School of Business and Economics | Indiana University South Bend

2006 Annual Review 

School of Business and Economics | Indiana University South Bend

Ta b l e o f C o n t e n t s 

Message from the Dean 

2 

Alumni Profile 

18 

Points of Pride 

4 

Complex Economic Issues 

23 

Community Partnerships 

6 

People 

24 

Leading in the 21 st Century 

8 

Centers 

28 

Recognitions 

10 

Faculty Scholarship 

30 

Awards of Excellence 

14 

Honor Roll of Donors 

36

m e s s a g e f r o m t h e d e a n 

On behalf of my colleagues in the School of Business and Economics (SB&E) at Indiana 

University South Bend, I am pleased to share this Annual Review with you. I know you will 

be impressed with the accomplishments of our students and faculty, and the support of 

alumni and community leaders in Michiana. 

Today, even as we acknowledge the importance of higher education, we know we must account 

for results of our efforts and those of our students. For over a decade, the faculty of 

the SB&E have held themselves accountable for teaching quality and student performance. 

Results on nationwide Educational Testing Service (ETS) business field examinations taken 

by every one of our undergraduate and MBA students before graduation speak clearly on 

quality and accountability. 

As our students continue to demonstrate their mastery of business knowledge on ETS 

exams, we hear from employers, advisors, the media, and our accrediting body that it is not 

sufficient that graduates know a lot about business, it’s really about what they can do with 

what they know. 

We’re tackling this issue in earnest. Two taskforces – one focusing on general skills and the 

other on relevance, are leading our search for best answers and best practices in these areas. 

Our performance as a school of business is connected to the participation and support of 

our alumni, advisors, and other successful leaders and corporations. To each of you identified 

in this Review whose contributions enrich our institution, permit me to express my 

gratitude. 

Best wishes, 

Rob Ducoffe | Dean 

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The School of Business and Economics must be rigorous and relevant. We hear from employers, 

advisors, the media, and our accrediting body that it is not sufficient that graduates know 

a lot about business, it’s really about what they can do with what they know. 

We’re tackling this issue in earnest. Two task forces – one focusing on general skills and the 

other on relevance, are leading our search for best answers and best practices in these areas. 

Relevance Task Force 

The Relevance Task Force, chaired by associate professor of management 

Murali Chari, formed to study best practices and to make recommendations 

to enhance the relevance of our teaching. 

Members studied what is known about enhancing relevance in business education 

as well as successful efforts by schools in this area. Business faculty 

members were surveyed to assess current practices and identify challenges. 

Results were reviewed from student and employer focus groups and alumni 

surveys to develop the broadest understanding of the issues. 

Members discovered that enhancing relevance in business school education 

has been considered important for decades. And the issue has gained momentum 

recently with increased interest from employers, more attention to 

the issue by the business press, and AACSB International’s identification of 

relevance as one of three critical issues that need to be addressed by business 

educators. The Task Force will make the following recommendations: 

n Enhance experiential education by creating a course that will guide students 

to take what they have learned and apply it in actual businesses 

n Enhance faculty exposure to business practices through creation of a 

faculty-in-residence program 

n Enhance local business program participation and support through 

strengthening utilization of certain resources and programs including the 

executive-in-residence program 

n Enhance administrative and organizational systems to support 

relevance initiatives and encourage cross-functional content in the curriculum 

General Skills Task Force 

The General Skills Task Force is chaired by professor of business law, 

Brenda Knowles. Also serving are faculty, professional and clerical staff; 

community members, and students. They have implemented a questionnaire 

to gauge faculty perceptions of business students’ proficiency levels 

in eight categories. These skills are needed for academic and professional 

success. These general skills include: 

n critical-thinking 

n problem-definition and problem-solution skills 

n communication skills 

n collaborative skills 

n self-awareness, adaptability, and flexibility 

n ethical reasoning and integration 

n resource development and use of resources 

n applications of learning and experiential knowledge 

n learning how to learn 

Once skills that require the most attention are identified, the taskforce 

will recommend curricular initiatives that address ways to ensure 

students’ mastery of these skills. Members have been engaged in 

research on best practices with regard to these skills for several months, 

and are excited about the positive impact this work promises to have on 

students, faculty, staff, and community stakeholders. 

i u s o u t h b e n d s c h o o l o f b u s i n e s s & e c o n o m i c s | 2 0 0 6 a n n u a l r e v i e w | 3

p o i n t s o f p r i d e 

Business students excel on ETS Exams 


Students Continue to Excel 

in ETS Nationwide Exit Exams 

As elected officials and higher education leaders in Indiana and throughout 

the nation struggle to fund the ever expanding need for university training, 

there is a growing call both in and outside academia for accountability and 

evidence of student learning. 

The faculty of the School of Business and Economics has ensured that 

such assessment is an integral part of the curriculum. In order to graduate, 

all undergraduate and MBA students in their final semesters take business 

field tests developed by Education Testing Service (ETS). 

These exams, according to ETS, “are designed to measure the basic knowledge 

and understanding achieved by students in a major field of study. 

(They) enable academic departments to better assess and refine curricula, 

gauge the progress of students compared to others in the program and 

those in similar programs at schools throughout the country.” 

As the results below demonstrate, business students at IU South Bend are 

learning a lot about business. A recent advertising campaign describing 

these achievements appeared in the South Bend Tribune and Elkhart Truth. 

ETS Business Field Test Results | Spring 2005 

National Mean SB&E Mean SB&E Rank 

Undergraduate 151.6 162.7 top 10% 

Mba 251.7 263.6 top 10% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

School Ranked as a “Best B-School” 

by Princeton Review 

The School of Business and Economics is “an outstanding business 

school” according to The Princeton Review. The New York-based education 

services company selected the school along with 44 other schools 

that The Princeton Review is adding to its 2007 “best business schools” 

guide. A total of 282 business schools are included in the newest edition. 

According to Robert Franek, vice president and publisher, “We select 

schools for this book based on several criteria covering three areas: our 

regard for their academic programs and other offerings, institutional data 

we collect about them, and opinions of students attending the schools. 


c o m m u n i t y pa r t n e r s h i p s 

Lake City Entrepreneurship Lecture Series 

Larry Davis, president 

Damon Products 

“Entrepreneurship: Breaking the Traditional Rules” 

Mark A. Tarner, president 

South Bend Chocolate Factory 

“The Entrepreneurship Scream” 

Rick Singleton, president 

Studio A Advertising 

“Resources and Capabilities” 

M. Scott Welch, president and CEO 

Welch Packaging 

“Entrepreneurship Strategies” 

James L. Powers, engagement executive 

Crowe Chizek & Company 

“The Business Plan” 

John Regan, CEO 

Fabric Services 

“The Environment of Entrepreneurship” 

Marilyn Moran-Townsend, CEO 

CVC Communications 

“The E-Entrepreneur” 

Thomas Hiatt, managing director 

Centerfield Capital Partners 

“Foundations of New Venture Finance” 

Michael L. Kubacki, chairman, president, and CEO 

Lake City Bank 

“Securing Investors and Structuring the Deal” 

Rob Bartels, president and CEO 

Martin’s Supermarkets 

“Creating the Organization” 

Lake City Bank Renews Sponsorship 

of Entrepreneurship Series 

With its renewed three-year sponsorship, the Lake City Bank Entrepreneurship 

Lecture Series entered its fourth year as a premier component of 

entrepreneurship education in IU South Bend’s School of Business and 

Economics. The series annually brings prominent entrepreneurs to the 

South Bend campus. This year there were 11 for the fall 2006 semester. 

The business school curriculum has included the series in both its MBA 

program and its undergraduate entrepreneurship major and is co-taught 

by professor of marketing, John Withey and associate professor, Christine 

Pochert-Ringle. Class room assignments are developed around the 

series content and the speakers share insights with students on starting 

and building business organizations. In addition to regular question and 

answer sessions with each presenter, students learn how to “listen between 

the lines.” They write brief papers identifying company strengths 

and weaknesses. They also make predictions regarding company performance 

in the next 10 years. 

The series also serves the larger community. It is supported by the St. Joseph 

County Chamber of Commerce. Visitors and local business people 

regularly join the class along with students. 

Lake City Bank has sponsored the series since its inception. “We want to 

be a player in entrepreneurship education in our local community. This 

series is an excellent opportunity to accomplish this objective,” says Michael 

Kubacki, Lake City president and CEO. 

Daniel B. Fitzpatrick, chairman and CEO 

Quality Dining 

“Corporate Venturing, Networking, and Franchising” 


NIBCO Partners in IT Management 

Seminar Series 

In partnership with NIBCO Inc., a major manufacturer of flow control 

products headquartered in Elkhart, the School of Business and Economics 

this year invited senior information technology managers to 

participate in an innovative graduate seminar. The capstone course in the 

Master of Science in Management of Information Technologies (MS- 

MIT) program is newly named The NIBCO IT Management Seminar Series. 

In its third year, the seminar is distinguished by: 

n 

n 

n 

n 

n 

13 weekly sessions conducted by leading regional IT executives 

Close collaborations between executives and faculty in developing 

topics and readings 

Students applying theories and concepts from courses throughout 

the MS-MIT program to practical situations discussed in the semi 

nar integrating knowledge through analyzing IT management issues 

Required immediate after class reflections that help students process 

the lessons, issues, and managerial challenges 

A major end-of-semester integrative paper that permits participants 

to reflect on the entire series 

This best practice in management education captures key elements that 

characterize the highest quality educational experiences in business 

including: collaboration between research scholars and industry leaders; 

blending of academic and professional perspectives; relevance of 

content; up-to-date coverage of topics; and high academic expectations 

monitored through multiple student deliverables. 

Participating IT executives 

Pat Ames, vice chancellor of Information Technology 

IU South Bend 

Mike Bieganski, CIO 

Robert Bosch Corporation 

Kevin Butterbaugh, vice president 

Information Services & Delivery Systems 

Teacher’s Credit Union 

Steven P. Fay, Computer Systems manager 

I/N Tek and I/N Kote 

Steven Katz, MIS manager 

Skyline Corporation 

Donald Miller, senior vice president for IT 

1st Source Bank 

Mike Peters, director of IS&S Customer Services 

AM General 

Jim Shimp, senior director 

Whirlpool Global IT, Whirlpool Corporation 

Frank Smith, principal 

Abilita 

Todd Smith, corporate director of IS 

CTS 

George Spohrer Jr., partner & IT executive 

Crowe Chizek & Co., LLC 

Cathy Cooper-Weidner, CIO 

Memorial Health System 

Gary Wilson, vice president CTO 

NIBCO Inc. 

Gordon Wishon, CIO & associate vice president 

and associate provost, University of Notre Dame 

Participating faculty members include: 

Junwei Guan, Gay Kern, Asghar Sabbaghi, and 

Ganesh Vaidyanathan of the School of Business and 

Economics; and Hossein Hakimzadeh and David Surma 

of the Department of Computer and Information 

Sciences, College of Liberal Arts and Sciences. 


L e a d i n g i n t h e 2 1 s t c e n t u r y 

fortune journalist recounts biggest business collapse in history 

In late March, the Enron trial was weeks away from completion 

in the Houston courtroom. The court proceedings and 

the media attention had made Jeffrey Skilling and Kenneth 

Lay the poster boys for excess and greed, and Enron was the 

punch line in numerous jokes. 

Amid the hoopla of the case that examined the biggest 

business collapse in history, Fortune Magazine’s senior writer 

Bethany McLean spoke to students, faculty, and supporters 

during the annual Leading in the 21st Century Speakers Series of 

the School of Business and Economics. 

McLean co-authored The Smartest Guys in the Room. The 

book has been made into a documentary that was honored 

with an Academy Award nomination. 

She first wrote about Enron in 2001 for Fortune. Her article, 

“Is Enron Overpriced?” was the first in a national publication 

to question the company’s financial path. The Houstonbased 

energy company grew rapidly and then collapsed in 

late 2001. 

However, she insists she didn’t break the story, she only 

checked the financial statements and wrote a skeptical article 

about the value of the stocks at the time, which was $75 a 

share. “I think I raised an early warning sign,” she said. 

Before journalism, she worked as an investment banking 

analyst on Wall Street until 1995 when she joined Fortune as 

a fact checker. With her degree in mathematics and English, 

she was a good fit to verify balance sheets and compound 

annual growth rate. Fortune gave her the opportunity to 

write when she approached the editors with story ideas. 

McLean said Enron was a complicated case. “When you try 

to prove where the fraud was, it becomes very tricky.” The 

economics of the firm were far from reality and the accountants 

and lawyers signed off on a lot of what was done. “It 

is a case of everyone failing to do the right thing” along with 

a healthy dose of greed and self-delusion. 

McLean’s lecture was part of the Leading in the 21st Century 

Speaker Series and was funded with the support of Northwestern 

Mutual Financial Network, Tuesley and Hall 

Attorneys, St. Joseph Capital Bank, Metzger, Mancini 

and Lachner, CPAs, and State Wide Aluminum. 


Fortune Journalist Bethany McLean Exposes Enron 


e c o g n i t i o n s 

Leo J. McKernan Honored with E.M. Morris Award 

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McKernan Honored with E. M. Morris Award 

Leo J. McKernan was presented with the annual E.M. Morris 

Award for distinguished achievement, leadership, and contributions 

to the advancement of business and the quality of life in 

Michiana. The award was given during the annual Honors Luncheon 

at Windsor Lakes Conference Center in Mishawaka. Emil 

“Lucky” Reznik, presented the award on behalf of the School of 

Business and Economics. 

McKernan, former president, chief executive officer, and chairman 

of the board of Clark Equipment Co., spoke to the 200 in 

attendance of the role that Clark and other multinational corporations 

play in generating progress, economic development, and 

cross border relationships. 

At 27, he was general manager, and by 29, vice president of sales 

for Yale Locks. In 1974, McKernan joined Clark Equipment as 

vice president and general manager of the Axle Division in South 

Bend. These early years involved moving his home and family, 

including his two daughters, 11 times in 13 years. Joining Clark 

and moving to South Bend added family stability. 

By 1990, a major turnaround at Clark was well on its way. Fortune 

put McKernan on the cover in 1990 calling Clark “The New 

Turnaround Champs.” “They make winners out of losers by 

building – not just cutting. Chief Leo McKernan has driven Clark 

Equipment from deep losses to fast rising profits.” 

During the difficult days from the mid-1980s to the mid-1990s, 

the changes were dramatic as were increased returns to stockholders. 

In this period, the stock price rose from $15 a share to $86 a 

share, providing an increase in value of $1.2 billion or 570 percent. 

Clark was bought in 1995 by Ingersoll Rand Corp. through a 

tender offer on the New York Stock Exchange. 

With that event Leo retired. He bought a boat to cruise the Great 

Lakes, the eastern coast of the United States, the Bahamas, and on 

to Naples, Florida. He continues his cruise route to this day. He 

and his wife, Kathleen, spend eight months in Naples, and return 

for the summer to South Bend to be with family and friends. 

In 1977, he was made group vice president of Clark’s worldwide 

Construction Machinery business and appointed to the Clark 

board of directors. In 1983, he became executive vice president 

of all of Clark’s product businesses around the world. In 1985, 

the board of directors appointed him president, chief executive 

officer, and chairman of the board, and authorized him to 

implement his plan to restructure both the strategic direction and 

operational systems of the company. 

Clark was a multi-billion dollar, multi-national, Fortune 500 

company with 17 distinct businesses, 30,000 employees, 

manufacturing in 30 countries, and 6,000 dealers selling products 

in 120 countries. 

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Dusthimer Receives 

Armstrong Award 

Elkhart businessman and civic leader Thomas L. Dusthimer was 

presented with the Lewis S. Armstrong Award by Dean Rob Ducoffe 

at the annual Armstrong Award dinner. The Armstrong Award recognizes 

distinguished achievement, leadership and contributions to the 

advancement of business and the quality of life in Elkhart County. 

Dusthimer currently serves at a consultant and director for KeyBank. 

He retired in 1992 as chairman and CEO of Ameritrust Indiana Corp., 

a $2.4 billion bank holding company. Ameritrust was acquired by Society 

Corp., and now operates as KeyBank, an affiliate of KeyCorp, one 

of the largest bank-holding companies in the nation. 

Dusthimer also served as chairman and CEO of Ameritrust National 

Bank of Elkhart, and is a member of Reserve City Bankers for Ameritrust 

Corporation, Cleveland, Ohio. He is a graduate of IU Bloomington 

and the Wisconsin School of Banking. 

In addition to an exemplary career in banking, Dusthimer has been 

an active civic leader in Elkhart. He currently serves on the board of 

Wells Cargo Corp.; Elkhart General Hospital Foundation; Decorator 

Industries in Miami, Fla.; Marion County Sheriff ’s Drill Team 

Board; Sky Medical in Fort Lauderdale, Fla.; and the Indiana Gold 

Foundation. His past directorships include Indiana Bankers Association, 

United Way of Elkhart County, Big Brothers/Big Sisters, Junior 

Achievement, WNIT Public Television, Greater Elkhart Chamber of 

Commerce, and Elcona Country Club. 

He was named “Sagamore of the Wabash” and “Man of the Year” 

by the Black Expo, the American Heart Association and Junior 

Achievement. 

The Armstrong Award ceremony and dinner are graciously 

underwritten each year by Art and Pat Decio. 

Hammer Received Distinguished 

business ALumni Award 

F. James Hammer, president and CEO of Imagineering Finishing 

Technologies, South Bend, received the Distinguished Business Alumni 

Award at the annual spring Honors Luncheon. Hammer received 

his bachelor’s of science degree in business from IU Bloomington and 

his MBA from IU South Bend. He is a certified public accountant. 

While attending IU Bloomington, Hammer was a member of the IU 

Accounting Club and worked in a small public accounting firm. Despite 

offers from a national CPA firm and a national paper company, 

he decided to move to South Bend and work for his wife’s family firm, 

Imagineering Enterprises. 

Initially, he was a staff accountant. Over a decade, he was promoted 

to controller, CFO, and president and CEO. He said his two IU 

degrees, experience and professional education as a CPA all prepared 

him to craft a financial plan to acquire the company. He also developed 

a strategy to transform Imagineering into a worldwide source for 

engineers and a leading metal finishing company. Imagineering is one 

of the nation’s top metal finishing firms with an array of certifications 

and accreditations. 

Borg-Warner, Honda, Toyota, General Electric and Boeing are a few 

of the companies that depend on Imagineering’s expertise. Under 

the leadership of Hammer, Imagineering has achieved such diverse 

opportunities as providing coating of components for NASA’s Space 

Station, GE’s Aerospace Engine and Locomotive divisions and 

Raytheon’s weapon systems used in the Gulf War. 

Hammer is involved with numerous boards, clubs and organizations 

including: Paul Harris Fellow with Rotary International; small business 

advocate with the Institute of Management Accountants and a board 

member of the St. Joseph Regional Medical Center Foundation. He is 

on the board of advisors for the Center for the Homeless and the IU 

South Bend School of Business and Economics. 


F. James Hammer, President and CEO of Imagineering Technologies 


a wa r d s o f e x c e l l e n c e 

Professor Brenda Knowles has received numerous teaching 

awards. Over 1 in 4 of our full-time faculty are members of the 

Faculty Colloqium on Excellence in Teaching. 


Faculty Awards 

Teaching 

Douglas Agbetsiafa, professor of economics 

Peter Aghimien, professor of accountancy 

Tracey Anderson, professor of accountancy 

Murali Chari, associate professor of management 

Mark Fox, professor of management and entrepreneurship 

Beth Kern, associate professor of accountancy 

Gary Kern, associate professor of decision sciences 

Brenda Knowles, professor of business law 

Monle Lee, professor of marketing 

Fred Naffziger, professor of business law 

P. N. Saksena, associate professor of accountancy 

David Vollrath, professor of management 

Research 


Brenda Knowles, professor of business law 

Raj Kohli, professor of finance 


Fred Naffziger, professor of business law 


Bruce Wrenn, professor of marketing 

Service 

Douglas Agbetsiafa, professor of economics 

Peter Aghimien, professor of accountancy 

Tracey Anderson, professor of accountancy 

Linda Blodgett, associate professor of international business 

Reza Espahbodi, professor of accountancy 


Fred Herschede, professor of economics 

Beth Kern, associate professor of accountancy 

Brenda Knowles, professor of law 

Raj Kohli, professor of finance 


Jamshid Mehran, professor of finance 

Frederick Naffziger, professor of business law 


David Vollrath, professor of management 

John Withey, professor of marketing 

Outstanding Associate Faculty Award 

Ray Berndt, business law 

Student Awards | Honorary Societies 

Omicron Delta Epsilon 

Omicron Delta Epsilon is the international scholastic honorary society for economics 

students. Membership in this organization is the highest scholastic honor an economics 

student can attain. The student initiates are: 

Mary Greer 

James Kollars 

Verna Merton 

James Segars 

Financial Management Association International 

National Honor Society of the Financial Management Association International is the 

national scholastic honor society for finance students. Membership in this organization 

is the highest scholastic honor that a finance student can attain. Student initiates are: 

William Hurst Jr. 

Ryan Johnson 

Stephanie Lewis 

Jason Miller 

Istvan Szucs 

Beta Gamma Sigma 

The Beta Gamma Sigma [BGS] chapter of IU South Bend was designated a premier 

chapter in 2006. BGS represents the highest academic honor that a business student 

can receive. We invite the top 7% of the junior class, the top 10% of the senior class, and 

the top 20% of the graduate class for membership. Being designated a premier chapter 

enables us to give a $1,000 scholarship to one deserving student. Initiates include: 

Juniors Seniors Masters 

Osama Abaza Patricia Bertrem Carmen Debrot 

Stephanie Cissna sharon Busenbark s. Andrew Fox 

Jolinda Fradenburg Amanda Feltz Chang-Hee Lee 

Jessica Hollingsworth Michael Foote thad Pearson 

Michael Vissage toby Harris timothy Smith 

stephanie Lewis 

alicia Mears 

verna Merton 

Jason Miller 

Michael Sobieralski 

harvey Venia 

Honorary Members 

Leo J. McKernan 

F. James Hammer 


a wa r d s & s c h o l a r s h i p s 

Student Awards 

These awards are granted to outstanding students in their respective 

majors. Criteria include grade point average, extra curricular 

activities, originality of ideas, contributions to class discussions 

and the rigor of their academic programs. 

Accounting 

Christopher Beahm 

Advertising 

Abby Curtis 

Banking 

Joshua Dipert 

Economics 

Mary Greer 

Finance 

Jason Miller 

General Business 

Justin Davis 

Human Resource Management 

Diana Martin 

Management & Administration 

Jeremiah Grubert 

Management 

Information Systems 

Alinane Chiphwanya 

Marketing 

Jason Fritz 

Small Business & 

Entrepreneurship 

Amy Leatherman 

Graduate Business-MBA 

Chang-Hee Lee 

Graduate Business-MSA 

Divya Chopra 

Graduate Business-MS-MIT 

Michele Decker 

Wall Street Journal Award 

Maureen Irvin 

Peer Mentor Service Award 

Vincenzo Sgambelluri 

John R. Swanda Jr. Ethics Award 

Jonathan McKinnies 

Indiana Certified Public Accountants 

Society Award 

Patricia Bertrem 

McGladrey and Pullen Accounting 

Scholarship 

Yolanda Stonewall 

Gerald E. Harriman Scholarship 

Brent Paulus 

Underrepresented Student 

Scholarships 

Daniela Gonzalez 

Daniel Martinez 

Bank One Scholarship 

LaKrisha Perry 

George Wing Memorial Scholarship 

Vincenzo Sgambelluri 

Sharon Rose Miller Scholarship 

Yolanda Stonewall 

Coachmen Industries Scholarship 

Crystal Gray 

Crowe Chizek and Co. 

AccountingScholarship 

Brent Paulus 

James Pattillo Memorial Scholarship 

Jean-Brice Ngouen 

Robert N. Robinson Memorial 

Scholarship 

Kerri Ballard 

Donald Cline Scholarship 

Sharon Busenbark 

Beta Gamma Sigma Scholarship 

Sharon Busenbark 

CTS Foundation Scholarships 

Penny Povlock 

Stephanie Lewis 

Jason Miller 

Finance Scholarship Awards 

Christopher Beahm 

William Hurst 

Accounting Association 

The 2005-2006 Accounting Association enjoyed membership growth and 

record-breaking attendance at many of the 10 events throughout the year, 

said chapter president Sharon Busenbark. 

The association continued to focus on its objective of complementing 

members’ formal education with exposure to real world issues. Many 

local businesses requested an opportunity to participate and speak at the 

meetings, such as AM General, Becker Professional Review, Crowe, 

Kaplan, Kruggel, Lawton and Company; McGladrey & Pullen, Metzger, 

Mancini and Lackner, CPAs; and PRI Audit and Control. 

Additionally, the association as a club participated in Student Night on 

Campus, which was reported to be the largest number of attendees ever 

from one organization. 

With the support and generosity of local accounting firms, the association 

was able to secure funding and award scholarships to four of its members 

last year. A speaker from one of those firms told members that, 

“Accounting majors are the rock stars of the campus and the Accounting 

Association is here to prove it.” The faculty advisor for the Accounting 

Association is P.N. Saksena. 

Society for Human Resource Management (SHRM) 

The student chapter of the SHRM is lead by a student board of directors 

and is affiliated with and supported by the Michiana professional chapter 

of SHRM. The chapter has monthly meetings throughout the academic 

year featuring presentations by professionals on HR issues. Members also 

participated in Michiana SHRM meetings and engaged in social and service 

activities including a Habitat for Humanity construction project, attending 

the Indiana State SHRM leadership and Michiana SHRM annual fall 

conferences. 

The chapter and its faculty advisor, professor Larry Phillips, received a 

Superior Merit Award for academic year 2005-2006 from SHRM in 

recognition of their activities. 


Sueño Scholarship, a 

Dream Coming to Reality 

Jorge Marin (MBA‘99) enjoys quoting 

Federico Sequeda, a well-known Colombian 

scientist. Sequeda said, “To make a dream 

come true, there should first be a great 

dream.” Marin adds, “I am glad my dream 

of providing a scholarship with special 

emphasis on undergraduate and graduate 

Hispanics attending IU South Bend is 

already becoming reality.” 

Inspired by the successful scholarship 

program established in 1997 by the IU 

South Bend Alumni Board and grateful for 

his experiences in the MBA program, Marin 

created the Sueño Scholarship Fund two 

years ago. He has raised $10,000. 

Jorge Marin (MBA ‘99) with scholarship 

recipients Irma Oritiz & Gabriela Del Real 

Among the supporters are various community 

leaders, Hispanic and non-Hispanic 

owned businesses with a high percentage 

of Hispanic employees such as 1st Source 

Bank, FDC Graphic Films, and non-profits 

including the Hispanic Leadership Coalition, 

98.1 FM Sabor Latino, and others. 


a l u m n i p r o f i l e | i n t e r v i e w 

David Bloss (BS ’73) is president, 

chief executive officer, and chairman 

of CIRCOR International, a 

leading provider of valves and 

fluid control devices for the instrumentation, 

aerospace, thermal 

fluid and energy markets. 

The public company has 2,435 

employees and 16 manufacturing 

facilities around the world. 

Dean Rob Ducoffe interviewed 

Bloss at CIRCOR headquarters 

near Boston on August 10, 2006. 

David Bloss BS ‘73 


RD: Can you tell me about your background? 

DB: I was born in 1950 in South Bend, the youngest of five 

boys, to a blue collar family. My father worked at Studebaker in 

the ‘50s and ‘60s and, as everyone knows, it was tough times. 

He was laid off as Studebaker closed down. With little money, 

the five of us went to work early on. My parents cared a lot 

about ethics. They were religious people and they taught us 

very high standards. My dad used his intuitive skills to build a 

life and put together what he could for the family to survive 

and grow and I watched that happen. I didn’t realize it at the 

time, but I was observing attributes that I would carry on. 

RD: What kind of student were you? 

DB: I thought I was a smart kid. I went to Oliver School, 

which has since been torn down, and just missed the National 

Honor Society. I played basketball from morning to night. 

In high school, I got into a crowd that wasn’t academically 

focused. I skipped a lot of school and lost my way for a couple 

years. In my junior year, I took an accounting course and a 

business course. One instructor, for some reason, saw something 

in me. He took me aside and said “clean up your act.” 

He helped get me a job at American Bank as a mail clerk. This 

led to me toward doing some little accounting stuff. I would 

close out tellers at the end of the day because of my accounting 

courses. 

When it was time to go to college, the obvious choice for me 

was IU South Bend because my parents couldn’t afford to pay 

any of my college tuition. I wanted to marry my childhood 

sweetheart, whom I am still married to, and I knew I had to 

have a decent paying job. So I found a job in a factory working 

nights on third shift. My first day at IU South Bend was my 

first day on the job at Raco making electrical boxes on Sample 

Street. I had problems staying awake during my 8 a.m. classes 

because I worked nights. I ended up on probation my first 

semester at IUSB. Then I had an industrial accident. I lost 

three fingers on a punch press. So I got hit with a lot of 

things during that time and it led me to make some decisions 

about what I wanted to do; whether I was going to 

stick it out or cave. 

RD: Can you identify a time in your life when you 

decided you wanted a business career? It sounded like 

some of those experiences in high school might have 

started you on this path. 

DB: It did, that’s when it started. I took a couple business 

courses and the instructors were good. Lights started going 

off in my head. If I wanted to better myself and be somebody, 

to aspire to better things, I decided it would be in the 

business world. It sort of made sense to me. 

RD: What stands out from your experiences at IUSB? 

DB: Oh, a number of things - the instructors. I had heard 

that you get a good education at IUSB because of the 

smaller class sizes and because the instructors had practical 

experience and taught you what you needed to know. 

Professor Robert Robinson and Professor Don Cline, 

who recently passed away, were two of my instructors in 

accounting. They worked other jobs during the day and 

would come to classes with great examples which really 

brought realism to the textbooks. In my last year and a half 

at IUSB, I quit the factory and got a job in a small public 

accounting firm on Miami Street. I had 70 little gas station/ 

grocery stores that I was doing accounting for; their check 

balancing, payroll, and annual taxes. 


When I graduated, my grades were mediocre. But IUSB gave me 

access to great employers. All the Big Eight (at the time) firms 

in accounting came to interview people at IUSB. The ability 

of IUSB to attract those big employers is critical for a business 

career. I went through the interviews and Tom Buck, the 

managing partner at the South Bend office of Price Waterhouse, 

was my last interview. He asked if I had interviewed with other 

firms and what they had said. I responded that I was told to 

increase my grade point average by one point which, with one 

semester to go, seemed impossible. He asked me what I thought 

about that. Something inside told me this was my shot, to lay it 

on the table. So I said I thought they were making a big mistake. 

That they were looking at an individual who had worked himself 

up from the bootstraps, with a family, two children, who’d had 

an industrial accident and kept moving on. I said whoever hired 

me would get the hardest working son of a bitch that you’d ever 

seen in your life. He looked at me, laughed, and asked when I 

was going to start? That was it. That was my interview. Incredible 

guy, until he died, he and I kept in touch. When I joined 

Price Waterhouse, I was ready to work, ready to prove myself. 

I worked day and night. I studied hard for the CPA exam and 

passed all sections on the first try. 

RD: You have achieved a level of success in your career that 

very few people have attained. Can you give the rest of us a 

few hints? 

DB: I have been very fortunate and I want to repay this by 

doing what people have done for me. A lot of people took 

me under their wing and taught me things. They coached me, 

mentored me; you don’t do it on your own. It’s the types of 

organizations you affiliate with. If you want to be the best, go 

with the best and find ways to get there. Hard work, ethics, all 

of the things you read in books and that they teach you are 

real. You can’t do it alone. You need people to work with you 

with a shared vision and in order to do that you need to be real, 

sincere. You’ve got to walk the talk. You’ve got to demonstrate 

to others that you are genuine. This is a quality people have told 

me I have and I think it is part of the reason I have been able 

to create environments that have been successful. 

RD: Looking back, was there a major set back or something 

you had to overcome in your career? 

DB: Sure. The environment I came from and the industrial 

accident I had. Putting these aside, I have always viewed things 

as opportunities. We have had difficulties, just like every other 

business. I’ve done about $3 billion of acquisitions and divestitures. 

In each of these deals there are cross roads, set backs 

and struggles. I think trying to balance a family life and business 

career, you have set backs in relationships that you have 

to struggle with, and make personal decisions with, and fortunately 

I have made the right ones because my family is fantastic 

and my business career has been good. I can’t think of major 

set backs that hard work wasn’t able to overcome. 

RD: Can you describe what CIRCOR does? 

DB: Yes, we are a fluid control company. We make valves and 

other fluid control devices for the instrumentation, aerospace, 

thermal fluid and energy markets. Our applications are industrial 

so you don’t see us in plumbing applications. We make valves 

that you and I could walk through. One weighs 58 tons and is 

used in the Persian Gulf in high pressure natural gas systems. 

Others are small and can fit in the palm of your hand. We’re 

about $600 million in revenues. We’re very profitable and have 

low debt. We have grown through a series of 36 acquisitions 

and have a small staff here in the Boston area. We decentralize 

the day to day decisions to the four groups each headed up by 

an executive in the field and we are traded on the New York 

Stock Exchange. 


RD: CIRCOR is doing very well today. What are the keys 

to this performance and what do you see as the big challenges? 

DB: One key to our success has been our conservatism. We 

aren’t going for the grand slam. We do small things well. Our 

acquisitions have been small. Very few have been over $50 million. 

We have stayed away from commoditized markets with lots 

of competition where end users are just looking at price. The 

markets we serve--high pressure steam, aerospace, instrumentation--all 

require sophisticated technology, engineering, and customer 

intimacy, all of which we have. We have stable research 

and development processes for new product development. And 

we look at cash flow. Cash is the device that keeps the company 

running and we make sure that it is flowing properly. 

The things that keep me up at night are the same things that 

worry all of us. The world is changing. The global environment 

is disrupted right now. It causes us to operate a little differently 

but CIRCOR is used to cyclicality in markets because over half 

of our business is in energy. We are changing internally through 

our focus on operational excellence. We are working on transforming 

this company through changing how we work, through 

retraining our people in new ways of doing things. Change can 

be worrisome because there is risk involved, but I have a lot of 

faith in our people, our management team, the everyday people 

that we have in our organization, highly ethical, sincere, hard 

working people that want to do the right thing. Their ability to 

come on board has been really good. 

RD: You hold three titles; president, CEO, and chairman 

and you have held those titles since the late ‘90s. Can you 

describe what each role entails and why you hold all three? 

DB: The president’s role at CIRCOR is like a chief operating 

officer. I get involved in day-to-day operations, problems, and 

personnel issues at the shop floor level. With 22 factories, that 

can be a lot of work and a lot of travel. The CEO’s job is more 

strategic and involves direction of the company, corporate 

culture, and acquisition and financial strategies. The chairman 

of the board role is to preside over the representatives of the 

shareholders with fiduciary responsibility for the value of 

CIRCOR stock and for the welfare of employees as well as 

customers. So there are your three levels of responsibility. It is 

a pretty big job and, as we grow, I see myself having to delegate 

and give up some of these titles. 

RD: Do you think about what you would like to do next in 

your career? 

DB: Yes. I have grandchildren and as you and I both know, as 

we develop our careers we give up some things like time with 

family. Having grandchildren gives you another opportunity. The 

role that I play in CIRCOR, being chairman of the board and 

eventually giving up the other day to day responsibilities in the 

president and CEO roles would be a nice balance. 


RD: Many who read this will be students and potential 

students interested in a business career. Is there any 

advice that you would like to share with them? 

DB: If you are truly going to be successful in anything that you 

chose to do, whether it is business or in the sciences or arts, 

have a desire to be the best, be honest, work hard and know 

that you won’t do it on your own. You need other people so you 

need social skills and communication skills. I return to honesty; 

being able to express yourself honestly with people tears down 

the barriers. The biggest problems are, I think, barriers people 

create between themselves; they don’t need to be there. The 

better you are at tearing those down quickly, getting to the real 

issues, and coming to common solutions to whatever you chose 

to be will help you be as successful as possible. 

RD: Do you have any thoughts on what business schools 

ought to be doing to strengthen their programs? 

DB: I am a practical person and practical skills; being able 

to hit the ground running is important. When I joined Price 

Waterhouse with a number of people that were educated from 

big name schools, I was able to excel faster because I could 

get down and do the work. I am not afraid of hard work. Roll 

up your sleeves and figure it all out. Those practical skills were 

taught to me at IU South Bend by people who had been there 

and done that. I think that this is important. 

RD: Thank you, David. That was perfect. 


ta c k l i n g c o m p l e x e c o n o m i c i s s u e s 

Five Experts Tackle Controversy over Gas Prices 

Five experts tried to separate fact from fiction about gas and 

oil prices during a panel discussion sponsored by the School of 

Business and Economics.“Do They Have Us Over a Barrel? – Gas 

Prices and Our Future” featured the following local and nationally 

known experts on the panel: 

Tyson Slocum. Slocum is research director for Public Citizen’s 

Energy Program, founded by Ralph Nader. Tyson researches the 

influence of corporate special interests on the political system 

in the U.S. and works to promote accountability. Tyson appears 

regularly on national television and in the New York Times and 

Wall Street Journal. 

Maggie McShane. McShane is executive director of the 

Indiana Petroleum Council (IPC), a trade association that 

addresses legislative and regulatory issues. 

Bruce Wrenn, Ph.D. Wrenn is professor of marketing at IU 

South Bend and is a frequent resource for local and national 

news media on marketing and consumer issues. He recently was 

interviewed on the subject of rising gas prices on National Public 

Radio’s “Talk of the Nation.” 

Mark Dobson. Dobson is the St. Joseph County Commissioner 

from District 1, after a career as executive vice president of 

operations with B & R Oil Company, Inc., one of the nation’s 

largest Phillips 66 motor fuel distributors. 

The well-attended event was conceived, planned and moderated 

by H. Lane David, assistant professor of economics. 

Slocum, a consumer advocate, expressed many of the concerns 

that have made gas and oil prices such an important topic while 

McShane, representing the oil industry, explained why prices rise. 

How consumers react to the prices and the welfare effects of 

prices on different groups were explored by professors Wrenn 

and Betson. 

Dobson provided insight on the effects of the high prices on 

local government and services. He also spoke from the point of 

view of a local distributor, drawing on his past experiences in the 

industry. Following the panel discussion, there was an hour of 

questions and answers. 

David Betson, Ph.D. Betson is an associate professor of economics 

and the former director of the Hesburgh Program in 

Public Service at the University of Notre Dame. He is a research 

associate at the Institute for Research on Poverty at the University 

of Wisconsin with the Joint Center for Poverty Research at 

the University of Chicago and Northwestern University. 


p e o p l e 

P.N. Saksena appointed Assistant Dean 


Leadership Appointments 

P.N. Saksena, Assistant Dean, 

Director of Graduate Studies 

P.N., an associate professor of accounting (Ph.D., Georgia State 

University, 1997), was appointed assistant dean to head up the 

business school’s three graduate programs -Master of Business 

Administration, Master of Science in Accounting, and Master 

of Science in Management of Information Technologies. 

P.N. joined IU South Bend in 1995 and became one of its 

most highly regarded teachers. He received the IU South Bend 

Teaching Award, was voted Faculty of the Year, inducted into 

the Faculty Colloquium on Excellence in Teaching (FACET), 

and received the Trustee Teaching Award, in 2001. He received 

the Teaching Excellence Recognition Award in 1999 and 2000, 

and the School of Business and Economics’ Excellence in 

Teaching Award in 1999, 2000, 2001, and 2002. He was the corecipient 

of the 1998 Outstanding Educator of the Year Award 

at IU South Bend. While a doctoral candidate at Georgia State 

University, he received an Excellence in Teaching Award. 

He is a member of the American Accounting Association, 

Association of Certified Fraud Examiners, the Institute of 

Chartered Accountants of India, Beta Gamma Sigma, and Beta 

Alpha Psi. His research interests include accounting education, 

auditing, and managerial accounting. 

Marcia Jones Appointed 

Crowe Chizek Executive-in-Residence 

Long-time community activist Marcia Jones has taken on 

another job. She is the Crowe Chizek Executive-in-Residence 

for the School of Business and Economics. 

Jones is president of the South Bend Redevelopment Commission, 

a board member of South Bend Heritage Foundation, 

vice chair of the board for Family & Children Center, Inc., and 

the treasurer of the Public Education Foundation. 

In her part-time position, she will be working with students, 

faculty and local businesses to develop mentoring and internship 

programs, and to search for opportunities to connect the 

business school with the business community. Jones will also 

continue the successful annual one-day residencies by chief 

executives of prominent firms. The executive-in-residence 

program is generously underwritten by Crowe Chizek. 

Jones is a graduate of St. Joseph’s High School, South Bend, 

and received a bachelor’s degree from the College of Mount St. 

Joseph, Cincinnati. 

Following college, she worked at IBM as a systems engineer, 

and later as a software engineer at Crowe Chizek & Co. She also 

taught mathematics at IU South Bend. In 1988, she returned to 

Crowe Chizek. 


New Faculty 

Kiyoung Chang, Assistant Professor of Finance 

Kiyoung Chang received his Ph.D. in finance from University 

of Wisconsin-Milwaukee in 2004. Prior to coming to IU South 

Bend, he taught corporate finance, investments, and working 

capital management courses at Slippery Rock University 

in Pennsylvania. His research interests include cross-border 

mergers and acquisitions, initial public offerings, international 

corporate finance, and corporate governance. Chang is a member 

of the Financial Management Association and an executive 

board member of the Korea America Finance Association. 

His articles have been published in Global Finance Journal and 

Global Business Proceedings. 

Lane David, Assistant Professor of Economics 

Lane David earned his Ph.D. in economics from Claremont 

University in 2005. Prior to coming to IU South Bend, he 

taught principles of economics, intermediate microeconomics, 

international trade, finance, and global political economy 

courses at Universidad Iberoamericana (Mexico), Claremont 

McKenna College, Pitzer College, and the University of Redlands 

Graduate School of Business. He was a registered investment 

advisor, founder of an investment advisory firm, and 

co-founder of an aqua-culture firm. He is a member of the 

American Economic Association, the Western Economics Association 

International, and the Latin American and Caribbean 

Economics Association. His current research interests include: 

international economics, economic growth and development, 

economic integration and globalization. 

Ying Li, Assistant Professor of Finance 

Professor Li received her Ph.D. in finance from the University of 

Massachusetts, Amherst, in 2006. Her expertise includes financial 

econometrics and analysis of large databases and her research 

focuses on empirical asset pricing, mutual funds, and hedge funds. 

Li’s teaching areas are in corporate finance, investments, and risk 

management. Earlier in her career, she was a risk manager at Agriculture 

Bank of China. She is active among her professional peers 

and has presented papers at meetings of the leading academic 

associations in her discipline; the Financial Management Association, 

Eastern Finance Association, and the European Financial 

Management Association. Two of her working papers are under 

advanced stages of review at leading journals Financial Review and 

European Financial Management. 

Bhavik Pathak, Assistant Professor of Decision Sciences 

Bhavik Pathak received his Ph.D. in operations and information 

management in 2006 from the University of Connecticut. His 

teaching interests are in electronic commerce, decision support 

systems, management information systems, and data mining. 

Pathak’s research focuses on electronic commerce, online recommender 

systems, social networking, shopbots, and online promotions. 

His research has been published in leading journals including 

Journal of Retailing, Communications of the Association for 

Information Systems, and Industrial Management and Data Systems. 


Kiyoung Chang, Ying Li, Bhavik Pathak, and Lane David 

joined the faculty of the School of Business and Economics. 


C E N T E R S 

Professor Grant Black directs both centers 


Center for Economic Education 

The mission of the Center for Economic Education is to increase 

economic literacy in north central Indiana. The center helps prepare 

young students to become informed and productive citizens by 

increasing their knowledge of economics. It organizes and supports 

activities designed to creatively integrate economics into the K-12 

educational experience, regularly offers instructional workshops 

and a graduate college-credit summer course for K-12 teachers, and 

offers support and services to economics educators in grant writing, 

curriculum development, and K-12 classroom resources. Over the 

past year, the Center for Economic Education: 

n 

offered workships to about 200 K-12 teachers including the 

popular Candy Economoics and Mini-Economy workships 

and the graduate course, Energy, Economics, and the 

Environment 

The Bureau of Business and 

Economic Research (BBER) 

The BBER continues to provide business and economic expertise 

to government, business and non-profit organizations in the 

Michiana community. The center maintains a database of local 

economic indicators, publishes a quarterly newsletter on the local 

economy, conducts research on local and regional issues, and serves 

as a vital information source on regional economic activity. 

This year, the BBER: 

n 

n 

participated in the region’s successful Strategic Skills Initiative 

led by the Northern Indiana Workforce Investment Board, 

providing essential research assistance and guidance 

assisted numerous local businesses and organizations 

n 

n 

n 

participated in student activities like the annual Econ 

Challenge for high school students and promoted the new 

Entrepreneurship Camp 

increased its visibility and outreach by developing a new 

teacher database, visiting classrooms, targeting pre-service 

learning for undergraduate education majors, and 

recruiting new teacher advocates 

collaborated on developing new programs with the Indiana 

Council for Economic Education, the Indiana Department 

of Education, and the Chicago Federal Reserve 

n 

n 

n 

presented economic outlooks to public and business 

audiences throughout the region 

regularly offered expertise to local media on pressing 

economic and business issues 

published the quarterly newsletter of regional economic 

indicators, Michiana Business; and supported public forums 

on issues including gasoline prices and the Federal Reserve 


FA C U LT Y S C H O L A R S H I P | 2 0 0 5 

Research shows how foreign investment helps grow businesses 

Often the world presents intriguing trends that offer a 

natural setting to study competing ideas on the best way 

to manage and grow businesses, explains associate professor 

of management, Murali Chari. The 1990s presented 

one such opportunity in Japan. 

The growing prosperity of Japan and the global ascendancy 

of Japanese firms in the 1980s fueled a rush to study 

Japanese business practices. One of these practices credited 

for the successes of Japan was the manner in which 

Japanese businesses obtained capital. Japanese businesses 

were financed through a consortium of banks whose 

representatives served on the Boards of the corporations 

they financed to monitor performance and take corrective 

action when necessary. 

This system was said to foster a climate of “patient capital” 

where the few representatives of banks were able to know 

their client’s businesses intimately, and this proximity along 

with control obtained through the board seat allowed 

banks to be more patient with their investments in corporations. 

This source of patient capital in turn, many contended, 

allowed Japanese firms to invest for the long term 

thereby enhancing their competitiveness in world markets. 

During this time period, as is still the case, U.S. businesses 

obtained financing from U.S. capital markets where millions 

of individual stockholders and institutions assess the prospects 

of businesses before providing capital. 

Many argued that this “market” system of providing capital 

drove U.S. corporations to focus on the short term and 

scale back long term investments since investors relied on 

immediately tangible measures of performance and often 

punished firms for missing short term (e.g., quarterly) earnings 

targets. While there were a few scholars who pointed 

out the benefits of a market system for capital, their arguments 

were often overwhelmingly drowned out by critics 

of the U.S. system who attributed the relative success of 

Japanese corporations to the “capital disadvantage” faced 

by U.S. firms financed through U.S. capital markets. 

The early 1990s ushered in a period of economic recession 

and slow growth in Japan. Part of the underlying problem, 

many now agree, was that the bank led system of financing 

had resulted in a lack of objective assessment and valuation 

of businesses. To turn the economy around the Japanese 

accelerated a series of reforms which led to an influx of 

foreign investors, primarily from the U.S. and the U.K., investing 

in Japanese firms and the corresponding decline in the 

share of bank ownership. The foreign owners behave much 

like they do in the U.S. They trade their stocks frequently 

unlike “patient” bank owners whose ownership stakes they 

replaced. This trend raises an interesting and important 

question: What does this increase in foreign ownership 

do to the investment behavior of Japanese firms? Specifically, 

building on various arguments in favor of a U.S. style 

capital market, one could hypothesize that the influx of 

foreign capital will foster appropriate investments. Based 

on criticisms of the U.S.- style capital market, one could also 

develop the competing hypothesis that the influx will lead 

to under investment in Japanese enterprises. 

Murali and his co-authors investigated these competing 

hypotheses by studying investments in R&D and capital assets 

made by 146 of the 200 largest industrial firms in Japan 

from 1991 to 1997. They did not find evidence to support 

the notion that greater foreign ownership leads to underinvestment 

as critics of the U.S.- style capital markets would 

expect. In contrast, they found that firms with greater 

foreign ownership increased their investments when such 

increases were likely to create value supporting the appropriate 

investment hypothesis. These findings should help 

not just the Japanese policy makers, managers, and U.S. 

investors but also managers and policy makers from other 

countries who are interested in the implications of opening 

their capital markets to foreign investors. 

The full paper titled “Strategic Investments in Japanese 

Corporations: Do Foreign Portfolio Owners Foster Underinvestment 

or Appropriate Investment?” appears in the June 

2006 issue of the Strategic Management Journal. 

Douglas K. Agbetsiafa 

“Financial Intermediation and Economic Integration 

of the Economic Community of West African 

States,” the National Annual Conference of the 

Southwestern Social Science Association, New 

Orleans, LA, April 2005. 

Peter A. Aghimien 

“Effects of Working Capital Management Policies 

on Profitability of Banks in Developing Economics, 

with M.A.M. Mainoma,” Journal of Accounting 

and Finance Research, Vol. 13, No. 1, Spring (Forthcoming). 

“Determining a Conceptual Framework for Accounting, 

with M.A.M. Mainoma,” The Journal of 

Accounting and Finance Research, Vol. 13, No. 3, Summer 

I (Forthcoming). 

Tracey A. Anderson 

“E-Filing Gains Popularity—But Should Practitioners 

Adopt It Now?” Practical Tax Strategies, 

Anderson, Fox, and York, pp. 44-48, January 2005. 

“History and Trends in E-Filing: A Survey of CPA 

Practitioners,” The CPA Journal, Anderson, Fox, and 

Schwartz, pp. 66-69, October 2005. 

Grant C. Black 

“Geography and Spillover: Shaping Innovation 

Policy through Small Business Research.” In Science 

and Technology Policy: Shaping the Next Generation of 

Research, David Guston and Daniel Sarewitz (eds.), 

University of Wisconsin Press, forthcoming. 

“The Importance of Foreign Ph.D. Students to 

U.S. Science” (with Paula Stephan). In Science and 

the University, Ronald Ehrenberg and Paula Stephan 

(eds.), University of Wisconsin Press, forthcoming. 


“Who’s Patenting in the University? Evidence from the 

Survey of Doctorate Recipients” (with Paula Stephan, 

Shiferaw Gurmu, and Albert Sumell), Economics of Innovation 

and New Technology, forthcoming. 

“Scientific Teams and Collaborations: Evidence from 

U.S. Universities, 1981-99” (with James Adams, Roger 

Clemmons, and Paula Stephan), Research Policy, 

34, 2005, pp. 259-285. 

“Firm Placements of New Ph.D.s: Implications for 

Knowledge Transfer,” (with Paula Stephan, Albert 

Sumell, and James Adams), in The Role of Labour Mobility 

and Informal Networks for Knowledge Transfer, Dirk Fornahl, 

Christian Zellner and David Audretsch (eds.), Springer, 

2005, pp. 125-146. 

“Bioinformatics Training Programs are Hot but the 

Labor Market is Not” (with Paula Stephan), Biochemistry 

and Molecular Biology Education, 33(1), 2005, pp. 58-62. 

“Regional Economic Outlook 2006.” Presented at the 

Economics Forum, South Bend, IN, November 10, 

2005. 

Kiyoung Chang 

“Corporate Cash Holdings, Foreign Direct Investment, 

and Corporate Governance,” with Abbas Noorbakhsh, 

Global Finance Journal, Vol 16, 302-316, 2006. 

“How Do Culture and Globalization Influence International 

Corporate Liquidity?” with Abbas Noorbakhsh, 

Global Business Conference Proceedings, Miami, FL, forthcoming 

2005. 

“How Do Culture and Globalization Influence International 

Corporate Liquidity?” with Abbas Noorbakhsh, 

Global Business Conference, Miami, FL, November 

2005. 

Murali Chari 

“Strategic Investments in Japanese Corporations: Do 

Foreign Portfolio Owners Foster Underinvestment or 

Appropriate Investment?” with David, P., Yoshikawa, 

T., and Rasheed, A. Strategic Management Journal, V7 (6): 

pp. 591-600, 2006. 

International diversification and firm performance: 

Role of information technology investments, with Sarv 

Devaraj and Parthiban David, Academy of Management 

Meeting, Atlanta 2006. 

Option Value of International Diversification: Evidence 

from East Asian Firms and the East Asian Crisis, Asia 

Academy of Management PDW, Atlanta, 2006. 

H. Lane David 

“So Many Measures of Trade Openness and Policy: Do 

Any Work?” Annual Meeting of the Western Economic 

Association International, San Francisco, California, 

July 6, 2005. 

“So You Want to Use a Measure of Openness? A 

(Sceptics) Guide to Measures of Trade Openness and 

Policy,” Annual Meeting of the Western Economic Association 

International, San Francisco, California, July 

7, 2005. 

Robert H. Ducoffe 

“The Effects of Animated Banner and Popup Ads in 

Commercial Websites,” with Y. Gao and M. Koufaris 

Advanced Topics in Electronic Commerce, M. Khosrow-Pour, 

(ed.); Hershey PA: Idea Group, Volume 1, pp. 28-50, 

2006. 

“Negative Effects of Advertising Techniques in 

Electronic Commerce,” with Y. Gao and M. Koufaris, 

Encyclopedia of E-Commerce, E-Government, and Mobile 

Commerce, M. Khosrow-Pour, (ed.); Herhsey PA: Idea 

Group, 842-847, March 2006. 

Mark A. Fox 

“E-filing Gains Popularity--But Should Practitioners 

Adopt it Now?” with T. Anderson and R. York, 

Practical Tax Strategies, 73 (1), 44-48, 2005. 

“Unpaid and Underreported Royalties: Initiatives to 

Enhance the Rights of Royalty Recipients,” with T. 

Anderson, Entertainment Law Review, 16 (2), 27-31, 2005. 

“Computer–Aided Music Distribution: The Future 

of Selection, Retrieval and Transmission,” with N.B. 

Duncan, First Monday (Peer-Reviewed Journal on the 

Internet), 10 (4), http://firstmonday.org/issues/issue10_4/duncan/index.html, 

2005. 

“Creative Commons: An Alternative,” Web-Based 

Copyright System, Entertainment Law Review, 16 (5), 111- 

116, 2005. 

“Technological and Social Drivers of Change in the 

Online Music Industry,” First Monday (Peer-Reviewed 

Journal on the Internet) http://www.firstmonday. 

org/issues/issue7_2/fox [Special Issue on Music and 

the Internet: This paper is a reprint—with a new commentary—of 

an article printed in a 2002 edition of this 

journal], 2005. 

“Podcasting: A New Technology in Search of Viable 

Business Models,” with S. Crofts, J. Dilley, A. Retsema, 

and R. Williams, First Monday (Peer-Reviewed Journal 

on the Internet), 10 (9), http://firstmonday.org/issues/ 

issue 10_9/ crofts/index.html, 2005. 

“Market Power in Music Retailing: The Case of Wal- 

Mart,” Popular Music & Society, 28 (4), 501-519. [Special 

Issue on Music Monopoly], 2005. 

“History and Trends in E-filing: A Survey of CPA 

Practitioners,” with T. Anderson and B. Schwartz, CPA 

Journal, 75, 66-69, and at http://www.nysscpa.org/cpajournal/2005/1005/essentials/p66.htm, 

October 2005. 


“The Emerging Legal Environment for Podcasting,” 

with T. Ciro, Entertainment Law Review, 16 (8), 215- 

223, 2005. 

“Introduction: Internet Banking, E-money and the 

Internet Gift Economy,” First Monday (Peer-Reviewed 

Journal on the internet), Special Issue No. 3: http:// 

firstmonday.org/issues/special10_12, 2005. 

“Payola in the United States Radio Industry: An 

Examination of the Sony BMG Settlement,” with T. 

Ciro, Entertainment Law Review, 17 (1), 29-34, 2006. 

“Financial Service Providers in Australia: Managing 

Conflicts of Interest,” with T. Ciro, International 

Company & Commercial Law Review, 17 (1), 6-12, 2006. 

“Competition v. Copyright Protection in the Digital 

Age,” with T. Ciro, European Intellectual Property Review, 

28 (6): 329-334, 2006. 

“Introduction: Commercial Applications of the 

Internet,” First Monday (Peer-Reviewed Journal on 

the internet), Special Issue No. 6: http://firstmonday. 

org/issues/special11_7, 2006. 

“Online Grocery Shopping: Consumer Motives, 

Concerns, and Business Models,” with M. Kempiak, 

First Monday (Peer-Reviewed Journal on the Internet), 

http://firstmonday.org/issues/special11_7/fox 

[Special Issue on Commercial Applications of the 

Internet. This paper is a reprint – with a new commentary 

– of an article printed in a 2002 edition of 

this journal], 2006. 

“Board Composition and New Zealand Stockmarket 

Companies,” with G.R. Walker, Company & Securities 

Law Journal, 23, forthcoming. 

“Networks of Power among New Zealand Stockmarket 

Companies,” with G.R. Walker, Company & 

Securities Law Journal, 23, forthcoming. 

“Trans-Tasman Mutual Recognition of Securities Offerings,” 

with G.R. Walker, Company & Securities Law 

Journal, 24 (4): forthcoming. 

“The 2006 Memorandum of Understanding on Business 

Law Co-ordination between Australia and New 

Zealand,” with G.R. Walker, Company & Securities Law 

Journal, 24(4): forthcoming. 

“Board Composition and New Zealand Stockmarket 


Law Journal, 24: forthcoming. 

“Networks of Power among New Zealand Stockmarket 


Law Journal, 24: forthcoming. 

“Corporate Control of New Zealand Listed Companies,” 

with G.R. Walker, Company & Securities Law 

Journal, 24: forthcoming. 

“Phishing, Pharming and Identity Theft in the Banking 

Industry,” Journal of International Banking Law & Regulation, 

21 (9): forthcoming. 

“Legal Implications Arising from the Changing Face of 

Music Retailing,” with D. Browning, D. Chang, J. Forberg, 

P. Hsiao, T. Sutton, and C. Vandervlugt, Entertainment 

Law Review, 17 (6): forthcoming. 

“Another Nail in the Coffin for Copy-Protection Technologies? 

Sony BMG’s XCP and MediaMax Debacle,” 

Entertainment Law Review, 17: forthcoming. 

Review of: C. Klosterman. Killing Yourself to Live: 

85% of a True Store, New York: Scribner, 2005, Popular 

Music & Society, 30 (2), forthcoming. 

Junwei Guan 

“Online Software Distribution without Enforcing 

Copyright Protection as a Strategic Weapon,” with Kemal 

Altinkemer and Aysegul Sahin, Information Systems 

and E-Business Management, August 2005. 

Brenda E. Knowles 

“Expanding Civic Involvement and the Learning Landscape 

through Courtroom Observations,” Quick Hits 

for Civic Engagement, James L. Perry and Steven G. Jones, 

eds., Indiana University Press, pp. 35-37 (forthcoming 

2006). 

“The Bush Administration’s Proposed Guest Worker 

Program: Some Observations” (48 pages), Southern 

Academy of Legal Studies in Business, San Antonio, 

TX, March 2005. 

“Recent Judicial Decisions and the EEOC’s Enforcement 

Guidance concerning Psychiatric Disabilities under 

the Americans with Disabilities Act: A Re-examination” 

(50 pages), Academy of Legal Studies in Business, 

San Francisco, CA, August 2005. 

Raj K. Kohli 

“Comparative Performance of Internet-only Banks and 

Conventional Banks,” with T. Zaher, Journal of Academy 

of Finance, Vol. 3, Issue 3, pp. 152-164, Winter 2005. 

“Are Executives (CEOs) Overcompensated?” Journal 

of the Academy of Finance, Vol. 3, Issue 1, pp. 158-167, 

Summer 2005. 

“Are CEOs Overcompensated in America,” Midwest 

Business Administration Association, Chicago, IL, 

March 16-18, 2005. 

“Comparative Performance of Internet-Only Banks 

and Conventional,” Midwest Business Administration 

Association, Chicago, IL, March 16-18, 2005. 


Monle Lee 

“The Development of Character in Different College 

Settings,” with J. Davis and J. Ruhe, International Journal 

of Case Method Research & Applications, Vol. XVII, Issue 

No. 1, March, pp. 29-41, 2005. 

“Consumers Evaluations of Online Reference Price 

Advertisements,” with D. Lii, International Journal of Commerce 

and Management, Vol. 15 (3&4), pp. 101-112, 2005 

“Individualism and Collectivism in Taiwan,” with A. Ali, 

Y.C. Hsieh and K. Krishnan, Cross Cultural Management; 

An International Journal, Vol. 12, No. 4, pp. 3-16, 2005. 

“Relationship Marketing and Consumer Switching Behavior,” 

with H.C. Chiu, Y.C. Hsieh and Y.C. Li, Journal 

of Business Research, 58, pp. 1681-1689, 2005. 

Principles of Advertising: a Global Perspective, with C. Johnson, 

2nd ed., Binghamton, NY: The Haworth Press, 

Inc., 2005. 

“The Effect of Reciprocal Dispersion on Price Acceptability: 

Some Research Propositions,” with D. Lii and 

C. Chien, Allied Academies Las Vegas International 

Conference Academy of Marketing Studies proceedings, 

abstract, Vol. 10, No. 2, p. 27, 2005. 

“Viral Marketing: a Study on E-mail Spreading Behavior,” 

with H.C. Chiu and J.R. Chen,17th annual Direct 

Marketing Educational Foundation’s (DMEF) Direct 

Marketing Educators conference (on-line) proceedings 

(4-page extended abstract), 2005. 

Ying Li 

“Benefits of Hybrid Mutual Funds,” 2005 Update, 

Benefits Series, Center for International Securities and 

Derivatives Markets, 2005, University of Massachusetts, 

Amherst. 

“CISDM Research Digest, Summer 2005 and Winter 

2006,” Center for International Securities and Derivatives 

Markets, 2005 and 2006, University of Massachusetts, 

Amherst. 

“Conditional Performance of Hedge Funds: Evidence 

from Daily Returns,” European Financial Management 

Association, Madrid, Spain, 2006. 

“Market Timing in CTAs,” Center for International 

Securities and Derivatives Markets Annual Conference 

2006, University of Massachusetts, Amherst. 

“Leverage Usage in Hedge Funds - Pattern, Risk and 

Survival,” Eastern Finance Association, Philadelphia, 

PA., 2006. 

Jamshid Mehran 

“An Empirical Study of Housing Markets in Chicago 

and Cleveland,” with Robert Balik, Journal of Academy 

of Finance, Vol. 3, pp. 163-172, Fall 2005. 

“An Empirical Study of the Housing Market in Five 

Metropolitan Cities: New York, Chicago, San Francisco, 

Cleveland, and Miami,” with Robert Balik, 

Proceedings of Academy of Financial Services, pp. 1-20, E. 

Publication Fall 2005. 

“Investor Relations Websites,” with Robert Balik, 

Proceedings of Academy of Financial Services, pp. 1-24, 

E. Publication Fall 2005. 

“The Housing Bubble,” with Robert Balik, Proceedings 

of the Academy of Finance, pp. 82-83, Spring 2005. 

Mark Fox and Fred Naffziger continue to make their 

presence known both in the U.S. and internationally 

with their work on stock analysts’ conflicts of interest. 

Some believe these conflicts exacerbated the bursting 

of the stock market bubble in 2000. 

Fox and Naffziger co-authored an article which 

compared and contrasted the American and British 

approaches to the problem, followed by another piece 

on the regulatory response in the U.S., and a third on 

interesting legal developments in France. Recently 

published as the lead article in the latest volume of 

the Journal of Legal Studies in Business, are their latest 

observations on the topic, entitled: “Securities Analysts’ 

Conflicts of Interest: Ethical & Legal Issues and International 

Regulatory Reactions”. This article was the basis 

of their presentation at a conference in Miami where 

they won the Best Paper Award, as well as at conferences 

in Cleveland and Portland. 

Naffziger continues writing and speaking on legal 

issues involving bankruptcy and the Catholic Church 

and continues to be regularly quoted on the issues in 

the press. After speaking at a conference in California, 

an attorney from the East Coast, who is providing 

legal advice about the matter to a bishop, engaged 

him in an interesting discussion of the legal issues and 

strategies in this complex mix of First Amendment, 

bankruptcy, property, and trust law issues. 

n n n n 

Monle Lee, professor of marketing and two co-authors, 

were recognized with the Citation of Excellence 

from Emerald Management Reviews. They were honored 

as the authors of one of the top 50 management 

articles in 2005 for their paper, “Relationship Marketing 

and Consumer Switching Behavior,” Journal of Business 

Research, Volume 58, Number 12, 2005. 


“Using Financial and Accounting Data on the Web 

in Excel,” with Robert Balik, Proceedings of the Academy 

of Finance, pp. 111-112, Spring 2005. 

“Impact of NASCAR Sponsorship Announcements 

on Shareholder Wealth: A Replication,” with 

Robert Balik, Proceedings of the Academy of Finance, 

pp. 134-135, March 17, 2006. 

“The Impact on a Firm’s Stock Price of Earnings 

Restatement to Adhere to Lease Accounting Standards 

– An Empirical Study,” with Robert Balik, 

Proceedings of the Academy of Finance, pp. 134-135, 

Spring 2006. 

Frederick J. Naffziger 

“Cross—Border Mergers and US Securities Law: 

The Case of DaimlerChrysler AG,” International 

Banking Law and Regulation, Vol. 20, Issue 9, pp. 444- 

448, 2005. 

“The Continuing Saga of Investigatory Interviews 

in the Non-Union Workplace: The NLRB Revises 

the Rules Again,” with Larry Phillips, 38 Business 

Law Review, pp. 129-140, 2005. 

“Cross – Border Mergers and US Securities Law: 

The Case of DaimlerChrysler AG,” International 

Company and Commercial Law Review, Vol. 16, Issue 9, 

pp. 369-373, 2005. (This is the same article as the 

one appearing in the International Banking Law and 

Regulation Journal). 

“Securities Arbitration in Perspective,” with Mark 

Fox, Pacific Northwest Academy of Legal Studies in Business, 

Proceedings, pp. 149-176, 2005. 

“Employer Investigatory Interviews in the Non- 

Union Workplace: The Rules Change Again,” with 

Larry Phillips, North Atlantic Business Law Association, 

Waltham, MA, April 2005. 

“The Barriers Facing Foreign Takeovers & the U.S. 

Foreign Private Issuer Exemption,” Southeastern 

Academy of Legal Studies in Business 51st Annual 

Meeting, Atlanta, 2005. 

Steven D. Norton 

“Study of a Threat to the Validity of Assessment 

Centers,” Proceedings of International Academy of Business 

and Public Administration Disciplines, New Orleans, 

January 2005. 

“Use of Web-Based International and U.S. Newspapers 

in an Organization Theory Course: Impact on 

Student Awareness of Current Events,” Proceedings 

of International Academy of Business and Public 

Administration Disciplines, Orlando, FL, January 2006. 

“A Complete Assessment Center Package Available 

for Classroom Use,” with D. Vollrath, Proceedings of 

International Academy of Business and Public Administration 

Disciplines, Orlando, FL, January 2006. 

Bhavik Pathak 

“From Fatwallet to eBay: An Investigation of the 

Impact of Virtual Communities on Sales Promotion,” 

with R.Gopal, A.Tripathi, and F.Yin, Journal of 

Retailing, 2006. 

“The Effectiveness of the Balanced Scorecard 

Framework for E-commerce,” (with J. Mistry) Multi- 

Objective Programming and Goal Programming, edited by 

Tanino et.al, Springer-Verlag, New York, pp. 373-380, 

July 2003. 

“Analysis and Classification of the C2C Electronic 

Commerce Models and Its Implications for Online 

Retailers,” Proceedings of the Decision Sciences Institute, 

San Francisco, Forthcoming in November, 2005. 

“Achieving Information Integration in Supply Chain 

Management through E-hubs: Concepts and Analyses,” 

(with A. Zeng), Proceedings of the First International 

Conference on Electronic Business, Hong Kong, pp. 255- 

257, December 19-21, 2001. 

Larry W. Phillips 

“The Continuing Saga of Investigatory Interviews in 

the Non-Union Workplace: The NLRB Revises the 

Rules Again,” with F. Naffziger, Business Law Review, 

Vol. 38, pp. 223-233, 2005. 

“SPHR Exam Prep: Senior Professional in Human 

Resources,” Que Publishing: Indianapolis, 2006. 

Asghar Sabbaghi 

“User Acceptance of Digital Library: An Empirical Exploration 

of Individual and System Components,” with 

G. Vaidyanathan, and M. Bargellini, Journal of Computer 

Information Systems, Vol. 2, pp. 279-285, 2005. 

“Integration of Global Supply Chain Management 

with Small to Medium Suppliers,” with G. Vaidyanathan, 

in Supply Chain Management: Issues in the New Era 

of Collaboration and Competition, Editors: William Y. C. 

Wang, Michael S.H. Heng and Patrick Y.K. Chau, Idea 

Group Inc, Forthcoming. 

“Small to Medium Size Enterprises and Supply Chain 

Strategies,” with G. Vaidyanathan, the Proceedings of 

ISECON 2005, No. 4124, ISSN: 1542-7382, pp. 1-19, 

October 2005. 


P.N. Saksena 

“Harmonization of Financial Statements Using Web 

Architecture,” with G. Vaidyanathan and P. Xavier, 

Journal of Corporate Ownership & Control, Vol. 4 (2), 2006. 

Ganesh Vaidyanathan 

“A Framework for Evaluating Third-Party Logistics,” 

Communications of the ACM, Volume 48, Issue 1, 

pp. 89-94, 2005. 

“User Acceptance of Digital Library: An Empirical 

Exploration of Individual and System Components,” 

with Asghar Sabbaghi and Michael Bargellini, Issues in 

Information Systems, Volume VI, No. 2, pp. 279-285, 2005. 

Automated identification and data collection in global 

supply chain, ISECON 2005, the 22nd Annual Information 

Systems Educators Conference, Volume 22, No. 

4123, October 2005, 1-8. 

Small to Medium Size Enterprises and Supply Chain 

Strategies, with Asghar Sabbaghi, ISECON 2005, the 

22nd Annual Information Systems Educators Conference, 

Volume 22, No. 4124, October 2005, 1-9. 

John J. Withey 

“Marketing Attitudes and Opinions of Chief Executive 

Officers as Predictors of Small Essential Service Firm 

Performance,” Services Marketing Quarterly, Vol. 18, 2005. 

“Issues of Significance to SME’s Considering Pursuit 

of Public Sector Clients,” Proceedings of the Operations 

Management and Entrepreneurship Association Annual 

Meeting, Chicago, IL, March 2005. 

“Issues of Significance to SME’s Considering Pursuit 

of Public Sector Clients,” Annual meeting of the Operations 

Management and Entrepreneurship Association, 

Chicago, IL, March 2005. 

Bruce Wrenn 

Marketing Management: Text and Cases, with Robert 

Stephens and David Loudon,(New York: The Haworth 

Press); approx. 480 pages, 2005. 

Instructor’s Manual, to accompany Marketing Management: 

Text and Cases with D. Loudon, and Robert E. Stevens, 

New York: The Haworth Press, 2005. 

David A. Vollrath 

“A Complete Assessment Center Package Available for 

Classroom Use,” with Steven D. Norton, Proceedings of 

the International Academy of Business & Public Administration 

Disciplines, Vol. 3, pp. 368-374, January 2006, 

Orlando, FL. 


H O N O R R O L L O F D O N O R S 

[ 

To 

To achieve excellence in higher education today requires funding 

both from public and private sources. That is why we are so very 

appreciative of the support of our donors and supporters. 

The listing below includes individual and corporate contributions received between July 1, 2005 and 

June 31, 2006. It does not include total amounts pledged to the School of Business and Economics. 

While every effort has been made to ensure accuracy, if we have inadvertently erred, please notify us. 

] 

$100,000 and above 

Estate of Rebecca Robinson 

$50,000 - $99,999 

Estate of Sharon Rose Miller 

$10,000 - $49,999 

Coachmen Industries Inc. 

Merck Foundation 

$5,000 - $9,999 

Arthur J. Decio Foundation 

Lake City Bank 

McGraw-Hill, Inc. 

$2,000 - $4,999 

NIBCO Inc. 

Charles E. and Lois J. Niemier 

$1,000 - $1,999 

1st Source Corporation 

Biomet 

Caterpillar Foundation 

Crowe Chizek and Company LLC. 

Kruggel Lawton & Company LLC. 

Northern Indiana Workforce 

Investment Board 

United Way of Southern Nevada. 

David L. and Barbara J. Vance 

$500 - $999 

Anonymous 

Archer Daniels Midland 

Beta Gamma Sigma Inc 

Margaret Cline 

Michael J. and Debra I. Flowers 

Edward H. Friend 

McDonalds Corporation 

McGladrey & Pullen 

RSM McGladrey Inc. 

John R. and Gwendolyn E. Swanda Jr 

Thomas J. Wcisel 

Wells Fargo Foundation 

$250 - $499 

C. Michael and Teri S. Crabill 

Robert and Sandra Ducoffe 

James L. and Marilyn R. Edwards Sr. 

Intercambio Express Inc. 

Daniel D. and Kathryn N. Kaminski 

Elizabeth M. Lauber, M.D. 

Gary M. McDonald 

Darcy B. and Faline J. Pajak 

Robert M. and Brenda J. Schosker Jr. 

Joy A. Schrage 

Students in Free Enterprise 

Raymond A. Vander Heyden 

John W. and Caroline Victor 

Donald F. and Gail A. Yandl 

$100 - $249 

James R. and Patricia J. Aldrich 

Lester H. and Kyle L. Allen 

Jose A. and Cheryl Alvarez 

Donald R. and Keri V. Anderson 

David L. and Mary G. Barrett 

Sharon I. Busenbark 

Thomas C. and Billie J. Catanzarite 

Brian E. and Michele Chase 

Chris S. Chronis 

Joseph B. and Jane P. Churchman 

Hulbert C. Colwell 

Christopher L. and Kelly M. Craft 

Elizabeth Reuthe Associates Inc. 

Sharon L. Elizondo 

Reza and Linda N. Espahbodi 

Richard and Kathy L. Fair 

LaMont D. and Ann K. Freeze 

Julianne Q. Gill 

Steven A. and Margaret B. Goldberg 

Douglas M. and Gynthia Grant 

Jonathan and Elizabeth L. Groulx 

Douglas B. Hadaway 

Mike and Joan Hansen 

John J. and Martha P. Harper 

Gerald E. and Eileen B. Harriman 

William M. and Beverly Hauguel 

Peter J. and Kathy L. Herman 

Diana L. Housemeyer 

David M. and Rebecca I. Howey Jr. 

Kerry G. and Robin L. Johnson 

William O. and Ruth L. Johnson 

Scott M. and Minge A. Johnson 

Roy A. and Brigitte E. Joldersma 

Gerri L. Jones 

JP Morgan Chase 

Gerald E. and Patricia R. Kinyon 

Robert P. and Cynthia L. Kirkley 

Robert W. and Carolynn T. Klotz 

Brenda E. Knowles 

Wayne K. and Roxanne R. Lauer 

Philip J. and Ann M. Meuleman 

Martin L. Miranda 

National City Bank 

James D. and Diane Nelson 

James D. and Joyce M. Nelson 

Thomas H. Niemier and 

Glynis R. Benbow-Niemier 

Kevin J. and Donna Paczkowski 

Proctor & Gamble Fund 

William G. and Marilyn J. Rees 

Mehdi and Fateme Rezaian 

Bernard R. and Nancy M. Roney 

Roy M. Roush 

P.N. and Monica Saksena 

James W. and Cindy Schleusner 

Anita L. Schwarz 

Ann L. Schwarz, C.P.A. 


Tina M. Severs 

Sonoco Foundation 

Dr. Judith L. Swisher 

UBS Foundation 

Frances E. Waltz 

C. L. Waters 

Whirlpool Foundation 

Larry G. and Kathy E. White 

Kathleen D. Wilson 

Forest M. Young 

Gary T. and Susan M. Zwierzynski 

$1 - $99 

Frank G. Albright 

Timothy J. and Faith E. Alford 

Tracey A. Anderson 

David K. Asante 

Joseph P. Baranowski 

Dr. W.W. and Sandy Barnes 

Laurence R. Bauer 

Wayne and Linda E. Benitz 

Harry Bickford and 

Carol Hostetter Bickford 

Grant C. Black 

Wayne D. Bollenbacher 

John O. Boos 

Sean D. and Julie E. Brady 

Timothy W. and Sally A. Brubaker 

William A. Carleton, Jr. 

Albert and Mary J. Carter 

Gregory A. Chiames 

Paul B. and Ruth J. Church Jr. 

Church of the Resurrection 

Robin J. Clark 

William J. Clingenpeel 

Kathryn S. Colten 

James R. and Velva H. Constantine 

John I. and Cathy J. Cooper 

Martin B. and Valerie A. Cotanche 

Laura C. Crawford 

Rodger L. and Janice L. Cripe 

Robert E. Diltz 

Lawrence M. and Rebecca M. Dodd 

Michael J. Doering 

Kevin R. and Cynthia A. Du Bree 

Sean R. Eberhart 

Terence L. Eberhardt 

Katrina L. Ellison 

Carmen and Christine M. Fabiilli 

Jon A. and Michelle A. Farrington 

James M. and Michele S. Faulstich 

Ronald W. and Connie M. Fields 

Joyce A. Fitzpatrick 

John R. and Deborah D. Froschauer 

Michael and Barbara A. Fuzy III 

David G. Garber and 

Joan M. McCormick-Garber 

Ricky L. and Marita Grisel 

Jan C. Halperin and Kent Kauffman 

Clark G. and Avon L. Hartford 

Wayne and Martha L. Hawkins 

Kerry A. Heid 

Beverly L. Herrington 

Patrick A. Herrmann 

Phillip and Holly L. Hickman 

Helen High 

A. William and Margaret L. Highfield Jr. 

Paul S. Humphries 

John R. and Diane E. Hurless Jr. 

Terry J. Hurtt 

Beth Huss 

Joseph J. Janush 

Jonathan E. Jesse 

Brian T. Jones 

Jack H. and Marilyn S. Jones 

Seiji Kakei 

James P. Karlow 

Darrell W. Karsas 

Mary K. Kase 

Paula K. Kercher 

Frank G. and Darlene J. Knapp 

Andrea J. Lacroix 

Gregory M. and Sally Ladewski 

Alan D. and Kathleen Lang 

Jeri-Lynn Langwith 

Lawrence J. Lapp 

Alfred P. and Kathryn M. Large Jr. 

Gari J. Lewandowski 

Ronald J. and Elizabeth J. Lies 

Heather L. Manes 

Fundisani Mangena 

Rebecca J. McCloughen 

William J. Mihalik 

Lynne G. Miller 

Fritz H. and Rebecca S. Moeller 

Robert A. Montante 

and Teresa M. Peck 

Jack T. Morton, Jr. 

Sharon A. Moulder 

Sara E. Naylor-Evans 

Kenneth L. and Linda M. Nellans 

Robert G. and Helen W. Nettles 

Melinda K. Newkirk 

Felecia A. Nichols 

Michael W. Nigh 

Warren K. and Barbara L. North 

Kurt L. Ogden 

Douglas L. Osburn 

Eric J. and Bonnie L. Oswald 

James R. and Annette Papandrea Jr. 

William L. and Deborah L. Pea 

John E. and Dolores L. Peck 

Gene R. and Anne L. Pendl 

Scott P. Piller 

Gary M. Price 

Karen R. Quinn 

Jason E. Ramsey 

Ronald A. and Mary P. Rennells 

Nanelle D. Rosales 

Thomas A. Ross 

Asghar Sabbaghi 

Salon Rouge 

Cathy Schmidt 

Robb J. and Stacy J. Schmit 

James A. Schuchard 

R. Joseph ScottTania J. Shaum 

Sasan and Elizabeth A. Sohrab 

Stephanie A. Stauffer 

Janice K. Strickler 

Ronald J. and Cynthia D. Strzelecki 

Robert M. and Kathy A. Sweeney II 

Ronald W. Thomas 

John R. and Cecilia Thompson 

Steven D. Thompson 

Thomas C. and Susan 

M. Thompson 

Katharine L. VanArsdol 

Matthew J. and Lisa A. VanDyke 

Kim D. and Bridgid M. 

Von Kronenberger 

Sharon S. Weddel 

Robert J. and Michele S. Wojtowicz 

Greg G. and Karen K. Wuszke 

Julie L. Zeider 

Donald W. Zimmerman 


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