SPRING 2016SMU • COX SCHOOL OF BUSINESS

INSIDE Over $1 Billion Raised for SMU New Scholarships New Endowments

SMU Cox and The Second Century Campaign:

Getting Down To Business

Make This Year The Year Of Your Career.

Get a One-Year Master’s Degree from SMU Cox

Management

Maximize your market value with a solid business foundation.

Business AnalyticsLaunch your career in big data, marketing or consulting.

Finance Attain success in corporate finance, investment

management or consulting.

Accounting Enhance your skills, prep for the CPA exam and jump start

your career at a top global accounting firm.

Sport Management Join the only sport management master’s program

in DFW, the #5 sports market.

Kick-start your career before you even hit the workforce. Our master’s programs offer recent college graduates small class sizes, world-class faculty and access to an

alumni network spanning 80 countries. It’s one year that can make a lifetime of difference. That’s Cox. Connected.

Learn more at coxmasters.com.

SMU is an Affirmative Action/Equal Opportunity Institution.

1

20

S P R I N G 2 0 1 6

18

3

There’s an app for that! Find us at cox.smu.edu or download our CoxToday app for iPhone and Android.

26

DEAN

Albert W. Niemi, Jr.

ASSISTANT DEAN OF EXTERNAL RELATIONS, EXECUTIVE DIRECTOROF THE COX ALUMNI ASSOCIATION

Kevin Knox

ASSISTANT DEAN OF MARKETING AND COMMUNICATIONS, EDITOR-IN-CHIEF

Lynda Welch Oliver

DIRECTOR OF DEVELOPMENT

Laran O’Neill

ASSISTANT EDITOR

Lacey Zumberge

CONTRIBUTORS

Anna MartinezCatherine Maurer

PHOTOGRAPHERS

Jay Brousseau Dean DominguezHillsman JacksonRen Morrison

HOW TO REACH US

Marketing and Communications OfficeCox School of BusinessSouthern Methodist UniversityPO Box 750333Dallas, TX 75275-0333E-mail: communications@cox.smu.eduWebsite: cox.smu.edu

Main Office: 214.768.3678Fax: 214.768.3267

CoxToday design: Wiswall McLain Design

F E AT U R E S

20 SMU Cox and The Second Century Campaign: Getting Down to Business

26 Maguire Energy Institute Barrels Ahead

C O N T E N T

2 From the Dean

3 Program News

14 Faculty Achievements

17 In the News

18 Faculty Research

20 SMU Cox and The Second Century Campaign

26 Maguire Energy Institute Barrels Ahead

28 Folsom Institute for Real Estate

29 Dean’s Media Breakfast

30 Executive Board

31 Contact Us

32 Calendar of Events

33 Alumni Board

34 Cox ConnectionsSouthern Methodist University (SMU) will not discriminate in any employment practice, education program, education activity, or admissions on the basis of race, color, religion, national origin, sex, age, disability, genetic information, or veteran status. SMU’s commitment to equal opportunity includes nondiscrimination on the basis of sexual orientation and gender identity and expression. The Executive Director for Access and Equity/Title IX1 Coordinator is designated to handle inquiries regarding the nondiscrimination policies, including the prohibition of sex discrimination under Title IX. The Executive Director/Title IX Coordinator may be reached at the Perkins Administration Building, Room 204, 6425 Boaz Lane, Dallas, TX 75205, 214.768.3601, accessequity@smu.edu. Inquiries regarding the application of Title IX may also be directed to the Assistant Secretary for Civil Rights of the U.S. Department of Education.

1Title IX of the Education Amendments of 1972, 20 U.S.C. §§ 1681-1688.

1

cox.smu.edugo to

F R O M T H E D E A N

The success of the

campaign at the Cox

School is a direct result

of the involvement and

support of the SMU Cox

community—donors,

Executive Board members,

alumni, parents, students,

faculty and staff.

‘‘‘‘

A s we prepare to bid farewell and best wishes to the Class of 2016, we note

the pivotal time during which these students earned their business degrees

at SMU Cox. They have been a part of the university’s landmark Second

Century Campaign, celebrating the accomplishments of SMU’s first one hundred

years and launching unlimited possibilities in its second hundred years. At the Cox

School, we made our own history twice by surpassing the fundraising goal we set

for ourselves, ultimately raising more than $102 million to enhance the student

experience, attract and retain outstanding faculty and develop new academic centers

and institutes. The generosity and unbridled enthusiasm you, our devoted alumni and

supporters, showed throughout The Second Century Campaign positions the Cox

School for a future even more successful than its past.

The Second Century Campaign at SMU Cox raised funds that were directed toward

specific initiatives. A top priority was increasing scholarships to recruit a broad range

of highly sought-after BBA students from the top of their high school graduating

classes. The campaign goal for this initiative was $25 million. Ultimately, $35 million

was raised. Graduate scholarships were also a critical focus, with $20 million raised

for students in MBA and specialized Master’s programs. A world-class faculty is

critical to the success of every degree program, and SMU Cox boasts a faculty that is

currently ranked no. 7 in the world by the global publication The Economist. Thanks

to the generosity of our donors, the campaign raised $12 million to create nine new

endowed faculty positions, further strengthening the school’s teaching expertise.

To enhance the teaching capabilities of faculty and the learning opportunities of

students, $34 million in campaign donations will directly support the most up-to-

date learning opportunities and research tools of eight programs and centers of

excellence: The EnCap Investments and LCM Group Alternative Asset Management

Center; Folsom Institute for Real Estate; The Don Jackson Center for Financial Studies;

Kitt Investing and Trading Center; Latino Leadership Initiative; Albert W. Niemi Center

for American Capitalism; The Scott Sheffield Energy Investment Lab and the Student

Managed Energy Investment Fund Program. Each Cox School center of excellence is

designed to make our students, our faculty and our school competitive in an ever-

changing global economy. (Editor’s Note: Read more about how The Second Century

Campaign is making a difference at the Cox School on pages 20-28).

The success of the campaign at the Cox School is a direct result of the involvement

and support of the SMU Cox community—donors, Executive Board members, alumni,

parents, students, faculty and staff. Each of you should be proud of your contribution

to SMU Cox, and more importantly, to the success of the Class of 2016 and the

graduates still to come who will be the leaders and history-makers of tomorrow.

Although The Second Century Campaign is now part of the past, our efforts toward

continual improvement will not falter. As always, thank you for your generosity and

your support, critical factors in the advancement of SMU Cox and our future graduates.

Albert W. Niemi, Jr.Dean, SMU Cox School of Business

2

P R O G R A M N E W S

Undergraduate Programs | Graduate Programs | Executive Education | Centers of Excellence | Global Connections | Cox in the Community

PROGRAM NEWS

U N D E R G R A D U A T E P R O G R A M S

Sabrina Janski

Poets & Quants, a website that targets

students at “elite” business schools,

featured two members of the Cox BBA

Class of 2016 in its December 2015

article “The Best and Brightest Business

Majors-Class of 2016.” Sabrina Janski,

accounting major from Centennial, CO,

and Myles Lee, accounting major from

Lafayette, LA, were profiled with

students from 26 top business schools.

Janski and Lee have excelled in the Cox

BBA program, while making an impact

as leaders on campus. Their lists of

achievements are endless, and we can be

certain their futures are bright.

Best and Brightest at SMU Cox School of Business

BBAs Learn Marketing in Taos

Chip Besio, senior lecturer and director of the Center for Marketing

Management Studies, took the SMU-in-Taos the Fundamentals of

Marketing class out of the classroom and into the real world. Partnering

with the chief marketing officer for Ski Taos, Jesse Keaveny, students

were asked to review Ski Taos’ social media and event scheduling

initiatives. Working in groups, they prepared and presented formal

recommendations to improve social media activity and event attendance.

Dylan Z. Erwin (BBA '17) said, “Taking the Fundamentals of Marketing

class in Taos with Professor Besio was a fantastic experience and will

truly be one of my fondest memories at SMU. During the class, we were

given the opportunity to work alongside Ski Taos while the company was

going through serious changes. Using the marketing tools we learned in

Professor Besio’s class, we gave the CMO our opinions, and he genuinely

listened and took interest. Being able to work this closely with a real

organization was an amazing experience—one that made me realize

exactly how important marketing is in any organization.” n

Myles Lee

SMU-in-Taos BBA students join the CMO of Ski Taos in a project to enhance the company’s marketing strategy.

3

cox.smu.edugo to

G R A D U A T E P R O G R A M S

When Competition Heats Up, Cox Students Step Up

PepsiCo MBA Case Competition

In September, MBA students from 14

universities competed in the PepsiCo

MBA Case Competition. They presented

their strategies for a challenging business

case to the CEO of Frito-Lay, Tom Greco,

and other key executives from PepsiCo

and KPMG. Competing teams of four

were composed of students from

different universities. Two Cox MBA

students were on the winning teams.

National Energy Finance ChallengeThe 11th Annual National Energy Finance Challenge, held in

October, is a business case competition focused on real-life finance

issues within the energy industry. Vandelay Resources, a self-named

team of MBA candidates representing SMU Cox, took home first

place and $10,000.

Pizza Hut Marketing CompetitionPizza Hut hosted its first case competition at the SMU Cox School

of Business in January. The case competition was attended by Jeff

Fox, chief brand and concept officer; Zip Allen, senior director of

brand marketing; BJ Thomas, associate brand manager; and Julie

McGough, talent acquisition. Full-Time and Professional MBA students

were asked to create a marketing plan to re-launch the Triple Treat

Box® campaign. The winning team included Jordan McGowen (MBA

'17), Simrin Kakar (MBA '17) and Cecily Koss (MBA '16).

Chelsea Thomson (MBA '16), second from left, member of the first-place team that won $7,000.

Lauren Creed (MBA '16), far left, member of the third-place team that won $3,000.

Vandelay Resources, L to R: Clayton Gould (MBA '16), Kimberly Leach (MBA '16), Ben Meyer (MBA '16), Ankit Gupta (MBA '17), Chase Garrett (MBA '16)

Inaugural Pizza Hut case competition

4

P R O G R A M N E W S

Cox Business Leadership Center Educates Students about Service Culture at the Disney Institute

In between New Year’s Day and the annual Disney Marathon

held the second weekend in January, 38 select Cox MBA students

attended the Business Leadership Center’s four-day program titled

“Creating and Sustaining a Service Culture” at Walt Disney World®

in Orlando, FL. Based on real-world experiences from leaders and

employees within The Walt Disney Company’s parks and resorts,

students learned valuable insights that can be translated and

implemented within many different industries, professions and levels

within an organization. Students learned not only how to treat

external customers, but also that employee treatment has a direct

effect on a company’s output.

Students see long-term and immediate benefits from the knowledge

they gain at the Disney Institute. As Kate Johnston (MBA '16) shared,

“It was a rare opportunity to get the inside look at a company that

is world-renowned for its white-glove, magical service. I will be able

to leverage some of the key takeaways from the experience in my

interviews and career moving forward.”

Disney Institute: SMU Cox is the only graduate school to offer this customized program.

Texas Business Hall of Fame Scholarship

Each year, the Texas Business Hall of

Fame Foundation awards scholarships

to the “best of the best” students at

the top 25 Texas institutions of higher

learning. The 2015 recipients included

two Cox MBA students: Kate Johnston

and Ben Meyer (both MBA '16). n

Students Teaching StudentsMahesh Nasta (EMBA '16) became the

first-ever current Executive MBA student

to present a Business Leadership Center

(BLC) seminar. Nasta’s seminar, “Cloud

as a Business Strategy,” had ample

participation and received positive

feedback. BLC seminars are offered to

current students to enhance leadership

skills, further strengthening the SMU

Cox curriculum.

Mahesh Nasta

L to R: Michael Caplan, assistant dean of student affairs, with Kate Johnston and her husband, Neil.

“It was a rare opportunity to get the inside look at a company

that is world-renowned for its white-glove, magical service.”

5

cox.smu.edugo to

E X E C U T I V E E D U C A T I O N

For nearly 100 years, the SMU Cox Marketing Department has taught marketing to students in BBA and MBA

degree programs. Twenty-five years ago, senior marketing professors extended their outreach to the Dallas-Fort

Worth (DFW) business community with a condensed, five-month program known as the Graduate Marketing

Certificate Program (GMCP), where it has been taught by marketing professors and expert practitioners.

Students tend to be a diverse group of business professionals including entrepreneurs, small business owners,

career beginners and switchers, and marketing and non-marketing executives. The GMCP teaches traditional

and cutting-edge marketing methods and how to apply them to students’ business situations. The success of this

program in Dallas enabled the department to launch the program at SMU-in-Plano, a hub of DFW corporate

headquarters, in 2011, and this year, the department will extend its outreach beyond the DFW community via

an online certificate program.

The online GMCP will start on May 23. For more information and to apply, please contact Ginny Shearin,

program coordinator, at gshearin@cox.smu.edu or 214.768.2679.

SMU Cox Executive Education won

the bronze award for Excellence

in Academic Partnerships by Chief

Learning Officer magazine in

October. The annual awards identify

outstanding enterprise education

leaders, departments and universities

who develop and implement exemplary

learning and development programs

that produce measurable results for

The Graduate Marketing Certificate Program Goes Online!

SMU Cox Executive Education Wins Award for Partnership with DART

Frank Lloyd and Jesse Oliver receiving an award for Excellence in Academic Partnerships.

clients. The award recognized the SMU

Cox Executive Education partnership

with Dallas Area Rapid Transit (DART).

Frank Lloyd, associate dean, SMU Cox

Executive Education, and Jesse Oliver,

deputy director, DART, also presented

a workshop at the symposium

titled “Transforming Life Skills to

Leadership Skills: A Partnership Ride.”

The case study illustrated how they

mobilized an experienced workforce

in a traditional industry to change

when change was needed. DART is

committed to implementing a “five-

star” service culture to boost its

growth. Veteran operations-oriented

managers were long on life skills and

professional knowledge, but lacked

formal management education and

training that would empower them

with leadership skills to lead the

transformation. DART partnered with

SMU Cox Executive Education to

transform into the “five star” service

culture it desired.

Professor Jeffrey Allen Launches Mergers and Acquisitions Certificate Program

In November, Professor Jeffrey Allen

launched the inaugural Mergers and

Acquisitions Certificate Program at

SMU Cox. Participants learned about

mastering the “art of the deal.”

Even though buying and selling

companies or assets can be a fast path

to growth and revenue, there are

substantial risks that can be mitigated

with hard work and knowledge.

Allen, a proven deal-maker and

respected academic, has taught

this powerful three-day M&A

course to business leaders in the

SMU Cox Executive MBA Program

for more than 15 years. Now, he’s

bringing his expertise to a broader

audience through SMU Cox

Executive Education. Allen shared his

recently published book, Essentials

of Financial Practice – Analysis,

Valuation and M&A, with the class. n

6

P R O G R A M N E W S

C E N T E R S O F E X C E L L E N C E

Business Leadership Center Offers Two New Leadership Programs

The mission of the Business Leadership Center is to provide leadership skills and programs to complement the MBA

experience. The BLC introduced two new program opportunities to engage MBA students and realize this mission.

In October, the BLC teamed up with Eagle’s Flight to offer “Council of the Marble Star: How You Deliver Is

Just as Important as What You Deliver.” Twenty-one MBA and EMBA students took on the challenges of this

program and recommended that the BLC offer the program again in 2016.

In February, the BLC joined with Level Five Associates, LLC to offer a new leadership program called “Changing

Your Culture with the Big 6 Leadership Principles.” This interactive program was developed by two retired U.S.

Army Major Generals with corporate CEO experience. It provided leaders of all levels the opportunity to engage

in rich, small-group discussions based on a case study and key organizational questions.

“Turning the Battleship” was presented during the February BLC seminar “Changing Your Culture with the Big 6 Leadership Principles.”

New Library Technology Enhances Student SuccessThe Business Library is proud to

announce the addition of new

educational technology. Business

courses require many group projects

and presentations, and students have

been asking for more study rooms

with the technology to practice and

prepare. Thanks to grants the library

received from Friends of the SMU

Libraries and President’s Partners,

students now have access to five

portable mini-projectors for check-out.

The projectors have been a welcome

acquisition and are being used daily by

students with collaborative projects.

The library received comments that the

projectors are “total game-changers for

presentations.” The new mini-projectors

turn virtually any study room into a

presentation practice room. nStudents use a mini-projector in the Business Library for a group project.

7

cox.smu.edugo to

Keeping the Texas Economy Strong

The William J. O’Neil Center for Global Markets and Freedom hosted 300 guests at its annual conference in

October. The event, “Keeping the Texas Economy Strong,” featured renowned guest speakers Senator

Phil Gramm and political commentator George F. Will, who kept the audience lively and engaged.

The conference supports the mission of the O’Neil Center: conduct research on why some economies

prosper and others struggle. In January, the O’Neil Center began research that focuses on the economy

of the state and its cities through the Texas Economic Freedom Project. Led by the O’Neil Center’s

Founding Director, Michael Cox, the project will study why Texas and its big cities have performed

significantly better than other places in the country.

George F. Will, Edwin L. Cox, Albert W. Niemi, Jr., Brittany O’Neil, Shahla O’Neil, Scott O’Neil and R. Gerald Turner

ExxonMobil’s CEO Honored with L. Frank Pitts Energy Leadership Award

L to R: William “Bill” A. Custard (BBA '57), Rex W. Tillerson, Linda Pitts Custard (BA '60, EMBA '99), W. Allen Custard (BBA '85)

The Maguire Energy Institute honored

Rex W. Tillerson, chairman and CEO of

Exxon Mobil Corporation, with the L.

Frank Pitts Energy Leadership Award at

a luncheon ceremony in January. The

Energy Leadership Award committee

selected Tillerson, who has helped steer

ExxonMobil through four decades of

dynamic growth, as this year’s honoree

because he represents the spirit of

entrepreneurship, ethical leadership and

energy industry innovation personified by

L. Frank Pitts, the late oilman for whom

the energy award is named. Proceeds

from the awards luncheon support the

Maguire Energy Institute and scholarships

for students seeking to pursue energy

industry careers.

C E N T E R S O F E X C E L L E N C E

8

P R O G R A M N E W S

New Energy Investment Learning Resource

Students pursuing energy investment at SMU Cox now have a unique resource that will give them a

competitive edge as they prepare to launch their careers. The Maguire Energy Institute dedicated The

Scott Sheffield Energy Investment Lab in October on the ground floor of the Fincher Building in the

Cox School. The state-of-the-art Sheffield Lab gives students a unique experiential learning opportunity

as they prepare to enter the energy industry. The hands-on learning space is dedicated solely to the

advancement of energy investment-related education.

A generous gift from Bryan Sheffield (BBA '01), founder, president and CEO of Parsley Energy, made this

one-of-a-kind learning tool possible. It is named in honor of his father, Scott Sheffield, chairman and

CEO of Pioneer Natural Resources. Bryan Sheffield began his career as a bond trader. Like his father and

grandfather, Joe Parsley, Bryan Sheffield attained success in the energy industry. On Father’s Day 2014, he told

his father of his plans to donate funding to build an energy investment lab at SMU Cox and name it for him.

Read more about the new Sheffield Lab and the Maguire Energy Institute on page 26. n

The Scott Sheffield Energy Investment Lab dedication ceremony and ribbon-cutting

The state-of-the-art Sheffield Lab gives students a unique experiential

learning opportunity as they prepare to enter the energy industry.

9

cox.smu.edugo to

G L O B A L C O N N E C T I O N S

Global Explorations in Entrepreneurship class in Zurich, Switzerland

Entrepreneurship Takes MBAs Abroad

Simon Mak, professor of practice in entrepreneurship and associate director, Caruth Institute for Entrepreneurship,

in partnership with Linda Kao, assistant dean for global programs, expanded the opportunities for students to

study globally while earning an MBA. The course, Global Explorations in Entrepreneurship, took MBA students

to Zurich, Switzerland, to study the local entrepreneurial ecosystem. It was a dynamic experience for students

to observe a developed economy with an underdeveloped, but fast-emerging, entrepreneurial ecosystem.

EMBA '16 students visit a Bridgestone Tire factory in Buenos Aires.

EMBA '16 students volunteered for the nonprofit foundation Energizar to build solar panels, which provide heat for outside bathroom showers in underdeveloped communities outside of Buenos Aires.

EMBAs in South America

The curriculum for Executive MBA students

includes field experiences abroad to give

students the opportunity to meet local

business and government leaders, visit

manufacturing facilities and understand

the dynamics of global business, as well as

the impact of cultural and social customs.

This winter, students gained perspective

on the opportunities and challenges of

conducting business in Buenos Aires,

Argentina, and Lima, Peru.

10

P R O G R A M N E W S

MSA Students Take in London

Students from the Master of Science in Accounting Class of 2016 went to London in December to tour

multiple firms and enjoy historic sites and unforgettable attractions. Over the course of six days, they

were guided through the offices of Deloitte, BDO, KPMG, EY and Lloyd’s. When asked what was the most

surprising part of the trip, MSA student Caroline Baumann said, “realizing how desperately I want to do

an international rotation when I’m at PwC!” Students were thrilled to see the opportunities offered by

these firms. After visiting the EY London office, Morgan Allen said she “would love to take advantage of

an international assignment because it offers diverse experiences both personally and professionally.”

Robert Lawson, director of the O’Neil

Center for Global Markets and Freedom

and the Jerome M. Fullinwider Endowed

Centennial Chair in Economic Freedom,

hosted the annual meeting on behalf of

the Economic Freedom Network (EFN)

at SMU Cox, with 40 people from 13

different countries in attendance. EFN

is a global consortium of institutes that

co-publish the Economic Freedom of the

World Annual Report with the Fraser

Institute. The O’Neil Center also hosted

Danish economist Lars Christensen for

two on-campus lectures the Euro-crisis

and a discussion about at the Dallas Fed

about China’s economic prospects. n

Lawson hosts EFN meeting

L to R: Lauren Hopson, John Morrow, Perri Anderson, Morgan Allen, Megan Cotton, Emma Smith, Abby Adam and Matt Buchanan (all MSA '16) will work for EY after graduation.

Lars Christensen

11

cox.smu.edugo to

C O X I N T H E C O M M U N I T Y

Celebrating Dallas Entrepreneurs for 25 Years

The Caruth Institute for Entrepreneurship hosted the

25th Anniversary of the SMU Cox Dallas 100™ Awards

(dallas100.com), which recognizes the 100 fastest-growing

privately held companies in the Dallas area. The awards

banquet was held at the Dallas Omni with nearly 1,000

people in attendance, the largest celebration of successful

entrepreneurs in Dallas. The winning company was JM

Bullion, an online retailer of precious metals.

Simon Mak (left) presents the winner’s trophy to Michael Wittmeyer, founder of JM Bullion.

VITA, the Volunteer Income Tax Assistance program, is a volunteer

opportunity sponsored by the United Way that provides free income tax

preparation assistance for low-income individuals and families. Many

in the Dallas area do not have access to affordable tax preparation

services and are unaware of how to take advantage of tax credits and

deductions. VITA provides an opportunity for SMU Cox MSA, MBA and

BBA students to apply the skills they have learned in the classroom to

make a difference and benefit the Dallas community. Caroline Baumann

(MSA '16) explains, “The SMU Cox School of Business has provided us

with the foundation, upon which we build at the VITA training sessions,

to become IRS-certified tax preparers.”

MBA Entrepreneurship Club Connects with Local Youth

In the fall, the MBA Entrepreneurship

Club volunteered at the annual Dallas

National Federation for Teaching

Entrepreneurship (NFTE) Youth Rally at

the University of North Texas. SMU Cox

MBA students provided coaching to

middle school and high school student

entrepreneurs. This event supports the

next generation of entrepreneurs, which

is a core value of the SMU Cox Strategy

and Entrepreneurship Department.

50 students each committed to volunteer 25 hours through VITA, and worked hard during the training sessions.

Students Give Back While Learning

Volunteers from MBA Entreprenuership Club pose with Simon Mak.

12

P R O G R A M N E W S

Cox Alumni Board Establishes New Endowment Honoring Kevin Knox

During a meeting earlier this year, members of the Cox Alumni Association Board of Directors began a lively

discussion about how they might do something special to honor Kevin Knox, Assistant Dean of External

Relations and Executive Director of the Cox Alumni Association. Now in his 19th year, Kevin has served as an

ambassador for alumni and community members, keeping them informed, involved and invested with the

business school. The board felt it was important to honor Kevin’s enthusiasm and the incredible impact that

his work has had made on the school and the surrounding community.

Quietly, board members began to make contributions to the Cox School in Kevin’s honor. During the

recent Homecoming weekend board meeting, they surprised Kevin with the news that the new fund had

been established: The Tryna and Kevin Knox Family Alumni and External Relations Endowed Program

Fund. The endowment will, in perpetuity, provide resources in support of alumni and external relations

programs, such as, educational forums, social gatherings, student mentorship programs, and the annual

Cox Distinguished Alumni Award luncheon.

For more information, please contact 214-768-1595.

This fall, Simon Mak, professor of practice

in entrepreneurship and associate director,

Caruth Institute for Entrepreneurship,

volunteered to judge the annual Business

Plan Competition at Sanders Estes

Correctional Center, located in Venus,

TX, a participating member of the

Prison Entrepreneurship Program (PEP).

PEP’s mission is to teach male inmates

the skills to be successful after release

from incarceration. All applicants to PEP

complete a rigorous application and

screening process to participate in the

comprehensive curriculum.

The Business Plan Competition

requires participants to conceive a

business he would start upon release,

research logistics of competing within

a chosen industry and write a complete

business plan. The final step is to pitch

the business plan more than 120 times

in a “Shark Tank” style format. Mak

was deeply touched by the personal

testimonies from the incarcerated

students: “Using entrepreneurship to

help those seeking a second chance

was very inspirational.” n

Professor Volunteers at Prison Entrepreneurship Program

The Cox Alumni Board following the announcement of The Tryna and Kevin Knox Family Alumni and External Relations Endowed Program Fund.

“The board felt it was important to honor Knox’s enthusiasm and the

incredible impact that his work has made on the school and the community.”

13

cox.smu.edugo to

Hemang Desai,

Robert B. Cullum

Professor of

Accounting and chair

of the Accounting

Department, co-

authored “Were

Information Intermediaries Sensitive

to the Financial Statement-based

Leading Indicators of Bank Distress

Prior to the Financial Crisis?” which

has been accepted for publication in

Contemporary Accounting Research.

Daniel Howard,

professor of

marketing, was

asked to be the

editor of the book

The Psychology of

Social Influence,

with publication expected later this

year. Howard will be on sabbatical next

year, teaching at Franklin University in

Switzerland in the fall and at Trinity

College Dublin in Ireland in the spring.

Julian Kolev,

assistant professor

of strategy and

entrepreneurship, co-

authored “Of Mice

and Academics,”

which was published

in the American Economics Journal

on Economic Policy. The paper argues

that openness can enhance early- and

late-stage innovation and is being

highlighted on the American Economic

Association website.

Gauri Bhat,

assistant professor

of accounting,

co-authored “The

Impact of Risk-

Modeling Disclosures

on the Market

Perception of Banks Estimated Fair

Value Gains and Losses for Financial

Instruments,” which was published in

Accounting, Organizations and Society.

Her co-authored paper “Testing the

Transparency Implications of Mandatory

IFRS Adoption: The Spread/Maturity

Relation of Credit Default Swaps,”

has been accepted for publication in

Management Science.

Michael Braun,

associate professor

of marketing, co-

wrote “Transaction

Attributes

and Customer

Valuation,” which

was published in the Journal of

Marketing Research. He has been

reappointed to the Editorial Review

Board of the journal Marketing Science.

William

Brueggeman,

Clara R. and Leo F.

Corrigan, Sr. Endowed

Chair and Real Estate

Department Chair,

has been the principal

author for more than 40 years of the co-

authored book, Real Estate Finance and

Investments, which just completed its

15th edition by McGraw-Hill.

Amit Basu, Carr

P. Collins Chair

in Management

Information Systems

(MIS) and chair of

the Information

Technology and

Operations Management (ITOM)

Department, co-authored “Search and

Authentication in Online Matching

Markets” with Cox Associate Professor

of ITOM Sree Bhaskaran and Cox

Assistant Professor of ITOM Rajiv

Mukherjee, which was presented at

the Workshop on Information System

Economics in Dallas in December.

Basu gave the keynote presentation

at the Workshop on Information

Technology and Systems, also in

Dallas in December, and presented

another of his co-authored papers,

“A Capability-Based Approach for

Selecting Business Meeting Modes.”

Basu has been invited to participate in

the Digital 20/20 Research Program, a

multiyear partnership with Accenture,

at the Vlerick Management School in

Belgium. The professor organized a

half-day workshop by IBM on Watson

Analytics at the Cox School in January

and the 2015-2016 Case Competition

at SMU Cox in February, in partnership

with AT&T Big Data. Basu spoke at

the Scheller College of Business at the

Georgia Institute of Technology, as part

of the school’s Distinguished Speaker

Series in the fall.

FA C U LT Y A N D S TA F FA C H I E V E M E N T S

14

Robert Lawson,

Jerome M.

Fullinwider Endowed

Centennial Chair in

Economic Freedom

and director of

the William J.

O’Neil Center for Global Markets and

Freedom, taught a week-long seminar

titled “Economic Freedom and the

Wealth and Health of Nations” at the

Economics, Growth and Prosperity 2015

Fall Seminar, hosted by the nonprofit

Friedberg Economics Institute in Israel.

He also gave a keynote speech about

economic freedom at the national

meeting of the chapter directors of

America’s Future Foundation (AFF)

in Washington, D.C. Lawson co-

authored, with SMU Cox Research

Assistant Professor Ryan Murphy, “The

Relationship between Income, Economic

Freedom and Obesity,” forthcoming in

the journal Public Health. Lawson and

Murphy also co-authored “Does Anti-

Trust Policy Promote Competition?”

forthcoming in Applied Economics

Letters. The Fraser Institute book What

America’s Decline in Economic Freedom

Means for Entrepreneurship and

Prosperity, to which Lawson contributed

an essay, was honored with the Sir

Antony Fisher International Memorial

Award by the Atlas Network.

Dwight Lee, senior

fellow at the O’Neil

Center, wrote “The

Beast Is Not Easily

Starved,” which

was published in

the journal Public

Choice. He also wrote “Does Freedom

Need Bootleggers?” which appears in

the newly published book Regulation,

and “The Sharing Economy Is as Old

as Markets,” featured in the Library

Empirical Investigation into the Optimal

Size of the NGDP Target and Level

Targeting,” which is forthcoming in

the Journal of Economics and Finance.

He also co-authored two papers with

Robert Lawson (see left).

Robin Pinkley, Janet

and Craig Duchossois

Endowed Professor

of Management and

Organizations, co-

authored “Agreement

Attraction and

Impasse Aversion: Reasons for Selecting

a Poor Deal over No Deal at All,” which

finds that negotiators often settle for

an agreement that doesn’t benefit them

versus settling for an impasse that might

be in their best interest. The article was

published in the journal Psychological

Science.

Miguel Quiñones,

O. Paul Corley

Distinguished Chair

in Organizational

Behavior, Altshuler

Distinguished

Teaching Professor

and Management and Organizations

Department chair, co-authored, with

Cox Assistant Professor of Management

and Organizations Robert Rasberry,

“Dark Clouds Over the Horizon? Results

of the 2015 SMU Cox CEO Sentiment

Survey,” published in the November/

December issue of D CEO Magazine.

Quiñones also presented “The Impact

of Inclusion on Employee Engagement

and Turnover: The Moderating Role of

Behavioral Frequency, Importance and

Cultural Commonality” at a meeting

of the Iberoamerican Academy of

Management in Santiago, Chile.

A C H I E V E M E N T S

of Economics and Liberty. He also co-

authored “Freedom as Public Good,” an

article published in the newly published

book Economic Behavior, Economic

Freedom and Entrepreneurship.

Darius Miller,

Caruth Chair in

Finance, presented

his research paper,

“The Market for

Director Reputation

Around the World,” at the University

of Chicago’s annual Global Issues in

Accounting conference. He also gave

invited research presentations at Rice

University and the University of Kansas.

Sandy Miller,

Business Library

director, was

invited to apply

for membership

and subsequently

was voted into the

Academic Business Library Directors

(ABLD) organization, a working group

of no more than 50 library directors at

top-tier business schools in the United

States and Canada with accredited and

ranked MBA programs. ABLD members

foster collaboration, network globally

and share best practices.

Ryan Murphy,

research assistant

professor in the

O’Neil Center, wrote

“The Willingness-

to-Pay for Caplanian

Irrationality,” which

was published in the journal Ration

and Society. He also wrote “Rational

Irrationality across Institutional

Contexts,” published in the Journal de

Economistes et des Etudes Humaines.

Murphy co-authored “A Simple

15

cox.smu.edugo to

Harvey Rosenblum,

professor of

practice in business

economics,

presented “The U.S.

Economy Outlook

and Fed Monetary

Policy” at a meeting of the Austin

Financial Planners Association in Austin.

He also spoke on “The Federal Reserve’s

Role as First Responder in a Financial

Crisis” at the Texas A&M University

Banking School in College Station. In

addition, he spoke on “The Critical

Importance of Addressing the Issue of

Too-Big-to-Fail Financial Institutions”

at a meeting of the Economics Club

Honorary Society, Omicron Delta

Epsilon, at the University of North Texas

in Denton. Rosenblum served as a

panelist discussing “The U.S. Economic

Outlook” for the Alumni Association

of the Booth School of Business at the

University of Chicago.

John Semple,

Charles Wyly

Professor of

Management

Information Systems

(MIS), co-authored

“The Exponomial

Choice Model: A New Alternative for

Assortment and Price Optimization,”

which was accepted for publication

in Operations Research. The paper

investigates a new discrete choice

model and its application to problems

in assortment planning and optimal

pricing. Semple is currently a visiting

research scholar at the Tuck School of

Business at Dartmouth College.

Raj Sethuraman,

Marilyn and Leo

Corrigan Professor

and Marketing

Department chair,

was invited to be the

guest speaker and

case presenter at the CEO educational

conference organized by the Initiative

for Competitive Inner City (ICIC), a

research and strategy organization that

supports businesses in U.S. inner cities.

James Smith,

Cary M. Maguire

Chair in Oil and

Gas Management,

delivered the

keynote speech

titled “Sheikhs vs.

Shale: What’s Next for OPEC?” at the

annual conference of the West Texas

Geological Society in Midland, as

well as a meeting of the Fort Worth

Chapter of the Society of Independent

Professional Earth Scientists. He

presented an academic seminar, “The

Option to Hold a Petroleum Lease by

Production: A User’s Guide to the Shale

Gas Drilling Boom,” at Ohio State

University in Columbus, Ohio. His paper

“Valuing Barrels of Oil Equivalent” was

published in The Energy Journal, and

he served as editor of a special issue of

The Energy Journal published in honor

of the “dean” of U.S. oil economists,

MIT Professor Morris A. Adelman. Smith

was recently named a research fellow at

the Price College Energy Institute at the

University of Oklahoma.

Dean Stansel,

research associate

professor in the

O’Neil Center,

served as primary

author of the co-

authored 11th

edition of the Economic Freedom of

North America report, which ranks the

states and provinces of North America

on their levels of economic freedom.

Tom Tan, assistant

professor of ITOM,

co-wrote “When

You Work with

a Super Man,

Will You Also

Fly? An Empirical

Study of the Impact of Coworkers on

Performance,” which is cited in the

business publication Strategy+Business.

Bernard Weinstein,

associate director of

the Maguire Energy

Institute and adjunct

professor of business

economics, spoke

on energy policy in

venues around the country, including

the Energy Logistics Conference

at Colorado State University; the

Springfield, Illinois Rotary Club; the

Indiana Trucking Association in Orlando;

the New York Agribusiness Association

in Syracuse; the Dallas Society of CPAs;

the Fresno, California Rotary Club;

the Highland Springs Government

Affairs Group in Dallas; and the Seattle

Economics Council. n

A C H I E V E M E N T S

16

‘‘COX QUOTABLES

”

”

I N T H E N E W S

Associated Press“While Job Growth Lifts Most of U.S. Economy, Oil Patch Suffers”Bruce Bullock, director of the Maguire

Energy Institute, looks at the long-term

industry fallout of falling oil and gasoline

prices. Bullock says he “expects more

industry bankruptcies and mergers,

both of which will cost some employees

their jobs,” and anticipates that some

energy companies may automate more

work even if/when prices recover. “The

industry will be more efficient; it won’t

need as many people as it did before.”

(12/04/15)

KERA, 90.1 FM“The Big Screen: The Big Short”Mike Davis, senior lecturer of strategy

and business economics, offers his critique

of the theatrical release, The Big Short, which looks at the build-up, in the early

2000s, to the housing and credit bubble

crisis. Commenting on the movie’s use of

metaphors to explain complex financial

maneuvers, Davis says, “People will have

a better idea about what these things are

after they see the movie, but . . . they don’t

give you a very good idea about why they

were created and what they were intended

to do.” (12/23/15)

The Dallas Morning News“SMU Experts: Texas to Shine in 2016, but World’s Another Story”Al Niemi, dean of the Cox School,

describes the recovery of the American

economy as “half-speed” growth. “There

are 15 states that are booming—none

better than Texas. If you take them out

of the picture, the recovery would barely

be alive. We would be drifting sideways

with an unemployment rate around 7

percent.”(12/31/15)

NBC 5, KXAS-TV “Mobile Pay to Increase in Coming Year”Scott MacDonald, adjunct professor of

finance and president and CEO of the

Southwest Graduate School of Banking

at SMU Cox, predicts that more and more

banks will soon be offering customers

pay-by-cell phone options because, he

says, they can’t afford not to get into

the mobile payment business. “Every big

bank is going to have its own app; they’re

going to have their own payment systems.

They’re going to have all of these things

because I think those are the Ubers

coming to the banking industry at this

point right now.”(01/11/16)

Monster.com “Should You Take a Salary Lower Than Expected for Your First Job?”Robin Pinkley, Janet and Craig Duchossois Endowed Professor of Management

and Organizations, says many people—

millennials in particular—falsely estimate

their market value. She encourages people

to “get a realistic idea of what you should

be earning by taking the average of

what calculators on Salary.com, PayScale.

com and SalaryExpert.com say you’re

worth.” (01/12/16)

MainStreet.com “Volatility Is Here to Stay and Could Be a Plus for Retirement Portfolios”Don Shelly, Fabacher Endowed Professor

of Alternative Asset Management and

professor of practice in finance, shares

his point of view on the positive aspect

of a volatile market. “People who stayed

invested through the financial crisis not

only recovered their losses but are well

ahead of the game.” (01/14/16)

CardHub.com“2016’s Best Frequent Flyer Program”Ed Fox, W.R. and Judy Howell Director of

the JCPenney Center for Retail Excellence

and associate professor of marketing, offers

his perspective on how and whether airline

rewards programs will change in the next

five to ten years. “If jet fuel prices stay low

in the next five years, the reduced variable

cost of a passenger will allow airlines to

offer more attractive travel benefits. I would

also expect airline rewards programs to be

data-based, targeting customers based on

their geography or travel patterns, maybe

even their potential —not just on miles

flown.”(01/20/16)

KUHT-FM, 88.7 (Houston Public Media) “Drop in Oil Tax Revenue ‘Not Going to Be Pretty’ for Texas”Bernard Weinstein, associate director of

the Maguire Energy Institute, explains that

the falling price of oil translates into millions

of dollars less in tax revenue for many

Texas cities, counties and school districts,

not to mention about $5 billion less than

the state estimated to cover a two-year

budget. “What’s going to happen, will this

necessitate a special session? If so, will the

legislature dip into the rainy day fund? It’s

hard to say at this point. But it’s not going

to be pretty going forward.”(01/26/16)

Investor’s Business Daily“The Wealth of Cities: Just as Important as 'The Wealth of Nations'”Michael Cox, founding director, and

Richard Alm, writer-in-residence of the

William J. O’Neil Center for Global Markets

and Freedom, co-wrote a perspective piece

about the index of economic freedom

for U.S. metropolitan areas. “Cities thrive

because proximity, density and closeness

produce an environment where human

creativity and cooperation flourish. Cities

attract the best and brightest and let them

reach for the stars.”(02/05/16)

”

”

17

cox.smu.edugo to

COX FACULTY R E S E A R C H

n a first-of-its-kind study, research by

Assistant Professor Vishal Ahuja shows

how the use of big data can validate life-

changing healthcare findings.

In their paper “Enhancing FDA’s Decision

Making Using Data Analytics,” Ahuja

and his co-authors detail their study of a

controversial “black box warning” (BBW)

on a diabetes drug in 2007, rosiglitazone,

marketed by GlaxoSmithKline as “Avandia,”

that led to large declines in the drug’s use

and plummeting sales. From their extensive

research efforts, the team concluded that

the FDA warning was not supported. “We

suggest the FDA continue to follow its

practices using meta-analysis and post-

marketing surveillance to detect adverse

events like heart attack, for example, but

use caution before jumping the gun [on a

black box warning],” says Ahuja.

The authors’ approach is complementary

to the FDA’s existing detection systems. Their

proposed template for regulatory agencies

can be used to assess associations between

a drug and specific adverse reactions of

interest. An evidence-based decision support

system that the authors coined as “Data

Analytics for Robust and Enhanced Drug

Decision-making” or DAREDD, employs big

data in a sophisticated manner. It can be

used retrospectively to evaluate a warning

that has already been issued.

The authors say, “Deficiencies exist in

the process of collecting, reviewing and

analyzing the evidence used to issue BBWs,

highlighting a gap in evidence-based

medicine.” By using large data sources

in novel ways, such as observational

studies and advanced analytics, better

pharmacovigilance can be achieved.

The authors evaluated the above-

mentioned FDA warning using a large and

unique dataset from the U.S. Department

of Veterans Affairs (VA). Their research

concludes that the warnings were not

warranted, finding instead that the drug

is associated with a statistically significant

(albeit small) reduction in the likelihood of

acute myocardial infarction and death from

cardiovascular events.

The novel approach proposed by the

authors extends to products outside of

medicine like children’s toys, food and

household cleaners. “The bigger question

is how do regulatory agencies decide if and

when to issue product recalls or warnings?”

Ahuja questions. “Take food safety, for

example; products under regulation can use

a data-driven approach, given that so much

is monitored and quantified.

“Given consumers’ extreme sensitivity

around product safety,” Ahuja says, “firms

that manufacture, sell or market consumer

products may want to conduct their own

product safety evaluation. With increasingly

large amounts of data available, and

advancements in computing, an approach

such as ours may help enhance consumer

safety and public health,” he concludes.

New Approach with Data Analytics Enhances Drug SafetyVishal Ahuja, Assistant Professor of Information Technology and Operations Management

I

ith troves of corporate information available online for

analysts to sift through, how can firms differentiate their

message and convey complex, meaningful information to those

who need it? The increasing number of analyst /investor days, a

long-form presentation by publicly traded companies, indicates a

trend toward a greater demand for face time with management. In

the co-authored paper, “Come on Over: Analyst/Investor Days as a

Disclosure Medium,“ Associate Professor Stanimir Markov and his

fellow researchers studied analyst/investor days as a disclosure medium

that large firms with complex operations use to deepen stakeholders’

understanding about the firm’s outlook and valuation.

“Recall that institutional investors demand and value access

to management,” says Markov. “So firms that host analyst/investor

days make themselves even more attractive to institutional investors,

which should lead to more trading and greater liquidity.” The

authors, one of the first academic teams to systematically analyze a

large sample, find a significant bump in return volatility and trading,

compared to a conference presentation.

Analyst/investor days tend to be geared toward institutional investors

and influential capital market players. The information conveyed by

management to analysts helps them evaluate managerial talent and

credibility, requiring a softer, more nuanced communication platform.

Analyst/Investor Days Recognized as Important Corporate CommunicationsStanimir Markov, Associate Professor of Accounting

W

18

FA C U LT Y R E S E A R C HFA C U LT Y R E S E A R C H

“With the vast amount of information dumped into the market,

analysts are losing their competitive edge to others in online

venues,” Markov notes. “Demand for access to management

gets stronger in this case. By meeting with analysts, you may be

able to broaden your investor base, attract an analyst following

and ultimately lower your cost of capital.”

The larger effect of analyst/investor days was a price effect.

“We benchmark against conference presentations, and the

effect on stock price and turnover is four to six times as much,”

says Markov. The study finds that “analyst/investor days convey

substantial new information to the market.” Three-day abnormal

absolute return and three-day abnormal share turnover increase

by about 29 percent and 27 percent, respectively, they

document. Markov notes that a portfolio manager investing

millions of dollars in company stock on behalf of thousands

of investors should be able to gather nuanced and complex

information and assess the quality of company managers

through face-to-face meetings.

The study offers managers an “effective communications

strategy” and insight for investors about gathering information

efficiently. The research contributes to a small but growing stream

of the “disclosure literature” about private interaction between

management and capital market participants, in comparison with

publicly broadcasted information. n

he advent of electronic trading has

brought with it new types of traders,

and some periods of stock market uncertainty

along the way. High-frequency traders are

under scrutiny these days as regulators and

researchers try to understand how they impact

the market. In a forthcoming Journal of

Financial Economics paper, Professor Kumar

Venkataraman and his co-author assess a new

breed of traders who act as “market-makers”

to understand how their trading behavior

contributes to market fragility.

Regulators are charged with monitoring

stock markets to ensure fairness and proper

market design, and improving investor

confidence. One area of regulatory concern is

the effect of high-frequency traders on liquidity,

or the ability to move in and out of a stock

position. Venkataraman notes, “High-frequency

traders account for 60 to 70 percent of trading

volume in the U.S. and many global markets.

On a typical trading day, high-frequency traders

play the role of de facto market-makers and

supply liquidity. A mutual fund manager might

want to sell a position, for example, and high-

frequency traders absorb some of the order

flow and act as counterparties.”

To the extent that these traders behave

similarly and withdraw liquidity at the same

time, do they increase stock market fragility?

The study shows that modern market-makers

without obligations indeed trade in a correlated

manner. They participate more when market

conditions are favorable and withdraw in

unison when market conditions are less

profitable or more risky for market-making.

The study builds a “fragility score” based

on market-maker participation and relates

the score to a variety of market conditions.

A systematic withdrawal of liquidity when

market conditions are unfavorable has the

potential to destabilize markets and lower

investor confidence, write the authors.

Further, a Securities Exchange Commission and

Commodity Futures Trading Commission report

on the “flash crash” of May 2010, when the

market dropped 7 percent in a matter of minutes,

cautions about the new dynamics of electronic

markets. The report notes these dynamics

introduce market structure fragility in highly

uncertain periods by “essentially eliminating rule-

based market-maker obligations.”

The authors relate the fragility score to

market conditions. “Regulators believe markets

are fragile when volatility is high,” says

Venkataraman. “In fact, the opposite is true.

Although the popular narrative is high-volatility

causes high-frequency traders to withdraw

from the market, we show that market-making

profits are highest when volatility is high.” The

authors conclude that high-volatility periods

are associated with higher trader participation.

“Our results line up with popular press reports

that high-frequency traders made blockbuster

profits during the 2007-2009 financial crisis,

when market volatility was exceptionally high,”

adds Venkataraman.

“It is not surprising that traders exit the

market when market-making is not profitable,”

says Venkataraman. “Nor is it illegal. However,

in recent years, we have come to rely more and

more on such traders who have no affirmative

obligations to supply liquidity.” These trends

have made markets more fragile and increased

uncertainty associated with completing

transactions in financial markets, he notes.

New Breed of Traders Create Stock Market Fragility Kumar Venkataraman, James M. Collins Chair in Finance

T

19

cox.smu.edugo to

SMU Cox and The Second Century Campaign:Getting Down to Business

SMU COX RAISES $102 MILLION

When SMU’s Second Century Campaign

officially kicked off at Moody Coliseum on

September 12, 2008, it was appropriately titled

“Unbridled” for the can-do spirit by which the

SMU community pursued aggressive goals

on behalf of the university and its future.

The SMU trustees and leadership committee

were confident that SMU, while already deemed

a fine university, was on a trajectory to become

an even more outstanding university in its

second hundred years.

20

C O V E R S T O RY

n September 24, 2015, the 100th

anniversary of the first class

held at SMU, President Turner

announced the triumph of not

only achieving the goal, but also achieving

it months ahead of schedule. “One

billion. And change.” was the mantra

heralded throughout the university to

signify an impressive accomplishment

(SMU is only the 34th private university in

the United States to raise $1 billion in a

capital campaign) as well as an optimistic

hint of exciting changes ahead.

As SMU begins to embolden

its already bright future with an

unprecedented level of financial and

community encouragement, so begins

the Cox School. Immediately upon the

campaign’s public launch in 2008, SMU

Cox donors were instrumental in the

school’s ability to achieve its aggressive

goals. Edwin L. Cox ('42), honorary chair

of the Cox School of Business Steering

Committee and eternal booster of the

business school, challenged fellow

donors to match his $5 million gift to

support the BBA Scholars program. In

typical fashion, generous backers heeded

his call, met his challenge and went

on to help fund many other strategic

initiatives intended to perpetually

improve the academic experience of

the Cox School far into the future.

O

With an initial goal of raising $750 million the university stated the main objectives of

the campaign: enhance the University’s student quality, invest in faculty and academic

excellence and strengthen the campus experience. Through scholarships, endowments

and investments, SMU would step into its second century poised for greatness.

SMU’s community embraced the fervent goals and strategic objectives with such

enthusiasm that SMU President R. Gerald Turner raised the goal to $1 billion in 2015.

While the Cox School initially set

a goal of raising $75 million for The

Second Century Campaign, through

the incredible support of its community,

that goal was surpassed, raised and

surpassed again. In the end, more than

$102 million was raised for SMU Cox.

As David B. Miller (BBA '72, MBA '73),

co-chair of the Cox School of Business

Campaign Steering Committee,

announced to the Cox Executive Board in

January, “Due to your generosity, SMU

Cox is very well positioned to continue

the trajectory started by Dean Al Niemi.”

Accordingly, all funds were directed

toward specific initiatives intended

to enhance the student experience,

develop new research centers and

institutes, and attract and retain

outstanding faculty.

SETTING THE STAGE FOR SUCCESS AT THE COX SCHOOL

NEW ENDOWMENTS • NEW SCHOLARSHIPS • NEW CENTERS

21

cox.smu.edugo to

The impact of the Cox BBA Scholars

program was clearly demonstrated by

the rising talent of the undergraduate

students. Thus, SMU Cox is also

focused on extending more scholarships

to graduate students. Now, many more

students in the MBA and specialized

master’s programs will likewise be able

to enjoy a financial boost offered by

SMU Cox contributors.

“Every one of these scholarships will

make a difference in the lives of future

business leaders, providing access to a

world-class business education that each

of these students would not otherwise

have been able to afford. I am incredibly

grateful to our alumni and close friends

who stepped up to change the lives

of Cox graduate students,” said Marci

Armstrong, associate dean of graduate

programs.

Scholarships have always been

instrumental in recruiting the “best and

the brightest” students regardless of

their background, financial situation or

geographical location. BBA Scholars, the

highly select group of approximately 100

first-year students who are accepted into

the Cox School of Business directly out of

high school, are truly at the top of their

graduating classes, and not surprisingly,

are heavily recruited by dozens of elite

schools. Hence, the goal of supporting

BBA scholarships has been a constant

objective during The Second Century

Campaign.

Thanks to the generous support of Ed

Cox and other like-minded supporters,

students who might not have otherwise

considered SMU applied. Many were

elated to be given the chance to attend

SMU Cox due to a healthy scholarship

reserve dedicated to attracting high-

potential students. In the end, every

single BBA Scholar was offered some

form of financial support.

“Top students receive multiple

scholarship offers from prestigious

schools to tempt their allegiance.

So it’s critical that SMU Cox can be

competitively positioned to offer ample

opportunities for these bright kids,”

explains Dean Niemi. Since the Cox BBA

Scholars Program, named through Ed

Cox’s generosity in 2007, was established

by Dean Niemi in 2002, the program

has consistently enrolled and graduated

exceptional students who raise the bar

for the university’s student body overall.

Further, these students enhance SMU’s

national reputation, since two-thirds of

them hail from states other than Texas.

The steady increase in SAT scores

and graduating class size reinforces

the campaign’s impact on the school’s

ability to attract exceptional students

from around the country. With the

added emphasis on undergraduate

scholarships and the school’s

burgeoning reputation, student interest

in SMU Cox has swelled over the past

few years.

BBA SCHOLARSHIPS

Total Raised: $20 million

Total Raised: $35 million

GRADUATE SCHOLARSHIPS

1200

1400

1300

1100

1000

900

800

1500

2008

2009

2010

2011

2012

2013

2014

2015

2016

1300 100

1250

1500 200

1450

1400 150

1350

1200 50

20022003200420052006200720082009201020112012201320142015

Avg SAT score # of Cox BBA Scholars BBA Enrollment

BBA Scholar SAT Average Growth BBA Interest and Enrollment Growth

22

C O V E R S T O RY

A business school and its students

are only as good as the professors

who teach them. SMU Cox has long

employed an impressive faculty

consisting of world-renowned

professors. With the success of The

Second Century Campaign, SMU Cox

had the opportunity to further deepen

the bench, thanks to the generous

support of our donors. Attracting

and retaining top talent in fields like

entrepreneurship, finance, energy,

management and economic freedom

ensures that SMU Cox will stay

competitive with other leading business

schools and continually demonstrate

thought leadership in the classroom,

the community and beyond.

Total Raised: $35 million

In addition to establishing nine new

endowed faculty positions, four faculty

awards were funded during The Second

Century Campaign. Each of these awards

recognizes excellence in the classroom.

“We are extremely fortunate to have

supporters who not only value our ability

to attract outstanding students, but also

reward our faculty for their contribution

to our students’ success. Our professors

make the school what it is, and the

added recognition from these awards is a

wonderful testament to the exceptional

Cox faculty.” said Dean Niemi.

FACULTY AND ACADEMIC EXCELLENCE

ENDOWED PROFESSORSHIPS New Endowed Faculty: 9 Total Raised to Support Faculty: $12 million

The Centennial Professorship in Finance

The Jane and Pat Bolin Endowed Director of the Maguire Energy Institute

Janet and Craig Duchossois Endowed Professorship in Management and Organizations

Fabacher Endowed Professor of Alternative Asset Management

Jerome M. Fullinwider Endowed Centennial Chair in Economic Freedom

David B. Miller Endowed Professor in Business

The Merriman Foundation Endowed Professorship in American Capitalism

Linda A. and Kenneth R. Morris Endowed Director of the Caruth Institute for Entrepreneurship

Bobby B. Lyle Professor of Entrepreneurial Studies

ENDOWED FACULTY POSITIONS

ENDOWED FACULTY AWARDS

The Boghetich Family Distinguished Teaching Award

Eugene T. Byrne Innovation Award

C. Jackson Grayson, Jr. Faculty Innovation Award

The Barbara and James Mangum Award for Teaching Excellence

Travis and Cody Boghetich and Dean Niemi presented The Boghetich Family Distinguished Teaching Award to John Semple in 2014. L to R: Travis Boghetich (JD '06), John Semple, Dean Niemi, Cody Boghetich (BBA '07, MBA '10)

23

cox.smu.edugo to

INSTITUTES, CENTERS AND PROGRAMS Total Raised: $34 million

The EnCap Investments and LCM Group Alternative Asset Management Center

Focus: Prepare students for successful finance careers in non-traditional asset management.

The Don Jackson Center for Financial StudiesFocus: Provide enrichment programs for students and

faculty in the Finance Department.

Folsom Institute for Real EstateFocus: Bring the real estate industry into the

classroom via teaching, networking and mentoring.

Kitt Investing and Trading CenterFocus: Enable students and faculty to have

hands-on, real-world investment experience.

Latino Leadership InitiativeFocus: Close the talent gap for Latinos successfully

pursuing executive leadership.

The Scott Sheffield Energy Investment LabFocus: Academic investment and trading center

created specifically for the energy industry.

Kitt Investing and Trading Center

Since The Second Century Campaign began, SMU Cox has sought and received

significant support for eight different institutes, centers and programs. These centers of excellence

ensure SMU Cox academic leadership is continually building upon its core and imparting the latest

research and programming to the benefit of the students, the school and the community.

Student-Managed Energy Investment Fund ProgramFocus: Provide firsthand experience researching,

investing and managing energy funds.

Albert W. Niemi Center for American CapitalismFocus: Support student research with The Bush Institute and SMU faculty on issues such as, economic growth, women’s

rights, human freedom and veterans’ issues.

Joseph Cahoon, director of the Folsom Institute for Real Estate (far left), led 20 MBA Real Estate Club members on a MBA Corporate Trek in November. Five of the leading real estate firms visited include: Stream Realty, HFF, Invesco, CBRE and Clarion Partners.

24

C O V E R S T O RY

executive director of external relations,

tells alumni, “The Second Century

Campaign may have ended, but the

SMU Cox community has a standing

invitation to join in by becoming more

informed, involved and invested.”

Newly inspired with an unprecedented

level of financial and personal support,

SMU Cox is ready to focus on the

real business at hand: preparing our

students for exciting and life-changing

careers far into the next century. n

From its establishment in 1920 as the

School of Commerce in SMU’s College of

Arts and Sciences, to the internationally

ranked business school named for Ed

Cox, our fearlessly generous benefactor,

our students have grown in number,

strength and depth. None of this growth

would be possible had it not been for

the thousands of donors and patrons

who put their time, talent and treasure

to work for the school’s benefit.

As Kevin Knox, assistant dean and

“Our centers and institutes

can all be nourished with

more resources. We’ve made

outstanding progress in

The Second Century Campaign

but our work to improve and

enhance these programs

is never-ending.”SMU Cox- Dean Al Niemi

Tony and Jil Boghetich (left), and Laura and Bill (MBA ‘71) Wheless (right), helped Dean Niemi (center) dedicate the Albert W. Niemi Center for American Capitalism.

The Latino Leadership Initiative hosted the 2nd Annual LLI Symposium, “Latino Talent: Attract, Retain, Develop.”

25

cox.smu.edugo to

MAGUIRE ENERGY INSTITUTE BARRELS AHEAD

Forty years ago, oilman and ardent SMU supporter Cary

Maguire decided to create a peerless academic center

specifically focused on the energy industry and energy-

related issues. Since then, the Maguire Energy Institute

has thrived under his vested eye and the leadership of Bruce

Bullock, director of the institute, and Bud Weinstein, associate

director and adjunct professor. The institute’s programs offer

real-world casework, industry leadership and education for

all forms of energy including oil and gas, nuclear, wind, solar,

biomass and bio-fuels.

As part of The Second Century Campaign, several exciting

new programs designed to enrich the student experience

were established in 2015.

THE SCOTT SHEFFIELD ENERGY INVESTMENT LAB

When the Cox School’s Kitt Investing and Trading Center was

created in 2011, it gave students state-of-the-art investment

facilities to effectively invest and manage financial portfolios

in a real-world environment. In 2015, Bryan Sheffield, founder

and president of Parsley Energy, established another world-class

investing facility for students uniquely focused on the energy

industry. He named it in honor of his father, Scott Sheffield,

chairman and CEO of Pioneer Natural Resources.

The new lab features multiple workstations built for student

collaboration, access to energy-specific databases and video

monitors to feature late-breaking energy news and data

throughout the day. Students applaud the new addition.

“The Sheffield Lab has truly elevated my experience as an

energy student,” said Charlie Landon (BBA '16). “The lab

has given us access to many more resources that are specific

to our industry. Having access to Bruce Bullock and Bud

Weinstein—two of the top academics in the energy field—

while we’re in the Sheffield Lab also makes questions and

research much easier to find and answer.”

With this kind of sophisticated research and hands-on support,

Cox students will continue to pursue careers in energy in spite

of recent foreboding headlines. In fact, the knowledge found in

the Sheffield Lab may provide the insight students like Landon

need in order to keep an optimistic eye on the future. “Reading

through the history of energy and living during the time of the shale

revolution has taught me there are always new innovations and

opportunities for the industry to develop,” he said.

SPINDLETOP: THE NEW STUDENT-MANAGED ENERGY INVESTMENT FUND

Once SMU Cox students could research, invest and navigate the

industry using the latest advanced resources afforded by the new

Sheffield Energy Investment Lab, the time was right to start a student

investment fund. Hence, the Spindletop Fund—named for the first

recognized oil gusher in Texas—was established with more than

$200,000 in commitments during The Second Century Campaign.

Bullock oversees the students’ investment decisions and has

been impressed with the fund’s performance, particularly given

the market chaos of late.

“The students are looking for good balance sheets, low debt

and companies located in good basins such as the Permian

Basin,” he explains. Bullock further commends them for being

risk averse and finding companies that are undervalued versus

their peers in the market. “They’ve done real well with refining

stocks like Phillips 66 and Valero. So that’s been a real upside.”

Caswell Prewitt (BBA '16) elaborated on the Spindletop Fund’s

other career-boosting benefits. “The research and presentation

skills necessary for a successful pitch to the investment board

have direct applications in the business world,” he said. “In

interviews, I spend more time discussing my involvement with

Spindletop than any other aspect of my résumé.”

In 2014, the Maguire Energy Institute celebrated its 40th anniversary.

26

F E AT U R E S T O RY

OPPORTUNITY (STILL) AWAITS “We have to educate the next level of leaders in order to close

the management gap. The Sheffield Lab and the Spindletop

Fund will be instrumental in ensuring our graduates have the

hands-on experience they need to have a competitive edge in

the job market,” said Bullock. As for careers, he says there are

still jobs to be found in utilities, banking and even the major oil

companies. “We placed people at Exxon and Chevron this year.

Even if oil companies don’t add a single new job, we’ll probably

need to hire 400,000 people between now and 2020 just

because of executive retirement. And if we get a recovery,

that number will go up.“

Conservative forecasts may continue to cloud the industry’s

horizon, but SMU Cox energy students are building advanced skills

with high-level experiences rarely found on a college campus,

giving them an advantage over their peers. Thanks to Maguire’s

vision, Bullock and Weinstein’s leadership and the generosity of

the Institute’s benefactors, SMU Cox graduates will blaze full-

speed ahead fueled with anticipation and primed for success.

Who would have predicted that the world would have

too much oil in the 21st century? An economic slowdown

in China, the U.S. shale expansion and Saudi Arabia’s

refusal to reduce production in spite of a swollen supply

have left the world with an unforeseen glut of oil.

Today’s energy companies are facing challenges unlike

anything they have seen before. And, as oil prices drop,

so do revenue and profit. Sadly, many small and mid-sized

companies were not positioned to ride out this series of

global occurrences and, as a result, 36 oil producers filed

for bankruptcy in 2015.

So which energy companies are best poised to survive

this harsh environment? And how will Americans recover?

Maguire’s directors are frequently challenged to answer these

questions in light of the multitude of muddled projections.

“The amount of debt and where companies are located

will play heavily into their ability to ride out these turbulent

times,” according to Bullock. “The Permian Basin is where

you want to be. Companies like Pioneer and Parsley are very

well situated. Their breakeven price is probably in the mid to

high 30s. We’re below that, but it doesn’t pay for them to

stop operating at this point.

“There’s a lot of infrastructure in the Permian Basin, and

it’s been there for 50-60 years in terms of service companies

and pipelines,” he explains. “As well, the geology and the

means by which producers can drill is naturally efficient due

to the shale existing in layers there.”

Breakeven prices vary from $30-$70 per barrel,

depending on basin, field, geology and the cost of doing

business, according to Bullock. Many consumers want

to know what a “fair” price for oil should be. Weinstein

answers, “There is no ‘fair’ price for oil. ‘Fair’ isn’t even in our

vocabulary. But a ‘happy’ price might be around $60-70.”

How do we get back to a “happy” oil price? Bullock

says several things could happen. “First, we need to work

through more onshore production declines in the U.S. The

other possibility is that Saudi Arabia and Russia will decide

the fiscal pain to their countries is so bad that they come to

some kind of agreement to reduce output.” Nonetheless,

he thinks we’re at least six months off from any recovery.

“We’re producing 1.5 million barrels a day extra over the

94 million we actually need,” Bullock adds. “If we slow down

production, we lose market share. Same with the Saudis.

So what you basically have is a big game of ‘chicken.’“

In the meantime, the industry will struggle to forecast

an economic recovery. “There are just too many economic,

geopolitical and technological factors to pinpoint the

recovery,” explains Bullock. “In the last three quarters, the

consensus forecast has been pushed out six quarters.”

One thing is certain: the road to recovery is going to be

full of twists and turns, and the journey will be erratic, if not

downright nauseating. According to Bullock, two things are

necessary if consumers and the energy industry are to prevail:

strong stomachs and strong balance sheets. n

OIL PRICES AND THE BUMPY ROAD AHEAD

27

cox.smu.edugo to

ew universities are better poised to

leverage resources and extensive

community ties to the real estate

industry than SMU Cox.

“We are in one of the biggest real

estate markets in the country, with an

alumni base in the industry that’s second

to none,” says Joseph Cahoon, director

of the Folsom Institute for Real Estate.

“So I have the opportunity to easily bring

the best in the business to campus.”

Bringing the industry into the classroom

and taking the students into the industry

has been Cahoon’s mission since he

arrived in January 2014. The close quid-

pro-quo partnership with the community

not only serves current real estate students

but also provides a means by which

alumni can stay closer to the school

while extending their own professional

circles. Various levels of involvement and a

wealth of events keep the Folsom Institute

actively involved with the professional

community throughout the year.

The Folsom Institute: 1984-2016The Institute was originally founded in 1984 by a gift from Margaret and

Robert Folsom, former Dallas mayor and real estate developer. The institute’s

long-standing goal has been to be the hub of real estate education and expertise

via student academics, professional research and community outreach.

Director of the Institute, Joseph Cahoon, is excited about the future of

the industry and the program’s growing collaboration with the community.

Yet, as this new era begins, the Folsom Institute also bids farewell to long-

time Real Estate Department Chair Bill Brueggeman, who will retire this year

after 36 years at SMU Cox.

“I have been blessed to have his tutelage and knowledge since I arrived

at Cox,“ says Cahoon. “Bill is one of the foremost known real estate

academics in the country and a true legend. So it’s bittersweet. The entire

industry owes him a debt of gratitude.”

Folsom Institute for Real Estate: Bringing the Industry into the Classroom

F In the ClassroomOne of Cahoon’s priorities has been to

educate and engage real estate students

about the various facets of the industry

early in the learning process.

“Compared to some other academic

areas, real estate is an industry as

opposed to a discipline,” explains

Cahoon. “We teach all of the

disciplines through the lens of the

industry.” By exposing students to

different areas of specialty, he hopes

students will find their passion and

ultimately their motivation to work

hard and network with the right

people, who will appreciate students’

focus and discipline.

“Firms are always looking for talent and

fit, so if I can help students understand

what area of real estate they want

to pursue early on, they are going to

be more motivated, dedicated and

passionate employees,” says Cahoon.

Beyond the ClassroomCahoon‘s other objective was to

aggressively recruit and expand the board

of the Folsom Institute. Today, the Folsom

Institute has 87 board members, including

eight corporate partner firms.

“Real estate is a relationship

industry,” says Cahoon. “If people put

their time, talent and treasure together,

they feel they have a vested interest

in the program and a voice in how

students are trained, which makes the

students better employees.”

Mentorship programs, networking

workshops, career counseling, real estate

roundtable discussions, industry software

training, property tours and speaker

series are just a few ways that the Folsom

Institute encourages student interaction

with the professional community.

As a result of this strategy, enrollment

for both BBA and MBA real estate

concentrations has surged more than

30 percent. And as a testament to SMU

Cox real estate students’ enhanced

preparation, both internships and job

placements are stronger than ever. n

“After two years of networking

through the Folsom Institute, I can

walk into most offices of the major

players in town and know several

of the professionals. Beyond DFW,

I’ve made connections that led to

multiple trips to Washington, D.C. for

meetings with potential employers,

and even as far as Abu Dhabi, UAE.”

Jeff Hughes (MBA'16)

28

ow will the economy play out

as 2016 progresses? A team

of professorial prognosticators

tackled that question during an

end-of-fall semester breakfast discussion

with the largest crowd of invited media

guests this annual event has ever drawn.

The consensus among SMU Cox

experts during the eighth annual

gathering is that North Texas is a

bright spot in a slow-growing national

economy, with economic danger lurking

in more than one sector.

The event is hosted by Cox School

Dean Al Niemi, who always kicks off

the discussion with his regional and

national economic forecast. The dean

noted this year, “This recovery, so far,

is averaging 2.4 percent real growth...

recovery at half speed.” The dean said

the government policy that “dampened

private-sector initiatives” has made

accelerated growth difficult. He

predicted because of such public policy,

national economic growth will continue

to inch along in the coming year.

Nonetheless, and in spite of oil prices

that harken back to prices of the 1980s,

the dean and his fellow faculty experts

believe Texas, compared to the rest of the

nation, is still an economic bright spot.

Bruce Bullock, director of the Maguire

Energy Institute, indicated that although

low oil prices have forced some energy-

related companies out of business, the

ones who’ve been able to stay the course

will emerge stronger. He added that

across the nation, West Texas, specifically

the Permian Basin, has the “lowest costs

and highest returns for oil companies.”

Maguire Energy Institute Associate

Director Bernard “Bud” Weinstein

attributed much of the nation’s sluggish

economic growth over the past 18 months

to the decline in oil and gas investments,

which more than doubled between 2008

and 2014. “Because energy looms large

as a share of GDP,” Weinstein cautioned,

“2016 will be another sub-par year for

economic growth if oil prices remain at

their current levels.”

The stock market is another worry,

according to Professor of Practice and

Fabacher Chair of Alternative Asset

Management Don Shelly, who pointed

to a discouraging 4.6 percent decline in

corporate profits in the last fiscal quarter

of 2015. Mike Davis, senior lecturer

in strategy and business economics,

expressed concern about the recession

in China, explaining the U.S. and the

Texas economies are more interconnected

than most Americans grasp. Meanwhile,

Scott MacDonald, president and CEO

of the Southwest Graduate School of

Banking at SMU Cox, warned about

the concentration of assets among the

nation’s banks, noting the top 10 banks

currently control almost 80 percent of

assets, which, he said takes a toll on

small-business lending.

Chuck Dannis, adjunct professor and

senior managing director of National

Valuation Consultants, sounded an

optimistic note, especially for North Texas

real estate. According to Dannis, median

home prices are three to four times the

median income, far less than in other

parts of the country, and DFW’s “net

absorption rate” of industrial, multifamily,

office and retail space ranks in the

nation’s top three markets—encouraging

news in an otherwise economically

uncertain time. n

H

Dean Niemi with Glenn Hunter (Editor of D CEO).

“Because energy looms large as a share of GDP, 2016 will be another sub-par year for economic growth if oil prices remain at their current levels.” Bud Weinstein

SMU Cox Experts Cautious about the Nation’s Economy

F E AT U R E S T O RY

29

cox.smu.edugo to

EXECUT IVE BOARDMr. David B. Miller Chair

Mr. Gerald B. Alley President Con-Real Inc.Mr. Michael AndersonMr. Stephen L. Arata CEO Caiman Energy II, LLCMr. F. Thaddeus Arroyo CEO Iusacell-AT&T Mexico LLCMr. Norman P. Bagwell Chairman & CEO Bank of Texas N.A.Mr. C. Fred Ball, Jr. COO Spyglass Trading LPMr. Raymond A. Basye, Jr. Sewell Cadillac DallasMr. James F. Berry Retired President Lockheed Martin Missiles and Fire ControlMr. Raymond A. Blanchette, IIIMr. William A. Blase, Jr. Senior Executive Vice President, Human Resources AT&T Inc.Mr. Mark A. Blinn President & CEO Flowserve Corporation Mr. Tony Boghetich Owner & CEO Omar B. Milligan Enterprises Inc.Mr. Pat S. Bolin Chairman & CEO Eagle Oil & Gas Co.Ms. Julie Ann Brice Former Owner & Founder I Can’t Believe It’s Yogurt Inc.Mr. Tucker S. Bridwell President Mansfeldt Investment CorporationMr. Bradley Brookshire Chairman Brookshire Grocery CompanyMr. Peter D. Brundage Managing Director Goldman Sachs & Co.Mr. T. Randall Cain Southwest Region Managing Partner Ernst & Young LLPMr. Donald J. Carty Retired Chairman, American Airlines & Retired Vice Chairman, Dell Inc.Mr. Thomas W. Codd, Jr. U.S. Human Capital Leader & Vice Chair PricewaterhouseCoopers LLPMr. Gus Comiskey President Comiskey Kaufman Consulting LLCMr. William R. Cooper Chairman Paragon Holdings Inc.Mr. Edwin L. Cox Chairman & CEO Edwin L. Cox CompanyMrs. Katherine R. Crow Civic and Philanthropic Leader

Mr. Gary T. Crum President CFP FoundationMr. William A. Custard President & CEO Dallas Production Inc.Mr. Terry R. Dallas Executive Vice President & Managing Director Wells Fargo U.S. Corporate BankingMr. Peter T. Dameris CEO & President On AssignmentMrs. Holly Deason President Holly Bock & Associates Inc.Mr. Derek E. Dewan Chairman & CEO General Employment Enterprises Inc.Mr. Antoine L.V. Dijkstra Partner & Co-Founder Implexus Capital & PartnersMr. Jason W. Downing Managing Partner DeloitteMr. Frank M. Dunlevy Vice Chairman & Managing Director Investment Banking Cowen & Company LLCMr. Gonzalo Escamez Sada CEO Cintermex ACMr. Manny Fernandez Managing Partner KPMG LLP - Dallas OfficeMr. Bryant R. Fisher Retired Senior Vice President FederatedMr. Martin L. Flanagan President & CEO INVESCOMr. Randall S. Fojtasek Managing Partner & CEO Center Oak PartnersMs. Lisa A. Gardner CEO OMS Strategic Advisors LLCMr. David L. Gonzales Global Diversity & Inclusion Bristol Myers SquibbMr. Norman Green Founder & Former Owner Dallas Stars Hockey ClubMr. Seth W. Hall President Source One SparesMs. Linda W. Hart Vice Chairman, President & CEO Hart Group Inc.Mr. Brad K. Heppner Chairman & CEO Heritage Highland Finance & Management ServicesMr. Denny Holman Chairman Folsom Properties Inc.Mr. Thomas W. Horton Former Chairman/CEO American Airlines Group Inc.Mr. Clark K. Hunt Chairman & CEO Kansas City ChiefsMr. Thomas W. Jasper Managing Partner Manursing Partners LLC

Mr. David K. Kao Managing Partner Advantage Resources GroupMr. James W. Keyes Chairman Wild Oats MarketplaceMr. Barry M. Kitt Manager Pinnacle Family Office Investments L.P. Mr. Mike J. Lafitte Chief Operating Officer CBREMs. Deborah M. Lehr CEO Basilinna Ms. Nancy Loewe Vice President & CFO Kimberly-Clark InternationalMr. Paul B. Loyd, Jr.Mr. D. Scott Luttrell CEO LCM GroupDr. Bobby B. Lyle Founder & Chairman Lyco Holdings IncorporatedMr. James H. MacNaughton Senior Advisor Public Sector Investment Board, CanadaMr. Cary M. Maguire President & CEO Maguire Oil CompanyMr. Charles A. Mangum Chief Investment Officer Baylon Capital LLCMr. Michael F. McGehee CEO Wilmac Companies LLCMr. Michael A. Merriman President & CEO Financial Holding CorporationMr. David B. Miller Founder & Managing Partner EnCap Investments LLCMr. Peter Mottek Executive Vice President, Head of U.S. Wealth TD WealthMr. Roger Nanney Vice Chairman Deloitte LLPMrs. Connie O’Neill Civic and Philanthropic LeaderMs. Karen L. Parkhill Vice Chairman & CFO Comerica IncorporatedMs. Pamela H. Patsley Executive Chairman MoneyGram InternationalMs. Patricia Patterson President Patterson InvestmentsMr. Randal L. Perkins Private Investor Private Advisory GroupMr. Timothy E. Perry Managing Director Credit Suisse AGMs. Angela Raitzin Principal First Republic Investment ManagementMs. Melissa M. Reiff President & COO The Container Store

Mr. Kirk L. Rimer Principal Crow Holdings Mr. Ronald A. Rittenmeyer Retired Former Chairman, President & CEO EDSMr. Philip J. Romano Owner Romano Concepts Ltd.Mr. Byron Roth Chairman & CEO Roth Capital PartnersMr. James J. Saccacio CEO Il Mulino GroupMr. Robert J. Schlegel Chairman & CEO Bedrock Logistics Founder & Retired CEO/Owner Pavestone CompanyMr. Jeffrey R. Schmid Chairman & CEO Mutual of Omaha BankMr. Mark W. Schortman Senior Vice President & General Manager Coca-Cola RefreshmentsMr. David T. Seaton Chairman & CEO Fluor CorporationMr. Carl Sewell Chairman Sewell Automotive CompaniesMr. Michael J. Skillman CEO Cadence Capital ManagementMr. Michael G. Smith Private InvestmentsMr. Richard F. Smith Chairman & CEO Equifax Inc.Mr. Richard K. Templeton Chairman, President & CEO Texas Instruments Inc.Mr. John C. Tolleson Chairman & CEO Tolleson Wealth ManagementMr. William Vanderstraaten President Chief Partners LP Mr. Richard Ware Chairman & President Amarillo National BankMr. Garry Weber Chairman of the Board Weber Financial Inc.Mr. Kevin D. Welsh Partner & Senior Managing Director Kayne Anderson Capital Advisors LPMr. William M. Wheless, III CEO & Owner Wheless PropertiesMr. Kirk Wiginton President & CEO Amegy Bank of TexasMs. Billie Ida Williamson Director Forrester & CompanyMr. Robert A. Wilson Executive Vice President Kemmons-Wilson CompaniesMr. Royce E. (Ed) Wilson, Sr. Chairman & CEO Dreamcatcher Media LLC

30

IMPORTANT NUMBERS FORCOX ALUMNI & FRIENDS

C O N TA C T U S

October 3: MBA Class of '95 Reunion: Mark (MBA ’95) and Cissy Warner

214.768.3185214.768.3933214.768.8257214.768.3190214.768.3403214.768.3182214.768.2191

214.768.8338

214.768.1322

214.768.4113 214.768.4113

214.768.2533 214.768.4606

214.768.3096 214.768.3689214.768.8256214.768.8256214.768.3548 214.768.3943214.768.8236 214.768.3168214.768.3692214.768.1708

214.768.3335 214.768.2191 214.768.1246214.768.4155214.768.2722214.768.3335 214.768.3689

214.768.3012

214.768.4988

214.768.3191

214.768.4754

214.768.4486

214.768.3678

214.768.3104

214.768.2995

214.768.3336214.768.3692

214.768.1708214.768.3689

ACADEMIC DEPARTMENT CHAIRSAccounting: Hemang DesaiFinance: James LinckInformation Technology and Operations Management: Amit BasuManagement and Organizations: Miguel QuiñonesMarketing: Raj SethuramanReal Estate/Insurance/Business Law: Bill BrueggemanStrategy and Entrepreneurship: Gordon WalkerALUMNI AND EXTERNAL RELATIONSAssistant Dean of External Relations and Executive Director of theCox Alumni Association: Kevin KnoxBBA PROGRAMAssociate Dean: James BryanBUSINESS LIBRARYDirector: Sandy MillerKitt Investing and Trading Center CAREER CENTERS Director: Lisa TranRecruiting Services (MBA, MS, BBA) CENTERS AND INSTITUTESAlbert W. Niemi Center for American Capitalism Caruth Institute for EntrepreneurshipDon Jackson Center for Financial StudiesEnCap Investments & LCM Group Alternative Asset Management CenterFolsom Institute for Real EstateJCPenney Center for Retail ExcellenceLatino Leadership Institute Maguire Energy InstituteThe Scott Sheffield Energy Investment LabWilliam J. O’Neil Center for Global Markets and FreedomCERTIFICATE PROGRAMSCertificate in American Capitalism Global Strategy Certificate Program Graduate Business Analytics Certificate ProgramGraduate Finance Certificate ProgramGraduate Marketing Certificate ProgramMergers and Acquisitions Certificate Program Starting a Business ProgramDEAN’S OFFICEDean: Albert W. Niemi, Jr.DEVELOPMENT AND MAJOR GIFTSDirector: Laran O’NeillEXECUTIVE EDUCATIONAssociate Dean: Frank LloydGLOBAL PROGRAMSAssistant Dean: Linda KaoGRADUATE PROGRAMSAssociate Dean: Marci ArmstrongMARKETING AND COMMUNICATIONSAssistant Dean: Lynda Welch OliverMBA BUSINESS LEADERSHIP CENTER/BBA BUSINESS LEADERSHIP INSTITUTEDirector: Paula (Hill) Strasser SOUTHWESTERN GRADUATE SCHOOL OF BANKINGPresident and CEO: Scott MacDonald SPEAKER SERIESBank of Texas Business Leaders Spotlight Series L. Frank Pitts Oil and Gas Lecture SeriesO’Neil Center Conference Southwest Venture Forum

0ctober 29: BBA Program Reception: Edwin L. Cox greets students and parents.

January 8: Cox Alumni Reception, Newport Beach, CA: Seth Hall (MBA '96), Dana Hall, Enza Saccacio, Dante Saccacio (BBA '19)

January 14: Pitts Energy Leadership Awards Luncheon: Charles Landen (BBA '16), Dean Niemi, Chase Garrett (MBA '16)

31

cox.smu.edugo to

32

C A L E N D A R OF E V E N T S

EVENTS

May 13Cox Distinguished Alumni and Outstanding Young Alumni Awards Collins Center Contact: Andrea Smith aesmith@smu.edu

May 14 SMU Cox Graduation 1:30 p.m. BBA3:30 p.m. MBA/MS Moody Coliseum

June 6 - July 1 Summer Business Institute Cox Executive Education

November 11The O’Neil Center for Global Markets and Freedom presents, “Capitalism: Curse or Cure?”oneilcenter.org

ATHLETICS

September 17 SMU vs. Liberty, TBA at Ford Stadium

September 23 Family Weekend SMU vs. TCU, TBA at Ford Stadium

October 22 SMU vs. Houston, TBA at Ford Stadium

November 5 Homecoming SMU vs. Memphis, TBA at Ford Stadium

November 19 SMU vs. USF, TBA at Ford Stadium

November 26 SMU vs. Navy, TBA at Ford Stadium

Dean’s Tailgate-On-the-Boulevard begins two hours prior to kickoff at every home game in front of the Cox School of Business. Thank you to the 2015 sponsors: Access Catering, Andrews Distributing, Central Market, Chop House Burgers, Coca-Cola, Hotel Lumen, Joe’s Crab Shack, Kiolbassa Provisions, PwC and 7-Eleven.

For the full athletics schedule, go to smumustangs.com.

Tim Jankovich, associate head coach, and Larry Brown, head coach, led the SMU Men’s Basketball Team to a winning season: W-25, L-5.

32

33

A L U M N I B O A R D

A L U M N I B O A R D

Cox Alumni Association Board of Directors

Sept 26: Cox Alumni Association Fall Board meeting: Kevin Knox, Frank McGrew (BBA '90)

Oct 7: Little Rock, AR: Cox alumni, parent and student reception: Stuart Irby (MBA '10), Margaret Staley, Jay Staley (MBA '13)

Oct 10: Monterrey, MX: SMU and Cox School alumni, parent and student reception: Lorenzo Ortiz, Gonzalo Escamez (MBA '90, Cox Executive Board), Lorenzo Ortiz Cantu (BBA '12, Cox Alumni Board)

Dec 10: Cox Alumni Reception at Preston Hollow Grill: Greg Kitt (BBA '10, Cox Alumni Board) and Rex Simmons (BBA '10)

TEXASDallas, TX Jessica Boghetich BBA ‘08 jboghetich@rgtnet.com Dennis Cail EMBA ‘07 denniscail@me.com Paul Divis - Chair EMBA ‘99 paul@coquest.com Chris Hanna MBA ‘02 channa@qiggroup.com Tessa Hoskin EMBA ‘09 tessahoskin@tx.rr.com Nick Kapral PMBA ‘10 nicholas.kapral@gmail.com Greg Kitt BBA ‘08 gregkitt@gmail.com Lauren Lyngstad BBA ‘14 lauren.lyngstad@senderoconsulting.com Kyle Martin PMBA ‘09 kyle.martin@pepsico.com Max Meggs BBA ‘06 max.meggs@thehartford.com Frances Mitchell BBA ‘10 frances.mitchell@riatacg.com Matt Peakes BBA ‘00, MBA ‘07 mpeakes@gmail.com Wayne Richard BBA ‘80 wrichard@icglobal.net David Rouse PMBA ‘95 david.rouse@yum.com Liz Youngblood EMBA ‘05 elizayou@baylorhealth.eduAustin, TX Jim Bernard PMBA ‘02 jamesmbernard@gmail.comFort Worth, TX Jeff Dyer MBA ‘03 jdyer@crescent.com Evan Radler BBA ‘05, PMBA ‘10 eradler@tug-hillop.comHouston, TX Sandy Campion BBA ‘79 sandracampion619@outlook.com Clayton Dallas BBA ‘10 claytonrdallas@gmail.com John Goodrum BBA ‘05 john.goodrum@gmail.com Marcus Malonson BBA ‘93 marcus.malonson@ml.com Ashley Wilson McClellan BBA ‘04 ashley.mcclellan@hcahealthcare.com Phil Moran MBA ‘87 pmoran@pacadvisory.com Jonathan Parker MBA ‘05 jonathan.parker1@morganstanleypwm.comNew Braunfels, TX Merrill Reynolds BBA ‘76 mreynolds@reynoldswilliams.comSan Antonio, TX Mary Stephanie Locke BBA ‘00 marystephanie.locke@frostbank.comNATIONALAtlanta, GA Jack Chapman BBA '10 jchapmanx@gmail.com Mark Galyardt MBA '88 mark.galyardt@xioss.com Catherine Walts BBA '99 catherinecoates@hotmail.comBoston, MA Jessica Chang BBA '06 chang.jess@gmail.comChicago, IL Chase Spirito BBA '06 chase.b.spirito@jpmorgan.com Cristine Struble BBA '96 cristine.struble@sbcglobal.net Matthew Struble PMBA '00 matthew.struble@sbcglobal.netDenver, CO Ryan Orlowski MBA '12 ryan.d.orlowski@gmail.comKansas City, MO Angela Gieras MA/MBA '03 angfuf1@hotmail.com Kylie Wood Owens BBA '06 kylie.owens@hotmail.comLittle Rock, AR Jay Staley MBA '13 jmstale@gmail.comLos Angeles, CA Clark Bacon BBA '04 clark.bacon@ubs.com Steve Sanbo BBA '08 ssandbo@vancestreetcapital.comMemphis, TN David Visinsky BBA '98 dvisinsky@hotmail.comMilwaukee, WI Dan Einhorn MBA '02 deinhorn@capitalmidwest.comMinneapolis, MN Mick Walsh BBA '04 mick.walsh@invesco.comNashville, TN Frank McGrew BBA '90 frank.mcgrew@raymondjames.comNewport Beach, CA Melissa MacLeod BBA '07 melissa.ann.macleod@gmail.comNew York Area Rick Calero EMBA '08 rick.calero@tiaa-cref.org Paul Collins MBA '02 paul.collins@willis.com Katy Thomas - Vice Chair BBA '07 kathryn.d.thomas@jpmorgan.com Laura Till BBA '82 ltill@financialguide.comOklahoma City, OK Chris Wilson BBA '03 cwilson@gobaker.comPhiladelphia, PA Jordan Carter BBA '08 jcarter@smualumni.smu.eduPhoenix/Scottsdale, AZ Trey Chappell BBA '00 treychappell5@gmail.comSan Diego, CA Noel Koenig MBA '15 noelkkoenig@gmail.com Kyle Perkins BBA ‘09 kyle@westviewfg.comSan Francisco, CA Paul Henderson PMBA '94 hendersonp02@yahoo.comSeattle, WA Dave Manges PMBA '07 davidmanges@yahoo.comSt. Louis, MO Chip Hiemenz BBA '06 chip.hiemenz@gmail.comTulsa, OK Rich Wilson MBA '05 rich@wilsoninterests.netWashington, DC Elisabeth Schmidt BBA '87 elisabeth.sigmar.schmidt@gmail.comINTERNATIONAL Bangalore, India Arun Subramanian MBA '01 psarun@hotmail.comBeijing, China Yvonne Liang MBA '03 yuyun_liang@qq.comDubai, United Arab Emirates Alex Stem MBA ‘01 akstem@yahoo.com Hong Kong, China Javier Silvera MBA '07 javier.o.silvera@citi.comLondon, England Jiang Wu MBA '00 jwusmu00@hotmail.com Richard Knauf BBA '06 rick.knauf@pimco.comMexico City, Mexico Carlos Romo BBA '89 cromo@sea-capital.comMonterrey, Mexico Lorenzo B. Ortiz Cantu BBA '12 lorenzo@orcacapital.com.mxNew Delhi, India Aakash Moondhra MBA '03 aakash.moondhra@gmail.comSão Paolo, Brazil Fabio Okamoto MBA '95 fokamoto@me.comShanghai, China A.J. Hu MBA '01 aj.hu@jljgroup.comSydney, Australia James Alvetro MBA '99 james@getfundamental.comTokyo, Japan Tomoaki Ota MBA '95 ota.tomoaki@gmail.com

33

cox.smu.edugo to

COX CONNECTIONS1. August 15: Dean Niemi hosted a reception for August PMBA graduates in the Collins Center. Pictured: Anthony Rader (PMBA '15), Morgan (Coomes) Rader (MBA '15), Kevin Knox, assistant dean of external relations.

2. August 15: Also attending the Dean’s graduation reception: Travis (PMBA '15) and Anna Cobbs.

3. August 19: Brad Wilson, president of Expedia, sponsored and hosted a reception for the Class of 2017 MBA orientation. Pictured: Elan Rottanburg (MBA '17) visiting with Brad Wilson (MBA '01).

4. August 19: Also attending the reception sponsored by Brad Wilson and Expedia: Ankit Gupta, Kaustubh Joshi, Sai Sraddha Chedemala (all MBA '17).

5. September 12: Prior to the SMU vs. UNT football game, PwC sponsored the Dean’s Tailgate-On-the-Boulevard. Thanks to Libby Magliolo, TJ Hill, and PwC for their sponsorship. See page 32 for a full list of sponsors.

6. September 12: Enjoying the Dean’s Tailgate: Jessica Brunelle, Lauren Lyngstad (BBA '14, Cox Alumni Board), Margaret Ellen Crawford (Cox BBA '14), Alex Bjornnes (Cox BBA '14).

7. September 24: Alumni, friends and students gather in the Collins Center to dedicate the Albert W. Niemi Center for American Capitalism.

8. September 25: Coordinators for the Don Jackson Center for Financial Studies held an informative event for alumni, friends and students in the Kitt Family Investing and Trading Center. Pictured: Jamie O’Donnel (BBA '16), Matt Turney (BBA '16) and Don Jackson (BBA '63).

9.September 25: Also attending the Don Jackson Center event: Barry Kitt (Pinnacle Funds, Cox Executive Board).

1 2

3 4

5 6

7

8 9

34

C O X C O N N E C T I O N S

10. September 26: Cox Alumni Board Chairman, Paul Divis (EMBA '99), called to order the Cox Alumni Association Board of Directors meeting. See page 13 for details.

11. October 2: Robert Lawson hosted well-known speakers George F. Will and Phil Gramm during the O’Neil Center’s annual conference. Shown: Dean Stansel, research associate professor; Dwight Lee, senior fellow; Ryan Murphy, research assistant professor; W. Michael Cox, founding director; Robert Lawson, director and Jerome M. Fullinwider Endowed Centennial Chair in Economic Freedom; Derek Yonai, research associate professor; Michael Davis, clinical professor; Richard Alm, writer-in-residence.

12. October 3: Prior to the SMU vs. ECU football game, the MBA Class of '95 celebrated its 20th class reunion at the Dean’s Tailgate-On-the-Boulevard. Pictured: Nancy Cole, Judy (Bagot) Chudek, Elena (Koutras) McFann and Alicia Bunnell.

13. October 3: Also celebrating a class reunion, the MBA Class of '98. Pictured: Dawn Kidd, Bill Woodhouse, Chris Herron, Rhonda Murphy, Hugh Fagan, Sarah Booker, Kate Hoedebeck, Maria Elena Hall, Jason Kappel and Josh Shatz.

14. October 5: Richard Beeny (PMBA '00), CEO of LifeScience Logistics LLC, spoke to students in Steve Denson’s negotiations class, and is a regular speaker and contributor for the Cox School and SMU.

15. October 7: Little Rock, AR: Kevin Knox and Hilary McIlvain, director of BBA admissions, hosted a reception for alumni, friends, parents and prospective students. Pictured: Kirsten Blanchat (BFA '87), Mike Blanchat (MBA '91), Victor Vargas and Martha Rueda.

16. October 7: Also attending the reception in Little Rock: Jeff Nolan (BBA '91), David Moix and Jack Nolan. 17. October 10: Monterrey, MX: Gonzalo Escamez (MBA ’90, Cox Executive Board) hosted a reception for alumni, friends, parents and prospective students. Representing SMU were: Kevin Knox, Jim Bryan (Cox School), Mickey Saloma (Lyle School) and Michael Clark (SMU International Development). Pictured: Gonzalo Eduardo Escamez Polin (BS '14), Patricio Escamez Polin, Manolo Ortiz (BS '15) Cristy Escamilla.

18. October 10: Also attending the reception on behalf of SMU: Antonio Garza, U.S. retired ambassador (JD '83, SMU Board of Trustees).

11

10

12 13

15

16

17

18

14

35

cox.smu.edugo to

19. October 19: SMU admissions team in Beijing, China: Mickey Saloma, Lyle School; Faith Suzuki (BBA '10); Kim Konkel, Dedman College; Jingya Wang (MSF '15); Yvonne Liang (MBA '03, Cox Alumni Board); and Jim Bryan, Cox School.

20. October 20: Joseph Cahoon, director of the Folsom Institute for Real Estate, and members of the SMU Real Estate Society presented a Lifetime Membership Award to Chuck Dannis for teaching and service to the Cox Real Estate Department, the students and the real estate industry. Pictured: Chuck Dannis (adjunct professor), Dutch Dannis, Anne Dannis (BBA '71).

21. October 22: Nafees Alam (MSE '14), CEO of NRG Concepts, hosted an alumni reception at the Dallas Fish Market. Pictured: Derek Grubbs (MBA '15), J.R. McGrath, director of Full-Time & Fast Track MBA Admissions and Andrew Phillips (MBA '15).

22. October 29: Each fall, Dean Niemi hosts a reception for BBA students and their parents to provide an opportunity to meet Edwin L. Cox, the school’s namesake. Pictured: Mary Camille Savoie (BBA '19), Ed Cox, and with Mary’s parents, Paula and Thomas Savoie.

23. November 4: Joseph Cahoon hosted a board meeting that included current Cox School students. Pictured: Joshua Brown, executive vice president and chief investment officer of First Washington Realty, Inc.; Mike LaFitte, chief operating officer at CBRE (MBA '84, Cox Executive Board); William Sanders, chairman of Strategic Growth Bancorp; Joseph Cahoon; Jeff Jacobson, CEO at LaSalle Investment Management; Tom Carr, managing partner at Federal Capital Partners.

24. November 6: SMU, Syracuse University, the Coalition of Veteran Owned Business (CVOB) and First Data Corporation held an all-day forum to address the needs of veteran-owned businesses and assist veterans seeking employment after serving. To end the day, the group enjoyed the “Hats Off to Heroes” tailgate and the SMU vs. Temple football game. Pictured: James Schmeling of IVMF led the open panel discussion, “National and Regional Landscape: Texas Business Landscape.” 25. November 16: SMU Cox, the George W. Bush Institute and the World Affairs Council of Dallas/Fort Worth sponsored a forum where Ben Bernanke, former chairman of the Federal Reserve, was interviewed by Lee Cullum, a well-known journalist. Bernanke had written and released the book, The Courage to Act: A Memoir of a Crisis and its Aftermath. Former President George W. Bush gave opening remarks and introduced Cullum and Bernanke.

26. November 16: Austin, TX: John Roeder (MBA ’03), assistant dean of graduate admissions, traveled to Austin, for a student recruitment forum. He enlisted the help of several Cox MBA alumni living in the area. Pictured: Adam Jernigan (MBA '12), Sam Puri (MBA '15), Cade Satterfield (MBA '14), Jason Kelly (MBA '03), John Roeder (BBA '95, MBA '03).

C O X C O N N E C T I O N S

19

20 21

23

24 25

26

22

36

C O X C O N N E C T I O N S

27. December 10: Matt Peakes (BBA '00, MBA '07, Cox Alumni Board), hosted an alumni reception at Preston Hollow Grill. Pictured: Matthew Kellogg,Prasad Mahajam, Ameena Lakhani, Pamela Roet, Stephen Powell and Jonathan Cochran (all PMBA '12).

28. December 11: Dean Niemi hosted the annual economic forecast breakfast for local media to hear from Cox faculty and the directors of institutes and centers. Pictured: Bud Weinstein, associate director of the Maguire Energy Institute; Cheryl Hall, columnist at The Dallas Morning News; Dean Al Niemi.

29. December 19: Cox graduation reception in Collins Center.

30. January 8: Newport Beach, CA: Dean Niemi and the Cox Alumni Association hosted a reception for alumni, friends, parents and students. Pictured: Dean Niemi addressed the audience with an update on the Cox School and SMU.

31. January 8: Also attending the reception: Cedric Ferrell (MBA '92) and Lorna Ferrell.

32. January 9: San Diego, CA: Randy, Leslie and Kyle Perkins and Andie Sabourin hosted a reception for alumni, friends, parents and students. Pictured: Stephen Nelson (BBA '14, MSF '15) and Megan Nelson (BBA '14) visiting with prospective student, Christopher Brooks.

33. January 28: Atlanta, GA: Joan and Rick Smith (Cox Executive Board) hosted a reception at their home for alumni, friends, parents and students. Pictured: Freddie Akers (BA '11), Rebecca Love, Ben Cowgill (BBA '06).

34. February 6: MBA '04 and '05 Reunion: Rose Kaur and David Wagner, Galina Lubarsky, Jonathan Lucas, Sanjay Pamurthy, Carla Flores, Torrey Littlejohn, Margaret Muir, Sarubah Tandon, Drew and Suzanne Durgin, Mike and Rebecca Burtzlaff, Richard Morris, David Bauman, Matt Burdulis, Diana Peacock, David Grissom, Darshan, Fernando Smolensky and Diego Rosenfeldt pose for a group shot.

35. February 6: The MBA classes of 2004 and 2005 enjoyed reconnecting. Pictured: Matt Burdulis, Marc Conselmen, Sanjay Pamurthy, Diana Peacock and Mike Burtzlaff. n

26

27 28

29

30

31

32

33

3534

37

cox.smu.edugo to

Southern Methodist UniversityCox School of BusinessP.O. Box 750333Dallas, Texas 75275-0333

Address Service Requested

Download the CoxToday mobile app for iPhone, iPad, Android and Kindle Fire. Would you rather receive CoxToday electronically? Let us know: communications@cox.smu.edu.

GRANDSLAM

4 Top MBA Programs1 Homerun Location

H OM E - T E A M STATS :EMBA Ranked #3

Dallas #3 Fastest Growing City

PMBA Ranked #7

1-Year Fast-Track MBA

Full-Time MBA Ranked #32

Texas #1 State to Do Business

(Bloomberg, CEO Magazine, Forbes)

Learn more at coxgrad.com