniella Borrisova, Albert Penner, and Ronn Goldberg MD, (part-time MBA students in the class of 2000), combined their expertise in accounting, engineering and medicine to develop their Management and Information Systems team project into a published article. "The 'virtual' radiology department: Basic concepts, considerations, and implications" was recently published in Current Oncology (March 1999). The paper introduces cancer specialists to the concept of an electronic radiology practice, fully digitized and aligned with medical information systems. The paper highlights some of the basic technological concepts and challenges, as well as security and legal issues to be considered. It also introduces cancer specialists to the possibility of using new technologies to greatly expand the geographic scope of their medical practices. Article by PhD Graduate Nominated for Award An article published by Ganish Iyer in Marketing Science, based on his dissertation from the Rotman School, has been nominated for the John D.C. Little Award for the best article published in Marketing Science or Management Science in 1998. Iyer graduated in 1996 and is currently an assistant professor of marketing at the Olin School of Business, Washington University in St. Louis, MO. New Team at Impact Consulting Group Impact Consulting, the management consulting group affiliated with the Rotman School, has a new team of consultants for 1999-2000. Amy Charette, Jimmy Lee, Katherine Magee, Adam Sadowski, and Brian Scholz, all from the MBA Class of 2000, bring a wide range of experience and skills to their new roles. Impact Consulting, formerly Bizcon Inc., has been active in providing management consulting services since 1972. For more information regarding Impact Consulting, please call (416) 978-4242 or e-mail impact@rotman.utoronto.ca. Rotman in the News The Rotman School was listed among the top eleven business schools in the world outside of the United States in the June 19-20 edition of the International Herald Tribune in an article on MBA recruiting and salaries. The Rotman School's "Understanding the New World of Health Care" program, which took place in June and included 60 of Canada's top health care executives, was mentioned on the "News from Campus" page in the Financial Times of London. Becky Reuber, associate professor of strategic management, was quoted in the June 7 edition of the Globe and Mail on women entrepreneurs and their attitudes towards risk. An article, co-authored by David Dunne, adjunct assistant professor of marketing, in the May-June 1999 issue of the Harvard Business Review on whether manufacturers should produce private label products was featured in the June 4 editions of the Ottawa Citizen and National Post. Roger Martin, dean, was interviewed regarding the TD Waterhouse initial public offering on June 23 for CBC Newsworld Business News. The clip can be viewed at http://www.cbcnews.cbc.ca/cgi-bin/templates/view.cgi?/news/1999 /06/23/tdbank990623 . Martin was also quoted regarding the future of MBA programs in the June 25 issue of Canadian Business in an article "Programmed for obsolescence?" Martin's views on the "deeply troubling trends" in Canadian competitiveness were cited in an opinion piece by Tim Reid in the June 6 issue of the Globe and Mail's Report on Business. In addition, the June issue of IE: Money profiles Martin's decision to leave his previous career as a consultant to work at the Rotman School. "I realized that if I came here and worked with this school, I could have an impact on the competitiveness of Canadian companies." Mike Gordon, professor emeritus of finance, was mentioned in the June 1999 issue of Report on Business Magazine. The article, "Power Play" referred extensively to his views on the privatization of Ontario Hydro and the deregulation of the hydro-electricity industry in Ontario. Sridhar Moorthy, Rotman Professor of Marketing, was quoted in the Toronto Star on June 17 regarding the end of sports and arts sponsorships and advertising by Canadian tobacco companies next year. Dan Ondrack, professor of organizational behaviour, was quoted extensively in the Globe & Mail's special section on Human Resources Strategies (May 31), which also contained a detailed description of Rotman's Advanced program in Human Resources Management. Joe D'Cruz, professor of strategic management, was interviewed on CBC Newsworld on June 1 regarding two types of death strategies for companies going bankrupt. The clip can be viewed at: http://www.cbcnews.cbc.ca/cgi-bin/templates/view.cgi?/news /1999/06/01/loewen990601 . Professor D'Cruz was also interviewed on CBC Newsworld Business News on May 5 on the continuing problems at Newbridge Networks. The interview can be viewed in Real Video at http://www.cbcnews.cbc.ca/cgi-bin/templates/view.cgi?/news/1999/05/05/newbri dgex990505 Basil Kalymon, professor of finance was quoted in a Southam News article on the plans to extend trading hours on North American markets. The article appears in the June 2 edition of the National Post and was also published on June 1 in the Montreal Gazette. Jack Mintz, Arthur Anderson Professor of Taxation, has been named to a task force by Federal Progressive Conservative leader Joe Clark to examine all aspects of business and personal taxation in Canada. The appointment was noted in the May 27 edition of the Globe and Mail and Miami Herald and the June 2 edition of the Ottawa Citizen. Laurence Booth, Newcourt Chair in Structured Finance and professor of finance, was quoted in a Financial Post article on May 31 regarding the failed bank mergers of Canada's major banks. Dean Roger Martin and Joan Schatz, MBA'99, are quoted in the cover story of the May 10 issue of Maclean's on student recruitment. Look for the great photo of Joan and the interesting quote from the dean that concludes the article. In an article on the competitiveness of Canadian companies in the July issue of Report on Business Magazine, Anil Verma, professor of industrial relations, discussed Stelco's labour-relations record and how it contributed to the company's competitiveness. Professor Verma was also a guest on Pamela Wallin Live on April 30. He was part of a panel discussing changes in jobs, work and the economy which included out-going Canadian Labour Congress President Bob White. An opinion piece by Andrew Stark, associate professor of strategic management, was published in the June 25 edition of the National Post. Prof. Stark discussed Prime Minister Chretien's problems regarding 'conflict of interest.' Hugh Gunz, associate professor of organization behaviour, was quoted in a Globe and Mail article on July 5 on the value of experience workers in companies. Don Brean, associate professor of finance and business economics, was quoted in the Globe and Mail's Technology section on June 3 in an article dealing with employee stock ownership plans. He also appeared on TVO's Studio 2 on May 13 to discuss the institutional aspects to Jubilee 2000, which is a campaign to forgive the foreign debt of developing countries. Faculty News Tom Wilson, professor of economics, and Peter Dungan, adjunct associate professor of economics, participated in a meeting on June 14 with Finance Minister Paul Martin, bank economists and private forecaster economists to discuss issues around the fiscal dividend. While not at liberty to report the findings of the other forecasters, Professors Wilson and Dungan tell the Rotman Reader they believe there is little room for massive tax cuts over the next year but the fiscal dividend will grow larger reaching almost $20 billion by fiscal year 2003/2004. Yue Li, assistant professor of accounting, presented a paper (co-authored with D. Wei) entitled "Time-Varying Default Risk Premiums in the Eurodollar Deposit Market" at the Seventh Conference on Pacific Basin Finance, Economics and Accounting in Taipei on May 28-29. His two other papers were presented at the 1999 Canadian Academic Accounting Conference on June 3-4 in Toronto. One paper (co-authored with B. McConomy) is entitled "Simultaneous Signaling in IPOs via Management Earnings Forecasts and Retained Ownership: an Analysis of the Substitution Effect." The other one (co-authored with P. Clarkson and G. Richardson) is entitled "The Market Valuation of Environmental Capital Expenditures by Pulp and Paper Companies." Professor Jack Mintz was invited on May 6 to speak to the Senate Banking, Trade and Commerce Committee chaired by Senator Michael Kirby. He discussed the impact of the tax system on equity finance and cautioned policy makers not to resort to targeted incentives that would be ineffective. Instead, there is a need for tax cuts accompanied with tax reform. He suggested that the treatment of stock options in Canada should parallel the treatment provided in the United States. Tim Rowley, assistant professor of strategic management and business ethics and Joel Baum, Canadian National Chair in Strategic Management and professor of strategic management and sociology, were invited to present papers in April at a conference on strategic networks organized by Strategic Management Journal at the Kellogg School at Northwestern University. During the 1998-1999 academic year, Becky Reuber, associate professor of strategic management, served on the Research Grants Selection Committee 14 (Administrative and Management Studies and Industrial Relations) of the Social Sciences & Humanities Research Council of Canada. Sridhar Moorthy, Rotman Professor of Marketing, has received a grant from the Social Sciences & Humanities Research Council of Canada to pursue research on advertising and marketing quality. In April Gary Latham, Secretary of State Professor of Organizational Effectiveness, presented his Distinguished Professional Contributions to Practice Address entitled, "The Value of Journals for Informed Practice" to the Society of Industrial-Organizational Psychology. Anil Verma, professor of industrial relations, gave a talk on telecom deregulation and its consequences for work and employment to the Caribbean Telecommunications Union on April 29 in Miami. On June 3 he also gave an invited address at the World Bank in Washington, D.C. on developing a social dialogue with trade unions. The financial model developed by Mike Gordon, professor emeritus of finance, to determine the value of certain stocks in 1959 was highlighted in an article in the May-June 1999 issue of the American Scientist. The article noted that the study of how people acquire and invest money has a number of intriguing links with the more traditional scientific disciplines. Anthony Wensley, associate professor of accounting and management information systems, was invited by the Institute of Industrial Research in May to speak on "Trends in Process Management." Dan Ondrack, professor of organizational behaviour, co-chaired the 14th annual Strategic Human Resource conference of the European Institute for Advanced Studies in Management at St. Gallen University, Switzerland, March 28-30. He also presented a paper on 'North American Models of HRM and Convergence in International Human Resource Management". From April 10-14, he attended the board of directors meeting and annual conference for the International Division of the Society for Human Resource Management in Orlando, Florida, and also chaired a session on 'HRM Issues in International Alliances and Mergers". Professor Ondrack was a Canadian delegate at the Tri-Lateral Conference on NAFTA Mobility in Higher Education in Mexico City, May 13-15. He presented a talk on the development of a new executive certificate program in NAFTA Human Resource Management, to be offered in partnership with the Rotman School, the School of Management of the Monterrey Institute of Technology and the School of Business of the University of San Diego. Hugh Gunz, associate professor of organizational behaviour, and Professor Joel Baum, Canadian National Chair in Strategic Management, have been appointed to the Editorial Board of the Academy of Management Journal. The top-tier empirical journal is published by the Academy of Management, and accepts articles covering the full range of interests represented by the academy, the leading international body for management scholars and educators. An article co-authored by Michael Hartmann, director of executive development programs, was published in the March/April issue of the Ivey Business Journal. The article, entitled "SME's: Smart Training Strategies" was a collaboration between Hartmann, Lorna Wright of Queen's University, and David Barrows of York University. Staff Changes Natalie Brothman has joined the Rotman School as a campaign assistant to Mark Sack, executive director of development. She can be reached at (416) 946-3622. Jennifer Hwang is temporarily serving as assistant to Mary-Ellen Yeomans, assistant dean, administration, and Nancy Holmes, executive director, alumni and external relations. She can be reached at (416) 978-4574.

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