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The Business & Economics Digest
2017
ELIZABETHTOWN COLLEGE
Department of Business
Editor
Cristina E. Ciocirlan, Ph.D.
Student Editor
Victoria 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.
Published by the Department of Business at
Elizabethtown College, One Alpha Drive
Elizabethtown, PA 17022
Copyright © 2017 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
Editor’s Word
We had an exciting year in the business
department! Our Blue Jays spread their wings
wide and soared high. They spent days and nights
studying for classes and exams, researching
papers, conducting service-learning projects, and
participating in competitions. For their hard
work, they won several awards and scholarships.
One Blue Jay won a Fulbright Award and is
flying to Indonesia. Our finance team climbed all
the way to the 8th place among 265 teams in the
Bloomberg Trading Challenge. Still others
presented at regional conferences. They
expanded their horizons by traveling to distant
places. Some Blue Jays flew to Geneva and
Prague; some ‘flew’ to New York City,
Philadelphia, Washington D.C., Harrisburg, and
… Lancaster. Others, well… we had to hold them
by the wing to ensure they made it to the finish
line. But, overall, it has been a successful year.
Sometimes, for those of us in the cockpit,
it felt like a hurricane. Strong winds almost threw
Dr. Kristen Waughen overboard, but she hung
bravely by a wing, and we caught her just in time.
We’re very happy to have her back on board. Dr.
Ed Chung will sing his last song next academic
year, and, at this point, we don’t know whether he
will be replaced or not. Without him, our in-flight
entertainment is in limbo (and so is Dr.
Greenberg’s sanity). It’s great to be in the air,
but, as Simon and Garfunkel said, sometimes
we’d “rather feel the earth beneath [our] feet.”1
This year, one of our Blue Jay pros, Dr.
Randy Trostle, Associate Professor of Finance
Emeritus, who has flown for more than four
decades, retired. We suspect the stock tickers on
the Trostle Finance Wall in Hoover were
switched on simply by his warm smile, so, with
him going M.I.A in the fall, we’re a bit nervous
about the tickers. But, he promised to visit us.
The heartfelt reflections about Dr. Trostle from
students, alumni, faculty, and staff are a testament
to the great impact he had on our lives and
careers. I like to say he (somehow) managed to
put both Wall Street and humanity in the same
sentence!
This year, we also gained a new pilot,
Prof. Jared Miller, who teaches Principles of
Accounting, Introduction to Taxation, and
Advanced Accounting. Professor Miller brings
over twenty years of experience in public
accounting. He also runs a tax consulting practice
in Lancaster. We welcome him with open wings
to the Ground Control Tower (a.k.a. Hoover).
Prof. Miller replaced our wonderful colleague,
Prof. Thom Elicker. As David Bowie would say,
“Ground Control to Major Thom: You’ve really
made the grade […] Now it’s time to leave the
capsule, if you dare.”
For this edition of the Digest, I’d like to
thank Victoria Edwards,
my co-pilot, whose
editorial prowess steered
the plane gracefully, and
who sometimes had to
swerve to avoid a plunge
in the Susquehanna
Valley. I would also like
to thank the faculty,
students, and staff who
contributed to this issue.
Enjoy the Digest!
Yours in flight,
1 El Cóndor Pasa (1970)
Cristina E. Ciocirlan, Ph.D.
Associate Professor of Management
and chair, Department of Business
Editor of the Digest
i
Table of Contents
STUDENT ACCOMPLISHMENTS ......................................................................................................... 1
Outstanding Business Student Nominees ................................................................................................. 1
Student Awards and Scholarships ............................................................................................................. 2
Competitions ............................................................................................................................................. 4
The CFA Research Challenge ............................................................................................................. 4
Lancaster Angel Network Presentations ............................................................................................. 5
The Bloomberg Competition ................................................................................................................ 5
The Financial Executive International 2017 Outstanding Senior Award ................................................. 7
The Rising Star Award, Outstanding Women in Business series ............................................................. 8
The Jane M. Klausman Women in Business Scholarship ......................................................................... 8
Co-ops ....................................................................................................................................................... 9
Clark Associates Scholarships ................................................................................................................ 10
The Trostle Investment Portfolio (TIP) .................................................................................................. 10
Emergent Scholars and their Mentors ..................................................................................................... 11
Honors in Discipline (HID) Projects ....................................................................................................... 11
Other Supervised Research ..................................................................................................................... 12
Collaborative Industry Partnerships (CIP) .............................................................................................. 12
Student Conference Presentations ........................................................................................................... 13
STUDENT PAPER SUMMARIES.......................................................................................................... 15
Impact Investing to Solve Social Problems ............................................................................................ 15
Madison McCall ................................................................................................................................. 15
For the Next 1,000 Years ........................................................................................................................ 17
Morgan Helt ....................................................................................................................................... 17
The Affordable Braille Embossing Labeler (ABEL) .............................................................................. 19
Jeff Gamble ........................................................................................................................................ 19
Farmland Usage in Pennsylvania ............................................................................................................ 21
Jingyun Hu ......................................................................................................................................... 21
WE ARE GOING PLACES! .................................................................................................................... 23
International Study Tours ....................................................................................................................... 23
The 2017 Geneva Study Tour ............................................................................................................ 23
National Trips ......................................................................................................................................... 24
Entrepreneurship Trip to Washington D.C. ...................................................................................... 24
The Quirk’s Conference in Marketing .............................................................................................. 25
The World Business Forum ............................................................................................................... 27
ESS Conference ................................................................................................................................. 28
Trip to the World Bank ...................................................................................................................... 29
Insight Marketing Conference .......................................................................................................... 30
The World Trade Center of Central PA Gala ................................................................................... 31
Sabbaticals and Visiting Appointments Abroad ................................................................................ 32
EVENTS .................................................................................................................................................... 33
Meet & Greet Event ................................................................................................................................ 33
International Business Day 2017 ............................................................................................................ 34
Accounting Advisory Board Meeting ..................................................................................................... 34
Business Advisory Council ..................................................................................................................... 34
Accounting Fair ...................................................................................................................................... 35
Lancaster Angel Network Event ............................................................................................................. 35
Family Business Day .............................................................................................................................. 36
The Business Alumni Reunion 2016 ...................................................................................................... 37
FACULTY ACCOMPLISHMENTS ....................................................................................................... 38
Awards and Grants .................................................................................................................................. 38
Publications ............................................................................................................................................. 38
Conference Presentations and Invited Talks ........................................................................................... 39
Curriculum and Program Matters ........................................................................................................... 40
Collaboration with the Local Community .............................................................................................. 40
New Professor Spotlight ......................................................................................................................... 41
ALUMNI NEWS ....................................................................................................................................... 42
FACULTY ESSAYS ................................................................................................................................. 44
Business Curriculum Repeal and Replace: A Temporary Setback? ....................................................... 44
Dr. Sanjay Paul ................................................................................................................................... 44
Interdisciplinary Projects for STEM and Business Students .................................................................. 46
Dr. John Angelis ................................................................................................................................. 46
"Yo professor"… .................................................................................................................................... 49
Professor Jeffrey Gabriel .................................................................................................................... 49
STAFF AWARD ....................................................................................................................................... 50
A Beloved Professor Retires ..................................................................................................................... 51
Who’s Who in Hoover: Faculty Profiles ................................................................................................. 56
1
STUDENT ACCOMPLISHMENTS
Outstanding Business Student Nominees
Seniors Kylie Bueti, Tyler Butkus, Kelsey Detweiler, Joachim Hellesen, Brian Lukacsy, and
Madison McCall were nominated for the James B. Hoover Outstanding Business Student Award
(pictured below). Congratulations to all!
From left to right: Joachim Hellessen, Brian, Luckacsy, Kylie Bueti, Mr. Hoover, Madison
McCall, Kelsey Detweiler, and Tyler Butkus.
Please read their bios below
2
Kylie Bueti. I am the youngest in a family of
five, and my extended family is a large, vocal
group of Italians. From a young age, I learned
if you want to be heard, you must speak up.
My siblings were my biggest role models and
pushed me to become the person I am today.
In my younger years, I aspired to be
just like them, so I played ice hockey and
took dance lessons to relate to my brother and
sister. Beyond healthy sibling rivalry, my
parents also motivated me. They operated
multiple family businesses before moving to
Pennsylvania, and their dedication and hustle
shaped my own work ethic.
The transition from high school to
college was difficult. Although academics
were easy for me in high school, when I got
to college, I had to work harder. By reducing
downtime and sleep, I quickly adjusted,
ultimately balancing academics and my on-
campus work (catering), multiple internships,
and extracurricular activities, including
tutoring and intramural sports.
Over the past four years, I have
constantly grown, both academically and
personally. Through the Business
Department, I found a challenging and
rewarding path, ultimately securing
employment as a financial analyst at Public
Financial Management (PFM), in
Harrisburg, PA. Aiding local governments
and nonprofits, my work will help
communities across the nation and exemplify
Elizabethtown College’s motto, “Educate for
Service.” Eventually, I hope to produce
change, as well as social and economic
benefits, by directly working for a non-profit
or social enterprise.
One of my most notable experiences
at Elizabethtown was studying abroad in
Buenos Aires, Argentina. I had never been
away from home for such an extended time,
so I was homesick for the first few weeks;
trying to learn the language was an additional
challenge. I was not fully comfortable
talking to strangers in Spanish for two
months. However, afterwards, I learned
never to fear speaking to people or asking
questions. I found people are generally kind-
hearted and want to help. In Argentina, I
aimed to truly understand the culture and
make life-long friendships, so I spoke to the
Argentinian youth about their views of the
U.S. and current events. On another
occasion, I spent a weekend building a house
in a rural area for a family in desperate need.
I was the only American and had to rely on
my Spanish skills. Overall, the twenty weeks
I spent in Argentina were unforgettable.
Now, I am much more confident and well-
rounded, and I want to travel further and
experience the world.
Whenever I talk to prospective
students, I reflect on my four years at
Elizabethtown College and appreciate my
experiences. I am extremely grateful to have
received such an excellent education and to
be left with so many beautiful memories.
&&&
3
Tyler Butkus. I grew up in a rural region of
northeastern Pennsylvania, where my father
was self-employed as a handyman. Once a
prosperous coal mining hub, the region has
since become economically depressed, and I
spent a large portion of my childhood
working alongside my dad. Growing up, I
empathized with those struggling to succeed
in an area with underdeveloped
infrastructure and minimal outside
investment, and I became fascinated with
entrepreneurship, which generates wealth
and opportunity from economic problems.
In high school, I excelled in science.
After graduating as valedictorian, I received
the Stamps Leadership scholarship, allowing
me to enroll at Elizabethtown College, where
I began studying chemistry, convinced I was
destined to be a physician. However, after a
few business courses, I fell in love with the
idea of creating or working for a start-up
specializing in innovative work. The
business world’s celebration of charismatic
and visionary leaders resonated with my
passion for public presenting, leadership, and
pioneering, and I eventually pursued a double
major.
As an underclassman, I explored a
diversity of interests, involving myself with
Student Senate, various honor societies, the
chemistry club, and work as a resident
assistant (RA). During my sophomore year,
I completed my first internship. In leading an
entrepreneurial project with a high degree of
autonomy, I deeply connected with the small
business atmosphere, where daily life
mandates problem solving, entrepreneurial
thinking, and flexibility. At Graybill
Processing, a firm specializing in food waste
recycling, I began to design a new rapid
composting system, utilizing black soldier
flies (BSF) to convert organic waste into
livestock feed. Ultimately, I created a pilot
system and business model. The model
outlined how the system would function once
“scaled up,” which entailed creating R&D
protocols, as well as assembling a team
where none existed.
The potential of the system soon
became apparent. First, it would impact
farmers’ ability to achieve sustainable
economic empowerment. Second, the system
would reduce the number of toxins produced
from the decay of organic waste. The
secondary social impact is especially relevant
for developing countries, where food waste
processing is currently limited, and this
realization sparked my interest in
international work. I began to envision how
the technology could be integrated at a global
scale. To make my vision a reality, I
completed the Critical Language
Scholarship in Indonesia, which inspired me
to more deeply consider the country as a
location for social enterprise. After
returning, I developed a chemistry thesis,
which supplements existing research on BSF
and increases the system’s “robustness,” for
real-world application.
I am currently considering three paths
after graduation. The first entails working in
Harrisburg with INTAG Systems, an
aquaponics company interested in
incorporating BSF recycling. The second
entails returning to Indonesia with a
4
Fulbright research grant, to complete a year
of BSF prototyping and piloting in
conjunction with a permaculture institute
near Jogjakarta. Last, I could found a startup
with three other Elizabethtown students
seeking to develop a low-cost motion capture
system, which the fitness and healthcare
industries could incorporate. The start-up has
already received initial investments, and I
would join as the company’s chief marketing
officer (CMO).
&&&
Kelsey Detweiler. Elizabethtown College has
been the perfect fit for me. In addition to its
academic merit, the campus was near enough
to visit my close-knit family on the
weekends. As a student at Elizabethtown, I
was also able to play the sports I love, field
hockey and track, which continually
challenged me to meet new goals and work in
a team outside the classroom setting. As a
track and field captain for the past two years,
I have motivated, encouraged, and helped
fellow teammates reach their individual
goals. Thanks to this experience, I aspire to
be a part-time coach, so I can continue to help
others as past coaches helped me.
Majoring in business, I expected to
learn about the business world, but I did not
expect to learn so much about myself, as well.
For example, I learned I am intrigued by
knowledge. I love learning about new topics,
and I experience a sense of pride and
accomplishment when I truly understand
something. Elizabethtown motivates
students to achieve academic excellence with
honor society memberships, scholarships,
and prestigious awards. Over the course of
my college career, I received all three. I
received the Musselman scholarship, as well
as the Emergent Scholar distinction, and I am
a member of two honor societies, Alpha
Lambda Delta and Delta Mu Delta. These
awards bolstered my self-confidence while
pushing me to continually improve.
The Business Department also
prepared me for my future career. I explored
all areas of business through the variety of
required classes, which provided a holistic
perspective in addition to the more specific
knowledge I gained from courses for my
concentration, marketing. To satisfy one of
the two required electives, I took a consumer
behavior course, where I became interested in
consumer insights. My second elective,
Marketing Research, solidified the interest,
and helped shape my career path.
Thanks to the skills I gained at
Elizabethtown, I am confident I will achieve
a successful career in consumer insights.
Students master the material for each class
through written reports, presentations, and
case studies, and this approach improved my
written and oral communication skills, as
well as my critical thinking ability. I later
applied these skills in the “real world”
through the business department’s internship
program. As a rising junior, I secured my
first internship. I later completed a second
internship, an eight-month co-op, at The
Hershey Company. The Hershey Company
offered me a full-time position after
graduation, which I accepted. Knowing I
secured employment is an incredible feeling,
for which I thank not only the Business
Department, but the Elizabethtown College
as well.
5
&&&
Joachim Hellesen. I am an international
student from Copenhagen, Denmark,
originally born in Brussels, Belgium. I came
to the United States almost four years ago,
seeking higher education and immersing
myself in a different culture; by doing so, I
hope to show potential employers my desire
and ability to live and work abroad. At
Elizabethtown College, I am majoring in
international business and concentrating in
finance, with a GPA of 3.79. After
graduation, I will begin working in
Harrisburg as a project controller analyst for
Deloitte Consulting.
I participated in many extracurricular
activities throughout my college career. For
two years, I promoted diversity on campus as
the treasurer of No Boundaries, the
international club. I am also the current
president of Delta Mu Delta, Elizabethtown’s
international business honor society. As a
member of this year’s CFA Research
Challenge team, I acted as an equity buy-side
analyst, valuating Axalta Coating Systems,
and our team placed among the top four in the
Philadelphia region. Lastly, over the past
couple years, I worked with Elizabethtown
College’s Social Enterprise Institute on
several projects, some of which were featured
in Lancaster’s FIG Magazine.
Apart from these extra-curricular
achievements, the Dean’s List recognized my
academic success almost every semester. I
was also nominated to receive the Financial
Executives International (FEI) Outstanding
Senior Award.
My experiences and studies at
Elizabethtown College helped further my
professional career. As a rising junior, I
worked as an international air-freight
forwarding intern at Able Freight Services,
Inc., in Los Angeles, where I assisted with
shipping, analyzed the business, and
implemented new systems.
My internship with Able Freight
Services, as well as continued academic
effort at Elizabethtown College, secured my
second internship as a rising senior. I worked
in Harrisburg as a project controller analyst at
Deloitte Consulting. At Deloitte, I worked on
multiple accounts, performed financials tasks
and analysis, and presented in front of
company partners and clients. When my
internship ended, Deloitte offered me a full-
time position, starting on July 10, 2017.
Off campus, my two favorite
activities are skiing and scuba diving. Skiing
provides an adrenaline rush one can’t
replicate anywhere else, and the views from
the mountain top are astounding. On the
other hand, scuba diving is relaxing and
peaceful. Everything becomes silent 100 feet
below, and it is a great way to explore the
earth in a different sense. My “everyday”
hobbies include simply hanging out with
friends, talking, and listening to music. Last,
I love travelling, and, in the future, I hope to
combine it with my work. Ideally, I will
secure a job that involves international travel,
to allow me to explore the world while
working.
&&&
6
Brian Lukacsy. I am a senior accounting
major from Mullica Hill, New Jersey (NJ).
My older sisters, one of whom graduated as a
Blue Jay in 2010, are two of the most important
role models in my life. My parents, Arlene and
Chuck, sacrificed so much for me when I was
younger, but I didn’t understand all they had
done until I entered college. In November
2015, when I was a junior, I suddenly lost my
mom to kidney cancer. My world turned
upside down. I heavily relied on my support
system at Elizabethtown and worked to finish
the final weeks of the fall semester with a 3.60
GPA, while juggling extra-curricular
activities.
Despite this hardship, I am a
member of the Alpha Lambda Delta honor
society and will graduate in May with 150
credits, necessary to earn a public
accounting license (CPA). The Dean’s
List recognized my academic achievements
five times during my college career, as did
the Emergent Scholar distinction in 2015.
Over the course of four years, I also
received the Provost Academic, NJSCPA
Accounting, and Ernst & Young
Accounting scholarships. In the spring of
2015, I earned the Core certification in
Microsoft Excel.
I took advantage of everything that
Etown had to offer, by involving myself in
extra-curricular activities about which I
am passionate. I was a member of the
men’s basketball team, a sports editor for
The Etownian, an intramural assistant for
the Office of Student Activities (OSA),
and president of the Accounting Club. As
a four-year member of the men’s
basketball team, I balanced practices and
games six days a week and was voted the
team’s “Unsung Hero” by my coaches and
teammates for the 2015-16 season. As a
part of The Etownian, I received the
following awards: Best Reporter, Editor of
the Year, and Board Member of the Year.
Lastly, as a cabinet member of the
Accounting Club, I secured new speakers
and opportunities for the student body; for
example, I organized trips to networking
events, including the Phillies’ Accounting
& Finance Night in April 2016. The
connections I fostered as a PICPA student
ambassador and Becker CPA student
representative facilitated these endeavors.
Apart from extra-curricular
activities, I assisted with departmental
open houses, where I encouraged
students to join Elizabethtown College’s
business department. In 2016, I studied
in Prague for a short period, and returned
with stronger cross-cultural skills and
mindset.
While at Elizabethtown, I worked
with the Volunteer Income Tax
Assistance Program (VITA); the
program was very rewarding, and I
enjoyed the connections I made with
each client. Additionally, I interned as a
finance resource officer with one of the
federal government’s sixteen
Intelligence Community agencies during
the past two summers. My time in
Washington, D.C. expanded my passion
for accounting to include paths I never
imagined, so I’ve placed my original
dream of becoming a forensic accountant
with the FBI “on hold.” In the
meanwhile, I accepted an offer to stay
with my current government agency. I
cannot overstate the importance of the
7
experiences and insights I gained and am
excited to begin working full-time this
fall.
In addition to my career plans, I
am preparing for the Certified Anti-
Money Laundering Specialist
certification this spring. I will also begin
sitting for the CPA Exam this summer,
and I aspire to complete at least two parts
of the Exam prior to beginning my
career.
&&&
Madison McCall. I am a senior international
business major with a finance concentration
and dual-minors in Spanish and international
studies. A career in international finance
awaits when I graduate in May.
At Elizabethtown College, I was a
member of the Honors Program and two
honor societies, Alpha Lambda Delta and
Delta Mu Delta. The Dean’s List and
Emergent Scholar distinction further
recognized my academic achievement, a
GPA of 3.85.
As Dr. Varamini’s student assistant, I
reviewed and contacted prospective students
for the International Business program.
Similarly, at the Social Enterprise Institute, I
acted as a research assistant in finance, and,
beyond work, I enjoyed volunteering for the
Business Department by participating in
events such as IB Day, Accepted Student’s
Day, and open houses.
I gained “real-world” business
experience though internships. I interned
with the marketing department of Meals On
Wheels, where I received the company’s
annual ABCD award for my creative ideas
related to its new program servicing elderly
hospital patients, Meals to Mend. I later
completed a second internship with
Aesculap, a medical supply company in
Center Valley, Pennsylvania (PA). There, as
a project management intern, I used Excel,
Mindjet, SAP, and ECRI to pull sales data,
organize projects, and monitor competitors.
Throughout my time at
Elizabethtown, volunteering remained
important to me. For example, each year I
participated in “Into the Streets,” an
Elizabethtown event seeking to beautify the
college and local community. During the
summers, I worked with the Nazareth YMCA
as a volunteer tennis instructor, mentoring
high school students. I also helped plan my
school’s second color run.
Aside from volunteering, I loved
participating in clubs and activities. I was a
member of the women’s tennis team, which
won the past eight league championships.
Playing both doubles and singles, I received
two MVP awards; once in 2014, at the
Commonwealth Conference, and again in
2016, at the Landmark Conference. Beyond
tennis, I was a Student Senate representative,
a Moving Forward Together program
mentor, and a campus tour guide. Over the
course of four years, I served as an Honors
peer mentor, a student wellness advocate, a
student assistant for the Office of Diversity,
and a member of the dance club, Emotion.
As a senior, I was a leader for the Momentum
program, which helps first-generation,
diverse, and financially-stressed students
maximize their potential.
During the Fall 2015, I studied abroad
in Barcelona, Spain, and immersed myself in
the Spanish culture. I lived with a host
family, attended the Universitat de
Barcelona, took classes exclusively in
Spanish, and experienced life and culture in a
8
whole new way. It was the most rewarding
experience of my life.
By involving myself academically, in
my community, and in a variety of
extracurricular activities, I prepared for a
fulfilling life of service. I look forward to a
career in international finance, where I will
make a difference through impact investing,
and will help generate social benefits through
the creative and efficient use of capital.
The winner of the OBS Award was Tyler Butkus ‘17. Recently,
Tyler was named the recipient of a Fulbright U.S. Student Program
study/research grant to Indonesia.
Congratulations!
2
Student Awards and Scholarships
The following students were recognized at the Business Award Dinner on April 12, 2017.
Congratulations!
Award/Scholarship Student winners
PA Institute of Certified Public Accountants
Award Brian Lukacsy
Accounting Alumni Award Brianna Earnshaw
Financial Executives International (FEI) -
Central Pennsylvania Chapter—Outstanding
Student Award Madison McCall
Glenn R. Patterson Scholarship Hannah Hall, Teresa Leyh,
Evan Sebio
John F. Chubb ’61 Scholarship
Stephen Agostino, Santiago Escobar,
Rachael Nelson, Tyler Stecz,
Damian Ulrich, Alyssa Wilkinson
Ernst & Young Accounting Scholarship Hannah Hall
Doris K. Bitting ’52 Scholarship Craig Eidle
Christine Eberle ’96 Memorial Scholarship Colin Brubaker
Dentsply Scholarship Natalie Nye, Dylan Warner
Jay & Carolyn Buffenmyer Scholarship Rachel Craft
John R. Flaker ’76 Scholarship Blair Hendricks
Student Conference in Business & Economics
Best Paper Awards for Outstanding
Presentation
Morgan Helt, Madison McCall, Nick Callahan
Outstanding IB Student Award Joachim Hellesen, Kylie Bueti, Madi McCall
Alice L. Knouse Scholarship Lia Kopar
Powell Adams Scholarship Jessica Sullivan
Douglas & Victoria Meacham Memorial Award Kelsey Detweiler
3
Award/Scholarship Student winners
Stamps Leadership Scholarship Tyler Butkus, Nick Callahan,
Liuba Miranosava
Department of Business Day and Scholarship
Competition Scholarship
Nate Bledsoe, Rachel Craft, Scott Johnson,
Brooke Ricks, Dylan Warner
Stephen Poorman ’72 Entrepreneurship Award Tyler Butkus
Melvin S. and Dorothy Z. Mitchell Scholarship Michael Snyder
The Miller Family Business Scholarship Joshua Eden
Major Field Test Achievement Award Tyler Butkus, Andrew Carle, Eric Carr,
Madison McCall, Joseph Clark
Herman G. Enterline Scholarship Rebecca Yunginger
Robert E. Hall ’68 Scholarship Tommy Armstrong
John W. Hess Scholarship Morgan Reiss, Emily Seratch
Musselman Scholarship Victoria Edwards, Tyler Goldberg
Mary Sachs Scholarship Maria Boretti, Anthony Knight,
Amanda Slaughter
Student Tutor Awards Maria Boretti, Nick Callahan,
Lia Kopar, Rachael Nelson
James B. Hoover ’75 Scholarship Kathryn Derreth, Adam Saubel
Nominees for the James B. Hoover
Outstanding Business Student Award
Kylie Bueti, Tyler Butkus,
Kelsey Detweiler, Joachim Hellesen,
Brian Lukacsy, Madison McCall
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.
4
Competitions
The CFA Research Challenge
team of business students represented Elizabethtown College in the Philadelphia Chapter
of the CFA Research Challenge. The CFA Research Challenge is a global competition
that allows students to gain exposure to real world investment and valuation decisions.
The team conducted extensive research on a publicly traded company when making the final
investment recommendation, which included the company's competitive position in their industry,
demand drivers, regulations, economic growth, investment drivers, risk factors, and a cash flow
valuation model. This competition has enabled students to develop and refine skills in research,
professional writing, communication, and working with others on a comprehensive research
project. Most importantly, the Elizabethtown College team was the only undergraduate team,
among the 16 teams that started in this competition in the Fall of 2016, to be chosen to present its
research at the Union League Philadelphia on Wednesday, February 15, 2017. Out of 17 schools
that participated locally this year, our Elizabethtown College team placed in the top four at the
final presentation judged by a panel of finance experts and professionals in Philadelphia, the local
CFA Institute Society.
The students representing Elizabethtown College in the CFA Research Challenge are Jessica
Rinaldi, Joachim Hellesen, Kevin Tacchino, Nate Suksiritarnan, and Anders Nilsson. The
students were mentored by Dr. Emma Neuhauser, Associate Professor of Finance, and
Mr. Tom F. McKeon, CFA, Principal & Chief Investment Officer, Clothier Springs Capital
Management, LLC (pictured above).
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“The CFA Challenge truly enriched my Elizabethtown College experience. As a senior, I decided
to pursue a career in finance, but had only taken one finance course thus far. During the fall
semester, Dr. Emma Neuhauser asked me to consider joining the college’s CFA Challenge team.
After attending presentations given by the previous years’ winners, I was impressed with their
knowledge and level of preparation. The next day, I stopped by Dr. Nehauser's office and told her
I wanted to join the team.
The Challenge exposed me and my teammates to the ‘ins and outs’ of valuation. Not only did it
‘challenge’ us to apply different classroom concepts, we also began bringing questions from our
research to the classroom. I highly recommend The CFA Challenge to any student interested in a
financial career. Although it was more challenging than any other course I took at Elizabethtown
College, it shaped my career choice.”
~ Reflection by Jessica Rinaldi
Lancaster Angel Network Presentations
wo teams of students enrolled in the new minor of Entrepreneurship and Family Business
were invited to present to Lancaster Angel Network (LAN) investors. The teams, led by
seniors Michael Twist and Kevin Gorenberg, respectively, were mentored by Dr. Petru
Sandu. Both teams will also submit their business plans to e-Fest, an undergraduate business plan
competition sponsored by Richard Schulze, founder of Best Buy Inc.
The Bloomberg Competition
finance team, mentored by Dr. Emma
Neuhauser, participated in The Bloomberg
Trading Challenge over the course of an
eight-week trading cycle. The team used the
Terminal to define its market assumptions, develop
a return-generating strategy and execute trades over
a closed network. The Bloomberg Trading
Challenge provides students a real-world learning
through hands-on intensive practices in financial
analysis, trading, and strategizing ideas as a group.
The Etown team placed 8th out of 265 teams around
the world including master and PhD programs!
Congratulations! Read more about the competition
in Sean Fiedler’s reflection and Dr. Angelis’
article, below.
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“If you were given ten million dollars, how much money do you think you could make in eight
weeks? Our task was to maximize return by investing in companies whose market value exceeds
$1 billion USD. There were no derivatives, shorting, or other financial instruments unfamiliar to
the financial layman. It was simple. Teams would invest in mid- to large-cap companies or ETFs
and hope for the best return by the eighth and final week. We worked diligently to obtain all
information pertinent to decision-making: we met weekly, manned the Bloomberg Terminal
during all market hours, and researched equities after hours.
Though our mission was simple, our investing strategy was complex. To protect our ‘trade
secrets,’ we won’t discuss this strategy in detail, only confirm we worked diligently to complete
fundamental analyses for each company reviewed. Our efforts paid off… literally. At one point,
we generated the competition’s second highest return and, at the end of three weeks, finished
among the top three teams. Ultimately, we placed eighth in the competition.
It was a fantastic learning experience. Not only did we gain new insights about real-world
trading, we became more aware of the company valuation process on the open market. In the
grand scheme of education, these lessons and experiences were a critical stepping stone, enabling
each of us to become more knowledgeable in our respective fields.”
~ Reflection by Sean Fiedler
&&&
Blue Jays Take on Bloomberg
Dr. John Angelis
he Bloomberg Company is perhaps best known for their famous “Bloomberg Terminals,”
which supply comprehensive analysis and data visualization for trading stocks, bonds, and
other financial instruments. As you may guess, this software is relatively expensive.
Therefore, when I received an email asking if Elizabethtown College wanted to participate in the
first annual Bloomberg Trading Challenge, featuring free use of a Bloomberg Terminal for our
student team, I excitedly forwarded the information to Dr. Neuhauser, Associate Professor of
Finance.
Dr. Neuhauser recruited and advised five students in the eight-week challenge, from late
February to April. Listed in the order of the above photograph, the five students were Jason
Clough, Sean Fiedler, Kylie Bueti, Matt Rogers, and Anders Nilsson. The parameters for stock
choice were strict (see Sean’s reflection), and the stakes were high. The top three teams would
receive a paid trip to NYC to further compete and interview with recruiters, and the winning team
would receive a prize basket, as well as $2,500 to donate to a charity of their choice. Unable to
automate stock sales, the students often found themselves glued to the terminal, waiting for news
or the desired price.
As an advisor, the contest was nerve-wracking. Real-world contests offer a unique learning
opportunity for students because the results are no longer graded or judged by an instructor. We
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want our students to have full freedom to succeed in such challenges. Consequently, we must
resist the temptation to offer too much guidance.
For example, the students began the contest with a 13-stock portfolio, almost half of which
were airline and aerospace stocks. Yet, in 2007, famous investor Warren Buffett said “The worst
sort of business is one that grows rapidly, requires significant capital to engender the growth, and
then earns little or no money. Think airlines. Here, a durable competitive advantage has proven
elusive ever since the days of the Wright Brothers. Indeed, if a farsighted capitalist had been
present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down.”
As advisors, we were concerned a poor week or two in airline stocks would ruin the portfolio’s
chance of victory, long before the contest’s end.
However, Mr. Buffett recently changed his tone on airline stocks, buying several of them.
The portfolio gamble paid off handsomely; by the second week, our students found themselves in
third place, a position they achieved in two of the contest’s final weeks, as well.
Ultimately, we finished 8th of 265 teams (University of Pennsylvania won). Elizabethtown
outperformed many larger institutions, several of which entered more than one team and had
multiple Bloomberg Terminals, as well as extensive experience using such technology. Some of
the teams we surpassed include the University of Maryland, Washington College, the University
of Mississippi, and our local rival, Messiah College.
Most importantly, our students deepened their understanding of portfolio optimization, as
evinced in Sean Fiedler’s reflection. I encourage any business student reading to consider entering
next year’s Bloomberg contest. When building one’s resume, such contests are second only to
internships, and they provide valuable anecdotes for job interviews.
Please send your feedback on this article to Dr. Angelis at [email protected]
&&&
The Financial Executive International 2017 Outstanding Senior Award
The FEI Central PA Chapter Board of Directors has selected Madison McCall '17 to be the
recipient of the 2017 Outstanding Senior Award for Elizabethtown College. FEI recognized her
on Tuesday, March 21 at the Educator Night meeting in Manheim, PA.
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The Rising Star Award, Outstanding Women in Business series
Katie Derreth ‘17, B.A. with a concentration in Management, was awarded The Rising
Star Award, in the Outstanding Women in Business series. The award recognizes “a college
student who has achieved academic success as well as success outside the classroom as a
businesswoman, through internships, employment, or extra-curricular involvement.” Katie was
recognized at the Lancaster Barnstormers game on Thursday, September 8, 2016.
&&&
The Jane M. Klausman Women in Business Scholarship
Lia Kopar, International Business senior, Honors program, won the Jane M. Klausman Women
in Business Scholarship, awarded by the Zonta Club of Harrisburg- Hershey, a chapter of Zonta
International Foundation
Please see below a description of the organization and award:
“Zonta International is a worldwide service organization of women in business and the
professions, working together to advance the status of women. Women make up nearly 50
percent of the global workforce; however, gender equality is not yet a reality in senior
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management and corporate boardrooms around the world. According to a 2014 Catalyst Census,
women hold only 4.2 percent of the CEO positions and 19.2 percent of board seats at S&P 500
companies. To encourage more women to pursue education and careers in business, Zonta
International established the Jane M. Klausman Women in Business Scholarship” 2
&&&
Co-ops
The following students completed the Hershey co-op.
Kelsey Detweiller (BA)
Hailey Parks (BA)
Catherine Fissel (BA)
Adam Saubel (BA)
Erik Blank (BA)
Jessica Sullivan (BA)
Marissa Gingrich (BA)
Rebecca Yunginger (IB)
The following students are currently completing the Hershey Co-
op.
Kevin Meakim (BA)
Morgan Reiss (BA)
The following students start the Hershey Co-op in June 2017.
Carly Thompson (BA)
Hannah Keeports (IB)
Olivia Outten (BA)
Anthony Knight (BA)
We are grateful to Dr. Sylvester Williams,
who coordinates the relationship with The Hershey Company.
&&&
2 Source: https://www.zonta.org/Global-Impact/Education/Women-in-Business-Scholarship
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Clark Associates Scholarships
The two winners of the 2016-17 Clark Associates, Inc., scholarships are Anastassiya
Sayenko and Emily Seratch, both International Business majors. The scholarship recipients will
also receive an internship with Clark. The scholarships recognize current sophomores or
juniors who show outstanding leadership skills, or who demonstrate an entrepreneurial spirit.
&&&
The Trostle Investment Portfolio (TIP)
The student-managed investment fund had a very strong performance during the year. For
instance, in the first quarter ending on March 31, 2017, the Elizabethtown College student-
managed investment portfolio rose 6.42 percent, compared to a rise of 6.07 percent, for the S&P
500 Stock Index. Since inception (August 2007), the student portfolio has risen at a compound
annual rate of 7.58 percent, compared to a rise of 7.42 percent for the S&P 500. The students were
advised by Dr. Trostle, Associate Professor of Finance Emeritus.
&&&
11
Emergent Scholars and their Mentors
2016-2017
Each 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
included the following.
Emergent Scholars Faculty mentors
Joshua Baker Terrie Riportella
Emily Egolf Ed Chung
Tyler Goldberg Terrie Riportella
Hannah Keeports Jeffrey Gabriel
Anthony Knight Randy Trostle
Anastassiya Sayenko Hossein Varamini
Emily Seratch Hossein Varamini
&&&
Honors in Discipline (HID) Projects
Nicolas Callahan, Dr. Sanjay Paul (Advisor)
“Rapid Re-housing & Social Service: An Integrated Approach to Homelessness.”
Madison McCall, Dr. Hossein Varamini (Advisor)
“Impact Investing as a Way to Solve Social Problems”
&&&
12
Other Supervised Research
Dr. Ed Chung supervised Morgan Helt’s and Alex Weissenborn’s research papers
Dr. Petru Sandu supervised the following two papers, presented at SCAD.
“Student Entrepreneurs: Founding a Startup as Full-Time Students,” Michael Twist’s team
“Motivitality Systems and the Targeted Neurostimulation Device: Business Plan Research,”
Kevin Gorenberg’s team
&&&
Collaborative Industry Partnerships (CIP)
Senior international business students enrolled in BA 497 conduct research for companies
throughout the semester and present their findings to company executives at the end of the
semester. BA497 is a class designed to provide students with theoretical perspectives and the
practical applications in global business. The course integrates concepts, principles, and practices
from prior courses to prepare students for a successful career in international business. This year,
research projects were conducted for OMA (Oswalds Mill Audio), EMC (Environmental and
Metallurgical Consultancy LLC), HoodRISE, and AFH (Act for Humanity Foundation).
&&&
13
Student Conference Presentations
Pictured above: Anastassiya Sayenko, IB major
The following students presented their research papers at the Student Conference in Business
& Economics, April 12, 2017, at Elizabethtown College
Joachim Hellesen, Jessica Rinaldi, Nathadon Suksiritarnan, Kevin Tacchino, & Anders
Nilsson. “CFA Research Challenge - A Sell Recommendation on Axalta Coating Systems
Ltd.”
Artemis Yang. “Gender Pay Gap in the United States: The Impact of Age at First Marriage and
Childbirth”
Morgan Helt. “For the Next 1,000 Years”
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Madison McCall. “Impact Investing as a Way to Solve Social Problems”
Nicolas Callahan. “Rapid Re-housing & Social Service: An Integrated Approach to
Homelessness”
Jingyun Hu. “Farmland Usage in Pennsylvania”
Layla Thomas. “Sprawl, Mobility Gaps, and the Transit Solution: Cross-Sectional Analysis in
San Diego, California”
Brianna Bashore, Alyssa Blouse, Jeff Gamble, Gilbert Sanjur-Basil, Werner Wilches, &
Jiaxin Zhao. “From Idea to Innovation: Business Projects in Technology Management”
Anastassiya Sayenko. “Using Time Series and Regression Forecasting Techniques to Predict
Goldman Sachs Stock Closing Price”
Alec Proffitt & Adam Strayton. “Forecasting GM’s Stock Price Using Time Series Methods”
Alex Weissenborn. “Lurking Behind Random Numbers: When Anchors Sink Our Wallets”
Alex Chavez, Jeff Gamble, & Jiaxiin Zhao. 3D Printing applications
Austin Dews, Kearny Nevills, Kiefer Weis, Trey Yetter, Alyssa Blouse, & Brianna Bashore.
Concussion Headset
Aidan Helm, Baghat Mathivanan, Gilbert Sanjur-Basil, Werner Wilches, & John Lindsay.
Alzheimers/Depression headset
&&&
15
STUDENT PAPER SUMMARIES
The following are selected summaries of the papers presented at the Student Conference in
Business & Economics on April 12, 2017, at Elizabethtown College
Impact Investing to Solve Social Problems
Madison McCall
International Business, finance concentration
Advisor – Dr. Hossein Varamini
overnment agencies and charity
organizations do not have the capital
necessary to remedy the world’s
social ills. Yet, our financial markets have
turned problem into opportunity, once again.
Increasing social need without a reciprocal
and sustainable solution is the platform upon
which our financial markets are evolving. To
satisfy growing demand for a stable, liquid,
fixed-income security promoting social good,
the markets have begun to embrace “socially
responsible investing.” To contribute to the
expansion of this developing field, my
research examines existing social bond
vehicles and offers a framework to increase
these vehicles’ attractiveness.
This study analyzes three social
impact bonds, each issued by the World Bank
between 2007 and 2010. The World Bank is
an innovator in the field of social impact
bonds due to its role in pioneering
international initiatives, as well as its mission
to promote sustainable growth and
investment in people. To capture a diverse
range of challenges and designs, my study
incorporates projects from various sectors
and countries. However, I only considered
projects if they were complete and underwent
final evaluation by the World Bank.
In total, I analyzed three successful
“green bond” case studies. They showcase
many good practices incorporated in the
World Bank Framework, including extensive
monitoring, research, evaluations, and
planning. For example, the World Bank
closely monitors each project from inception
to completion. Furthermore, thorough pre-
evaluation helps avoid “green washing.”
Ultimately, the World Bank’s extensive
framework ensures green projects meet
investors’ highest standards.
As the three case studies exemplify,
green bonds can be socially and
economically satisfying investments. The
following question then arises. “If green
bonds provide good returns, why don’t they
generate more investment?”
Perhaps the cause is asymmetry in
information regarding green bonds, as well as
the absence of a vehicle providing investors
with safe, reliable returns on green bonds. To
address information asymmetry, institutional
investors should provide private placement
for green bonds. Furthermore, incorporating
a more sophisticated, tradable financial
vehicle would increase the current bonds’
attractiveness.
Modifying the current vehicle entails
offering investors more attractive risk-return
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tradeoff. To do so, I propose adapting a
revenue-participation, or quasi-equity, based
vehicle. The current green bond vehicle
reimburses investors from net income. By
contrast, a revenue-participation based model
would reduce risk by paying investors
straight from the top line: gross revenue. By
adopting a revenue participation model,
impact investing vehicles like green bonds
are more likely to be non-concessionary and
attract more investors.
More precisely, I propose pre-
screening projects using a method akin to the
World Bank’s current framework. Yet, in
addition to incorporating elements of the
World Bank’s evaluation, the new
framework should also analyze other players’
roles. A sustainable approach acknowledges
shared responsibility between governments,
institutions, and individuals.
My final proposal is to include a
maximum payback period. The length of the
payback period would vary depending on the
complexity of the project and the expected
time necessary to generate positive net
income. Regardless, a defined timeline
would guarantee investors payment at least
equal to their original investment by a set
date, thereby reducing the risk of all healthy
and sufficiently profitable projects. Vigorous
pre-screening is vital to determining if a
project can meet its proposed payback period.
If not, the project’s potential reward fails to
justify its risk.
Further research should devise a more
transparent and less subjective measure of
social return on investment. Furthermore,
collecting additional research on revenue-
participation would enhance the social bond
framework, as revenue-participation could be
a vital aspect of the future social bond
vehicle.
For feedback, please email Madi at
&&&
17
For the Next 1,000 Years
Morgan Helt
Accounting major
Advisor – Dr. Edward Chung
s capitalism consuming our economy?
Capitalism is an economic and political
system in which a country’s government
does not regulate trade and industry; instead,
private owners influence these faculties.
Despite the purported benefits of the
capitalist system, its lack of regulation has
caused the inequality gap to grow
exponentially. More than one billion people
live on less than two dollars a day, while the
rich “keep getting richer.” According to
projections, the world population will hit ten
billion in 2050. Population growth will
create more billionaires and more people
living off two dollars a day, thereby widening
the existing inequality gap. The “elephant
graph” displays this phenomenon. It charts
the rise and fall of income, based on class
distribution.
Furthermore, as Harvard philosopher
Michael Sandel argues, capitalism corrupts
Americans’ values and morals. Sandel
explains, “Without being fully aware of the
shift, Americans have drifted from having a
market economy to becoming a market
society... almost everything is up for sale...
market values seep into almost every sphere
of life and sometimes crowd out or corrode
important, non-market values” (Sandel, April
2012).
Our economy revolves around selling
and buying. Yet, as of last year, forty-five
million people lived below the poverty line in
the United States (U.S.). It is difficult for
these individuals to provide food for their
families, let alone compete in our economic
system. Is a capitalist system with these
barriers to entry truly a free market?
Ronald Inglehart’s theory of post-
materialism emphasizes the quality of life
over economic security. Its application
would simplify our economy. However,
post-materialism can only be achieved
voluntarily, due to the “culture of
production,” which asserts society is an
unending cycle of consumption. Simply put,
people must consume goods and services. To
do so, they must produce goods and services,
then send them to market; there, the very
population that created them consumes them.
To consume more goods and services,
this cycle begins anew. Consumers must
obtain capital to continue consuming, and
employment provides this capital. Often,
individuals work two jobs to generate
sufficient income. In turn, these individuals
work longer hours, resulting in less family
time. Yet, regardless of the healthy,
domestic demand for jobs to support oneself
and one’s family, companies outsource
operations to third-world countries to reduce
costs.
Companies shape society. In turn,
CEOs shape companies, and business schools
shape CEO ideologies. According to
business school curricula, companies should
strive to maximize profit to benefit the
company and its shareholders. Often,
decisions are made based on national
averages. By contrast, I believe businesses
must do more to recognize regional economic
differences. All sub-economies do not grow
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at the same rate. For example, most inner-
city residents live below the average numbers
companies use to make decisions. Thus,
these populations slip from focus and have
little chance of breaking free from income
inequality.
Ultimately, the root of our economic
knowledge is the root of our social ills. In
other words, to produce change, we must
change education. Adjusting curriculum is
the key to achieving Inglehart’s post-material
economy. By changing the lessons taught to
future business leaders, we can change the
unchangeable – the cycle of production.
My research raises awareness of
modern practices, and outlines several ways
to change them. It may be the first step in
solving one of the business world’s longest-
running problems. In my research, I
asked, “worldwide, which schools are the
most sustainable, and what make them so?
Can other schools adopt any of these
concepts to become more sustainable?”
I proceeded to research the top
sustainable universities’ curriculum, using
databases and the schools’ websites. One
such databases is the Aspen Institute, which
provides a list of the world’s top sustainable
business programs. The criteria Aspen uses
to rank schools formed the base of my
research. I found sustainable schools
incorporate more hands-on cases. In other
words, students at these schools relate
classroom lessons to real-life situations.
I will continue my research by
analyzing local schools. More specifically, I
will inquire whether any local school
incorporates sustainable methods, and, if not,
how incorporating these practices would
change the school’s curriculum.
For feedback, please email Megan at
References
"Top 100 MBA Programs." Aspen Institute. Aspen Institute, n.d. Web.
Sandel Michael J. (April, 2012). “What Isn’t for Sale?” The Atlantic.
&&&
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The Affordable Braille Embossing Labeler (ABEL)
Jeff Gamble
Business Administration, concentrations in management and entrepreneurship
Advisor – Dr. John Angelis
ew technologies can help visually
impaired people live more
comfortably and independently.
Yet, current products aren’t sufficiently
attending to the needs of this vast market.
The market potential is huge.
According to the World Health Organization
(WHO), this niche market is comprised of
more than 285 million people worldwide, of
whom 29 million are blind and the remainder
have “low vision.” In other words, although
someone can see a book, sign, or label, does
not mean they can read it. Moreover, 90
percent of these people live in low-income
settings. The typical consumer does not have
the financial means to buy the best and most
expensive technology available.
Furthermore, 82 percent of visually impaired
people are aged 50 or older. These
individuals desire to be self-sufficient in their
daily lives, yet most have trouble identifying
food, beverages, and medications. New
product development is necessary to improve
the lives of those affected.
This preliminary research led to the
question, “What are the needs of the visually-
impaired market, and how do we create an
affordable product to fulfill them?”
My group used an inductive approach
to understand our market’s needs. An article
from the Journal of Public Policy &
Marketing claims that visually impaired
individuals seek independence and do not
want to depend on others to identify items in
their homes. This echoes similar research
from RNIB, an organization in the United
Kingdom. According to their observations,
visually impaired people find it hard to live
independently, because they rely on family
members for assistance with simple tasks.
The individuals studied believed they were a
burden to their friends and family.
Furthermore, the experiments and interviews
conducted by Microsoft Research suggest
that visually impaired individuals experience
difficulties most often when identifying food,
beverages, and medications. This final
observation is the most troubling. Nothing
prevents visually impaired people from
accidently ingesting the wrong medication,
or foods they may be allergic to.
Unfortunately, existing Braille
labelers embody two extremes of the product
spectrum. For example, although the Reizen
RL-350 is a low-cost model priced at $39.95,
it is hard to use, unreliable, and produces low-
quality labels. The opposite extreme is a
high-quality model, the LoganTech 6dot. It
costs $749.95. The LoganTech produces
high quality labels, but it is beyond the
visually impaired consumer’s price range.
The solution is what I like to call the
Affordable Braille Embossing Labeler, or
ABEL. ABEL will ‘enable’ visually
impaired people to be more independent in
their own homes.
Our product weds its competitors’
best qualities: the Reizen’s affordability with
the LoganTech’s superior quality. Let’s
examine what is needed to create such a
product. According to the American
Foundation for the Blind, when shopping for
Braille printers and labelers, visually
impaired people look for a few key features,
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including speed, portability, embossing
quality, and cost. Our product must optimize
each attribute. Above all else, our product’s
core competences must align with the needs
and purpose identified in our research.
Furthermore, to switch current users
to ABEL, we must ensure the conversion cost
is low. Cost aside, the transition from old
Braille labelers to ours must be seamless;
therefore, we envision ABEL’s functionality
to resemble that of the classic Perkins printer.
We will align ABEL’s buttons in a similar
fashion, to ensure the layout is both familiar
to users and easily memorized. Additionally,
our product must be compact and portable.
This way, the user can take it around their
home to label different items. Another
important feature is ABEL’s accessibility; we
aim to serve a variety of users, including both
impaired and non-impaired audiences, as the
latter may create labels for their
dependent(s). ABEL may be found in
community centers and other local
institutions, so the ability to plug in and use
standard keyboards is essential. Lastly, our
product must be inexpensive. To ensure
ABEL is affordable, we project pricing units
below $100.
In the future, we will move beyond
this hypothetical scenario to developing a
functional and cost-effective design. We will
explore appropriate positions for our product,
targeting a previously untapped market.
With lingering doubt concerning our
market’s needs, we will survey the visually
impaired population to identify their biggest,
unmet need, other than affordability. We will
contact organizations to determine ABEL’s
institutional and educational applications.
Lastly, we will create a KickStarter campaign
to fund research and development.
Hopefully, through our efforts, ABEL will
improve the lives of visually impaired
people.
Students Jiaxin Zhao and Alex Chavez also
worked on this project.
For feedback, please email
References
"6dot Braille Label Maker." LoganTech. N.p., n.d. Web. Mar. 2017.
Brady, Erin, Meredith Ringel Morris, Yu Zhong, Samuel White, and Jeffrey P. Bigham. "Visual Challenges
in the Everyday Lives of Blind People." Microsoft Research. N.p., 01 Apr. 2013. Web. Mar. 2017.
"Braille Printers." Braille Printers - Browse Results - American Foundation for the Blind. American
Foundation for the Blind, n.d. Web. Mar. 2017.
"Reizen RL-350." Amazon. N.p., 2017. Web. Mar. 2017.
"Understanding the Needs of Blind and Partially Sighted People." RNIB: Supporting People with Sight
Loss. SSMR, 2009. Web. Apr. 2017.
"Visual Impairment and Blindness." World Health Organization. World Health Organization, Aug. 2014.
Web. Mar. 2017.
Williams, John. "Finding New Markets for Products for Blind and Visually Impaired People." Finding New
Markets for Products for Blind and Visually Impaired People - American Foundation for the Blind.
American Foundation for the Blind, 3 Aug. 2001. Web. Mar. 2017.
&&&
21
Farmland Usage in Pennsylvania
Jingyun Hu
Master’s in Applied Economics, Northeastern University
Advisor – Prof. Kirsten Madden, Millersville University
ennsylvania leads the nation in the
number of farms and acres
permanently preserved for agricultural
production. However, both total acreage and
average farm size have decreased over the
last twenty years. Meanwhile, farmland
value has increased.
My study identifies the major
variables affecting the value of Pennsylvania
farmland and estimates their effect(s). These
explanatory variables include price deflator,
expected capital, average farm size, corn
yield, voluntary transfer of farmland, and
machinery equipment. Due to limitations,
my observation period only spans the past 20
years. The United State Department of
Agriculture and Fed Economic Data provided
the relevant data. Variables descriptors are
provided below.
Farmland Value (FV)
This paper concerns average FV per acre,
regardless of “type.” I did not account for
further classifications.
Price Deflator (PD)
PD can represent inflation, which directly
affects price. It is necessary to use PD
because FV is a real value, rather than
nominal.
Expected Capital (EC)
Land is an investment, akin to common stock.
As an asset, its growth composes an
important part of its total return. Moreover,
tax with long-term capital gains often makes
land a more attractive investment.
Farm Size (Size)
In the theory, increasing Size is positively
correlated with FV. By contrast, over the past
20 years, FV increased despite decreasing
Size. This paper seeks to explore the
reason(s) why theory and reality differ.
Corn Yield (Yield)
Yield directly represents productivity.
Voluntary Transfer (Transfer)
Transfer is a major component of land
transfer. More specifically, it is the only type
of transfer in which the sale is conducted
under “open market” conditions between
potential buyers and sellers.
Machinery Equipment (ME)
I regarded ME as a technology, and
technology generally increases total
production. However, if product demand is
inelastic, increasing technology will cause
price to decline more rapidly than output
increases. Therefore, income would
decrease.
This study uses linear regression (single and
multiple), as well as time series. I initially
assumed all six variables affect FV. After the
first multiple regression test, however, it
became apparent that some variables are not
suitable for this model, and, after a
P
22
correlation test, I removed two variables. To
analyze and understand the variables in
greater detail, I then constructed a time series
for each variable and was surprised to
observe that accumulative machine
investment is negatively correlated with
current FV. Why? In Pennsylvania, the price
is inelastic, or resistant to market change.
Therefore, increasing ME will increase costs,
and farm income will decrease at a greater
rate than output increases.
In a future analysis, I will collect
more data and modify my model to increase
the F-ratio. Additionally, I will collect data
from different states, including California,
and Florida.
For feedback, please email
References
Gardner B. Delworth, Carole Frank Nuckton. 1979. “Factors Affecting Agricultural Land Prices.”
California Agriculture.
Danny A. Klinefelter. 1973.” Factors Affecting Farmland Values in Illinois”. Agricultural & Applied
Economics Association: Oxford Journals.
Cynthia Nickerson, Mitchell Morehart, Todd Kuethe, Jayson Beckman. 2012.” Trends in US. Farmland
Values and Ownership” Economic Research Service: Economic Information Bulletin Number 92.
&&&
23
WE ARE GOING PLACES!
International Study Tours
This year, 10 and 12 students participated in the Geneva and Prague trips. The trips are
connected to the EC 280 International Organizations Seminar and BA 450 Entrepreneurship
in the Emerging European Union courses, respectively. Please see below a reflection essay
by Dr. Paul, who led the study tour to Geneva.
The 2017 Geneva Study Tour
Dr. Sanjay Paul
nce again, the Elizabethtown group found itself in a new city with a few hours to spare.
This year’s trip to Geneva included a stopover in Porto, Portugal. At the airport, we
exchanged dollars for euros, took the metro to the city center, and enjoyed the views of
the old city from atop a bridge high over the River Douro.
In Geneva, we were joined by a group from the Konstanz University of Applied Sciences.
We visited a number of organizations—the United Nations, the World Trade Organization, the
United States Mission, the Red Cross Museum. A train journey to Lausanne took us to the Olympic
Museum, and thence to Konstanz, Germany where the Elizabethtown students were hosted by their
German counterparts.
The 2017 Etown group in Geneva, across the street from WTO headquarters
O
24
Both groups collaborated on a team project. During the spring semester, the Elizabethtown
students took the lead in drafting a report on the assigned topics, and later in Geneva, they worked
with the German students to prepare the presentations. At the end of the week, after arriving in
Konstanz, the finishing touches were applied, and each group (consisting of both Elizabethtown
and Konstanz students) made presentations and led discussions on their topics.
&&&
National Trips
Entrepreneurship Trip to Washington D.C.
On Saturday, April 1, (and this is no joke!),
a group of 26 students and 3 (three)
executives accompanied Dr. Petru Sandu on
an Entrepreneurship and Family Business
trip to Washington DC; they visited the
American Enterprise at the National
Museum of American History. This
permanent exhibition represents a
genuine representation of entrepreneurship
and family business, one of the first
initiatives of its kind in the
world. Representatives of two
family businesses and Mike Mitchell, the
executive director of the High Center joined
the group, as well.
&&&
25
The Quirk’s Conference in Marketing
Three students (pictured below) accompanied Dr. Greenberg to the Quirk’s marketing
conference in Brooklyn, NYC. Etown students were the only undergraduate student group at the
conference. Please read their reflections below.
(from left to right) Hailey Parks, Dr. Greenberg,
Jessica Sullivan, Kelsey Detweiler
26
"The Quirk's Conference was such a great experience! It gave me insight into the structure of the
marketing research industry, which includes both supplier and client sides, and helped me discover
which side I have the most passion for. The conference also provided me with a chance to network
with the leading companies in the marketing research industry, which I’m extremely grateful for,
since I would like to pursue a career in the marketing research field. I am very thankful to The
Business Department for the opportunity to attend such a prestigious event. I believe that the
insights I gained at the conference will improve my preparedness for a successful marketing
research career in the future."
~ Kelsey Detweiler ‘17, BA major, marketing concentration
“The Quirk's conference was amazing! There were executives from a wide variety of companies,
who presented topics such as text analytics, consumer insights, segmentation, and data
visualization. The presentations opened my eyes to many issues facing the industry, and discussed
how professionals are tackling them, and highlighted several career paths that I was not aware of.
It was an extremely beneficial experience, and I would highly recommend it to all students with
even a tiny desire to enter research. I came back feeling more prepared than ever to be able to
succeed at my internship at The Hershey Company.”
~ Hailey Parks '18, BA major, marketing concentration
“Attending the Quirk’s event gave me the ability to network with professionals in the marketing
research field and to learn about how companies use marketing research in all aspects of their
business. Not many students can say they have been to a professional conference while in
college! I am thankful that Elizabethtown College, the Business Department, and our professors
are able to provide amazing out-of-class experiences like these!"
~ Jessica Sullivan, business administration major & communications minor
&&&
27
The World Business Forum
On November 17-18, 2016, Dr. Sandu and
three students attended the World Business
Forum in New York City. Kevin
Gorenberg '17, Megan Stone '19, and
Michael Twist '17 are all enrolled in the
new Family Business and
Entrepreneurship minor. One of the most
memorable speakers was Alan Mulally,
former CEO of Ford Motor Company. The
goal of this trip was to learn from the
perspectives of successful business
mentors to further entrepreneurial
mindsets and drive innovation.
We are grateful to the High Center for
Family Business at Elizabethtown College
for sponsoring this event.
“Being in an environment in which we were surrounded by business professionals gave us the
opportunity to network and gain knowledge from their numerous years of practice.”
~ Kevin Gorenberg '17, engineering major, family business and entrepreneurship minor
&&&
28
ESS Conference
Morgan Helt ‘19, Accounting major, presented her paper titled “For the next 1,000 years” at
the Eastern Sociological Society (ESS) in Philadelphia, February 23-26, 2017.
“The conference was a great experience! I was able to meet many different people in different
disciplines, and I am looking forward to attending another conference in the near future.”
~ Morgan Helt, accounting major
&&&
29
Trip to the World Bank
On Friday, October 21, Dr. Dmitriy Krichevskiy and Dr. Kristen Waughen took a group of
students to Washington, D.C. While in D.C., the students were hosted by Youth 2 Youth, a group
of young professionals working for the World Bank. The students learned about the bank and
potential careers.
&&&
30
Insight Marketing Conference
On Thursday, September 15, four students attended the Insight Marketing Conference at The Ware
Center. The event was offered through the Lancaster Marketing Group (LMG), a group of
Lancaster County-based business owners and marketers who provide networking opportunities
and educational experiences to small business and marketers in and around Lancaster
County. Students were supported by the Dept. of Business. A student shares the value of this
experience below.
"The Insight Conference gave me a look at the real world of marketing through the eyes of young
marketing professionals. I attended several presentations, each with a different aspect of
marketing, and I learned something special in each one. I would absolutely recommend this
conference to anyone interested in pursuing a marketing career!"
~ Holly Stegna, international business major, marketing concentration
&&&
31
The World Trade Center of Central PA Gala
On December 1, International Business students Lia Kopar, Maria Boretti, Joachim Hellesen,
Kylie Bueti, and Madison McCall attended the 25-year Anniversary of Growing Trade, organized
by the World Trade Center of Central PA in Harrisburg. Students were supported by the Dept. of
Business. Please see their reflections below.
“I am proud to see that there is so much being done to help promote foreign direct investment and
importing in Pennsylvania. My favorite part was hearing Terri Morrison's presentation, which
reinvigorated my interest in international business and taught me that there is always more to
learn.”
~ Lia Kopar ’17
“The Harrisburg World Trade Center's 25th Anniversary Gala was an evening full of great
experiences. As a senior international business major, I was able to mingle with potential
employers and learn about different employment opportunities in the area. The keynote speaker,
Terri Morrison, talked about an array of topics that fit nicely into material I knew from inside the
classroom. The evening at the World Trade Center was another great stepping stone, allowing me
to transition from student to employee.”
~ Madison McCall ‘17
32
“Having the chance to attend this event was a great real-world experience. I had the opportunity
to network as well as listen to an author whose book we spoke about in class. This night was yet
another event preparing me for graduation in May.”
~ Kylie Bueti ’17
The ESS conference, Insight Marketing and the Harrisburg World Trade Center trips were
sponsored by the Dept. of Business.
&&&
Sabbaticals and Visiting Appointments Abroad
This summer, Dr. Sandu has accepted a Visiting
Professor position at the University of Jaén, Spain:
May – June 2017. He was also invited to visit the
University of Alcalá de Henares, Spain, to explore
collaboration opportunities. ¡ Buen viaje!
Dr. Hossein Varamini, Turnbull-
Jamieson Professor of Finance and
International Business, was on sabbatical
in Fall 2016, where he focused on
incorporating sustainability in the
curriculum and impact investing. During
his sabbatical, he attended workshops and
seminars at the University of Cambridge
and other universities in Europe.
33
EVENTS
Meet & Greet Event
On August 31, 2016, we welcomed the class of 2020 to the business department (pictured
below). Andrew Gordon ’11, Relationship Manager at Fulton Bank, gave a presentation about
the bank, its careers, and its products. First-year students received free t-shirts and ice cream.
We are grateful to Amy Sahm and Fulton Bank, who sponsored the event.
&&&
34
International Business Day 2017
On Wednesday, March 22, Elizabethtown College celebrated International Business Day (IB
Day). From 9 AM to 2 PM, 41 international business students and 4 (four) prospective students
met with 19 international business executives for a social networking session and lunch.
Accounting Advisory Board Meeting
The accounting program had its annual Accounting Advisory Board meeting November 30,
2016. The board consists of 10 individuals from both public accounting and industry who
provide input regarding expectations of graduates, curriculum, and trends in the industry.
Business Advisory Council
The Business Advisory Council meeting was held on April 5. The following alumni
participated: Joe Beck, Keith Camilli, John Hale (via Zoom), Mike Mitchell, Ryan
Mulcahey, Amy Murray, Rebecca Walck, and Katie Wetzel. We are very grateful for our
Board members’ help and suggestions!
35
Accounting Fair
On Tuesday, September 20, 100 students and 26 employers attended the Accounting Fair ,
which offers opportunities in accounting, finance, and business.
&&&
Lancaster Angel Network Event
On Tuesday, October 11, five entrepreneurship students and Dr. Sandu participated in a
meeting of the Lancaster Angel Network. This was an opportunity for students to witness how
early investors evaluate a potential business. Students had the privilege of speaking with both the
investors and the entrepreneurs seeking funding.
“The evening was a fantastic experience and I believe many of the lessons learned can be
invaluable as I move forward with my career.”
~ Tyler Butkus, business and chemistry majors, entrepreneurship concentration
36
Family Business Day
On Tuesday, April 4, 2017, the first Family Business Day at Elizabethtown College celebrated the
spirit of family business. The participants were students enrolled in the Family Business and
Entrepreneurship Program, as well as other students associated with family
businesses. Representatives of seven family businesses joined them and pitched the importance
of the most popular company form, worldwide. The event was organized with the support of the
High Center.
&&&
37
The Business Alumni Reunion 2016
On Saturday, October 15th, Homecoming Day, we held the annual Business Alumni
Reunion. During this event, we also unveiled The Trostle Financial Lab. Remarks were made
by Adam Saubel, a business finance student, Randy Trostle, Associate Professor of Business,
and Carl Strikwerda, President of Elizabethtown College. We are especially grateful to our
donors for their generosity, and to our alumni for being there to celebrate with us on opening
day.
(Bottom left) Dr. Emma Neuhauser,
Associate Professor of Finance, shared a
demo of the FactSet and Trade Station
software for the attendees.
&&&
38
FACULTY ACCOMPLISHMENTS
Awards and Grants
Dr. John Angelis. Awarded a Faculty Development Grant from Elizabethtown College, to
attend the MIT Sports Analytics conference in Boston.
Dr. Petru Sandu. Granted $2,000 from the Center for Global Understanding and Peace for
the Connected Classroom project. Dr. Sandu also obtained a $2,500 grant from the Schulze
Family Foundation to support the entrepreneurship students and the program.
Dr. Dmitriy Krichevskiy's paper, “U.S. State Government Policies and Entrepreneurship,” was
selected as a Highly Commended Paper in the 2016 Emerald Literati Network Awards for
Excellence. Dr. Krichevskiy also received The Outstanding Reviewer Award from the
Journal of Entrepreneurship and Public Policy.
&&&
Publications
Ciocirlan, Cristina, had a book chapter accepted in Wells, V., Manika, D., and Gregory-Smith, D.
(eds), (2017), “Research Handbook on Pro-Environmental Behavior,” Edward Elgar
Publishing: London, UK. The chapter is titled, “Green Human Resource Management.”
Krichevskiy, Dmitriy had a book chapter accepted in the “Handbook of Investors' Behavior during
Finance Crises” (co-authored with Dhimiti Qirjo, SUNY)
Melvin, Sean.
Legal Environment of Business: A Managerial Approach, 3e (McGraw-Hill)
Neuhauser, Emma.
“The Linkage between Insider Trading Activities, Market Efficiency, and Stock Information
Content,” (with Hossein Varamini, and Ashley Trang Huang). Accepted for publication in
International Journal of Business Management and Commerce.
“Case Studies Series in Advanced Financial Management – Real World Situation Insights.”
In ‘Advanced Corporate Finance – An Applied Approach.’
39
Paul, Sanjay.
Review of "Hardt, Heidi. Charles Piot. Time to React: The Efficiency of International
Organizations in Crisis Response, 2014." Choice, May 2017 (forthcoming).
Review of "Charles Piot. Doing development in West Africa: a reader by and for
undergraduates, 20 1 6. Choice, Feb. 2017.
Review of "Buntaine, Mark. Giving aid effectively: the politics of environmental
performance and selectivity at multilateral development banks, 2016." Choice, Oct. 2016.
Review of "Kose, M. Ahyan and Marco E. Terrones. Understanding Global Recessions and
Recoveries. International Monetary Fund, 2015." Choice, July 2016.
Williams, Sylvester E. had several articles, “Financial Re-Regulations; UBS (Union Bank of
Switzerland); Local Government Financing Vehicle (LGFV); Immigration Policy; European
Sovereign Debt Crisis,” accepted for publication in The Sage Encyclopedia of Business Ethics
and Society: 2nd Edition, Kolb, Robert W. Copyright 2018.
&&&
Conference Presentations and Invited Talks
Angelis, John. “Are All Data Thieves Created Equal? An Empirical Analysis of Customer
Response to Identity Theft,” presented at the INFORMS Annual Meeting, Nashville, TN,
November 2016.
Chung, Ed. “I yam what I yam and dat's all that I yam: What Academe has not Taught Me,”
Kreider Prize Lecture, Elizabethtown College, October 13, 2016.
Melvin, Sean. “Using Proactive Law to Add Value to the Firm: International Perspectives,”
British-Pacific Legal Conference, London, January 2017.
"Stopwatches to Software: Law and Ethics in Workplace Analytics," Law and
Ethics of Big Data Colloquium, Zicklin Center for Business Ethics, The Wharton School
of Business, April 21-22, 2017.
“‘Natives’, Scientists, States, and Private Enterprise - Who Owns Traditional
Knowledge?” (with R. Wheelersburg), International Congress of Arctic Social Scientists,
June 2017.
Neuhauser, Emma. “Economic and Financial History: What are ‘Mirrored’ in today’s Global
Capital Market,” presented at the 2016 Summer Academic Seminar Series hosted by the
College of Economics and Management, China Agricultural University, Beijing, China,
June 2016.
40
Paul, Sanjay. "A Joint Study Tour: US-German Collaboration Leads to Bangladesh,” presented
at the CIEE Annual Conference: Partnering with Faculty to Expand Global Education,
Los Angeles, November 16-19, 2016.
Varamini, Hossein. “Financing Innovations for Start-ups: Trends, Challenges and
Opportunities” presented at the Hochschule University, Berlin, Germany, August 19,
2016.
&&&
Curriculum and Program Matters
In Spring 2017, we collaborated with the Fine and Performing Arts Department (FAPA),
to develop a new minor in Arts Administration.
Dr. Angelis developed a new experimental course in Project Management, taught in the
winter online semester. The course attracted students from both engineering and business.
We collaborated with a non-profit organization, JD Edwards 101, to offer a new certificate
course in JD Edwards, an ERP software. The course is open to all students, but business
majors and minors are especially encouraged to apply
&&&
Collaboration with the Local Community
Students in the BA 499 Management Seminar conducted mini-consulting projects with
two local companies: Candoris, an IT consulting company located in Annville, Pa, and
Dutch Wonderland. The students delivered a research-based report to these companies on
the topics of employee wellness and job enrichment, respectively.
The client satisfaction surveys from the VITA program indicate a 4.98 out of 5.0
satisfaction with the tax services provided by our accounting students. Clients had a 5.0
satisfaction with students’ professionalism and courtesy. Most clients (4.98 on a 5.0 scale)
indicated that they are likely to use the VITA program next year
We developed a partnership between the Data Analytics Center and the Elizabethtown
Chamber of Commerce that allows members to work with the Center on data analytics
projects; they have worked on three projects for local firms this academic year;
We developed a partnership between Data Analytics Center and York Chamber of
Commerce that allows members to work with the Center on data analytics projects.
41
New Professor Spotlight
Mr. Jared Miller, CPA joined the faculty at
Elizabethtown College in 2016 as a Lecturer in
Accounting. He earned a B.S. in Economics at
the Wharton School of Business, University of
Pennsylvania, and a M.S. in Taxation from
Villanova University. He taught accounting
and taxation courses at Albright College and
York College prior to coming to Elizabethtown
College. Currently, he teaches Introduction to
Accounting, Introduction to Taxation, and
Advanced Accounting. Professor Miller
brings with him over 20 years of experience in
public accounting. Currently, he runs a tax
consulting practice and maintains his Certified
Public Accounting license.
42
ALUMNI NEWS
Greg and Mike Kenneally ’11, both accounting majors, had
a vision for a better lacrosse stick mesh. That vision has
turned into a full-blown company, East Coast Dyes, a
manufacturer of high-end lacrosse products in Towson,
Maryland. The company has grown from the twins'
basement to a 21,000-square-foot warehouse with 30
employees. The story was featured by CNBC News on
March 29, 2017. Prof. Terrie Riportella, CPA, Edgar T.
Bitting Chair of Accounting, and Director of Accounting
Program, has been a self-proclaimed “cheerleader from the
sidelines” for the Kenneally brothers. She said that, thanks
to E-town’s accounting courses, the twins were
knowledgeable about entrepreneurial ventures. “I would like
to think that our curriculum, which encourages a broad
business background by requiring accounting majors to take
the same foundation courses as other business majors,
facilitates students to be able to successfully consider and
pursue interesting opportunities when they arise,” Riportella
said.
In August 2016, Nuts about Granola
announced that Costco Wholesale will carry
its Forager product in 89 stores, in several
states. Sarah Lanphier Himes '09, CEO of
Nuts About Granola, is pictured here
holding a bag of Forager Original Nut &
Seed. Lanphier began selling her granola
while attending Elizabethtown
College. She was captain of the triathlon
team and sold her granola as a team
fundraiser. Lanphier said that the deal with
Costco will double the company's revenue
with the initial order alone. In April 2017,
Sarah won the Distinguished Graduate of
the Last Decade (GOLD) Award
from Elizabethtown College. She serves on
the College’s Board of Trustees and
provides a Nuts about Granola Innovation
Scholarship for students at Elizabethtown
College.
43
Valerie Downing '94 has joined the Institutional
Advancement Department as Executive Director of
Development at Cedar Crest College. Valerie graduated
with a business administration degree, concentrations in
finance and marketing.
William R. Sheeler '70 has joined Berks
County Community Foundation as a senior
fellow to work on special projects that
benefit the community. Bill is a business
administration graduate from E-town.
Please submit your news and career updates to Samantha
Carbaugh ‘18, Accounting major, our alumni newsletter editor,
44
FACULTY ESSAYS
Business Curriculum Repeal and Replace: A Temporary Setback?
Dr. Sanjay Paul
omer addressed the press after the
failure of Repeal and Replace.
“Nobody knew that curriculum
reform could be so complicated.”
Former Dean, Dr. McClintock, who
was no stranger to curriculum battles and had
won a hard-fought Signature Learning
Experiences program during his tenure,
issued a terse statement from his office in
Nicarry: “Well, duh.”
But Homer was unrepentant. He said
that Dr. Chris Tina-Caesar was disappointed
by the outcome. He listed the reasons for the
debacle. The Academic Congress had failed
to do its job. The CBO’s report showing the
shortcomings of the proposed curriculum was
disgraceful and wrong. The political science
department had chosen not to support the
curriculum overhaul.
And then there was the dishonest and lying
media. He singled out The Etownian for its
biased coverage and fake news, and vaguely
threatened to shut it down if it did not stop
publishing articles critical of the
administration.
“What about the first amendment?”
fumed the Etownian reporter. "We do not
live in Russia!"
“Well, Russia has a great leader. So
does Turkey. And Syria. And the
Philippines. All great leaders. Strong men
unwilling to brook dissent. Wouldn’t it be
3 For security reasons, she also pledged to ban the
residents of Nicarry and Esbenshade from entering
the Hoover building.
wonderful if we got along with them?” said
Homer.
The vote in the Academic Congress
was the first defeat for the new
administration. All throughout the campaign,
Dr. Tina-Caesar had promised to repeal and
replace the business curriculum on Day One.
The business students were suffering under
the old regime—the course requirements
were onerous, the Core program diverted
attention from business subjects, the
department had lost the respect of other
academic leaders.
My administration will change all
that, said Dr. Tina-Caesar. We will work
with our colleagues in Academic Congress to
pass new legislation right away to bring
much-needed relief to our students.3
And now that effort lies in ruins.
Curriculum reform is dead.
At a press briefing, Homer was asked,
“You have repeatedly promised your
constituents that they will get sick of
winning. You did not win with repeal and
replace, did you?”
“No, no, that’s not true!” cried
Homer. “You are making up alternative facts
again. We did not lose. We won—we won—
we won the right to fight another day! So we
are still winning.”
“Do you think your early-morning
tweets hurt your cause?”
H
45
Many of those tweets were directed at
the administration’s critics, and often used
incendiary language. In one tweet, he called
his opponents in the Faculty Assembly
"sheeple" and “losers.” In another, he said, “I
am the press secretary and you are not!”
(Rumor has it that Dr. Strickland replied, “I
am the president and you are not.”)
Homer said, “I use Twitter to
communicate directly with my supporters. I
don’t have to rely on the dishonest media.
With tweets, I can speak my mind without
worrying about political correctness. And
that’s a big reason why I am standing here
today. So I am not going to stop tweeting.”
“How about your allegations of wire-
tapping? Do you have any evidence that
Hoover has been under surveillance?”
“Everyone knows that we have been
wire-tapped. Why, just the other day, Ms.
Sherry Kane was using the microwave oven
to warm her lunch and suddenly there was a
blinding light. What does that mean? It was
very suspicious! So you have to be careful.
We have no doubt that all the appliances in
Hoover are rigged. The photocopier, the
stapler, the shredder, even the Keurig
machine. We have stopped making copies of
documents. We do not print anything
anymore. When we make coffee, we do not
talk to each other, because, you know,
Campus Security may be listening.”
The idea that the administration’s
own Campus Security was snooping on them
boggled the mind. At a recent hearing, the
Chief of Security denied that they had bugged
Hoover.
The reporter persisted. “Do you have any
evidence…?”
“Just wait for two weeks,” replied
Homer. “You will be hearing something
from Dr. T-C. She will have very important
information to share.”
“Now that curriculum repeal and
replace is dead, what’s your next priority?”
asked the reporter. “How will you excite
your base? What are you going to do to
convince your supporters that you are still
relevant?”
“Two words. Strategic planning.”
With the caveat that emails might be
intercepted by Campus Security, please send
your feedback cautiously to Dr. Paul at
&&&
46
Interdisciplinary Projects for STEM and Business Students
Dr. John Angelis
hile four years sounds like a long
time, business graduates can
easily think of many lessons they
wish they learned in school. One of the most
important lessons is how to work on multi-
functional projects with individuals from
vastly different fields. It’s difficult to
replicate that experience in a normal class.
Yes, sometimes STEM (Science,
Technology, Engineering, and Math)
students take business classes and vice versa,
but any class projects are unlikely to be
interdisciplinary.
For the last two years, I’ve introduced
a Managing Innovation and Technology
course here at Elizabethtown College. The
goal is to introduce innovation concepts and
explain how technologies are
commercialized and launched. One of the
best ways to explain how the business of
technology may differ from typical business
is to give students a project in technology
development.
Last year, the first year I offered the
class, my students worked with outside
clients. One set of projects dealt with
ECKey, which was a venture capital contest
to find new uses for Bluetooth technology
sold by a local firm. After finishing the class
project, students presented to top
management of ECKey and James Reeb of
the Social Enterprise Institute (SEI) to
determine who would win cash prizes. The
other set of projects dealt with expanding on
the development of Hera Brand, Inc.'s Mobile
Midwifery System, a company created by
current (now graduated) Elizabethtown
College business student Tessa Balancic, to
further explore the concept of infant and
maternal mortality and develop creative
solutions to remedy this problem. Students
settled on a mobile and modular healthcare
delivery system for midwives and traditional
birth attendants in low resource settings. The
concept has moved from the development
stage to the prototyping stage and will be
mass manufactured in the Summer of 2017.
While my students were working on
the projects, I spoke with Dr. Joe
Wunderlich, Associate Professor of
Engineering and Computer Science, and
realized the class would be improved if the
business students could interact with
technology students. Our students started
working together on projects, but it was too
late in the semester to fully integrate. Thus,
this year, Dr. Wunderlich’s Microcomputer
Architecture course (required for Information
Systems and Computer Engineering
students) and my BA 373 class were held at
the same time. We also received assistance
from the Social Enterprise Institute here on
campus. We selected projects in 3-D Printing
applications and brain-sensing technology
via the Muse headset, purchased thanks to the
participation of SEI. Teams would work
together to come up with an original business
idea, after which the business students would
focus more on marketing analysis and
strategy, while the technical students would
design and program based on the idea.
W
47
There were no existing start-ups this
time: the students were on their own. This
makes the project more difficult at first, as
students searched for application ideas, but it
allowed the students to feel more ownership
of the project. The business students taking
the class were Brianna Bashore, Alyssa
Blouse, Jeff Gamble, Gilbert Sanjur Basil,
Werner Wilches, and Jiaxin Zhao. They,
along with their teammates from EGR230,
also presented their work at the Student
Conference in Business and Economics. The
projects concluded with a guest speaker, Dr.
Wayne Mackey (currently at New York
University), whose expertise in neuroscience
helped complement the student projects in
brain sensing.
Some of the lessons we learned
through this interdisciplinary experience
include the following:
1) Multi-functional teams require time to
properly identify each other’s styles and
skills. For example, I assumed that it
might be possible to come up with a fair
amount of written, workable code by the
end of the project. After talking with Dr.
Wunderlich, I realized I had
underestimated how long this would take,
given what the technical students would
need to do. Similarly, when the students
presented together at the conference, both
business and technical students had
different ideas on how to create and
communicate their message and its key
points. It was difficult to adapt to each
other’s communication styles and habits,
but this adaptation is precisely what is
needed for workplace success.
2) Good projects allow team members room
to create in areas outside their comfort
zones. For example, the technical
students on one project created a clever
logo and marketing idea, that the business
students thought was quite well done. In
addition, business students were able to
show the technical students just how
detailed market segmentation can be
using databases and marketing analysis.
3) Managing projects requires flexibility
and contingency planning. For several of
the teams, their first ideas ran into
difficulties. For example, other printing
technologies could accomplish some of
the features the 3D-Printer team was
looking for. However, the team kept
benchmarking and found a design that
would have a competitive advantage over
existing solutions. Others realized that
their skills were not advanced enough to
fulfill their original ideas, and had to find
new tasks that could be accomplished in
time to meet project deadlines. And as it
48
often happens in team projects, teams
struggled with underachieving members
and miscommunication.
Dr. Wunderlich and I have both
enjoyed the experience, and are already
looking forward to next year’s project. We’ll
probably return to a client-based model, so
students can learn from entrepreneurs and/or
inventors, and are exploring ways to further
integrate the two classes so that business and
technical students can gain valuable expertise
in multi-functional projects.
Please send your feedback on this article to
Dr. Angelis at [email protected]
&&&
49
"Yo professor"…
Professor Jeffrey Gabriel
fear that I'm starting to sound like the
“old codger” in the neighborhood who
sticks his head out the door to yell at the
kids to get off his lawn... I was going to begin
this article with “Back when I was young,
…,” but that would really show my age. So,
in an attempt to relate to a current generation,
I’m going to take a softer, more nurturing
tone. Notice that I didn't single out
“millennials.”
Observation #1. Please learn some
math skills that don't involve the use of an
electronic device.
The straw, which recently caused me
to tip over the edge, was an incident at a local
Big-Box store. It doesn’t matter whether it
was the Orange or Blue one. I had just
finished loading 20 cement paving blocks
onto a hand cart and wheeled it up to the
check-out counter. The sign on the pallet
explicitly said they were on sale. The clerk
(yes, a member of a younger generation),
rang up the sale, using her hand scanner with
the bar-code reader, albeit at the wrong price!
I corrected her, encouraging her to look at the
sign adjacent to the pallet, even offering to go
get the sign (she is not allowed to leave her
register). Instead, she voided the sale, and re-
rang it 3 more times! Voiding and ringing,
voiding and ringing, voiding and ringing,
using the same bar code.
Now I’m not sure whether it was
Albert Einstein or Mark Twain or someone
else who came up with something like this:
“The definition of insanity is doing the same
action, over and over again, and expecting a
different outcome each time.”
My wife, long-suffering saint,
retrieved the sale sign and brought it to the
counter, whereby the clerk entered the
barcode number manually. Any guess as to
the outcome? Insanity.
Now standing with the sign and the price and
finally getting the price-ride authorization of
one of the absentee managers, the sale is
completed. The final words from the clerk:
“I guess we had to give it to you at the sale
price.”
I don't know what is going to happen
when the power goes out.
Observation #2. Please learn to
communicate verbally, and learn to write in
whole sentences.
I had the opportunity to participate at the
Business Alumni Advisory Council meeting
this semester. There seems to be a common
lament amongst the group. Yes, I
know…this is going to sound like, “back in
my day, we broke free of making pictures on
cave walls and graduated to ink and
vellum…,” but it seems like we have returned
to cave painting...only electronically.
Short hand phrases ("Yo"), broken
English, pictures and images instead of
words, lack of etiquette,
improper/unintended word selection,
illogical organization of thoughts and no
sense of the audience. How many times can
you use the same adjective in the same
paragraph? On the same page? We may be
blessed by the magic of an automatic “spell
checker,” but there is no “content checker.”
And, God forbid, instead of a text, there
should occur personal human interaction!
I
50
Oh…and when I do send you an e-
mail…answer it…I know you got it.
And…before you send that e-mail, read
it…the ubiquity and speed of the internet
affords you the opportunity to look stupid
very quickly. And just like cave painting, it
lasts for millennia. Communication requires
skill to craft appropriate meaning and an
understanding of the intended audience.
Content and substance should prevail over
speed and gadgetry.
In case you’re wondering about the
title of this article, on an ever-increasing
basis, this seems to be the opening salutation
on e-mails I receive from students. Yes, I
correct them, and yes, I do sound like the
cranky professor. Cranky notwithstanding,
soft skills are critical to being successful. I
didn't originate this idea. In fact, I just
finished reading a recent article in a
professional journal on the very topic. So it
seems that this is not an issue confined to
only our local workplace, but is affecting the
broader business world. As an educator, I can
stress “writing, arithmetic and verbal skills,”
but the responsibility goes beyond the
classroom.
I used to think that my writing was
pretty good as business writing goes…until
about seven years into my career. At a new
job, with a new boss, I submitted a technical
analysis of the accounting treatment for some
transaction. His response was: “This reads
like $#&+!!!!...” scrawled in red letters
across the page. The rest of the document
looked like it was used for animal sacrifice.
My point is, we are all “works in
progress:” personal development isn’t
limited to the classroom, doesn't stop after
graduation, and it takes all forms. I learned a
valuable lesson about improving my craft,
understanding my audience, and most
importantly, never being complacent.
Peace Out,
Jeffrey P. Gabriel, CPA, CGMA
“Cranky” Lecturer in Accounting
Please send your feedback (if carefully
composed and crafted) on this article to Dr.
Gabriel at [email protected]
&&&
STAFF AWARD
Ms. Shari Kain, Administrative Assistant to the Department
Chair and the Department of Business, was awarded the “Female
Employee of the Year” Award, in the Outstanding Women in
Business series, organized by the Lancaster Barnstormers. She
was recognized on Thursday, September 8, 2016, at the
Lancaster Barnstormers game. Congratulations!
51
A Beloved Professor Retires
After more than 40 years at Etown, Dr. Randy Trostle, Associate Professor of Finance
Emeritus, decided to retire. Dr. Trostle has a B.S. from Elizabethtown College, an M.Ed. and an
M.B.A., from Shippensburg University, and a Ph.D. from Lehigh University. 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. He has served the College as department chair
(1993-1999), acting Dean of the faculty (2001), and Vice-President of Finance (2003-2007). In
the past few years, he taught courses in macroeconomics and investments, and served as the
advisor to the Trostle Investment Portfolio (TIP), the department's student-managed investment
portfolio (SMIP). Dr. Trostle had a tremendous influence on the careers and lives of students,
alumni, professors, and staff at Elizabethtown College. We will miss Randy and wish him a very
happy retirement!
Please see below some reflections from students, alumni, faculty, and staff!
52
“Dr. Trostle’s contributions to a place he loved and students he cherished have been
immeasurable. His friendship, encouragement and mentoring have steadfastly remained with me
throughout my career and personal life; from business school student through service to the college
as a Trustee. Truth be told, it was Randy who provided the Brethren ‘admonishment’ shortly after
graduation to pursue my MBA at Lehigh University. ‘You have too much time, too little
constructive use of it, and quite honestly, mediocre prospects. Now stop the laziness, make the
trip to Bethlehem, and put yourself to good use!’ And so I did….”
~ Mike Spangler’88, Investment Management Group, Nationwide Financial, and Trustee of Elizabethtown College
Brad Baer’95 and Dr. Trostle
Mike Spangler ‘88
“Dr. Trostle is a mentor, a fellow Elizabethtown College alumnus, and most importantly, a lifelong
friend. His pragmatic teaching style not only prepared me for a productive career in business, but
also for a meaningful and purposeful life. Thank you for making me a better person. Cheers!”
~ Brad Baer ’95
53
“It is because of Randy that I get up at 3 am on Mondays, Wednesdays, and Fridays. Before I met
him, I used to sleep in till a much more civilized hour. Like 5 am. But Randy changed my life.
To be fair, he didn’t change my life until we all moved into Hoover. At Nicarry, I still enjoyed
sleeping in. Once we moved to Hoover, though, Randy made that impossible. I remember clearly
now. Arriving at work on morning at 6:30, I thought I’d have the whole building to myself. I could
therefore go and move people’s furniture around, draw graffiti on the walls, leave notes on the
whiteboards, and so on. But who did I find already there? Randy.
He had already turned on the lights. Switched on the TVs. Inspected the floor everything was in
order. His PowerPoint slides were already on the screen. Talk about being organized. And he had
his parking spot.
Not to be outdone, I decided to come in earlier the next day. I
think Randy realized this, and decided to come in earlier, too. This
went on for a while. I finally gave up trying to park in his parking
spot. But I did not give up on beating him to the office. And the
only way to do it is to wake up at 3 am so I can arrive before
ANYONE ELSE! And that means you, Randy!
So I owe my chronic lack of sleep to Randy. I will miss our early
morning greetings. But you know, once you’re gone, I won’t
bother turning on the TVs anymore.
Enjoy your REAL retirement!” ~ Dr. Ed Chung, Associate Prof. of Marketing
“Randy has introduced certain lingo into the discourse in Hoover:
‘This, too, shall pass…’
‘The student will receive an award of less than a million dollars.’
On the one hand, Randy, you will be retired. On the other hand, well, you will be retired. Good
heavens! First time in recorded history: both hands of an economist gave the same answer! Happy
retirement-- and thanks for helping with Macro (among other things) all these years!”
~ Dr. Sanjay Paul, Associate Prof. of Economics
54
“In the Fall of 2016, I took Investments with Dr. Trostle. At 8 am on Tuesday and Thursday,
finance and investments are a very disorienting subject. Heavy heads and sleepy eyes filled the
seats around the podium. That is, until Dr. T came through the door. He would dance in the
room, handing out groupings of our portfolio overviews and worksheets. Fading minds became
bright with energy and a craving to learn.
He had that effect on people. Dr. T could light up a room, show excitement in some of the
most intricate and complex topics that we would ever be faced with. How do you calculate the
intrinsic value of a straddle on a falling equity? Yup, he even made that one sound fun! I have had
a multitude of business professors, almost all of whom had made some type of impact in my life.
Dr. T. is different, though. He has a way of making me wrap my mind around topics we discussed.
His classes aren’t lectures, but discussion and analyses of the investing concepts. He made us read
thought-provoking works, and lesson-imbued books. We become thinkers, ‘investment
intellectuals.’
Although his class had its philosophical roots, he never frayed from personal conversations
mid-lesson. If a student (often myself) forgot, or couldn’t figure out how to solve a specific
problem, Dr. Trostle would elegantly lean to the student closest to him and ask, ‘You see the game
last night?’ After about three minutes of sports discourse, he would return to the student, and ask
again.
Dr. Trostle was always rooting for us, and gave each of his students a priceless education.
He has been a brilliant educator and a kind soul. He gave me an experience I will always
remember. So here’s to you Dr. T, make sure to have a few extra glasses of Grey Goose, catch a
few more games, and spend some days at the beach. And if you need a ride, I’ll drive the bus.”
With the utmost gratitude,
Sean Fiedler ’18,
Business administration major,
Concentrations in finance and accounting,
Computer science minor
55
“I first had Dr. Trostle my second semester of my freshman year for
Principles of Macroeconomics, then later for Investments and the
Student Managed Investment Portfolio, my senior year. Dr. Trostle has
always been a great professor and mentor to me. Back in EC101, I
expressed an interest in classical economics, and Dr. Trostle quickly
helped me locate The Wealth of Nations for my future research.
Similarly, in my Investments class, he was very quick to hand out
additional books related to topics I found interesting. I would like to
say thank you for everything you’ve done for me both inside and
outside the classroom!”
~ Joachim Hellessen ‘17, IB major, finance concentration
“Randy, now that you are retiring and leaving the classroom, you will have time to watch, ‘Do
You Want to be a Millionaire,’ on WGAL at 12:30PM Monday through Friday. No more need to
be in the office before 8:00 am.
After working with you for many years, here are some reflections:
You were the second chairman I worked with in the Department of Business.
We are about the same age.
I always remember the free investment advice you gave me. You also
advised me when I was responsible for my parents' investments.
I observed how you cared about your students. You always wanted
them to be successful.
I observed how you cared for and looked after your parents, taking
them on regular car rides to visit places of interest, or taking them to a
restaurant.
Randy, you will be greatly missed. I am honored to have worked with you.
Much enjoyment in your retirement!
~ Eunice Ginder, former administrative assistant, Dept. of Business
56
Who’s Who in Hoover: Faculty Profiles
JOHN ANGELIS 717-361-1284, Email: [email protected] – 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.
ED CHUNG 717-361-1597, Email: [email protected] – Associate
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: [email protected] –
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
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.
57
JEFFREY GABRIEL 717-361-1576, Email: [email protected] – Lecturer 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: [email protected] –
Associate 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 fifteen 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. Professor Greenberg is also certified in the use of a variety
of professional assessment tools, including EQ-i 2.0 and MBTI, as well as a trained transitional
coach.
DMITRIY KRICHEVSKIY 717-361-1271, Email: [email protected],
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.
58
SEAN P. MELVIN 717-361-1280, Email: [email protected] - Sean P.
Melvin is an Associate Professor of Business Law and has taught at E-town
since 2000. 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 Third 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: [email protected] – Lecturer in
Accounting; M.S. in Taxation, Villanova University; B.S. in Economics with
an Accounting and Finance concentration, Wharton School of Business,
University of Pennsylvania. Professor Miller joined the faculty in 2016. He
taught accounting and taxation courses at Albright College and York College
prior to coming to Elizabethtown College. He currently teaches Introduction to
Accounting, Introduction to Taxation, Advanced Accounting, and Advanced Studies in Taxation.
Professor Miller brings over 20 years of experience in the field of public accounting working in
international, regional and local firms. He currently runs a tax consulting practice and maintains
his Certified Public Accounting license. Professor Miller is also actively involved with the
Pennsylvania Institute of Certified Public Accountants (PICPA) and was recently President of the
South Central chapter. He is also a member of the American Institute of Certified Public
Accountants (AICPA).
EMMA HONGSONG NEUHAUSER 717-361-4752, Email:
[email protected] – Associate Professor of Finance; Ph.D. in Finance
and 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. Dr. Neuhauser teaching and research
interests include corporate finance, investments, futures and options, financial
institutions, and risk management. Since 2013, Dr. Neuhauser has coached
and lead teams of students in winning finance competitions at both regional and national level.
Before joining the college in 2008, Dr. Neuhauser has held a variety of professional industry
positions including Redback Networks Systems Canada Inc. and Industrial and Commercial Bank
of China. Dr. Neuhauser brings with her experience as a quantitative research analyst, software
engineer, business consultant, and project manager. She is a member of the American Finance
Association, Financial Management Association and Global Association of Risk Professionals.
59
SANJAY PAUL 717-361-1543, Email: [email protected] - Associate 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: [email protected] –
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 various accounting courses,
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: [email protected] – Associate
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.
HOSSEIN VARAMINI 717-361-1278, Email: [email protected] –
Professor 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
60
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: [email protected] –
Adjunct Professor of Business; 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:
[email protected] –Associate 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.
