The Business & Economics Digest2016

ELIZABETHTOWN COLLEGEDepartment of Business

EditorCristina E. Ciocirlan, Ph.D.

Student EditorVictoria Edwards

The Business and Economics Digest is an annual publication intended primarily for the unmitigated reading pleasure of students, faculty, alumni and friends of the Department of Business

For this issue of the Digest, I would like to thank Victoria Edwards, for her efforts and time spent as student editor and to Ms. Shari Kain, our Administrative Assistant, for her diligence in providing

information and pictures faster than needed, as always.

Front cover picture: Student and faculty trip to the World Bank in Washington D.C.

Back cover picture: Hoover auditorium, M&M Mars Lecture

Published by the Department of Business atElizabethtown College, One Alpha Drive

Elizabethtown, PA 17022Copyright © 2016 Elizabethtown College.

All rights reserved

Visit us online at www.etown.edu/business,on Facebook at http://www.facebook.com/etownbusiness,

and on Twitter @EtownBusDept

Our department faculty (second from the top, left) ensures that students learn both in the classroom and outside of it! We host guest lectures (top right) and alumni meetings (bottom, left), and our students attend conferences (middle right and bottom, right).

(quote by Benjamin Franklin)

“Tell me, and I will forget.

Involve me, and I will learn.”

Teach me, and I will remember.

Copyright: http://www.looneylabs.com/games/fluxx

Editor’s Word

Dear Reader,

Have you ever played the card game Fluxx? Incidentally, this year marks the 20th anniversary of the creation of Fluxx by Andrew Looney. The game starts with simple basic rules: “draw one, play one,” but then the rules become more complicated: you can only have three Keepers in play, you must draw two cards per turn, play four cards, or, my favorite, play all, which requires players to play all of their cards. The New Rules can displace the old rules or can co-exist with other New Rules. They take effect immediately. As the game progresses, both Goals and Rules can change quickly, leading to chaos. Get up to refill your glass and you return to a whole new game!

You win the game when you meet the conditions stated on a Goal. Usually, goals require you to have a pair of Keepers, such as the Rocket and the Moon, or the Chocolate and the Cookies. And then there are Creepers, such as Death, Taxes, or War, which usually prevent one from reaching a Goal. Being in business is like playing a game of Fluxx (possibly the Zombie version!). Just when you thought you had the Keepers necessary to reach “Bread and Chocolate,” the Goal changed to “Gold and Silver!” So now all players buy back company stock instead of reinvesting profits in their business. Or someone pulls the “Radioactive Potato” Creeper, preventing you from winning! Remember the subprime artists? Some Creepers. Sometimes, the Goal changes in your favor. Finally, Chevron admitted that climate change can actually be good for business!

The game, like business, is also about regrets and missed opportunities. Forget to play an Action card on your turn and it is no one’s responsibility to remind you. Yahoo!, should you have bought Facebook when you had the chance? Your turn is now over. Or, you know the Action card that says ‘Simplify?’ The one

you’re still holding in your hands? Spread yourself too thin and Windows Phone is dead.

The game is truly chaotic and tests your ability to juggle complex rules. Don’t get too fond of any of your Keepers, ‘cause they may not be relevant to the Goal on the table. That website or technology that is not mobile-friendly? Feel free to discard that Keeper. Don’t get attached to the current players either, as a new player can join anytime, just by drawing three cards! Especially, be wary of that Trump player, who entered (and stayed in) the game for so long! And don’t bother memorizing the

current rules, as they will change! After all, how long will the interest rates stay low? Merle Hazard asked it with a song. The bottom line is, don’t take the game too seriously!

In Fluxx, it is hard to plan anything. You can lose before you even play your first card. However, there is some possibility for manipulation, as you can choose which New Rules to play, in order to force the other players to play certain cards. But that’s the extent of it. Fluxx is less about strategy and more about change and being comfortable with the messiness that comes with it. You have to come

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to terms with the fact that you cannot control the other players, the rules of the game, or the outcome. But you can choose which version you play: Adventure Time Fluxx or Regular ShowFluxx? German Fluxx or Nature Fluxx?

Most New Year resolutions start onJanuary 1, unless you’re in academia, where the end of the year is usually in the summer. So my new academic year resolution for our students isbe comfortable with change. Embrace the randomness. Don’t get attached to your current set of circumstances, as these may change. Are you game?

This year’s Digest recounts stories seen from the eyes of students and faculty who participated in department events throughout the year. We have stories ranging from M&M Mars Lectures, the SCAD panel, study abroad, field trips, and award ceremonies.

Also, I’d like to take this opportunity to introduce our new student editor, Victoria Edwards, double major in International Business and Japanese, who has already won a few hands of Fluxx! Apart from great editing work, Victoria is a wizard in working with all the Microsoft Word options and managed to tame all those functions and buttons to comply with her wishes. Welcome, Victoria!

We will also bid farewell to Kelsey Sloan, our student editor for the past few years, who graduated, and started working in May. We hope her career is off to a great start!

Without further ado, let’s deal the cards!

Enjoy reading,

Cristina E. Ciocirlan, Ph.D.Associate Professor of Management and chair, Department of BusinessEditor of the Digest Chief Shuffling Officer (CSO)

Victoria Edwards, Student Editor

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Student Op-Ed........................................................................................................3STUDENT ACCOMPLISHMENTS ..........................................................................5

Outstanding Business Student Nominees...................................................................................................5Competitions ............................................................................................................................................10Emergent Scholars ...................................................................................................................................12Student Awards and Scholarships............................................................................................................13Careers......................................................................................................................................................15Stock Investments ....................................................................................................................................15

STUDENT CONFERENCE PAPERS .................................................................................................16Financial Analysis: Toll Brothers, Inc. ................................................................................................16The Effects of Social Responsibility Strategies on Organizational Reputation and Success ..............18Trophy Hunting and International Conservation .................................................................................20Do U.S. Corporations Meet Their Social Responsibility by Paying Their Fair Share of Tax? ...........22Toll Brothers: A Comprehensive Investment Analysis .......................................................................24Narrative in Advertising: The Effects of Brand Character on Consumer Perception..........................27

STUDENT REFLECTIONS .................................................................................................................30John Craig: Keynote Speaker...............................................................................................................30John Maxwell: Keynote Speaker .........................................................................................................31Lisa Rigg: M&M Mars Lecture Series.................................................................................................33Kathleen Pavelko: M&M Mars Lecture Series ....................................................................................34

Study trips ............................................................................................................35The Geneva Study Tour ...........................................................................................................................35

ALUMNI ACCOMPLISHMENTS ...........................................................................37FACULTY ESSAYS ..............................................................................................41

Homer Reflects Bitterly on Trump Panel Discussion ..............................................................................41Leftovers, clutter, and stuff... ...................................................................................................................43

FACULTY ACCOMPLISHMENTS ........................................................................45Awards .....................................................................................................................................................45Peer-Reviewed Publications.....................................................................................................................48Journal/ Textbook Review .......................................................................................................................49

Who’s Who in Hoover..........................................................................................52

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Student Op-Ed

Classroom Laptop Use

Victoria Edwards

n the 2016 spring semester, the Elizabethtown College Business Department ratified a new policy, which “prohibits

student use of any electronic devices (including, but not limited to, smart phones, tablets, laptop computers, and smart watches) during a class meeting or at any lecture sponsored by the Department of Business.” The unanimously approved measure is not without reason: there is a slew of research that shows that laptop users perform significantly worse when answering conceptual questions, in comparison to their traditional note-taking peers. Laptop users also are less likely to engage in critical thinking and the processing of information and more likely to regurgitate information verbatim, compared to their handwriting peers (see, for instance, Mueller & Oppenheimer, 2014). In-class laptop use may further decrease academic performance by facilitating plagiarism, distracting others, and creating a broken sense of classroom “community.” Although I personally agree with the department’s sentiment, I contend with its decision to mandate an overarching ban, especially when the majority of students were not represented in the decision-making process. In essence, I believe the opportunities of the “many” must not be sacrificed to correct the mistakes of the “few.”

Rather than prohibiting electronic devices entirely, the policy accounts for situations when they are necessary for pedagogical reasons. This is an important clause, as the potential benefits of the technology outweigh its disadvantages. In fact, given the accelerated evolution of technology, the integration of laptops in undergraduate classrooms is not only beneficial, it is also necessary to provide the most authentic

educational experience, thus helping to acclimate students to the environment of their desired career field. For example, when I was shadowing a senior consultant this April, I attended one of her assistant’s business meetings. There, the staff members used laptops to access a shared document, where they proceeded to collaborate for the remainder of the meeting. Not only was collaboration enhanced by laptop use, but it notably reduced the monetary and time costs of producing and distributing paper documents. A 2013 survey of 1,029 working individuals further supports the role of technology in the workplace: 63 percent of general employees reported using desktops for work, and 36 percent used laptops. Furthermore, 56 percent of the Millennials surveyed reported bringing their own devices for work purposes (“The State of Workplace Productivity Report”).

Given that the integration of technology in the workplace will only increase, it is important that students learn not only how to use technology, but also how to use it responsibly. Ideally, the latter would be enabled by individual discretion rather than departmental decree; classroom etiquette and social intelligence, supplemented by syllabi guidelines, should allow students to determine, on their own, when laptop use is and is not appropriate. Responsible laptop use is largely exemplified by the current state of affairs: in my observations, students refrain from using laptops in class, especially in calculation-based courses such as Introduction to Accounting and Cost-Managerial Accounting. As will be true in the post-graduate world, students must be aware of their decisions and accountable for the results. In essence, if laptop users act irresponsibly during class time, they

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will face consequences when assignments and exams are graded: plagiarism will be detected, and a lack of knowledge or understanding will become apparent to both the instructor and student. Yet, while this minority of misusers is spared such accountability by the ban, the majority of responsible users is, most likely, disadvantaged.

Further, while less effective than handwriting in stimulating critical thinking, laptops are notably more efficient in taking notes, as the digital medium allows students to more easily record, retrieve, transfer, and organize notes. These features aid students in preparation for exams and higher-level courses. Digital notes are also more cost-effective, as they can be more easily saved for the long term. Another advantage of paramount importance is the reduced time spent typing lecture notes outside of class, especially in first-year business courses. For instance, in addition to regular class time, the BA 110 Business Orientation course requires students to attend two weekly lectures. Students must electronically submit lecture reflections, and the submissions are graded. The ability to use laptops during these lectures is especially helpful, as it reduces the time spent typing information from handwritten notes, thus allowing students to devote increased time to extra-curricular activities, work, and other academics. Additionally, students benefit from in-class access to online textbooks and the

accompanying software, decreased backpack weight, and decreased travel time (i.e., eliminating the need to return to one’s dorm and retrieve a different binder).

Ultimately, I’m sure the Business Department carefully considered whether or not to enact this ban; however, I respectfully contend with its decision to impose the policy universally. Instead, I recommend that the department limits judgment to the course-level, rather than the department-level. Alternative compromises include requiring that laptop users sit in the front or back rows of a class or forbidding laptop use during discussion sessions, but allowing it during lectures. Lastly, if the decision stands, I encourage faculty to distribute written guidelines for the policy, in print or digital.

At this point in time, laptop “culture” and user etiquette in social settings, especially those characterized by generational differences, are vague. Furthermore, as can be witnessed, many students still prefer traditional learning methods, so the consequences of an electronics ban will not be immediately apparent. However, within the next five to ten years, as laptop use in primary and secondary schools increases and handwriting instruction ends, college students’ desire to use laptops in the classroom will undoubtedly increase. As such, the Business Department will again be faced with the issue of laptop use and will likely reconsider the current ban – so why not revisit the matter now?

References

Mueller, P. A., & Oppenheimer, D. M. (2014). The pen is mightier than the keyboard: advantages of longhand over laptop note taking. Psychological science, pp. 1-10, DOI: 10.1177/0956797614524581.

"The State of Workplace Productivity Report." Cornerstone. Cornerstone OnDemand, 2013. Web. 06 June 2016.

Students – do you have an opinion on curriculum, current events, campus events, or course content that you would like to share?

Please send submissions to ciocirlanc@etown.edu prior to the end of the academic year. Opinion editorials should have a minimum

of 300 words. We hope to read yours soon!

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STUDENT ACCOMPLISHMENTS

Outstanding Business Student Nominees

The following students were nominated for the Outstanding Business Student Award, sponsored by Mr. James Hoover’75. Congratulations to all!

Please read their short bios below.

From left to right: Collin Davidson, Jessica Lehr, Danielle Cockey, Kelsey Sloan, Mr. James Hoover, Lydia Dearie, Allison Salata, Jared Myers

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anielle Cockey. I am a senior accounting major with a minor in information systems. During my time at Elizabethtown College, I was an active

member and officer of the Newman, accounting, and volleyball clubs, balancing three important facets of my life – my faith, my major and career, and sports. As a freshman, I was inducted into the Alpha Lambda Delta and Delta Mu Delta honor societies, and, in my sophomore year, I began working for the Chaplain’s Office. I later joined the Children and Families Think Tank at Etown, an inter-disciplinary group of students and faculty, who used their research skills to improve the effectiveness of an organization in the local community. As a volunteer in this group, I performed research and assisted in developing a wellness program for female teens in the juvenile justice system. In my junior year, I had a tax internship at Baker Tilly from January to April; there, I worked under a senior accountant, preparing individual tax returns, and participated in the Volunteer Income Tax Assistance Program (VITA). However, when this internship ended, I knew my career path would not include full-time tax accounting. The following summer, I held a second internship at SC&H Group, LLC. I spent two weeks in the consulting department and six weeks in the auditing department, allowing me to travel and assist various clients with benefit plan audits. At the end of my internship, I was offered a full-time position; I will begin working there in June. After graduation, I plan to earn my CPA and will explore various career paths.

ollin Davidson. I am a double-major in economics and actuarial science and a minor in political science; upon graduation,

I will be the first one in my family to earn a college degree. During my time at Elizabethtown College, I received a national award, the Casualty Actuarial Society Trust Scholarship, as well as the Mary Sachs scholarship and a Business Department scholarship. In my junior and senior years, I was the president of the Student Senate. My involvement allowed me to network with individuals like John Esbenshade, a partner at Stevens & Lee, and Robert Dolan, an executive at Conrad Siegel. In my spare time, I was a member of the Disc Golf club and college radio station; I also enjoyed working out at the Body Shop. One of my most meaningful Elizabethtown experiences was taking Dr. Paul’s course about the European Union, which was accompanied by a trip to Brussels. While at Elizabethtown, I passed five actuarial exams, accelerating my bid for an actuarial fellowship post-graduation

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(though, as an actuary, I must continue to pass these exams in the future). I also held an actuarial internship in the Reinsurance and Capital department of Chubb Corporation. Beginning in July, I will work as an actuary for Milliman’s financial risk management office in Chicago. After earning my actuarial fellowship, I aspire to earn an MBA, perhaps from the University of Chicago.

ydia Dearie. I recently came across the quote that perfectly describes my mindset: “The meaning of life is to

give life a meaning.” Since I was in fifth grade, I have told others that I want to direct a nonprofit organization. I am now a senior business administration major who holds three part-time jobs on campus, competes in a Division III sport year-round, and volunteers regularly for two local nonprofits. As a rising sophomore, I served as the Community Relations and Women’s & Children’s Shelter Intern with Human Services of Carroll County, MD. I later held internships with Mennonite Disaster Services, during the fall of junior year, and, as a rising senior, with the Maryland CASH Campaign & Job Opportunities Task Force, assisting low-income families and individuals. On campus, I served as a research assistant for the Social Enterprise Institute and as an officer for the Social Enterprise club. These activities have allowed me to help homeless women reach employment, provide basic necessities to impoverished children, and inspire troubled youth to set and achieve goals. Throughout my career at Elizabethtown, I also worked as a tutor for both Learning Services and the Business Department. After graduation, I plan to continue working with nonprofits until I feel the time is right to open my very own: a community center with an attached day care and soup kitchen.

essica Lehr. I am a business-minded country girl who loves travel and adventure. Having always excelled in math, I naturally elected to double-major in

economics and actuarial science, and, throughout my four years at Elizabethtown, I consistently made the Dean’s List. I was motivated to begin taking actuarial exams early in my college career – one of my proudest achievements is being the first Elizabethtown student to have passed an actuarial exam as a freshman. I also successfully completed three Pi Mu Epsilon journal problems, and one of my solutions was published. Apart from my studies, I enjoyed acting as a “peer mentor” to first-year students, being a member of the

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Called to Lead program, and participating in intramural sports. My other passions include running, baking, reading, planning vacations, and talking about food. I also studied abroad in Belgium; while in Europe, I visited ten countries and twenty-two cities. As a rising junior and senior, I also held two actuarial internships with Aon. After graduation, I will enter a leadership development program at Willis Towers Watson, concluding in an actuarial position. As a member of this rotational program, I will gain a better understanding of the company, enhance various skills, and possibly participate in a rotation program abroad at the company’s London headquarters.

ared Meyers. After withdrawing from Lock Haven University in 2010 as a third-year biology student, I am now graduating at 28 years old. I battled

addiction from ages 16 to 23, until I was arrested for robbery. I then spent two years in prison and have been sober since. I believe I can help others obtain physical and mental wellness by empowering them with exercise, and I currently coach CrossFit and compete in local competitions. Last year, I ran the Hershey half-marathon with an average time-per-mile of 7 minutes and 45 seconds. While at Elizabethtown, I also held an internship with the Around Campus Group last summer. My teammate and I sold advertising space in the college’s student planners by walking into every local business and developing relationships with them. I want to spread happiness, and this internship was one of the most rewarding experiences of my life. In the classroom, my professors have encouraged me to follow my dreams and reach for the top. They have been supportive of my past, proud of my achievements, and pushed me to do better than I thought I was capable of. I would love to be a professor one day, but, before then, I want to help other individuals fighting addiction by opening a recovery house-and-work program. I’ve drafted a business plan in my entrepreneurship classes that will allow me to make my dream a reality.

llison Salata. Beyond maintaining a high academic standard, I was a member of

Emotion, a dance club, for four years. I served as a student choreographer for two of those years, choreographing one dance each semester, holding auditions, and conducting weekly rehearsals. In the spring semester of my freshman year, I joined several other dancers on campus to create the Elizabethtown College Dance Team (ECDT). To this day, its guiding mission continues to be to “Dance for Service.” Our largest fundraiser, “One ELLE of a Night,” is an

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annual spring event featuring ECDT, on-campus singing groups, and other performance groups. All of its earnings are donated to the ELLE Foundation, an organization that grants the wishes of children with recurrent cancer. As the 2015-2016 president, I was responsible for managing performances, acting as a liaison to our ELLE Foundation representative, and overseeing the event’s promotion, organization, and financing. Beyond dancing, I worked as a resident assistant (RA) and tutor. I also held internships at Simon Lever, LLP, McKonly & Asbury, LLP, and Music at Gretna. My experiences within the Department of Business enhanced my leadership roles in student groups, and I look forward to further applying my foundation of knowledge and skills as a staff accountant at Simon Lever, LLP.

elsey Sloan. I have studied business management and marketing for four

years. Balancing work and education, I received the title “Emergent Scholar,” a spot on the Dean’s List each semester, and membership within the Alpha Lambda Delta and Delta Mu Delta honor societies. I also enjoyed acting as the student editor for the Business and Economics Digest, as well as independently managing the Department of Business’s Alumni Newsletter, which is a monthly publication that advertises events within the department. I created the newsletter as a freshman, and it has now become a permanent facet of the department. I am responsible for interviewing and collecting information, designing the layout, and writing and editing all articles. I have additionally served as a student assistant and a tutor for business and writing. Beyond the classroom, I was involved in Emotion, a dance club, as well as the Elizabethtown College Dance Team. I have also treasured volunteering with Girls on the Run, through which young girls train for a 5K. Yet my most significant learning experience occurred within myself – someone very close to me is battling addiction, and I feel confident that I can use my business capabilities to fight this destructive disease. My dream is to create my own foundation devoted to raising awareness for addiction and funds for research and treatment. In the coming months, I will take my first steps toward achieving my goals by beginning my career as a benefits communication specialist at Murray Securus.

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Lydia Dearie won the Outstanding Business Student Award!

Congratulations!

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Competitions

wo Elizabethtown student teams qualified in the top four teams at the Philadelphia CFA Research Challenge. The CFA Challenge is a competition in which student teams from area colleges and universities prepare an equity research report on an assigned company

and present their findings to a panel of investment industry experts. The two teams were recruited and mentored by Dr. Emma Neuhauser.

Please see below reflections from our business students who participated on the teams.

"Participating in the CFA Research Challenge was a fantastic opportunity. Over a four-five month span we learned how to analyze a company in far deeper depth than we had ever done in the classroom. We also had the chance to work with individuals we otherwise would not have, and that furthered our ability to collaborate with different groups. Having both an industry and faculty advisor helped us understand how a first job might work, in the sense that we’ll do most of the work on our own, but we have superiors to check what we have done. I was very pleased to have the chance to represent Elizabethtown in Philadelphia as we beat half of the teams that made it to the presentation round."

~Reflection by Isaac Martin '16,Business Administration major, Finance concentration

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Lydia Dearie and Tien Hoang

Dr. Emma Neuhauser

"Participating in the CFA Research Challenge was a fantastic opportunity. Over a four-fivemonth span we learned how to analyze a company in far deeper depth than we had ever done inthe classroom. We also had the chance to work with individuals we otherwise would not have,and that furthered our ability to collaborate with different groups. Having both an industry andfaculty advisor helped us understand how a first job might work, in the sense that we’ll do mostof the work on our own, but we have superiors to check what we have done. I was very pleasedto have the chance to represent Elizabethtown in Philadelphia as we beat half of the teams thatmade it to the presentation round."

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"Participating in the CFA Challenge was a great eye-opening experience, and very valuable for my future. When Dr. Neuhauser first asked me to be involved in the Challenge, I was a bit reluctant, due to the fact that I do not concentrate in Finance, but in Management. However, Dr. Neuhauser explained the importance of having a diverse team, with expertise in many different areas of business. As the leader of my team, I was able to put my management skills to use and contribute in important ways. Our financial report was ranked in the top 4 (four) out of 16 colleges and universities. Having been chosen over highly-esteemed schools, such as Villanova or Drexel, was a huge confidence-booster. We were given the opportunity to present our research to a panel of industry experts at the Union League in Philadelphia. At this event, we were able to network with various representatives from the CFA Institute, finance executives, and fellow CFA Challengers from other colleges. The entire experience pushed us outside of our comfort zone and gave us a chance to apply what we have been learning in the classroom to a real-world situation. I am very grateful to have been given the opportunity to participate in this type of project, where collaboration among students, faculty, and industry professionals leads to a deeper sense of learning, impossible to experience otherwise.

~ Reflection by Lydia Dearie ’16, Business Administration major, Management concentration

"The CFA Research Challenge is no doubt the most involved and comprehensive project that I worked on during my four years at Elizabethtown. Starting back in October/November, I remember thinking, "This is going to be fun and a great way to end my college career.” After months of hard work and many sacrifices, fun might not have been appropriate term for this project, because at times of little sleep and a lot of stress, it didn’t seem fun. Rewarding is the most accurate term, however. Unfortunately, we did not finish the way we would have liked, but that won’t take away from the journey taken to get to that point and the rewarding feeling one experiences after completing such a daunting project. In conclusion, I take away two things from this experience. The first is sharing this experience with my teammates. These are people that I may have had class with and I may have even worked with on various other projects, but the Challenge allowed us to share a special bond that I would not trade for anything. The second, and probably the greatest, takeaway, was being able to participate in a project that tested every skill set that I have developed over my college career. It’s reassuring to know that everything that I have learned in the classroom and in internships, especially in finance, can be applied to creating a comprehensive investment analysis. In the end, even though the amount of work was greater than expected, it was a great way to conclude my college career."

~ Reflection by Josh Peters '16, Business Administration major, Accounting & Finance concentrations

"Participating in the CFA Challenge was a great eye-opening experience, and very valuable formy future. When Dr. Neuhauser first asked me to be involved in the Challenge, I was a bitreluctant, due to the fact that I do not concentrate in Finance, but in Management. However, Dr.Neuhauser explained the importance of having a diverse team, with expertise in many differentareas of business. As the leader of my team, I was able to put my management skills to use andcontribute in important ways. Our financial report was ranked in the top 4 (four) out of 16colleges and universities. Having been chosen over highly-esteemed schools, such as Villanovaor Drexel, was a huge confidence-booster. We were given the opportunity to present our researchto a panel of industry experts at the Union League in Philadelphia. At this event, we were able tonetwork with various representatives from the CFA Institute, finance executives, and fellow CFAChallengers from other colleges. The entire experience pushed us outside of our comfort zoneand gave us a chance to apply what we have been learning in the classroom to a real-worldsituation. I am very grateful to have been given the opportunity to participate in this type ofproject, where collaboration among students, faculty, and industry professionals leads to a deepersense of learning, impossible to experience otherwise.

"The CFA Research Challenge is no doubt the most involved and comprehensive project that Iworked on during my four years at Elizabethtown. Starting back in October/November, Iremember thinking, "This is going to be fun and a great way to end my college career.” Aftermonths of hard work and many sacrifices, fun might not have been appropriate term for thisproject, because at times of little sleep and a lot of stress, it didn’t seem fun. Rewarding is themost accurate term, however. Unfortunately, we did not finish the way we would have liked, butthat won’t take away from the journey taken to get to that point and the rewarding feeling oneexperiences after completing such a daunting project. In conclusion, I take away two things fromthis experience. The first is sharing this experience with my teammates. These are people that Imay have had class with and I may have even worked with on various other projects, but theChallenge allowed us to share a special bond that I would not trade for anything. The second,and probably the greatest, takeaway, was being able to participate in a project that tested everyskill set that I have developed over my college career. It’s reassuring to know that everythingthat I have learned in the classroom and in internships, especially in finance, can be applied tocreating a comprehensive investment analysis. In the end, even though the amount of work wasgreater than expected, it was a great way to conclude my college career."

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"The CFA Challenge was an experience of a lifetime. Not only did I learn about Toll Brothers inside and out, but I also learned how to present with confidence. This opportunity improved my analytical skills, communication skills, and it challenged me to work harder. I enjoyed working with my team and continuously refining our paper and presentation. My peers and I encouraged one another to test our knowledge and analyze a problem from multiple angles. I am grateful for being able to participate in this challenge and I would do it all over again. "

~ Reflection by Kasey Dietrich’16, Business Administration major, Finance and Management concentrations

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Emergent Scholars2015-2016

ach year, students who have attained at least a 3.75 cumulative grade point average at the end of their first three semesters are designated as Emergent Scholars. Qualified students

are full-time students who have not previously attended another college or university for full-time study and have earned at least forty-two credits in the three consecutive semesters as a student at Elizabethtown College or one of its affiliated programs. The Provost hosts an annual luncheon to recognize Emergent Scholars and their invited mentors. Emergent Scholars and their mentors were the following:

Emergent Scholars Faculty mentors

Maria L. Boretti Dr. Hossein VaraminiLia Kopar Dr. Hossein Varamini

Rachael A. Nelson Prof. Jeffrey GabrielAdam G. Saubel Dr. Randy TrostleMorgan T. Reiss Dr. Sylvester Williams

Jessica M. Sullivan Dr. Bryan GreenbergRebecca L. Yunginger Dr. Hossein Varamini

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"The CFA Challenge was an experience of a lifetime. Not only did I learn about Toll Brothersinside and out, but I also learned how to present with confidence. This opportunity improved myanalytical skills, communication skills, and it challenged me to work harder. I enjoyed workingwith my team and continuously refining our paper and presentation. My peers and I encouragedone another to test our knowledge and analyze a problem from multiple angles. I am grateful forbeing able to participate in this challenge and I would do it all over again. "

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Student Awards and Scholarships2015-2016

The following students were recognized at the Business Award Dinner on April 13, 2016. Congratulations!

Award Recipient

PA Institute of Certified Public Accountants Award Conner Land

Accounting Alumni Award Tien Hoang

John F. Chubb ’61 Scholarship Stephen Agostino and Zachary Memmo, Rachel Nelson, Tyler Stecz

Doris K. Bitting ’52 Scholarship Craig Eidle

Christine Eberle ’96 Memorial Scholarship Colin Brubaker

Financial Executives International (FEI) Central Pennsylvania Chapter Outstanding Student Award Jessica Lehr and Allison Salata

Glenn R. Patterson Thomas Hopkins, Stephanie Turnbull, Damian Ulrich

Alice L. Knouse Scholarship Madison McCall

Mary Sachs Scholarship Kylie Bueti, Lia Kopar, Anthony Knight

Herman G. Enterline Scholarship Mary Sloan

Musselman Foundation Adam Saubel, Maria Boretti

David R. Sykes ’70 Scholarship Michael Napoli

Department of Business Day and Scholarship Competition

Joshua Baker, John Dahmus, Hannah Keeports, Anthony Knight, Sarah Pomerantz, Tyler Ronayne, Andrew Snyder,

Damian Ulrich, Michael Zabrecky

Nuts about Granola Innovation Scholarship Ryan Kenney

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Bets Keen ’77 Campus-wide Entrepreneurship Scholarship

Brooke Daugherty

Steve Poorman ’72 Entrepreneurship Award Jared Meyers

The Miller Family Business Scholarship Joshua Eden

Major Field Test Achievement Award Conner Land, Jeffrey Halligan, Jared Meyers, Lydia Dearie

Powell Adams Scholarship Kathleen Banik

John Hess Morgan Reiss, Jessica Rinaldi

Dentsply Scholarship Victoria Edwards, Hannah Keeports

Jay and Carolyn Buffenmyer Scholarship Sarah Pomerantz

John R. Flaker Scholarship Colton Swindler

Ernst & Young Accounting Scholarship Cynthia Earl

Robert E. Hall ’68 Scholarship Carley Gurdak, Katherine Simpson

Student Tutor Awards Maria Boretti, Lydia Dearie, Lia Kopar, Rachael Nelson

Outstanding IB student award Hoa Nguyen, Linh Nguyen

Douglas and Victoria Meacham Memorial Award Jacob Moyer

Fondren Miller Advertising Award Mikayla Mason

Stamps Leadership Scholarship Tyler Butkus, Nicolas Callahan, Matthew Shenk

James B. Hoover ’75 Scholarship Kelsey Sloan, Katie Derreth

We would like to thank all the donors for providing our students with scholarships and awards. Delivering a high-quality, distinctive education wouldn't be possible without

your generous support!

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Careers

Marissa Gingrich, Adam Saubel, and Erick Blank were accepted into the co-op program at Hershey Foods. They will start in summer 2016.

Kelsey Detweiler, Stephanie High, and Hailey Parks completed the January-June 2015-16 co-op with Hershey Foods.

Jessica Sullivan received a Summer Enrichment Grant ($1,000) award from the Office of Prestigious Scholarships and Fellowships, which is intended to help support her summer co-op at Hershey. This experience will help further her professional development while also helping strengthen a future prestigious scholarship application.

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Stock Investments

Students in the BA 373 Managing Technology and Innovation class participated in a technology stock project, where they selected a technology stock to study and presented it to the class. The instructor, Dr. Angelis, then selected 9 (nine) stocks and created a portfolio to track class performance. By the end of class, students’ stock choices had more than doubled the S&P 500 over the same time frame. In addition, the students worked with a local startup and local small business on technology projects. The companies were selected in connection with the Social Enterprise Institute here on campus. As part of the project, some teams were paired up with students from Dr. Wunderlich’s Computer Science class and gained valuable experience in interdisciplinary work. Those joint Business-Computer Science teams went on to participate in a contest hosted by small businesses and impressed the businesses with their poster/presentation sessions.

The Trostle Investment Portfolio (TIP): For the fourth quarter ending 31 December 2015, the Elizabethtown College student-managed investment portfolio rose 7.21% compared to a rise of 7.04% for the S&P 500 Stock Index.

Marissa Gingrich, Adam Saubel, and Erick Blank were accepted into the co-op programat Hershey Foods. They will start in summer 2016.

Kelsey Detweiler, Stephanie High, and Hailey Parks completed the January-June 2015-16 co-op with Hershey Foods.

Jessica Sullivan received a Summer Enrichment Grant ($1,000) award from the Office ofPrestigious Scholarships and Fellowships, which is intended to help support hersummer co-op at Hershey. This experience will help further her professionaldevelopment while also helping strengthen a future prestigious scholarshipapplication.

Students in the BA 373 Managing Technology and Innovation class participated in atechnology stock project, where they selected a technology stock to study andpresented it to the class. The instructor, Dr. Angelis, then selected 9 (nine) stocksand created a portfolio to track class performance. By the end of class, students’stock choices had more than doubled the S&P 500 over the same time frame. Inaddition, the students worked with a local startup and local small business ontechnology projects. The companies were selected in connection with the SocialEnterprise Institute here on campus. As part of the project, some teams werepaired up with students from Dr. Wunderlich’s Computer Science class andgained valuable experience in interdisciplinary work. Those joint Business-Computer Science teams went on to participate in a contest hosted by smallbusinesses and impressed the businesses with their poster/presentation sessions.

The Trostle Investment Portfolio (TIP): For the fourth quarter ending 31 December2015, the Elizabethtown College student-managed investment portfolio rose7.21% compared to a rise of 7.04% for the S&P 500

student-managed investment portfolio rose500 Stock Index.

The Business Department prepares students for post-graduate success

through internships and a variety of other “real-world” experiences!

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STUDENT CONFERENCE PAPERS

Financial Analysis: Toll Brothers, Inc.

Lydia Dearie, Tien Hoang, Isaac Martin, Trung Le, and Minh Hoang

Advisor – Dr. Emma Neuhauser

his paper summarizes the findings from our team’s participation in the 2016 CFA Challenge. The Challenge

assigns a company to teams from various colleges and universities around the world, who develop a recommendation based on their analysis of the company’s future outlook. Each team submits a structured report and, if chosen, presents its findings to finance industry professionals. Analyzing a company’s potential as an investment is important beyond the classroom. Individuals rely on consultant recommendations and invest, hoping to earn a reward.

Our team of undergraduate students from Elizabethtown College worked together effectively, leveraging a diverse set of skills from different areas of business. Ultimately, our report was chosen over those written by teams from more highly-esteemed schools, and we were given the opportunity to present our research to a panel of industry experts at the Union League in Philadelphia. Overall, the experience allowed us to apply what we have learned in the classroom to a real-world situation. This type of project, involving collaboration between students, faculty, and industry professionals, provides a deeper sense of learning that cannot otherwise be experienced.

Our research objective was to analyze the company, Toll Brothers, Inc.,

and decide whether we would recommend that investors “buy,” “sell,” or “hold” their stock. To address this question, we conducted extensive research on the company and the industry, as well as the current macroeconomic environment in which the company operates.

Toll Brothers, Inc. was incorporated in Delaware in May 1986. The company designs, builds, markets, and arranges financing for detached and attached homes in luxury residential communities. It also builds and sells homes in urban infill markets through Toll Brothers City Living. In October 2015, the company operated in 19 states, with home building communities located in affluent suburban areas near major highways, providing access to major cities. Toll products are demanded by a target market of “move-up” buyers, or upscale luxury home buyers who are looking to buy a larger or more desirable home. They also cater to the “empty-nester” market, which consists of individuals aged 50 years and older. Lastly, the company operates in the residential construction industry, which, overall, is not very attractive. Although this market faces a low threat of entry, it also experiences a moderate supplier/buyer power, high rivalry, and many substitutes.

Primarily, Toll Brothers competes on the basis of price, location, design, quality, service, and reputation. As home buyers

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increasingly focus on builder solvency, Toll Brothers also believes its financial stability is a favorable competitive factor. Most of the organization’s financial ratios, such as quarterly revenue growth, EBITDA, EPS, P/E, and P/S surpass industry averages. These ratios are very important for investors trying to evaluate a company, and, since Toll Brothers currently performs better than the industry average, this data indicates that Toll Brothers may be a worthwhile investment.

We evaluated Toll’s intrinsic value primarily through P/S, P/B, EV/ Sales, EV/ EBITDA, and the DCF model. For the P/S and P/B models, we calculated the average price of the company stock over ten years, as well as the average sale value per share and book value per share. We then calculated the P/S and P/B ratios and multiplied the results with the projected sale value per share and book value per share in 2016. We used the same calculation method for the EV/Sales model. For the EV/EBITDA method, we calculated the average ratio after the recession and then multiplied it with the projected EBITDA in 2016. The valuation methods indicated a current intrinsic value, or target price, of $36.96 per share. Toll offers slight long-term upside through rising housing demand and expansion into diversified operations, such as City Living, Mortgages, or CA land purchases. Overall, our team recommends that investors “hold” stock for Toll Brothers, Inc., given that, at the time this analysis was conducted, our target price offered a 20.2 percent upside from its closing price of $30.74 on January 13, 2016.

Our recommendation is primarily driven by the main strengths of Toll, including the company’s ability to adapt to a changing environment in the residential construction industry through the purchase and development of land, utilization of an effective marketing and sales strategy, diversified business operations, and growth

and stability in recent years. We also took the following growth drivers into consideration: the decreasing national unemployment rate, increasing population, continued low interest/mortgage rates, continued low personal savings rate, and increasing consumer housing demand. It is important to further consider the main risks to Toll, which include adverse changes in the macroeconomic environment. This environment, characterized by volatile stock markets at home and abroad, may affect the residential construction industry by potentially increasing interest and mortgage rates, lowering the credit rating of Toll Brothers, and decreasing consumer confidence and other indicators.

In the future, it is important to observe not only external factors, but also internal factors affecting the company. If the company starts to run into trouble, or if the macroeconomic conditions begin to deteriorate, our recommendation would likely change to “sell.” However, if all goes well, then our “hold” may be upgraded to a “buy” recommendation.

For feedback, please email deariel@etown.edu, hoangtien@etown.edu,

isaac.m.martin@gmail.com, letq@etown.edu, or hoangm@etown.edu

The Effects of Social Responsibility Strategies on Organizational Reputation and Success

Lydia Dearie ’16Business Administration, Management concentration

Honors in Discipline project

Advisor – Dr. Ciocirlan

his paper examines social responsibility as a whole, as well as different types of social

responsibility strategies and their effect on an organization’s reputation and success. Corporate Social Responsibility (CSR) entails “achieving commercial success in ways that honor ethical values and respect people, communities, and the natural environment” (White, 2006). In turn, a company’s corporate reputation is defined as stakeholder perceptions concerning an organization’s performance and behavior. It is important to study CSR because there has been increasing pressure on organizations to be good “corporate citizens” and implement CSR strategies, yet there is little research concerning whether CSR strategies are beneficial to the companies that incorporate them. While a company’s CSR initiatives undoubtedly help society, it is important to further explore whether society alone reaps the benefits or whether the business itself is also positively affected.

The goal of this project was to determine if social responsibility has an effect on an organization’s reputation, as well as whether or not CSR is important to the organization’s success. Another goal was to discern whether different types of social responsibility strategies lead to different reputational effects. In order to address these questions, an extensive literature review and interviews with business executives were conducted.

CSR has been linked to several positive outcomes for organizations, including a positive bottom line increase, greater access to capital, improved brand image and corporate reputation, attraction and retention of a quality workforce, and the development of leadership skills. Most benefits of CSR, such as improved reputation, are intangible, but there is a spillover effect showing that CSR relates to a company’s profitability through good reputation, reduced risks, and increased revenues. While CSR has the potential to positively impact organizations, as well as the community in which they operate, it is important to note that, with reward there is always risk. Research has emphasized that, instead of abstaining from CSR initiatives, a company must instead tread cautiously, i.e., they must have a clear objective of the activities they undertake and should align their expectations with reality by conducting a cost-benefit analysis.

CSR does not look the same for every organization. When selecting a CSR strategy to implement or an initiative to pursue, it is imperative to acknowledge the importance of integrating business and society to create shared value, thus benefiting all stakeholders. Sustained analysis and reflection on an organization’s actions are also key to ensure that companies are getting the results they had projected. If a business’s strategy does not benefit both the business itself and intended

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stakeholders, it is necessary for that business to find out why, as well as how they can change their course of action for the good of all those involved.

With respect to the interviews conducted, when the interviewees were asked if their organization had socially responsible strategies in place, it appeared that, while many of the companies may have been acting socially responsible, they didn’t intentionally implement a CSR strategy. For those companies that did implement CSR strategies, reasons for engaging in CSR fell into four categories: community, family, environment, and industry-specific. CSR strategies can be employee-driven, customer-driven, or management-driven. Some companies feel that it is important to communicate their CSR strategies to the public, while others do not make communication a priority. Currently, most businesses do not systematically measure the effects of CSR on company reputation and success, but instead base their views in anecdotal evidence and intuitive feelings. In the future, it will be important for companies to develop a systematic way to capture how and in what ways CSR is really affecting their company. With respect to their future CSR strategic goals, most companies seemed to plan on doing more for their community.

After reviewing the literature on this topic, as well as conducting the interviews, it can be concluded that CSR strategies are beneficial to organizations. None of the organizations interviewed in the study reported that they wanted to be less active in CSR, even if they felt it didn’t directly impact their company’s bottom line. Instead, most companies, if not all, said that they wanted to be more socially responsible in the future. The companies cited intangible

qualities as the most beneficial aspects of their CSR strategies. These intangibles include better reputation in the community, customer loyalty, or employee involvement. This study found that these intangibles impact a company’s ability to reap tangible benefits. According to the literature reviewed on this topic, and the interviews conducted, CSR strategies are most effective when they are tied, in some way, to the business’s operations and/or industry.

Ultimately, consumers determine whether or not a business thrives. If a business has no customers because the public views them as unethical or failed corporate citizens, then the organization, too, will fail. Although social responsibility has been previously considered a voluntary action, society increasingly expects companies to be socially responsible. In turn, businesses will need to identify needs within the community, analyze what they can do to make a positive difference, and take action. Once an organization takes action, it is crucial that they critically evaluate how their actions are affecting those around them and whether or not they should make changes to their strategies as time goes on. Reflection and planning ahead are critical to developing a successful CSR strategy that not only positively contributes to society, but also positively contributes to one’s own company, creating a consistent win-win cycle.

To examine this topic further, future research should be conducted on the difference between CSR in different business settings, such as large versus small, corporate or public-owned versus family-owned, and in different regions and countries.

For feedback, please email deariel@etown.edu

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Trophy Hunting and International Conservation

Blair Hendricks International Business Major

Enactus Project

his paper focuses on trophy hunting and international conservation efforts. According to IDA International,

“trophy hunting is an elitist hobby for those excited to pay tens of thousands of dollars for a safari with the goal of killing a beautiful, large, or rare exotic animal” (p. 1). The death of Cecil the Lion at the hands of American dentist Walter Palmer inspired my research on the topic. Trophy hunting is a persistent problem that plagues populations of endangered animals. The goal of my presentation was to educate the public about how and why trophy hunting is allowed to happen, as well as how we can change the laws and norms in order to strengthen international conservation efforts. I argue that trophy hunting may be more easily addressed than other conservation issues, such as poaching and habitat destruction, specifically because it is possible to discourage it by changing the laws and regulations that govern trophy hunting.

The legal maze that regulates trophy hunting is responsible for many of the challenges behind global conservation. It is commonly acknowledged that the United States does not have the authority to regulate hunting in other countries, as trophy hunting is considered a “non-federal” activity. When hunting abroad, American citizens must obtain proper permits, proving that they hunt on a well-managed, legitimate reservation. However, proving that a reservation meets these conditions is nearly impossible. Furthermore, there is the common “incidental take” permit (“take” being defined as trapping, hunting, shooting, etc.), which states that, while engaging in otherwise legal non-federal activity, it is legal for a person to “incidentally” take an

endangered or threatened animal. In essence, under

American law, it is legal for an individual to hunt endangered species, as long as it is legal in the country where the hunt is taking place.

Thus, under the incidental take permit, the U.S. government provides citizens with indirect permission to hunt endangered species abroad. Even the official definition of an incidental take permit on the U.S. Fish and Wildlife Services website includes quotation marks around the word “incidental,” suggesting therefore that the taking or hunting is not genuinely incidental. Import permits provide similar evidence that the government indirectly condones trophy hunting. If the government does not tolerate the taking of endangered species, as evidenced by domestic laws about endangered species, why would the U.S. allow trophies to be imported, especially given that the U.S. does have the authority to regulate the importing of such trophies? Changing these laws may help to discourage trophy hunting, thereby strengthening the U.S. stance on international wildlife conservation.

In an attempt to legitimize their activities, supporters of trophy hunting argue that these activities benefit endangered species by funding the reserves and the economically disadvantaged people who operate them. The average trophy hunting trip costs about $50,000 USD. However, according to Emmanuel Fundira, president of the Safari Operators Association of Zimbabwe, the people who operate these reserves only receive about $1-$3 in total!

Moreover, trophy hunting fits into a larger picture of global conservation. The same problem of legal plurality can be

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applied to poaching and habitat destruction, but, by comparison, these issues are more heavily affected by finances. For example, wildlife products such as ivory and tiger bones are profitable in black markets. On the one hand, the potential economic gains encourage individuals who lack economic opportunities to poach and sell the animals’ body parts. On the other hand, the lack of economic and human resources in many African countries makes it nearly impossible to effectively monitor wild areas and pursue poachers. Thus, global conservation efforts

require people all over to agree on protectionist policies and pool resources to implement them. While it may be difficult for the average person to contribute, I believe writing to political leaders and spreading the word to reduce the demand for wildlife products will start to produce real change from the ground up.

For feedback, please email Blair at hendricksb@etown.edu.

References

"Africa's Poaching Crisis – AWF." Africa's Poaching Crisis – AWF. African Wildlife Foundation, n.d. Web. 17 Jan. 2016. <http://www.awf.org/campaigns/poaching-infographic/>.

Bryan, Susannah, and David Fleshler. "Manatee May Lose Endangered Status." Sun-Sentinel.com. Sen Sentinel, 8 Jan. 2016. Web. 17 Jan. 2016. <http://www.sun-sentinel.com/local/broward/fl-manatees-reclassify-petition-20160107-story.html>.

"Can Trophy Hunting Actually Help Conservation."Conservationmagazine.org. University of Washington, 15 Jan. 2014. Web. 17 Jan. 2016. <http://conservationmagazine.org/2014/01/can-trophy-hunting-reconciled-conservation/>.

"Foreign Species | FAQs." Endangered Species Program. US Fish and Wildlife Services, 16 May 2016. Web. 17 Jan. 2016. <http://www.fws.gov/endangered/what-we-do/international-stories.html>.

Flocken, Jeff. "Opinion: Why Are We Still Hunting Lions?" National Geographic. National Geographic Society, 4 Aug. 2015. Web. 17 Jan. 2016. <http://news.nationalgeographic.com/news/2013/08/130802-lions-trophy-hunting-extinction-opinion-animals-africa-conservation/>.

Hart, Prof Adam. "Viewpoint: Uncomfortable Realities of Big Game Hunting - BBC News." BBC News. British Broadcasting Corporation, 1 Sept. 2015. Web. 17 Jan. 2016. <http://www.bbc.com/news/science-environment-34116488>.

"Illegal Wildlife Trade." WorldWildlife.org. World Wildlife Fund, 2016. Web. 17 Jan. 2016. <http://www.worldwildlife.org/threats/illegal-wildlife-trade>.

“IDA International. In defense of animals.” http://www.idausa.org/campaigns/wild-free2/habitats-campaign/anti-hunting/hunters/trophy-hunting/

"Listed+Animals." Listed+Animals. US Fish and Wildlife Services, 10 Mar. 2016. Web. 10 Mar. 2016. <http://ecos.fws.gov/tess_public/reports/ad-hoc-species

"Living with Manatees." Living with Manatees. Florida Fish and Wildlife Conservation Commission, 2016. Web. 10 Mar. 2016. <http://myfwc.com/conservation/you-conserve/wildlife/manatee/>.

McGrath, Matt. "African Lions Likely to Gain Enhanced Protection Status - BBC News." BBC News. British Broadcasting Corporation, 14 Jan. 2016. Web. 17 Jan. 2016. <http://www.bbc.com/news/science-environment-35294840>.

"Poaching : The Humane Society of the United States." RSS. The Humane Society of the United States, 2016. Web. 17 Jan. 2016. http://www.humanesociety.org/issues/poaching/.

"Price List South Africa and Zimbabwe." South African Hunting Safari Price List 2016 and 2017. African Sky, n.d. Web. 17 Jan. 2016. <http://www.africanskyhunting.co.za/pricelist.html>.

"When Is It Hunting and When Is It Poaching? - BBC News." BBC News. British Broadcasting Corporation, 29 July 2015. Web. 17 Jan. 2016. <http://www.bbc.com/news/world-africa-33699347>.

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Do U.S. Corporations Meet Their Social Responsibility by Paying Their Fair Share of Tax?

Tien HoangAccounting Major

Honors in Discipline

Advisor – Prof. Riportella

urrently, there is an ongoing debate about whether U.S. firms, especially large and multinational corporations

(MNCs), are being socially irresponsible by not paying a fair share of their federal corporate taxes. For instance, even though the U.S. is one of the developed countries with the highest statutory tax rate (i.e., 35 percent), at least 54 companies in the S&P 500 were at least partially exempt from paying corporate tax in 2014 (Mider, 2015; Sullivan, 2015). U.S. companies can take advantage of numerous tax breaks to legally lower their tax payments. To do so, companies may use tax deductions and credits, tax havens (i.e., tax inversion, base erosion and profit-shifting, etc.), tax treaties, and business structures. These tax deferrals and exemptions help corporations maximize shareholder wealth by increasing earnings after tax; however, they also create and exacerbate budget deficits for the government. In 2014, corporate tax payments only accounted for about eleven percent of federal revenue (Tax Policy Center, 2015). These issues suggest the need for a tax reform program to create a fairer U.S. corporate tax system.

My research focuses on whether U.S. corporations are being “good public citizens” by paying their “fair” share of taxes. To answer this question, I examined the 10-Ks of a sample of 48 publicly-traded companies in the S&P 500 and the S&P 400. I divided the sample into two groups (large-

cap and mid-cap) and four sectors (Informational Technology, Financials, Consumer Discretionary, and Industrials). To address the overall question more deeply, I further inquired whether the size of the company, the amount of foreign earnings, and the cumulative undistributed foreign earnings affect the effective tax rate.

First, I evaluated whether the amount of tax payments made by U.S. corporations is “fair” using two individual decision criteria. The first criterion concerned whether the effective tax rate of all sampled companies is at least 28 percent. To deduce this value, I assumed that 80 percent of the statutory tax rate, at 35 percent, is “fair.” The second criterion regarded whether at least 80 percent of individual companies in the sample pay an effective tax rate greater than or equal to 28 percent. My research concluded that only the former criterion is met and that U.S. corporations are “moderately unfair” in paying their tax. However, I believe this analysis does not provide enough evidence for me to form an accurate and reliable conclusion, and, as a result, I performed additional analyses.

To determine whether the size of a firm has an effect on the effective tax rate, I inquired whether the difference in effective tax rate between the sampled large-cap and mid-cap firms is lower than 3.5 percent (i.e., 10 percent of 35 percent statutory tax rate). I also inquired whether 80 percent of the companies in each group pay at least a 28 percent effective tax rate. I determined that

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neither criteria were met. In comparison to mid-cap companies, I concluded that large-cap companies are “unfair” in paying their corporate tax. This finding suggests that, the larger and more global the company, the lower the effective tax rate.

In regards to whether foreign investments have a positive effect on lowering effective tax rate, I first compared the difference in effective tax rate between a group of companies with and without foreign earnings. I subjectively determined that, if the difference was higher than 3.5 percent, foreign investments would have a positive effect on lowering the effective tax rate. The result of the difference in the sample was 7.3 percent.

The second criterion focused on examining the relationship between the effective tax rate and the proportion of foreign earnings over total earnings before tax through a series of x-y scatter plots. These figures suggested a negative association between the two variables, signifying that the higher proportions of foreign earnings may be associated with lower effective tax rates.

Last, I tried to determine the nature of the relationship between a company’s cumulative undistributed foreign earnings and the effective tax rate. Using x-y scatter plots, I first evaluated the relationship between the effective tax rate and the proportion of the cumulative undistributed foreign earnings over retained earnings. Although the plots seemed to suggest a negative relationship between these two variables, there wasn’t enough evidence regarding the effect of the cumulative

undistributed foreign earnings on the effective tax rate.

I evaluated my next criterion under the assumption that, if the difference in effective tax rate between the group of companies with and without cumulative undistributed foreign earnings was higher than 3.5 percent, a negative relationship would exist between these two variables. My sample suggested that the difference was 5.3 percent, which satisfied my subjectively-determined criterion. Taking into account both criteria, I concluded that, even though cumulative undistributed foreign earnings had some positive effects on lowering effective tax rate, the extent of this effect was not significant.

To conclude, in general, U.S. corporations are “moderately unfair” in paying their share of corporate tax. It seems that the ability to operate internationally and invest outside the U.S. has a significant effect on lowering a company’s corporate tax rate. As a result of my research, I recommended that Congress review and revise some of its current tax codes related to inversion, BEPS, R&D, treatment for real estate investment trusts (REITs), etc.

One of the biggest shortcomings of my research is that it is primarily based on my personal judgment regarding the evaluation method for each research question, as well as the assessment of “fairness.” Furthermore, this study is not yet statistically supported, reducing its reliability.

For feedback, please email hoangtien@etown.edu

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References

Mider, Z.. (April 14, 2015). Ten Percent of S&P 500 Companies Avoid Paying U.S. Taxes. Bloomberg. Retrieved May 3, 2016, from http://www.bloomberg.com/news/articles/2015-04-14/how-10-percent-of-s-p-companies-opted-out-of-paying-u-s-taxes

Sullivan, M.. (March 25, 2015). The Truth about Corporate Tax Rate. Forbes. Retrieved March 1, 2016, from http://www.forbes.com/sites/taxanalysts/2015/03/25/the-truth-about-corporate-tax-rates/#1a60697a20a5

Tax Policy Center. (February 4, 2015). Tax Fact: Historical Amount of Revenue by Source. Tax Policy Center. Retrieved March 1, 2016, from http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=203

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Toll Brothers: A Comprehensive Investment Analysis

Josh Peters, Kasey Dietrich, Jameson Weaver, Hoa Nguyen, and Linh Nguyen

Advisor – Dr. Emma Neuhauser

he ability to invest in companies is a key element of the American economy, and it allows our country

to thrive economically. There are a myriad of financial instruments that one can invest in, such as equities, bonds, mutual funds, index funds, hedge funds, treasury funds, and derivatives. Our research objective was to take a publicly traded instrument, in this case, a company stock, and make an investment recommendation, for consideration by both individual and institutional investors. Similar to what thousands of research analysts do around the country, our ultimate goal was to create an investment report that arrived at a final recommendation of “buy,” “sell,” or “hold.”

Our project spanned approximately six months, starting in late October and ending in April. We began after being accepted into the CFA Institute’s Research Challenge and attending its annual kickoff meeting, where representatives of the company we would be researching, Toll Brothers (TOL), described their company and answered preliminary questions.

Our analysis is based on historical data and economic trends. Given that Toll Brothers is a homebuilding company, we focused heavily on economic indicators such as job growth, housing formation, home prices, consumer confidence, and mortgage rates. All of these indicators were obtained from the Bureau of Labor and Statistics, the U.S. Census Bureau, and industry groups, such as Fannie Mae or Freddie Mac. Another segment of our analysis focuses primarily on

Toll Brothers and a few of their main competitors. We reviewed up to ten years of past financial data, which was obtained from quarterly and annual reports, or “10-Ks.” We also used investment programs, such as Value Line Investment Surveys, FactSet Research Systems, Morningstar, and Yahoo! Finance. After analyzing all of these data, we developed several valuation techniques, which we then implemented to create an estimated target price. We used the following three models – a Free Cash Flow to the Firm (FCFF) model, a Free Cash Flow

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model with regards to Enterprise Value (EVA), and a multiples-based model.

Based on our research, we recommend a ‘hold’ position for Toll Brothers stock, with a target price of $37.19. A variety of indicators, described below, led us to this conclusion:

Competitive Positioning – TOL functions in some of the most prominent real estate markets across the United States. Although the company has primarily focused on traditional single-family homes, it has recently started making additional investments in multi-family facilities to support its new ‘City Living’ and ‘Apartment Living’ business segments. TOL is the leading luxury homebuilder in the country, with an average selling home price of approximately $825,000. This price is nearly $200,000 higher than that of its closest competitor. TOL’s unique design process and use of premium products solidifies its competitive advantage within the industry.

Economic Indicators – We have identified a very strong correlation between the housing market, household formation, and TOL stock price. The housing market is in the middle of its post-recession recovery, improving more slowly than many experts projected. Yet there are strong economic indicators that support the growth of the industry and, by extension, TOL’s growth. While mortgage rate trends have recently increased slightly, their growth is slow enough that consumers still perceive the rates favorably. Furthermore, entering 2016, job growth has been strong, posting over 70 months of positive

job data. Similarly, home prices are quickly approaching pre-recession highs, but now, as opposed to the recessionary period, strong economic growth seems to accompany the increase in prices, indicating that higher prices may be sustainable. Consumer confidence in the housing industry is at one of its highest points, despite slowed increases at the beginning of 2015. Lastly, our most significant economic indicator is housing formation. In 2015, 1.7 million new households were created, and that number is projected to increase in 2016.

Financial Analysis – TOL profitability is significantly better than industry average. Although most of the reviewed ratios and growth trends dipped in 2015 (relative to 2014), home backlog is strong, and 2016 is projected to be another strong year for TOL. For example, TOL completed its acquisition of Shapell Homes in 2014 and has provided it with prime real estate holdings in central and southern California. This is just one of the payoffs of their strategy to maximize real estate during the recession.

Valuation – Using the three models above, we projected the future outlook of TOL and determined a price target. Our FCFF model calculated an estimated target price of $37.52. Using our EVA model, we calculated an estimated target price of $37.49. Then, to validate our estimations, we conducted a Monte Carlo simulation, focusing on growth rates, which were the most significant variable in our models. Our mean price for the simulation was $35.40, with a standard

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deviation of $3.05. The close proximity in price validated our free cash flow models. To provide an alternate method for identifying a target price, we also considered several multiples, such as P/E, P/S, P/CF, and P/BV. For this method, we calculated an estimated target price of $35.93. Merging our valuation, we gave weights of 40 percent to each of the free cash flow models. This value was assigned on the basis of the importance of cash flow to the financial health of a company. We assigned the remaining 20 percent to the multiples’ price target. By using this weighted average method, we achieved an overall target price of $37.19.

At the time of writing this report, the price of TOL stock was around $30. Considering all the risks associated with such an investment, we placed a “hold” recommendation on the stock; a “buy” recommendation would have required a 25 percent upswing potential to be profitable.

However, this project didn’t end in January when we submitted our report to the CFA Institute. We were chosen as one of the finalist teams in the Philadelphia region and presented our report to a panel of CFA

professionals. These professionals then selected a winning group to invite to the national tournament in Chicago. Although we did not obtain the result we hoped for at the regional competition, we were able to learn a bit more about tracking a stock, especially given that this project continued until late April, when our team presented at the Student Conference in Business and Economics.

The most important factor to consider when adjusting for future conditions or deciding to invest is monitoring the stock price. We established a target price that will likely remain valid until the next financial quarter, when new data is released. In sum, if the TOL stock price drops below $30, we encourage investors to considering buying, and, likewise, if the price rises above our target price, one may consider it overvalued. To accurately reflect the changes in market conditions, a review of the financial and economic indicators described above would be necessary approximately every three months, unless a major crisis occurs.

For feedback, please email petersja@etown.edu, weaverj@etown.edu, nguyenh@etown.edu, nguyenl@etown.edu,

dietrichk@etown.edu

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Narrative in Advertising: The Effects of Brand Character on Consumer Perception

Lindsay SympsonProfessional Writing & Business Administration major

Honors in Discipline

Advisor – Dr. Greenberg

he rapid dissemination of digital technology in 20th century has changed the way society thinks and

understands information (Prensky, 2001). These technological changes have affected interpersonal, professional, and commercial communication, as well as the methods and expectations accompanying each. Nowhere is this shift more relevant than in the realm of advertising. Modern advertisers must understand how individuals consume information and entertainment, both in terms of media (e.g., physical or virtual) and platform (e.g., online, app, social media, or traditional formats). Although researchers have been paying close attention to the technological landscape, they have not yet exhaustively explored another socio-cultural trend introduced by technology – the growing need for personalized consumer experiences and powerful brand narratives. Buyers want individual experiences that reflect personal needs, attitudes, and situations. The demand for “inclusive individuality” is the need to be respected as an individual, while continuing to feel as though one belongs to a “bigger picture” (Light, 2014).

While research on the use of narrative plot in advertisements is limited (Green & Brock, 2000; Stern & Gallagher, 1990), researchers have increasingly demonstrated that campaigns able to effectively tell the

story of their brand are more likely to create positive brand association (Martin et al, 2003; Ritchie

2010). Further research has demonstrated that powerful cultural stories, or myths, may inspire feelings of personal connection and empowerment in relation to a brand (Brown et al, 2013; Kessous, 2015; Sachs, 2012). In particular, Sachs (2012) theorizes that whether a brand symbolically plays the mythological role of “hero” or “mentor” in an ad can make a significant difference in consumer brand perception. In a Brand-as-Hero ad, once a problem is established, the brand’s product or service rescues the main character of the ad from imminent danger. Alternatively, in a Brand-as-Mentor ad, once a problem is established, the main character of the ad experiences an epiphany, and the brand’s product or service has a supportive presence (Sachs, 2012).

The present study was designed to subject traditional television advertisements to literary analysis and establish whether there is a statistically significant relationship between television advertisements that employ the Brand-as-Mentor storyline and an increase in the positive perception of said brand. It also seeks to explore differences in consumer attitude in relation to the presence of Brand-as-

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Mentor or Brand-as-Hero advertisements within different product categories. The following hypotheses were among those tested.

H1 – Individuals will indicate a more positive ad attitude after viewing a Brand-as-Mentor ad than they will after viewing a Brand-as-Hero ad.

Although both the Brand-as-Mentor and Brand-as-Hero narratives employ the mono-myth structure that has been shown to heighten self-brand connection and transportation (Sachs, 2012; Campbell, 1972), the likelihood of transportation decreases when an ad is overtly commercial (Van Laer et al, 2014). When the Brand-as-Hero narrative concludes with the brand as the solution, individuals may assume the story has no inherent value. The Brand-as-Hero ad would thus forfeit the ability to increase positive consumer ad attitude, an established benefit of transportation.

H2 – Individuals will indicate a more positive brand attitude after viewing a Brand-as-Mentor ad than they will after viewing a Brand-as-Hero ad.

The studies by DelGadillo and Escalas (2004) maintain that positive brand attitude is positively correlated with self-brand connection and narrative involvement (DelGadillo & Escalas, 2004; Escalas, 2004; Escalas & Stern, 2007). While both the Brand-as-Mentor and Brand-as-Hero narratives employ the monomyth structure that has been shown to heighten self-brand connection and transportation (Sachs, 2012; Campbell, 1972), awakening experiences are said to increase brain activity through world-view transformation, therefore increasing narrative involvement (DeGloma, 2010). It would then be reasonable to suppose that the presence of awakening in the Brand-

as-Mentor ad would increase narrative involvement and lead to a more positive brand attitude than that reported for the Brand-as-Hero ad.

To test these hypotheses, a laboratory experiment was performed. Brand narratives that describe the entirety of a television advertisement were developed and four surveys were created, each featuring two of the eight total advertisement narratives. In turn, four groups received two distinct ads each. The first section of the survey included questions regarding demographics. After individuals completed and submitted the first section, the first story appeared. Once respondents selected “next” at the bottom of the screen, they were prompted to answer a set of questions to assess ad attitudes, brand attitudes, price perceptions, and empathy. After respondents answered these questions, the process repeated with a second story and another set of questions identical to the series mentioned above.

Analysis utilizing descriptive statistics demonstrated that the mean ad attitudes across all product brands were more positive among those who viewed a Brand-as-Mentor advertisement as opposed to those who viewed a Brand-as-Hero advertisement. This data supports the first hypothesis, indicating that consumers may be more likely to have a positive attitude toward an ad that uses a “mentor” character as opposed to a “hero” character. Yet, unexpectedly, brand attitudes across all product brands were more positive among those that viewed a Brand-as-Hero advertisement than those that viewed a Brand-as-Mentor advertisement. This observation conflicts with the second hypothesis, which speculates that respondents would have higher brand attitudes after viewing a Brand-as-Mentor narrative.

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There are seemingly endless opportunities to expand on this research. Marketers could look more closely at the relationship between ad attitude and brand character, analyze different types of characters in advertising, and test other characteristics of literary analysis like setting, plot, or tone. Qualitative researchers could catalogue existing advertisements based upon any of these qualities and could further compare the presence of these characteristics to the ad’s historic performance.

While marketers frequently talk about brand narratives and storytelling, it

seems that they often use the terms simply to get a point across, failing to appreciate the larger potential. Moreover, in relying on haphazard ad construction, based upon their own experiences, some marketers have failed to consider the rich data that literary fields can offer. Thus, a more scientific approach to the creation of ad narratives would be immensely beneficial for organizations and could help the advertising industry better connect with consumers.

For feedback, please email lindsay.sympson@gmail.com

References

Brown, S., McDonagh, P. and Shultz, C (2013). Titanic: Consuming the Myths and Meanings of an Ambiguous Brand. Journal of Consumer Research 40.4: 595-614. Retrieved from Business Source Complete.

Campbell, J., Cousineau, P. and Brown, S. L (1990). The Hero's Journey: The World of Joseph Campbell: Joseph Campbell on His Life and Work. San Francisco: Harper & Row.

DeGloma, T. (2010). Awakenings: Autobiography, Memory, and the Social Logic of Personal Discovery. Sociological Forum 25.3: 519-540. Retrieved from SocINDEX.

Delgadillo, Y. and Escalas, J. E. (2004). "Narrative Word-of-Mouth Communication: Exploring Memory and Attitude Effects of Consumer Storytelling. Advances in Consumer Research 31.1: 186-192. Retrieved from Business Source Complete.

Escalas, J. E., and Stern, B. B. (2007). Narrative Structure: Plot And Emotional Responses.Green, M. C., and Brock, T.C. (2000). Persuasiveness Of Narratives. Journal of Personality and Social

Psychology 79.5: 701-721. Retrieved from PsycINFO.Kessous, A. (2015). Nostalgia and Brands: a sweet rather than a bitter cultural evocation of the past. Journal of

Marketing Management 31.17: 1899-1923. Retrieved from Business Source Complete.Light, L. (2014). Brand Journalism: How To Engage Successfully With Consumers In An Age Of Inclusive

Individuality. Journal of Brand Strategy 3.2: 121-128. Retrieved from Business Source Complete.Martin, B. A. S., Lang, B. and Wong S. (2003). Conclusion Explicitness In Advertising. Journal Of Advertising

32.4: 57-65. Retrieved from Business Source Complete.Prensky, M. (2001). Digital Natives, Digital Immigrants. On the Horizon 9.5: 1-6. Retrieved from Literature

Online. Psycholinguistic Phenomena in Marketing Communications. 157-175. Mahwah, NJ, US: Lawrence Erlbaum Associates Publishers. Retrieved from PsycINFO.

Ritchie, L. D. (2010). Everybody Goes Down: Metaphors, Stories, And Simulations In Conversations. Metaphor & Symbol 25.3: 123-143. Retrieved from Literary Reference Center Plus.

Sachs, J. (2012). Winning the Story Wars: Why Those Who Tell--and Live--the Best Stories Will Rule the Future. Boston: Harvard Business Publishing.

Stern, B., and Gallagher K. (1990). Advertising Form, Content, and Values: Lyric, Ballad, and Epic. Current Issues & Research in Advertising 3.1: 79-105. Retrieved from Business Source Complete.

Van Laer, T., De Ruyter, K., Visconti, L. M., and Wetzels, M. (2014). The Extended Transportation-Imagery Model: A Meta-Analysis of the Antecedents and Consequences of Consumers’ Narrative Transportation. Journal of Consumer Research 40.5: 797-817. Retrieved from PsycINFO.

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STUDENT REFLECTIONS

The following are selected student reflections from events, talks, or lectures they attended

John Craig: Keynote SpeakerStudent Conference in Business and Economics

Kelsey Sloan

r. John B. Craig, Ambassador in Residence at Elizabethtown College and Senior Fellow at the

Center for American Progress, was the keynote speaker for the 16th Annual Student Conference in Business and Economics. Mr. Craig’s background is in politics, history, and business. In his keynote address, Mr. Craig discussed the myths and realities regarding the future of oil in international economic policies.

When oil becomes scarce or is withheld from an economy, or when its price increases, the economies of the United States, our allies, and underdeveloped countries are widely affected. The first oil shock occurred in 1970, when the Shah of Iran arbitrarily increased the price of oil. This event caused an enormous dislocation in economies across the world. Three years later, an oil embargo was implemented by King Faisal of Saudi Arabia against the United States. In turn, the price of oil spiked during the Carter Administration, and yet another shock occurred in 1979 during the Iranian Revolution. In 1985, oil imports from Saudi Arabia decreased dramatically, which had a huge impact on this country’s foreign policy and their role as a strategic partner with the United States. To ensure that the United States purchased their oil, Saudi Arabia’s government decided to form a joint-venture with Shell.

In 1990, the Iraqi economy was suffering after the war with Iran because oil producers in the Persian Gulf would not support Saddam Hussein’s endeavors. In turn, Saddam Hussein invaded Kuwait to gain control of Kuwaiti oil fields. The invasion sparked an international uproar, and the United States responded by creating a coalition to liberate Kuwait from its position in Saudi Arabia. The resultant international turmoil lingered long after.

Since 2003, the United States no longer depends on the Persian Gulf to meet its oil needs; however, other countries, such as Japan, Korea, and China, continue to do so. Mr. Craig emphasized that oil in international politics is a “movable target.”

The world’s total crude oil production is constantly increasing, and, due to the large supply, oil impacts the foreign policies of many countries less than in the past. Additionally, the new condition of excess supply and low prices favors oil consumers. Ultimately, the strategic value of this commodity has decreased for consuming nations, which decreases the political standing of producing countries, such as Saudi Arabia.

Since 2005, crude oil production has increased in the United States, and the nation’s primary suppliers are Nigeria, Venezuela, and Mexico. Due to increases in supply, the price of crude oil, and related products, has decreased. As a result, oil has

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not played a large role in the foreign policy of United States during the Obama Administration. Furthermore, the shale industry is not expected to grow significantly, and the development of renewable energy will likely impact the crude oil and fossil fuel industries. Mr. Craig asserts that nuclear energy will be the ultimate energy source, but extensive

research is first necessary to determine how to harness and utilize it safely.

Given that I did not know a great deal about the oil industry prior to Mr. Craig’s presentation, it was extremely interesting and informative. I especially enjoyed the historical elements and the connections drawn to the current state of the oil industry in the United States.

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John Maxwell: Keynote Speaker The High Center, Carper Lecture Event

Kasey Dietrich

n March 22, I attended the High Center Family Business Forum, featuring guest speaker John

Maxwell. Mr. Maxwell is a best-selling author and a leadership expert; his organization has trained more than six million leaders through. His presentation was by far the best I have attended throughout my college career. As a graduate of the class of 2016, his lecture was not only immediately applicable, it also prompted me to consider how I want to live my life. I have realized that, to create value in life, you must lead a significant life. Obtaining significance, in turn, requires different behaviors and attitude adjustments, such as intentional living, growth, attitude, and relationships.

As Mr. Maxwell stated, “Everything worthwhile is uphill,” meaning that you have to climb in order to be successful. No one achieves success accidently, and when people are unsatisfied, it is typically because they accept their life and don’t strive to improve it. To live intentionally, you must

first live purposefully, prepare, and learn continuously; consistency is necessary to achieve this endeavor. However, despite its obvious benefits, consistency is rarely recognized; it remains unnoticed until compounded over time. Mr. Maxwell further noted that some leaders have “uphill dreams, but downhill habits,” which prevents them from growing. Alone, good intentions are overrated and never change habits; rather, good intentions must become good habits in order to achieve intentional living.

Similarly, growth is central to living significantly. When individuals are growth-oriented, they not only achieve their goals, but continue to learn and do more. Yet personal development is not automatic, and maturity does not always come with age, so one must purposefully grow. Someone once told Mr. Maxwell, “if you spend one hour a day for five years learning about a topic, you will become an expert.” Contrary to this prophecy however, he soon discovered that the more he learned about a topic, the less he actually knew, because he realized that there is so much more to learn about it. To grow,

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you must also focus on challenging yourself and leaving your comfort zone. As Mr. Maxwell reassuringly stated, “Once you get in over your head, it doesn’t matter how deep the water is; you’re already in over your head!” A growth mindset teaches you that you are not the “best” or the “smartest.” In sum, the decision to live intentionally makes you learn from others and challenge yourself.

Intentional attitude also contributes to a significant life. With a poor attitude, you will not have a prosperous future, as others often do not wish to associate with those who are ill-tempered. Luckily, attitude is an individual choice; it is not given to you or uncontrollable. In Mr. Maxwell’s words, “the only person in this world who can make you happy is yourself;” while others may contribute to your happiness, only you have the power to choose your attitude and outlook on life.

Lastly, the nature of your relationships adds to intentional living. Mr. Maxwell believes that “an individual is the average of the five people he or she is closest to.” Essentially, who you spend time with shapes the type of person you are. Choose wisely.

Once you attain significance, life becomes beautiful. Significance is what you do for others; it is separate from success, which is what you do for yourself. Selfishness and significance are incompatible; although we are born with selfishness, we should intentionally add value to others’ lives. Mr. Maxwell suggested five everyday essentials to add value and gain significance. First, we must value people; once we truly value them, we will never manipulate or break their trust. Then, we must look for ways to add value, whether through encouragement or supporting someone else’s decision. Furthermore, we must do so for each person we come in contact with. Next, we must act for others before ourselves, and, lastly, we must encourage others to add value, as well. The process begins with the heart, not with the head.

To follow uphill dreams, we must create good habits and add value to others. John Maxwell’s talk was inspiring and made me rethink my outlook on life. Although I never thought about intentional living before this presentation, Mr. Maxwell’s ideas will continue to guide me throughout my career and life.

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Lisa Rigg: M&M Mars Lecture Series

Alexis Pettaway

isa Rigg, President of the Economic Development Company (EDC) of Lancaster County (EDC) presented

on the county’s economic development. Economic development refers to the amount of job creation and the sustained development of an area. The EDC’s vision is to increase Lancaster County’s economic strength, and Ms. Rigg’s job is to plan for the next five to ten years and to help improve the quality of life in Lancaster County. Ms. Rigg supervises three units: Economic Development (1960), the Finance Corporation (1986), and the Foundation of EDC (2015).

The budget for economic development allocated by the government is steadily decreasing. To compensate for the diminishing funds, the Foundation of EDC was created; through charitable donations, this segment of the EDC focuses on expanding the community. The EDC’s main priorities are workforce development, land use, and infrastructure. Recently, Lancaster County has faced a labor shortage: while jobs have steadily increased, there are not enough individuals to fill them because those within the community are either preparing to retire or already have a job and are not searching for another. Similarly, there is a shortage of qualified workers in industries like manufacturing, leaving certain positions unfilled. Talent recruitment may help resolve this issue.

Another concern, as Ms. Rigg stated, is that “Lancaster County is not in a good competitive position for businesses who want to move to Lancaster.” Although businesses wish to locate in Lancaster due to its expected

population boom, there is a lack of land marked for development, compounding the county’s current lack of finished office buildings and land. As a result, businesses instead choose to locate in competitor regions, such as counties in Delaware or New York. As part of the county’s marketing plan, Ms. Rigg plans to improve the “economic brand.” In order to attract younger residents to Lancaster, Ms. Rigg and a team of ten individuals would like to recreate Lancaster’s image, which is currently associated with farming and the Amish.

Given that economic developers must balance general knowledge with key areas of expertise, the EDC engages with various industries, such as technology, food processing, and agriculture. Economic development analysis, governance, industry vision, relationship-building, and commitment to excellence are also essential components of Lancaster County’s economic development.

At the end of her presentation, Ms. Rigg shared that she would not be where she is today if it were not for her mentor. At the age of 24, her mentor saw potential in her that she had not. I also believe mentorship is important to help an individual understand which position or career path is best for them. To conclude, Ms. Rigg stated that, “after graduating, students should always express their willingness to do anything and everything.” By demonstrating this quality, students will be hired and promoted more easily. To have a successful career, it is best to be confident and hardworking. Others will acknowledge the effort you put into your work, leading to succes

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Kathleen Pavelko: M&M Mars Lecture Series

Victoria Edwards

s. Kathleen Pavelko, President and CEO of WTIF, urged students to consider the evolution of

modern broadcasting. To decode media trends and their implications for the industry’s future, her analysis spanned years and media platforms. Above all else, she emphasized the shifts that accompany new technologies, beginning with the advent of the printing press and concluding with a forecast of the future of the social media revolution.

In the past, the flow of information was limited. A small number of information sources addressed a passive audience, which, was composed of a small, elite class of intellectuals. Lacking financial means, the masses were unable to purchase expensive, hand-written books, let alone read them, due to their lack of education. However, after the invention and popularization of the printing press, books became cheaper and easier to produce, as well as freer, in terms of speech. In essence, a technological advance revolutionized communications, and this trend continues modernly, in the form of social media.

Just as the introduction of the printing press allowed for widespread media access, undermining the industry’s previous monopolization by elitists, today’s social media has similarly catalyzed a shift in control – consumers are replacing formal media organizations. Whereas news was once monopolized by broadcasting giants, being released only at a set time and under certain regulations, modern technology has exponentially increased its accessibility. Consumers no longer need to wait until 6

o’clock to watch yesterday’s news on a single television station. On the internet, viewers can freely gather whatever information they desire, no matter the time or place; additionally, this newfound ability has transformed the audience, who has become an active participant in media broadcasting. Websites like YouTube, Facebook, and Twitter not only rapidly transmit the latest news from a variety of sources, but they also allow users to comment on the news and react to each other’s comments.

In an effort to capitalize upon the market’s shifting dynamic, news sources have switched to a business model stressing multi-platform integration; television, radio, social media, and print are no longer separate and distinct entities but are instead integrated and treated with equal focus. Moreover, in the advent of the World Wide Web, advertising services have similarly shifted their marketing campaigns. Rather than target the general masses, they now pursue niche audiences through cookie services.

Looking towards the future, media organizations must address the following questions. Will news be geographically focused or should it appeal to a wide audience, based in general interest? Does the increase in the number of active users emphasize or undermine the importance of major broadcasters? Does platform integration diminish the quality of traditional news platforms? Yet, as made clear by Ms. Pavelko, the current phenomenon is not an isolated event, but one in a stream of continuous evolution.

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Mirroring their development since the advent of the printing press, in time, media organizations will adjust to the latest

technological shift: the social media revolution.

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Study trips

The Geneva Study TourDr. Sanjay Paul

have bad news and good news,” I said to my Geneva study tour group. I had just finalized the purchase of

the round-trip tickets from Newark to Geneva, and the students were keen to learn about the flight details. “First, the bad news. We don’t have a direct flight.” They were glumly silent, and I said, “That is not the bad news. We have a nine-hour stopover en route to Geneva.” The groans were now clearly audible.

“So what’s the good news?” they said.

“The stopover is in Copenhagen.”And that is how we came to spend

several hours in the capital city of Denmark, visiting the tourist area of Nyhavn, taking a canal boat tour, and generally paying through our noses for food. Food in the Nordic countries does not come cheap. (Few things do.)

But we had a guide to help us. Anders is an economics student at the College, and he happens to be Danish. More importantly for us, he happened to be home in Copenhagen during our visit. He joined us for the larger part of the day, and made our brief detour through the city vastly more enjoyable.

And then it was on to Geneva. We spent a week visiting various international

organizations and attending briefing sessions. The United Nations, the World Trade Organization, the United Nations High Commissioner for Refiugees, among others, were on the program. We also made a trip to Bern, the capital city of Switzerland, and visited the German embassy.

We were now part of a larger group, along with students from a university in Konstanz, Germany. We spent two days in Konstanz, where our students were hosted by their German counterparts. In a particularly memorable session, our group met with a local organization helping refugees from Syria and Afghanistan learn about the language and culture in their new land. We heard directly from refugees about their harrowing voyages across the sea and journeys over land which, finally, had brought them to this south-western corner of Germany.

On the way back to the States, we had not one but two stopovers, both in Nordic airports. But this time, they were relatively brief, giving us just enough time to admire the minimalist décor of the airports in Copenhagen (again) and Stockholm. And to spend a small fortune on sparkling water. These Nordic countries can be murder on your wallet.

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The International Organizations Seminar takes students to Geneva, Switzerland in May. The study tour is aimed at learning about the role of various international organizations in global affairs, including that of the United Nations in promoting peace, security and development, and the World Trade Organization in advancing free trade among its member countries. The group attended briefings at institutions of the United Nations, as well as various NGOs, during the study tour. A highlight of the program is its collaborative nature: students from Elizabethtown joined university students from Germany during their time in Geneva.

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Students from the EC 280 International Organizations Seminar class, on the trip to Geneva, led by Dr. Sanjay Paul (with German students)

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Students are encouraged to study abroad at Elizabethtown College! Doing so fulfills

one of the two Signature Learning Experiences each student needs to

graduate!

ALUMNI ACCOMPLISHMENTS

Lydia Dearie ’16 graduated Summa Cum Laude from Elizabethtown with a degree in Business Administration, a concentration in Management, and a minor in History. Dearie recently accepted a position with The Literacy Lab, funded through AmeriCorps, as a K-3 literacy tutor working at a low-income school in Baltimore, MD. She will be working to alleviate the education gap that is a barrier to opportunities for many of our nation's struggling youth.

Ly Do ’16, IB major, was accepted into graduate school at Baruch College, Zicklin School of Business (M.S. in Accounting). Ly is also volunteering as a bookkeeper for a non-profit in Santa Barbara called Green2Gold, an organization that pledges "to develop, protect, mentor and rapidly commercialize new energy and environmental technologies, sustainable enterprises, products and services for the consumer, government and business market places." Its philosophy is that "all existing conventional products can be greened and there is a constant flow of creative new ideas for marketplace success if nurtured and cultivated as part of 'economic gardening.'"

Tino Mangine ’15, IB major with Finance concentration, will start working as AFC certified Financial Coach with the U.S. Consumer Financial Protection Bureau.

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ACCOMPLISHMENTS

Summa Cum Laude from

David Nagel ’15 passed his CPA exam and received his license. David currently works as an accountant at Bertz, Hess & Co., LLP, Lancaster, Pa.

Corey Eshelman ’15, Hannah Geiger ’15, and Ryan Perez ’15, also passed their CPA exams. Additionally, Ryan and Hannah received the Watt Sells Award for the CPA exam!

Since graduating with a double major in International Business and German, Devoney Eller ‘15 moved abroad to live and work in Vienna, Austria. Through a professional Austrian network for international job-seekers, she found a job in marketing at an exciting and young international start-up. Devoney has been living in Vienna for one year and she couldn’t be happier or more excited for what comes next!

Kelsey Sloan ’16 was hired as a Benefits Communication Specialist at Murray Securus in Lancaster.

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David Nagel

Lauren Mickel ’14, double major in IB and Japanese, works at JP Morgan Chase as an anti-money laundering alert operations analyst in the Global Operations department. She collects and documents transaction data from various companies and individuals who are customers of JPMC and reviews the data to determine potentially suspicious activity.

Samantha Miller ’15 graduated with a B.S. in business administration with a concentration in finance. Since December 2015, Samantha has been working as an Area Manager for Amazon, in Breinigsville, Pa.

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Lauren Mickel, on a recent trip to South Korea

Congratulations, graduates!

Adam Harriger ’16, BA major with a finance concentration, received his first job with Eurofins Lancaster Labs as a business analyst. He started on June 13, 2016.

After graduation, Connor Rowe ’15 completed the Management Training program at Fulton Financial Corporation. He was selected by Fulton Bank to serve for the United Way of the Capital Region as a Loaned Executive during their annual campaign. In this position, he was a part of a team that helped fundraise over $11.1 million, which will be used to help improve lives in the Cumberland, Dauphin, and Perry counties. Recently, he was promoted to Assistant Branch Manager at the Fulton Bank Leola office.

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FACULTY ESSAYS

Homer Reflects Bitterly on Trump Panel Discussion

Dr. Sanjay PaulAssociate Professor of Economics

he Department of Business sent its roving correspondent Homer to cover the keynote panel discussion at

SCAD, the College’s day of student scholarship in April. The event, held in Leffler, featured speakers from different disciplines—political science, communications, economics.

One of the speakers, an economist, discussed Trump’s economic policies (or “positions,” using a term from Trump’s website). Homer thought the economist failed to do justice to Trump’s ideas on getting the economy moving in the right direction. The discussion lacked objectivity, although, quite frankly, he was not surprised. After all, he had seen Trump, then the leading GOP candidate, being pilloried throughout the campaign. So why should this economist’s diatribe be any different?

Homer had come to know Trump quite well. Well, not personally, but through his books and television appearances. He had read the Art of the Deal—a book that in his opinion deserved to be part of every business curriculum—and watched him display his formidable managerial and communication skills on The Apprentice. To Homer, Trump was a man of many parts: highly successful businessman, real-estate mogul, founder of universities, purveyor of fine wines, seller of steaks, renowned author, devoted family man, fan of Two Corinthians.

Facing such a doughty presidential contender, Trump’s opponents had been

flailing wildly in their increasingly desperate attempts to undermine him and tarnish his achievements. He was not presidential material, they scoffed.

But the attack on Trump in an august academic setting was of a different nature. The economist began by reviewing Trump’s position on taxes. Like any good conservative, noted Homer approvingly, Trump had called for lower taxes and a smaller number of tax brackets. He would reduce the corporate income tax rate and eliminate estate taxes.

Trump had claimed that these tax cuts would benefit the middle class, but the economist argued that the most of the gains would go to the richest Americans. Even hedge fund managers, whom Trump had referred to in demeaning terms, stood to gain handsomely from his tax cuts.

Trump’s tax proposals would also increase the budget deficit each year. Over 10 years, the tax cuts were estimated to increase the national debt by $9.5 trillion.

Homer then pondered on the economist’s second complaint. Trump had declared that he would eliminate the national debt which, even without his tax cuts, stood at $19 trillion. The federal debt held by the public was a smaller amount ($14 trillion), but Trump claimed that he would make the entire $19 trillion disappear.

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How exactly? Trump had vaguely alluded to negotiations with trading partners which would bring the U.S. trade deficit down, although how this would eliminate the national debt (which is all the borrowing done by the U.S. government in the past) was not made clear.

Trump could of course declare bankruptcy, a favorite technique of his in past business dealings, but the effect of such an action on financial markets, the U.S. economy, and the global economic system could be calamitous.

Trump, noted the economist, had declared that he would repeal Obamacare and replace it with a better system. The Affordable Care Act (ACA) is a target of every GOP candidate, and Trump had employed his “repeal and replace” line to raucous cheers at his campaigns. What had gone unstated, however, was that repealing the ACA would mean that millions of Americans would lose health insurance.

The decline in the number of uninsured Americans from 49 million in 2010 to 29 million in 2015 has resulted in an uninsured rate of 9.2%, the lowest in decades. All these gains would be in jeopardy if ACA were repealed. As for replacing it with something better, no GOP candidate, certainly not Trump, had yet proffered a meaningful alternative.

The panelist also decried Trump’s obsession with China. China was alleged to have devalued the yuan against the dollar, thus providing an unfair advantage to its exporters. As punishment, Trump had threatened to impose import tariffs of up to 45% on Chinese goods, an action that would

lead to higher prices of goods for American consumers, and would also in all likelihood elicit retaliatory trade policies from the Chinese government.

Such a stringent China policy would not be conservative orthodoxy, although some Republicans (and many Democrats) have favored a more muscular approach to China on trade matters. Also, in opposition to Republican thinking, which generally favors increased globalization, Trump had made his distaste for trade agreements very clear. Sounding very much like Bernie Sanders, Trump had argued that NAFTA and the more-recent Trans Pacific Partnership (TPP) made American workers worse off, and needed to be renegotiated.

Trade agreements like TPP involve the interests and concerns of several countries, and negotiations typically occur over several years. A new president, even one who has mastered the art of the deal, would find it difficult to tear up these agreements and bring the trading partners back to the drawing table for renewed negotiations.

The panelist ended his talk with unflattering remarks about Trump’s university. When Trump founded his university a few years ago, noted Homer, he had stated his reasons for doing so. It was not the allure of the $35,000 tuition that drew him to the endeavor. No. It was the opportunity to “give back.” Trump wanted to share his real-estate wisdom with the masses so they too could become rich like him. And for this noble mission, thought Homer darkly, the man was being vilified.

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Leftovers, clutter, and stuff...

Professor Jeffrey Gabriel, CPA, CGMALecturer in Accounting

've been writing this in my head for about a month now and am finally taking the time to put it to paper. I'm a

saver...I hang on to memories through the things I hang on to. I use to think that there was comfort in stuff...a warm security blanket of tactile remembrance, piled in corners, nestled on table tops, hanging in closets, packed into boxes, wedged into files.I confess. I am the product of Depression Era parents...the First Great Depression. Because you never know if you are going to ever need it and it would be a sin to get rid of it and then have to replace it. Besides, it's still good; it can be repaired; two is better than one; it was a gift; it belonged to my (fill in the blank here) and I think of him/her whenever I see it; the style will return; it's really valuable, it's worth (fill in the blank here) or will be worth a lot someday. The list of rationalizations is almost as big as the pile...but I'm not a hoarder...thank God! You can actually walk around in my space. I just have too much...and it has become a burden.The irony is, and you may find this amusing, I've read, clipped and saved a bunch of articles on de-cluttering. It makes a lot of sense and there is even an industry that has sprung up around the need to purge and organize and recycle. There are experts in the field...I probably even own a book on the subject...somewhere. There is even a National Association of Professional Organizers.

But why now the sudden epiphany?

I recently lost a family member and am in the process of helping to donate, distribute or dump a life-time's worth of stuff...it is a monumental task. On the surface, the apartment was neat, tidy...but under the rock hid a much larger beast. Drawers and cabinets and closets, oh my! It has been about a month and a half since we started and we finally see the light at the end of the tunnel. For those of you that have never been through the process, it is a journey that drains the emotions and strains the family dynamic: How do you dismantle someone's life, and do it with enough sensitivity to honor their existence? How can you not put yourself into their shoes and watch all that they cared for walk out the door?

There are some options: give to family members, donate to charity, utilize the services of an auction house/liquidator and finally, a junk hauler. Discuss, decide and do it! But before it comes to this, and here is the real lesson in this experience: Do you really want your family and friends doing this with your stuff...stomping through the accumulation of your life and commenting on why the hell you kept all these things and what were you thinking? Dying with the most toys does not make you a winner. Dare I say, it makes you a burden...not how I want to be remembered.

So...now I know what I'm going to do with some of my summer break. The house will probably rise six inches on its foundation...I feel lighter already.

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Copyright: www.familybusinessunit.com

CURRICULUM MATTERS

This spring, a new minor program was created. The focus of the Family Business and Entrepreneurship minor is on entrepreneurial family businesses and new ventures and their use of innovation as the main growth engine.

Students will learn the skills needed to lead and perform effectively as a member of a family business and to recognize and capitalize on opportunities to launch new ventures. The capabilities learned through the minor are essential for the success of any business regardless of its size and scope. The minor provides students with hands-on skills, with internship and externship opportunities, mentoring and networking opportunities, and attending guest speaker lectures offered by family businesses. The minor is supported by the High Center of Family Business at Elizabethtown College. Students who plan on pursuing a career in a family business or entrepreneurial sector after graduation are particularly encouraged to enroll.

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This spring, a new minor program was created. The focus of the Family Business andEntrepreneurship minor is on entrepreneurial family businesses and new ventures and theiruse of innovation as the main growth engine.

Students will learn the skills needed to lead and perform effectively as a member of a familybusiness and to recognize and capitalize on opportunities to launch new ventures. Thecapabilities learned through the minor are essential for the success of any business regardlessof its size and scope. The minor provides students with hands-on skills, with internship andexternship opportunities, mentoring and networking opportunities, and attending guestspeaker lectures offered by family businesses. The minor is supported by the High Center ofFamily Business at Elizabethtown College. Students who plan on pursuing a career in afamily business or entrepreneurial sector after graduation are particularly encouraged toenroll.

FACULTY ACCOMPLISHMENTSAwards

Dr. Ed Chung, Associate Professor of Marketing, was awarded The Kreider Prize for Teaching Excellence Award (Spring ’16). Victoria asked him a few questions, so that students get to know

him better, both professionally and personally. Please see the interview below.

Q: What is your teaching philosophy? How do students learn best?A: Teaching philosophy? I am a Taoist, so I believe that we must each find our own path. I don’t think there is one way to learn, or one way to teach. I teach the way I do because of who and what I am. As Popeye said, “I yam what I yam and that’s all that I yam.” People can achieve a lot, often beyond what they thought possible. I believe in challenging people, pushing them to accomplish more than what they thought possible. I guess I have always felt that if something is easily doable, then its completion doesn’t really add much to our development. In

my marketing management course, for example, many students initially feel I am assigning them an impossible task. But over the course of the semester, many discover that things aren’t so impossible after all. Of course not everyone feels the same way. I never seek to make everyone happy. As a marketer, I have never felt that to be a viable goal. My job as a teacher is not to have people memorize theories and models, or even have them do things by rote. There is the internet, after all. We can always look things up. But the important thing is that we must KNOW what to do. Hence my emphasis on critical thinking. Thinking and analytical skills stay with us. The rest is just stuff.

It is important for me, too, that I don’t ask students to do what I won’t do myself. That would be wrong. Maybe it’s just me. But the professor should set a good example. I should treat my work, and my students, with respect. And likewise, I expect students to treat their work and other people with respect.

Just as important, learning should be fun. We can never lose sight of my own humanity and humility in our journey through life. Whatever is worth doing is worth enjoying.

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If they learn to be better thinkers, great. If not, well, at least we can have some fun in the process.

Q: What accomplishment are you most proud of, and what do you hope to achieve in the future?

A: Interesting question. My greatest accomplishment, I think, is that I am a pretty good father. That’s probably what I am most proud of, though I probably have less to do with what my kids are like than I’d like to give myself credit for.

I’d like to think that I am fully invested in everything I do. To me, if I am to do something, it must be fun. And if it’s fun, I should be prepared to dive head first into it and give it my all. So I’d like to see myself continuing to do so, and I can succeed in some small way, I’d be happy. I want to be able to say to myself, at the end of the journey, that whatever it was, I had given it my fullest attention, and I have no regrets.

Q: When you’re not working as a professor, what do you enjoy doing? A: My wife actually complains that I am a professor all the time. That I am always analyzing

what is said or written, finding logical errors and things like that. I suppose I don’t suffer nonsense arguments too well. But that aside, what do I enjoy doing? So many things…

I read lots. I love reading. Anything, really, that’s well-written. I write. It helps me organize all my random thoughts. Fiction. Non-fiction. Academic papers. Letters to editors. I guess I have too much to say about too many things. I cook. You should try my combustible jambalaya. I bake. And most of all, I guess, I love learning. About things in general. This can go on forever.

Q: Is there a movie that you think illustrates marketing or business concepts well?A: The Charge of the Light Brigade. Shows how stupid people are, how inept management

is, how mixed up communication can be, how irrational human behaviour is, how we justify our stupidity by pretending to be logical, etc., etc. The most important thing about business, about marketing, indeed about all sorts of human endeavour, in my mind, is that people need to think. And failure to do so is the source of most of human suffering.

Q: What is your favorite book about marketing or business?A: As a rule, I don’t read books specifically about marketing or business. They are mostly

poorly written, devoid of the stuff that makes us human, and are boring as hell. And I hate guru books. Gurus come and go. They become fashionable for a month, for a year, and then they disappear. It’s like Flavour of the Month.

It doesn’t mean that all business books are bad, of course. I would have to have read ALL of them to be able to say that. But since I only have so much time, I pick and choose what I spend my time on.

So, maybe books that have some relevance to marketing and business. There are some that I do really like. Morgan’s “Images of Organization” is excellent. Ariely’s “Predictably Irrational” is a great one. Moon’s “Different” is another. Pfeffer’s “Human Equation” is yet another. Oh, and basically anything by Henry Mintzberg.

Q: What is your favorite place in the world? Where do you like to go and why?

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A: Favourite place in the world? I think that's when I lost myself in some creative process. When I'm deep into writing a story, for instance. Or, cooking up a storm. Or, if it's a really good piece of writing, when I'm reading something so engrossing I'm lost in someone else's world. I don't know if you're looking for a specific location, but that's really too broad for me. Anyway, I think I'm happiest when I'm lost within myself.

Q: Lastly, what is something students should know about you before taking one of your courses?

A: Haha, that I am an SOB? (Student of Business). I am very old school. I believe in hard work. I don’t believe in grade inflation. I believe that college should be hard. And I believe that academics takes precedence over anything else college-related.

&&&

&&&

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Dr. Bryan Greenberg was awarded The Engaging Educator Award by the Student Senate (Spring ’16).

Dr. Bryan Greenberg was awarded TheEngaging Educator Award by the StudentSenate (Spring ’16).

Peer-Reviewed PublicationsChung, E., McLarney, C. and Ciocirlan, C. E. (2015). A looney too much: How Target failed to

bring home the Canadian bacon. Journal of the International Academy for Case Studies, 21 (5): 15-34.

Chung, E., McLarney, C. and Ciocirlan, C. E. (2015). Instructor’s notes: A looney too much: How Target failed to bring home the Canadian bacon. Journal of the International Academy for Case Studies Instructors’ Notes, 21 (6): 37-48.

Chung, E., Ngo, P., and Gallop, D. (2015), “Herd Instinct and the Ethnic Divide: A Study of Media Consumption By Chinese Immigrants in Canada,” American Anthropological Association 2015 Annual Meeting, Proceedings, Denver, CO.

Proctor, K., McLarney, C. and Chung, E. (2016), “Our Relationship with Food: GMO’s, Efficiency and Trade,” Northeast Decision Science Institute Annual Meeting Proceedings, 2016.

Chung, E., Ciocirlan, C. E. and Chung, N. (2016), “The Shifting Rhetoric on Landmines: Problem Framing's Gatekeeping Role,” Northeast Decision Science Institute Annual Meeting Proceedings, 2016.

Ciocirlan, C. E. (2016). Environmental Workplace Behaviors: Definition Matters. Organization & Environment, January, 1-20, DOI: 10.1177/1086026615628036.

Krichevskiy, D. (2016). New manuscript with Dhimiti Qirjo and Elie Chrysostome (SUNY Plattsburgh) accepted for a publication in the Journal of Small Business & Entrepreneurship.

Melvin, S. P. and F. E. Guerra-Pujol. (2017) 3e, The Legal Environment of Business: A Managerial Approach, McGraw-Hill Education (New York, N.Y.) [Expected Publication Date: Jan. 2017]

Melvin, S. P. with M. Reder (Boston College), J. Darrow (Harvard), K. Chang (BU). Cyberlaw: Management and Entrepreneurship, Wolters Kluwer Law and Business, 2015. [Chapters: Forming, Financing, and Managing a New Venture; Trademarks; Government Regulation; Security and Computer Crime.]

Melvin, S. P. 2015 “Using Legal Acumen to Add Value to the Firm: A Multinational Perspective” Knowledge Management: An International Journal 15(4): 15-21.

Neuhauser, E. (2015). Using Live Cases in Teaching Undergraduate Finance Courses. Proceedings, World Business Research Conference in Beijing, China.

Paul, S. and Ademar Bechtold (2015). “Taxes and Supply of Labor by Entrepreneurs.” Advances in Social Sciences Research Journal 2(1).

Paul, S. (2016). Two essays in economics in Gale Researcher, a digital product providing scholarly introduction to core topics for undergraduate students and students in Advanced Placement. Published by Cengage Learning.

Paul, S. (2016). Essay on “Export Trading Act” in Sage Encyclopedia of Business Ethics and Society, 2nd edition

Estrada, T., Sandu, P., Zrncic, D., McNulty, K. (2015). Entrepreneurship in Costa Rica: A SWOT Analysis from an Entrepreneurial Ecosystem Perspective. Business Journal for Entrepreneurs, 3, 131-150.

Williams, S. (2016). A range of essays published in The Encyclopedia of Business Ethics and Society, Sage Publications, Inc., Robert W. Kolb, 2nd edition.

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Journal/ Textbook Review

Ciocirlan, C. (2015). Reviewed Kinicki & Williams (2016). Management: A Practical Introduction, 7e, including corresponding Connect exercises

Krichevskiy, D. Reviewer for Cengage Learning, Pearson Publishing, The Atlantic Economic Journal, The Journal of Business Venturing, The Journal of Entrepreneurship and Public Policy

Paul, S. (2016). Review of “Radelet, Steven. The Great Surge: The Ascent of the Developing World. Simon and Schuster, 2015.” Choice, April, 2016.

Paul, S. (2015). Review of “Jones, Kent. Reconstructing the World Trade Organization for the 21st century: an institutional approach. Oxford, 2015.” Choice, September 2015.

Varamini, H. (2016). Reviewer, Journal of International Business and EconomyWilliams, S. (2016). Staff editor, Journal of Legal Studies Education.

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Ciocirlan, C. (2015). Reviewed Kinicki & Williams (2016). Management: A PracticalIntroduction, 7e, including corresponding Connect exercises

Krichevskiy, D. Reviewer for Cengage Learning, Pearson Publishing, The AtlanticEconomic Journal, The Journal of Business Venturing, The Journal of Entrepreneurshipand Public Policy

Paul, S. (2016). Review of of of “Radelet, Steven. The Great Surge: The Ascent of theDeveloping World. Simon and Schuster, 2015.” Choice, April, 2016.

Paul, S. (2015). Review of of of “Jones, Kent. Reconstructing the World Trade Organizationfor the 21st century: an institutional approach. Oxford, 2015.” Choice, September 2015.

Varamini, H. (2016). Reviewer, Journal of International Business and EconomyWilliams, S. (2016). Staff editor, Journal of Legal Studies Education.

Retirementhis year, one of our favorite colleagues is retiring. Thom Elicker was one of the best faculty colleagues that anyone could

ask for. As a few of you may know, Thom is an Etown graduate, and he somehow was able to persuade both of his sons to attend Etown as well! He is a true bearer of our Blue Jay values and beliefs. He was a great citizen of our department, willing to help when needed. His office was right across the faculty lounge, with the door always open, greeting us with a smile and always willing to exchange a word, as we were dragging ourselves to get some coffee to start yet another long day.

He liked to sprinkle his lecture with a few bits of 'useless crap,' which were news fragments from the popular culture, designed to entertain students and connect with them by meeting them in their own pop cultural space. Students didn't think the 'crap' was entirely 'useless,' though. He invested a great deal of time in learning about students and in helping them with their professional and career goals. He created a new class on Personal Finance, which has great practical benefits for students from all majors across the college.

Aside from his dedication to students and his collegiality in the department, Thom will be missed for another reason as well: with his departure, the average hairline of the accounting faculty in the department regressed by 30 percent!

Please see student testimonials below:

"When I was a senior in high school, I came to visit Elizabethtown and sat in on Prof. Elicker's Introduction to Accounting course. He asked me to introduce myself and went on to teach the class. Fast forward to the first day of classes my first semester at Etown, I entered Prof. Elicker's Intro to Accounting class and he greeted me by name. It was completely unexpected as he only met me the one time when I sat in his class as a prospective student almost a year before. The fact that he remembered my name reflects his dedication and commitment to teaching and assisting students during their time here at Etown. He has been greatly missed this semester!"

~ Danielle Cockey ‘16

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T

"When I was a senior in high school, I came to visit Elizabethtown and sat in on Prof. Elicker'sIntroduction to Accounting course. He asked me to introduce myself and went on to teach theclass. Fast forward to the first day of classes my first semester at Etown, I entered Prof. Elicker'sIntro to Accounting class and he greeted me by name. It was completely unexpected as he onlymet me the one time when I sat in his class as a prospective student almost a year before. Thefact that he remembered my name reflects his dedication and commitment to teaching andassisting students during their time here at Etown. He has been greatly missed this semester!"

"On a personal level, Prof Elicker was an important mentor to me throughout college, and especially in my first year. I was very unsure about my chosen major of accounting and my place in the Department of Business during the first year, so I set up some meetings with Prof Elicker to discuss my uncertainties and questions. Along with guiding me through some personal reflection, he put me in contact with Career Services where I was able to take the Myers-Briggs inventory and the Strengths inventory. Starting that relationship with Career Services so early really benefited me in the long run! I owe much of that to Prof. Elicker."

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"On a personal level, Prof Elicker was an important mentor to me throughout college, and especially inmy first year. I was very unsure about my chosen major of accounting and my place in the Department ofBusiness during the first year, so I set up some meetings with Prof Elicker to discuss my uncertainties andquestions. Along with guiding me through some personal reflection, he put me in contact with CareerServices where I was able to take the Myers-Briggs inventory and the Strengths inventory. Starting thatrelationship with Career Services so early really benefited me in the long run! I owe much of that to Prof.Elicker."

~Allison Salata ‘16

Who’s Who in Hoover

JOHN ANGELIS. 717-361-1284. (Email) angelisj@etown.edu Assistant Professor of Management. Ph.D. Operations Research from Case Western Reserve University; Bachelor degree in Industrial & Systems Engineering from Youngstown State University. Dr. Angelis has previously taught at the University of Wisconsin-Milwaukee and Rochester Institute of Technology, and previously worked for General Electric and the United States government. His research focuses on entrepreneurship and technology issues for small businesses and startups, and also studying the intersection of innovation (whether open or closed) and social networks. Dr. Angelis specializes in teaching courses in technology/innovation and operations management.

JAY BUFFENMYER. 717-361-1314. (Email) buffenjr@etown.edu Professor of Management and International Business Emeritus; B.S. Elizabethtown College; M.P.I.A., Ph.D. University of Pittsburgh. Dr. Buffenmyer worked in six countries, finishing his international career as Management Consultant for the Organization of American States. His assignment in Barbados involved the establishment of the Institute of Management and Productivity for the private and public sectors. After teaching for a few years, he returned to the Institute to complete two management textbooks for the Caribbean region. In two other sabbatical leave periods, he was a Visiting Professor and conducted research on international business programs at the American Graduate School of International Management, and conducted research at the

University of Hawaii to complete eight chapters of a textbook for his new course, Cross-cultural Understanding and Interaction. In addition, his teaching career included courses in management, marketing, international business, and small business management. During his 40 years of service in the Department of Business, he was Chair of the department for 6 years and Director of the International Business Program for over 10 years.

ED CHUNG. 717-361-1597. (Email) chunge@etown.eduAssociate Professor of Marketing. Dr. Chung received his Ph.D. in Marketing (1997) from the Schulich School of Business at York University in Toronto, Canada. Before going into academe, Dr. Chung acquired 14 years of progressive managerial experience with various multinational corporations including Mobil Oil and Sun Life Financial Services. At Mobil, Dr. Chung had planning coordination responsibilities spanning twelve countries, and was heavily involved in Mobil’s re-entry into China in the mid 1980s. At Sun Life, Dr. Chung ran the marketing communications arm of the company’s Trust company setup. Dr. Chung also had managerial experience in accounting, strategic planning, and product development. Dr. Chung has published extensively in peer-

reviewed academic journals, and is a frequent presenter at major international conferences. Dr. Chung teaches Marketing Management and Consumer Behavior.

CRISTINA E. CIOCIRLAN. 717-361-6618. (Email) ciocirlanc@etown.edu Associate Professor of Management and Chair of the Department of Business; Ph.D. in Public Administration, Penn State Harrisburg. Dr. Ciocirlan is the 2015 recipient of a U.S. Fulbright Scholar Award in the U.K., to study environmental behaviors in organizations at Durham University. She worked with local and international banks and consulted with several small and medium-sized businesses. As a graduate student, she received full scholarships to study in Prague, the Czech Republic, Budapest, Hungary and Colchester, U.K. She presented several papers at national and state conferences (two of which won "The Best Paper Award") and published her research in peer-reviewed journals. Her

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research interests focus on environmental management, managerial decision-making, and family business management. Dr. Ciocirlan teaches Management and Organizational Behavior, Human Resource Management, and Management Seminar.

JEFFREY GABRIEL. 717-361-1576. (Email) gabrielj@etown.eduLecturer in Accounting, 2009, Adjunct Professor of Accounting, 2008. B.S. Accounting, Manhattan College, C.P.A. – State of New Jersey, CGMA. Professor Gabriel joined the faculty full time in 2009. Mr. Gabriel has approximately thirty years of experience working outside academia. His background includes public and private accounting, controllership, information systems, operations, compliance and consulting. He has extensive experience with P&L management, directing systems development, computer operations, business process design and re-engineering, shared services, contract negotiation, project management, outsourcing, risk assessment, IT effectiveness and

litigation support. He had a 23 year tenure at Sony Electronics, Inc (A $12 Billion subsidiary and the largest single geographical operation of Sony Corporation, Tokyo), where his most recent position was as Director, Sarbanes Oxley Compliance. Previously, he spent two years as Accounting Manager in the Subsidiary Operations Comptrollers Department of The Prudential Insurance Company. Mr. Gabriel also worked five years for Coopers & Lybrand, New York (now Pricewaterhouse Coopers). Professor Gabriel is also a member of both the AICPA and the PICPA. He teaches Cost Management Accounting, Accounting Information Systems and Forensic Accounting.

BRYAN GREENBERG. 717-361-1282. (Email) greenbergb@etown.eduAssociate Professor of Marketing; Ph.D. in Mass Communication from Syracuse University; M.S. in Media Management; M.B.A. in Marketing; and B.A. in Economics from Binghamton University. Professor Greenberg’s research focuses on advertising, media management, and film marketing. He has served as a consultant for the last twelve years conducting research projects for clients in the film, publishing, and distance learning industries. Previously, he was a Corporate Development Manager for the Center for the Media Arts and Regional Marketing Manager for the Washington Post Educational Group.

BASIL HOLOBETZ. 717-361-1279. (Email) holobetzb@etown.edu Adjunct Professor of Business. Prof. Holobetz holds a B.S. Degree in Business Administration, major concentration in International Business from Villanova University and an MBA in International Management from the Thunderbird School of Global Management. He also earned a PFP (Professional Designation in Personal Financial Planning) from UCLA Extension and a certification from AACSB International to qualify as Professionally Qualified (PQ) faculty at the collegiate level. Basil started his professional career as an International Logistics/Freight Forwarder specialist and worked in both Long Beach, CA and Jeddah, Saudi Arabia handling Hospital/Medical supplies

and Household goods/personal effects. He then joined one of the largest agricultural export trading companies in California where he worked as an export trading manager developing products and markets in over 25 countries including Europe, Asia and the Middle East. Basil was instrumental in forming the companies Collection Support Committee (CSC) and in attaining several grants from the California Department of Agriculture to promote the successful exports of agricultural goods. After 18 years at his trading position, Basil left and has since started his own small export trading company, became licensed in both real estate and financial consulting(including NASD series 7, 65, 63 and insurance) and started instructing at the College level. He loves teaching and can be found instructing various International Business courses including Introduction to International Business, International Management, International Marketing, Global Business Negotiations and Importing/Exporting (Global Logistics) as well as Principles of Management and Marketing.

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DMITRIY KRICHEVSKIY. 717-361-1271. (Email) krichevskiyd@etown.edu (Website) http://facultysites.etown.edu/krichevskiyd/. Assistant Professor of Economics; Ph.D. in Economics from Florida International University, receiving the best dissertation award; M.A. in Economics from Florida International University; and B.A. in Economics and Mathematical Sciences from Florida International University. Krichevskiy has taught economics, business and statistics courses at Florida International University and Miami Dade College prior to coming to E-town. His areas of research are labor economics and entrepreneurship. He has received a number of research and presentation awards such as Kauffman fellowship and best paper awards. Before going into academe, Dr. Krichevskiy worked as an Engineering manager for Hilton Corporation.

SEAN P. MELVIN. 717-361-1280. (Email) melvins@etown.edu Associate Professor of Business Law; Dr. Melvin is the author of five books (including two textbooks), has contributed over two dozen scholarly and professional articles and case studies to various publications, and is a member of the Academy of Legal Studies in Business. His most recent textbook, The Legal Environment of Business: A Managerial Approach (McGraw-Hill) is now in its Second Edition and is in use at over one hundred colleges and universities. Dr. Melvin is also a co-author of Cyberlaw: Management and Entrepreneurship (Wolters Kluwer/Aspen) published in 2015. His recent article, Case Study of a Coffee War: Starbucks v. Charbucks won “Best Case Study” and “Distinguished Proceedings” at the 86th Annual Meeting of the Academy of Legal Studies in Business and was published in the Journal of Legal Studies

Education. Before his academic career, Professor Melvin was a corporate lawyer in a large Philadelphia-based law firm and went on to become vice-president and general counsel at a publicly-traded technology company in King of Prussia, PA. Melvin earned his Juris Doctorate from Rutgers Law School where he was awarded the American Jurisprudence Award in Business Organizations.

JARED MILLER. 717-361-6616. (Email) millerjared@etown.eduLecturer in Accounting; M.S. in Taxation, Villanova University; M.S. in Economics, Wharton School of Business, University of Pennsylvania; C.P.A. Commonwealth of Pennsylvania.

EMMA HONGSONG NEUHAUSER. 717-361-4752. (Email) neuhausere@etown.eduAssociate Professor of Finance; Ph.D., Department of Finance and Managerial Economics, State University of New York at Buffalo; MSc in Computer Science, National University of Singapore; BEng in Computer Science, Tianjin Institute of Technology, China. Ms. Neuhauser joined the college in the fall of 2008. During the past 15 years, Ms. Neuhauser has held a variety of positions including Chalfont Hill Research Group LLC, Redback Networks Systems Canada Inc., Liahoni Consulting Private, and Industrial and Commercial Bank of China. She brings with her experience as a quantitative research analyst, system verification engineer, business consultant,

project manager and assistant engineer. Most recently, she was an instructor of corporate finance at State University of New York at Buffalo. She is a member of the American Finance Association, Financial Management Association and Global Association of Risk Professionals, and has earned several prestigious awards for her work.

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SANJAY PAUL. 717-361-1543. (Email) pauls@etown.eduAssociate Professor of Economics; B.Tech. Indian Institute of Technology, Madras; Ph.D. State University of New York, Buffalo. Dr. Paul teaches courses in international economics, economic development, and mathematical economics. His areas of research include globalization, trade policy and innovation. Dr. Paul writes a newspaper column dealing with business and economic issues. He has organized and led study tours to New York and Geneva (United Nations), Brussels (European Union) and Dhaka, Bangladesh (Yunus Centre).

TERRIE RIPORTELLA. 717-361-3753. (Email) riportellat@etown.edu Edgar T. Bitting Chair of Accounting, Director and Lecturer of Accounting; B.S. B.A. Bucknell University; M.B.A. St. Josephs University; C.P.A. – Commonwealth of Pennsylvania. Professor Riportella joined the accounting faculty of Elizabethtown College in the fall of 2002 and is currently Director of the Accounting program. In addition to teaching Intermediate Accounting, Auditing and Tax, her responsibilities include supervising the accounting internship program, assisting in career placement activities, student recruitment, accounting curriculum review and directing the Volunteer Income Tax Assistance Program. Terrie has 11 years of experience working outside academia in the field of accounting. Her most recent position was as a Senior Manager of Finance for

Mapquest.com. She also spent 7 years in the manufacturing industry with Dana Corporation holding various positions including plant controller. She started her career in public accounting with the firm of Ernst and Young and actively maintains her license as a CPA. She is actively involved with the Pennsylvania Institute of Certified Public Accountants (PICPA), serving on the PICPA Council and on both their state level and south central chapter Relations with Schools and Colleges committees. Ms. Riportella is also a member of the American Institute of Certified Public Accountants.

PETRU SANDU. 717-361-1269. (Email) sandup@etown.eduAssociate Professor of Entrepreneurship and Management; B.A. the Academy of Economic Studies, Romania; MBA at The Ohio State University, Fisher College of Business; Ph.D. in Entrepreneurship at Al. I. Cuza University in Iasi, Romania with studies at University of Greenwich, England and University of Toulon, France. Dr. Sandu served as Dean of the School of Economic Sciences and Public Affairs at the Suceava State University in Romania, owned and managed his own firm for seven years, and consulted with more than twenty companies. He has published several books and textbooks and many articles in the field. Professor Sandu received outstanding teaching awards five years in a row and was selected as a Fulbright Scholar at The Ohio State University. Dr. Sandu

joined Elizabethtown College in the fall of 2003.

RANDY TROSTLE. 717-361-1393. (Email) trostler@etown.edu Associate Professor of Finance Emeritus; B.S. Elizabethtown College; M.Ed., M.B.A. Shippensburg University; Ph.D. Lehigh University; Series 7 and 66 Designations. He is a member and past secretary of the Central PA Chapter of the Financial Executives International and former Chair of the Lancaster County Hospital Authority. Dr. Trostle has served the College as department chair (1993-1999), acting dean of the faculty (2001) and vice-president of finance (2003-2007). For 20 years, he was an adjunct professor in the MBA program at Lebanon Valley College. Currently, he teaches macroeconomics,

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investments and serves as the advisor to the Trostle Investment Portfolio (TIP), the department’s student-managed investment portfolio (SMIP). He is a financial consultant with DDMP Investment Advisors, LLC.

HOSSEIN VARAMINI. 717-361-1278. (Email) varaminih@etown.eduProfessor of Finance and International Business; Turnbull-Jamieson Chair, B.S. in Business Administration, Tehran Business College in Iran; MBA Phillips University; Ph.D. Kansas State University. Dr. Varamini joined the College in the fall of 2000 as the Director of the International Business Program after holding a similar position at a different institution for over ten years. His primary teaching areas are corporate finance, international financial management and international business. He has published numerous articles in peer-reviewed academic journals, and has presented his scholarly work extensively at national and international conferences.

KRISTEN WAUGHEN. 717-361-4760. (Email) waughenk@etown.eduVisiting Assistant Professor of Computer Science; B.A. in Information Systems, Susquehanna University; M.S. in Information Systems, Shippensburg University; Ph.D. in Management with a specialization in Information Systems Management, Walden University. Dr. Waughen has 16 years experience as a teacher, textbook reviewer, advisor and data scientist. She teaches a variety of courses in Computer Science and Information Systems, and her research interests include database management, data analytics and digital forensics. She has advised an award-winning Enactus team, and worked on entrepreneurship projects around the world. She also is the Director of the Social Enterprise Simulation Laboratory at Elizabethtown College.

Dr. Waughen’s industry experience includes small, medium and global organizations, two being Fortune 500 companies, and her last position before teaching was a software engineer in the medical field.

SYLVESTER E. WILLIAMS, IV. 717-361-1168. (Email) williamss@etown.eduAssociate Professor of Business Law; BA (Economics/Finance) Howard University; MBA Wake Forest University; JD Wake Forest University; Communication Law Certificate Catholic University of America; Visiting student London School of Economics. Dr. Williams has had an extensive career in both the public and private sectors. He worked as a legislative aide for the United States Senate Foreign Affairs Committee and US Senate Committee on Banking, Housing and Urban Affairs. He worked as a policy advisor for Vice President George Bush on his Domestic Policy staff addressing banking, economic, and finance issues. He worked for the State Department handling issues relating to Economic development in Latin America. He spent several years working for

the Federal Communications Commission as a staff attorney in the Mass Media Bureau. He has extensive work experience in the entertainment area of business working with law firms as well as Time Warner. He spent 10 years working with Time Warner in their corporate office, cable division, movie division, and music division. Dr. Williams was appointed by President Ronald Reagan to serve on the National Advisory Committee for Juvenile Justice and Delinquency Prevention for his four year term. He was also selected by President Ronald Reagan to deliver a speech before the United Nations General Assembly at the Conference on International Youth Year. He has written several workbooks used for e-commerce law, project management, and marketing on the Internet. As a public official he has written and presented several documents on various topics relating to free trade and free trade agreements.

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