ACCREDITATION DOCUMENTS

November 2002 Application of the Stockholm School of Economics in Riga for accreditation of the Executive MBA programme

ACCREDITATION DOCUMENTS

CONTENTS

SELF-EVALUTION REPORT...... 3 DESCRIPTION OF THE PROGRAMME...... 10 DISTRIBUTION OF CREDIT POINTS...... 17 ADMISSION PROCEDURE...... 23 FINANCES OF THE PROGRAMME...... 24 LIST OF THE ACADEMIC PERSONNEL...... 26 CVs OF THE ACADEMIC PERSONNEL...... 27

ANNEXES Annex 1. Guarantee for the students in the case the study programme is closed down

Annex 2. Recommendation of the Latvian Association of Business Consultants

Annex 3. Professional standard

Annex 4. Budget of the academic year 2002/2003

Annex 5. Distribution of students by gender and by country

Annex 6. Proportion of students and faculty members

Annex 7. Applicants and admitted students

2 SELF-EVALUTION REPORT

Introduction

The Executive MBA at the Stockholm School of Economics in Riga is a professional degree programme for managers who have reached key positions in business or in public sector. The overall aim of the programme is to provide individuals who have already showed their potential in the business life with knowledge, skills and tools to develop their capabilities for further success in the fast changing local and emerging international environment.

Structure and Management

The Executive MBA programme is structured in modules to allow students combine studies with work and internship; as a result, ensuring that the theoretical principles studied will be tested in practise. During the programme, the class activities, where full-time participation is required, usually take place once a month on Wednesdays- Saturdays. During the modules the usual workload is 10 hours a day, i.e. from 09:00 to 20:00, and this time is divided among lectures, seminars, group work and individual work. The participants are also asked to do some pre-course work (e.g. reading of materials) before each module as well as to work on individual or group projects.

The programme is intensive and demanding with a combination of pre-course work, lectures, seminars, group work, project work and self-study. Students have to work under constraints like in other EMBA programmes in Europe and the US. All three parties involved, i.e. the School, students and employers are satisfied with the structure of the programme, because it is possible to have three days off from work monthly to study at School. Since most of self-study takes place during weekends, it is important to have one Sunday free to have proper rest and have time for the family.

The management functions efficiently, providing students with all the necessary course information. Students are provided with an information package, course

3 material and handouts; students receive entrance cards and are registered as the SSE Riga library readers. Students are informed about the management and their duties, and the Steering Committee of the programme is introduced to students. It is important to know all the people in the management, so that students know how channel information.

The Steering Committee, which includes representatives of the SSE Riga, Nordic Investment Bank and Latvian business community meets on average twice a year to discuss and approve the contents of the programme, admission requirements, budget and other programme related matters. The Steering Committee also has the final authority when it comes to the selection of the students.

The programme coordinator functions as the programme manager and has all the duties and responsibilities: planning, coordination, administration, contacts with professors, contacts with students, financial planning and control, job agreements and catering. A strategic decision should be taken to integrate some of administrative routines into the overall school’s administration, e.g. the student academic records to be registered by the Academic Assistant; job agreements and financial documents to be prepared and processed by the Financial Controller/Human Resources Manager. There are more synergies to be explored to integrate administrative and managerial experience and routines with the existing ones in the undergraduate study programme.

Due to the structure of the programme, the working days for students at school are very long therefore students are provided with coffee/tea and snacks during coffee breaks in the morning and afternoon. Water should also be provided, and food for vegetarians should be taken care of.

Students

The programme aims at recruiting qualified junior and senior personnel employed in managerial positions. In order to create a stimulating environment for study and provide good basis for a diverse and efficient future network among graduates, the programme seeks to enrol a diverse group of students with various academic backgrounds and experience relevant to each of the categories mentioned. No strict

4 age limit is applied on admission. However, the programme reasonably targets potential students who have at least five years of work experience. The student body is drawn from the entire Baltic area, principally Estonia, Latvia, Lithuania, and if there is interest from other countries, it can be considered.

In 2002, a group of 21 students was admitted out of 25 applicants. The group profile is the following: 20 students from Latvia and 1 student from Lithuania, 80% male and 20% female students, the youngest student 22 years of age and the eldest student 49 years of age with the average age of 34 in the group. The size of the group satisfies both the faculty and students, and it should not be too large if the number of admitted students is increased (the number of students should not exceed 30 students in one group).

The group is a good mix of backgrounds, industries, age (with a 20 years of spread) and gender. However, all participants from Latvia work in Riga, and a greater variety of participants from regions would contribute to the group dynamics. The programme will benefit from even a greater mix from different countries. The majority of students come from the banking sector, and it can be correlated to the current developments in the business community in general and the labour market in particular.

The students are very dynamic and participatory; they speak up in sessions, ask questions and work well in teams. Life experience and work experience contributes to in-depth discussions. However, if compared to other EMBA students or SSE Riga undergraduates, individual students and the whole group have poor presentation skills. They should work more on presentation skills during the orientation week and throughout the programme.

Educational Programme

The programme starts with an orientation week with the focus on team building, the communication skills (making presentations, writing essays, etc.) and an overview on Entrepreneurship and Business Planning. During the orientation week students set their own priorities to adapt their learning strategies, and some pay more attention to communication skills while others focus more on entrepreneurship.

5 Entrepreneurship and Business Planning is a lead-in course to prepare students for Management Accounting, followed by Global Economics and the rest of the programme. Choosing appropriate materials and tailoring them to the needs of EMBA is a challenge for professors teaching in EMBA programmes. There is an ongoing concern if the reading material is appropriately designed because at some instances they are designed more for regular MBA students. When students think that the reading task has been too difficult, during the classroom discussion, they show that they have assimilated the material quite well. It is recommended to develop a new course book for EMBA students in Economics.

The balance between different topics is being discussed, and it is reviewed based on the data from feedback questionnaires. Since the majority of the textbooks are based on either American or British experience, professors should provide lots of locally based cases and local illustrations. As not all participants have background education in economics and business, each course should have a fairly well developed pre- reading material in order to assist students with different backgrounds. The pre-course material should contain basic concepts and definitions, and, while studying the pre- reading materials, students should learn key abbreviations, definitions, symbols and formulas.

To ensure continuity in the programme as well as communication between professors teaching in the programme, after each course lecturers should produce a summary and evaluation of the course.

Educational Process

Lectures, seminars, case discussions, debate, group work, report writing, project work, tutorials, self-study and company work contribute to overall academic and professional development of students. The large group is divided into small groups with 4 students in the study group. Study groups are instrumental in case discussions and working on assignments as well as project work.

6 Students are provided with course material, handouts, useful bibliography lists and useful Internet sites. For guidance purposes, it is indicated that the bibliography lists should be structured as follows: background reading, additional reading for the course and advanced reading.

In addition to the core courses, this programme acquaints the participants with methodological issues relevant when conducting research. The main types of research methods (qualitative and quantitative) are presented and the factors for choosing an appropriate method discussed. As a result, the programme participants should be able to apply and justify the choice of the right method, when conducting their final project.

The students also have an opportunity to choose one of the two specialisations: Legal Context for Business in the EU or International Business and Economics. The first option is aimed at the students who are willing to acquire the knowledge they, as managers, will require to be successful in the business world once Latvia has joined the European Union. The second option is more focused on people working for multinational companies or planning to develop their career in the international scene.

Internship is considered an important part of the study process. The programme is developed in such a way that after each module the students can and are required to test their knowledge in practice, in their place of employment. At the end of the internship they are required to produce a report outlining the achievements they have made based on their newly acquired knowledge as well as to submit a report from their managers who are asked to evaluate their performance during the internship process.

At the end of the programme the participants are required to produce a major project work, an empirical study that incorporates their previous work experience and apply the theoretical knowledge acquired during the programme.

Delivering a course in one module during four days is quite difficult, and an option of changing the structure of a module can be considered. Instead, two days of instruction

7 of the course can be scheduled for one module, and two days can be scheduled for the next module, allowing time in between for self-study and reflection.

With 10 hours at School, the sessions should be carefully planned with respect to more and less productive periods during the working day. Lectures and other activities of instructional nature can be planned for sessions before lunch, and the sessions after lunch, especially the last session at 17:00 till 20:00 should be planned either for panel discussions, debriefing or group presentations with more of group activities taking place.

Management of Education and Resources

Students are provided with a compendium for each course, textbooks and handouts. It is recommended that there were also pens and pencils available in each classroom. To ensure the quality of presentation and speed of preparation, a laptop in each room should be available to prepare Power Point presentations during group work. There three study rooms allocated for students in line with requirements for lectures, seminars and group work. The desks provided could be of a larger size to place all the course material needed for an individual.

The library provides a modern and rich specialized collection of books in economics and business. The library is located in the Wallenberg building with a total library area of 222m², and the library is furnished with professional library furnishings. There are two computers installed for readers to use for work with 8 databases (NAIS, EBSCO, Countrywatch, etc.). There are 16 356 books and journals available for 1540 readers, and there are on average 300 registered visits a day. The security system installed serves both as a check-up system and as a visitations accounting tool. The majority of library work being fully automated, the librarians have time to develop and provide more professional service, and in addition, offer photocopying service for readers.

By participating in the EBSCO project, the library can offer articles in rich text from journals in the CD format. More attention is paid to the educational process. The library updates the homepage by making onsite developed data bases and subject

8 gateway available on the website. To assist students in using library resources efficiently, the librarians run an information session during the orientation week: students are informed about the online library catalogue, library search opportunities, interlibrary loans and e-library concepts.

The School can offer IT support with computer rooms available, however, due to the structure and organization of the programme, all homework is done at home. During lectures and seminars overhead projectors, a media projector and a laptop are available.

Feedback and Quality Assurance

A dialogue is maintained between the students and the faculty through course evaluations. All course evaluations are processed and available for students and professors. In addition to course evaluations, once a semester a meeting with five students and the School’s management takes place to process the feedback information and discuss the advancement of the programme.

A scheme to establish partnership with employers is under its way. If compared to the undergraduates, the EMBA students have work experience, and they study and work in parallel. An internship offers opportunities to work in a different position or a different sector in order to broaden experience. In addition to work experience and internship, students go on a field trip with a task to get knew experience and knowledge.

Cooperation with the labour market through company projects, guest speakers and applied research is instrumental to identify the needs of the labour market and test the quality of EMBA students. Cooperation with the Stockholm School of Economics in St. Petersburg is established in order create new networks and exchange experience as well as have a mechanism of quality control established.

9 DESCRIPTION OF THE PROGRAMME

STRUCTURE OF THE PROGRAMME

The 2-year Executive MBA programme consists of the Orientation week and twelve core courses, two elective courses as well as internship period and the study trip.

During the programme the class activities, where full-time participation is required, usually take place once a month on Wednesdays-Saturdays. The usual workload is 10 hours per day - 09:00 – 20:00 (including lunch time), and this time is divided among lectures, seminars, group work and individual work. The participants are also asked to do some preparations (e.g. reading of materials) before each module as well as to work on individual or group projects as well as to write an exam at the end of each course.

PROGRAMME OUTLINE

ORIENTATION WEEK

Team Building and Group Dynamics

In preparation for the Orientation Week, students take a battery of tests known as the Leadership Capital Assessment©, which is designed to measure competency in six key leadership qualities and weighing them against key personality and temperament traits. Students are specifically matched up with those who would best complement their own strengths and weaknesses. Utilizing a number of inter-active exercises, the students develop awareness of team building principles and group dynamics.

Effective Communication Skills

During this short but intensive component, course participants have the opportunity to improve their communication skills learning how to transfer their messages, write essays and prepare presentations. During the course the students are applying the theoretical knowledge in practice by performing a variety of practical, skills-based, interactive tasks in realistic contexts.

10 Entrepreneurship and Business Planning

This module deals with entrepreneurship understood as creation of new business activities. Within the context of the course entrepreneurship is mainly used for commercial activities even though other aspects are touched upon. During the course the students are studying a number of processes of entrepreneurship such as opportunity recognition, creation and refinement; team composition; resource acquisition and coordination; networking etc. Variations of entrepreneurship, corporate entrepreneurship and habitual entrepreneurship are discussed as well.

CORE COURSES

Financial Accounting

The objective of the Financial Accounting course is to enable the participants to understand the contents, measurement and interaction between income statement, balance sheet and cash flow statement and to analyse the above financial statements. Participants also learn how to evaluate the performance of a company in terms of profitability, financial position and liquidity, get acquainted with the basic equity valuation techniques and develop a computer-based financial planning model for a real company.

Global Economics

This course provides an understanding of the global economic environment in which managers operate. It explores the relationships among key variables that affect business decisions, including interest rates, exchange rates and inflation. Special attention is given to the impact of monetary, fiscal and exchange rate policies on the business environment and on the ways in which the effect of macroeconomic events are transmitted among countries.

Managerial Economics

The managerial economics course focuses on a number of management tools and concepts, which are useful in dealing with different types of business problems. Key issues involve pricing and profitability analysis of products, cost concepts, capital

11 investment decisions, budgeting, balanced scorecards, and the use of optimisation models for a variety of decision problems.

International Marketing

Market success in the international economy requires a proactive understanding of political, economic and cultural influences in the business environment. This module recognizes the need for companies to create strong cross-functional internal teams that can strategically respond to customer needs, build global brands and effectively confront competitive forces. Module participants are challenged in both individual and team settings to go beyond traditional constraints and assumed boundaries, to conceptualise analytically on global issues and propose solutions for their own organizations to effectively develop marketing strategies.

IT and E-Commerce

The overall objective of the course is to expose students to new ways of thinking of the new economy, giving them an overview of developments as well as the introduce the models that would help to understand and analyse companies and business ideas in the digital competitive landscape. In particular, it will allow students to understand new business strategies and models arising due to the new technological potential and to comprehend entrepreneurial ideas and their implementation in the technology sector.

Financial Economics

The course introduces the essential elements of the theory of financial markets and institutions and explain their role in a wider social economic context. The course develops theories of how to price equity, bonds, futures and options, covers basic issues of corporate finance and provides a comprehensive vision of how a highly developed and specialized financial system with well functioning markets and institutions for risk management works and develops.

Business Ethics

The objective of the business ethics course is to present the basic notions and argumentation on business core values and codes of conduct, the stakeholder model,

12 ethical decision-making, international business ethics and corporate social responsibility.

Law for Managers

During the course participants acquire a basic understanding of the European Union (EU) institutions and their roles as well as EU legal acts and legislative procedures. Further on, the course concentrates on the issues that, in the light of potential integration into the EU, are of more relevance to the executives in the business sector. The implications of the EU law for businesses in the applicant countries after joining the European Union will be discussed.

Organisational Behaviour

The course enables participants to understand the general nature and importance of organisational behaviour, to identify the key personnel elements within an organisation and to recognise how to implement changes within an organisation. The first part of the course will deal with understanding the individual and discuss important considerations such as personality, emotions, motivation and stress – and how they affect an individual’s work performance. The second part will deal with group behaviour and discuss such areas as group dynamics, work teams and how individuals will be impacted to change by others around them. Finally, the last part deals with identifying the organisational systems and the existing organisational culture.

Strategic Management

The module on strategic management focuses on managers’ attempts and means to intentionally shape the future. It aims at developing strategic management skills essential to corporate success in both small and large companies. The module covers the three broad and interrelated areas of strategic analysis, strategic choice and strategy implementation. The focus of strategic management is on managing the entire organisation. The course also covers issues of corporate governance and helps participants to better comprehend the ideas discussed during the course working on different case studies.

13 Research Methods

This course acquaints the participants with methodological issues relevant when conducting any research. The two main types of research methods (qualitative and quantitative) are presented and the factors for choosing an appropriate method are discussed. As the result of this module, the programme participants should be able to apply and justify the choice of the method when conducting their Final project.

ELECTIVE COURSES

Legal Context for Business in the European Union (prerequisite Law for Managers)

EC Competition Law

This course aims at giving a basic understanding of the EC competition law rules and their importance for everyday business life in the European Union. The course will focus on restrictive agreements between undertakings, abuses of a dominant position, mergers and acquisitions, state aids, public procurement and state intervention in the market and will discuss the implications of these rules on Latvian business community after joining the EU.

EU Internal market and four freedoms

The course gives a basic knowledge of EC law in key areas of EC/EU activities such as free movement of goods, services, workers and capital and discusses the opportunities and threats four freedoms would create for the businesses in the new member states of the European Union. During the course the students study legal aspects of starting the business in the European Union, the opportunities and limitations they would face after Latvia has joined the European Union. The course also provides an understanding of the establishment and functioning of the internal market and the effect this has on Member States of the European Union.

14 International Business and Economics (prerequisite Global Economics)

Global Trade and Export Promotion

The course provides an overview of the concepts of global trade, transportation, and logistics putting special emphasis on export marketing and management and export trade promotion. The latest developments of the global trade are discussed and different strategies for global marketing and operations are reviewed. The development of IT systems and use of the latest technologies in the international business are also covered during the course.

International Business Strategy

The course discusses the challenges of doing business in the international context and examines such issues as internationalisation strategies, the international environment and cross-cultural management. The course provides tools for analysing the competition and business environment on the global marketplace and choosing the appropriate strategies for expansion of the business.

FINAL PROJECT

At the end of the programme the participants are required to produce a major project work, an empirical study that will incorporate their previous work experience and apply the knowledge acquired during the programme.

INTERNSHIP

Throughout the programme the emphasis is placed on practical application of the knowledge the programme participants have gained during their studies and internship is considered an important part of the study process. The programme is developed in such a way that after each module the students can and are required to test their knowledge in practice, in their place of employment. At the end of the internship they are required to produce a report outlining the achievements they have made based on

15 their newly acquired knowledge as well as to submit a report from their managers who are asked to evaluate their performance during the course of the internship.

STUDY TRIP

A study trip abroad containing visits to other business school and companies will be organised. The aim of the study trip is to provide programme participants with an opportunity to learn about business practices in other countries and to give them a chance to establish international contacts.

16 DISTRIBUTION OF CREDIT POINTS

Contact Individual Total Theme hours work hours Credits

Orientation Courses (2 credit points) Team Building and Group Dynamics 10 10 20 0.5 Effective Communication Skills 10 10 20 0.5 Entrepreneurship and Business Planning 20 20 40 1

Core courses ( 40 credit points) Financial Accounting 60 180 240 6 Global Economics 40 80 120 3 Managerial Economics 20 60 80 2 International Marketing 60 140 200 5 IT and E-Commerce 40 80 120 3 Law for Managers 40 120 160 4 Business Ethics 20 20 40 1 Financial Economics 60 180 240 6 Organisational Behaviour 40 80 120 3 Strategic Management 60 180 240 6 Research Methods 20 20 40 1

Elective courses (8 credit points) Legal Framework for Business in the EU EC Competition Law 40 120 160 4 EU Internal Market and Four Freedoms 40 120 160 4

International Business and Economics International Business Strategy 40 120 160 4 Global Trade and Export Promotion 40 120 160 4

Final Project and internship (30 credit points) 30

Total credit points 80

1 credit = 40 hours

17 COMPARISON WITH OTHER PROGRAMMES

In order to compare the Executive MBA programme of the Stockholm School of Economics in Riga with similar programmes offered by other business schools the programme was compared with the European MBA guidelines as well as programmes offered at the Stockholm School of Economics in St. Petersburg, Russia, Bled School of Management, Slovenia as well as the Executive MBA programme of the Riga Business Institute.

The structure of the Executive MBA programme corresponds to the European MBA guidelines that have been approved by the leading business education associations in Europe (European Quality Link EQUAL). According to these guidelines the Master of Business Administration programme shall include:

 Main functional areas in management and business administration, namely, accounting, finance, marketing, information systems management, human resource management, organisational behaviour and law;  Basic instruction in economics and management, including such subjects as economics and research methods/quantitative analysis;  Subjects putting theory into practice (team work, leadership skills, entrepreneurial studies, presentation skills).

In addition to that the students shall be given an opportunity to choose a major area of the study, which in the Executive MBA programme of the Stockholm School of Economics in Riga is ensured allowing students to choose one of the specialisation options and attending two courses of the specific specialisation area. In addition to that, when choosing the topic of the final project the students also engage in in-depth studies of the respective area: the students work individually as well as consult the SSE Riga lecturers and their final project tutors.

18 Table 1.

Main functional areas in management and Financial Accounting business administration Managerial Accounting International Marketing IT and E-commerce Financial Economics Organisational Behaviour Strategic Management International Business Strategy Law for Managers EC Competition Law EU Internal Market and Four Freedoms

Basic instruction in economics and Global Economics management Global Trade and Export Promotion Business Ethics Research Methods

Subjects putting theory into practice Team Work and Dynamics Effective Communication Skills Entrepreneurship and Business Planning

As can be seen from the Table 1 there is an opportunity to master the subject in all three main areas. Comparison with other programmes (Table 2) showed that the contents of the studies are similar to that of other programmes but in addition to that additional subjects are offered that are extremely important in the modern business environment and in the context of the EU integration, namely Business Ethics and Law for Managers (in this course main emphasis is put on understanding the EU law and its implication on business activities in Latvia after joining the EU).

As it can be seen from the Table 1, it is difficult to divide programmes in separate blocks because areas are mutually integrated and in the context of the global business the topics are often viewed together (e.g. international marketing and management, IT systems management and operations management, etc.).

19 Comparison of programme contents

Study subjects SSE Riga Riga Business Institute Stockholm School of Bled School of Economics in St.Petersburg Management Main management subjects: Accounting Financial Accounting Accounting and Financial Analysis Finance Managerial Economics Financial Management Financial Management Financial Management Financial Economics Financial and Managerial International Finance Accounting Marketing International Marketing Marketing Management Customer-based Marketing Marketing Management Sales and Product Promotion Strategic Marketing International Marketing Management Operations Management Operations Management Operations Management Information Systems IT and E-commerce Management Information Information Systems and Information Systems Management Systems Operations Management Management The Knowledge Economy Human Resources Organisational Behaviour Human Resource Organisational Behaviour Organisational Behaviour Management Management Human Resource Human Resource Organisational Behaviour Management Management

Strategic Management Strategic Management Strategic Management Business Strategy Strategic Management International Business International Management Strategy Multinational Management The Working-out of Progressive Business Law Law for Managers EC Competition Law EU Internal Market and Four Freedoms

20 Basic instruction in Global Economics Entrepreneurship The Foundations of Macroeconomics economics and Business Ethics Managerial Statistics Progressive Business management Research Methods International Business Global Economic Global Trade and Export Environment Environment and Trade Promotion Business Excellence and Change Management Subjects putting theory Team Work and Dynamics Project Management Team Work into practice Effective Communication Skills Negotiation Skills Entrepreneurship and Business Presentation Skills Planning Project Management

21 ADMISSION PROCEDURE

The purpose of the admission procedure of the Executive MBA programme is to recruit eligible individuals who have reached key positions in business or in public sector.

All persons interested in participating in the Executive MBA programme shall submit a completed application form, including two letters of recommendation. To select the best prospective students for the programme the following criteria are being evaluated:

- Professional achievements: relevant work experience (minimum 5 years) and career development; - Intellectual ability: university degree and GMAT (Graduate Management Admission Test)*; - Personal qualifications: motivation, readiness to learn and social skills; - English language proficiency: English is the language of instruction, and participants must have a strong command of both written and spoken English.

All applicants who meet the formal criteria are invited to the interview.

* When assessing the GMAT score, the background of the applicant is taken into account. The GMAT score is never viewed in isolation, as it is one of many criteria used to assess applicants: a high GMAT score does not guarantee admission, and a low score does not necessarily eliminate an applicant.

22 FINANCES OF THE PROGRAMME

Financial management of the programme

Each year a budget is prepared for the Executive MBA programme, which is later incorporated in the overall budget of the school. The income for the programme consists of the payments of tuition fees; the income is used to cover the faculty, administrative and course expenses, and the balance is transferred to the overall budget of the school providing an important contribution to the SSE Riga budget.

As can be seen from the attached budget for the academic year 2003/2004, a group of 20 participants provides sufficient income, which can be used for other activities of the school. The break-even point is at 13 participants so even with smaller number of participants the programme would be financially sustainable while higher number of participants would ensure even higher return.

Programme fees and expenses

The programme fees, which cover the tuition, course materials and refreshments during the modules are 10,000 USD, if paid up-front before the start of the programme or 11,250 USD, if paid in three instalments. The deadline for the up-front payments and/or payment of the first instalment is 1 September 2002. The deadlines for the second and third instalment are 1 February 2003 and 1 July 2003 respectively. The above-mentioned amount does not include accommodation and living expenses for foreign students as well as other programme related costs of the participants.

Financing Options

Corporate Sponsorship One half of the participants are sponsored by their employers. The world practice of such programmes actually shows that usually two-thirds of the participants are sponsored by their organizations as participants in the MBA programme offer immediate benefits to their sponsoring organizations, including a better understanding of business challenges, improved managerial and leadership skills, greater self- confidence and more business and network contacts.

23 Loan Financing

The majority of the participants who are sponsoring their studies themselves have chosen to take the loan to cover their programme fees. It is planned that in the future the school will sign an agreement with one of the Latvian banks so that the programme participants would have an access to the loans on better conditions (no collateral, lower interest rates, etc.).

Grant of the Nordic Investment Bank

The Executive MBA programme at the Stockholm School of Economics in Riga is supported by the Nordic Investment Bank that has made a grant of EUR 250,000 to create a guarantee fund for the Executive MBA programme. If for any reasons a sufficient number of the students cannot be admitted to the programme the SSE Riga has the rights to used the grant to cover any deficiencies in the programme budget. The availability of such grant serves as financial risk insurance for the programme allowing to set high standards for admission thus ensuring the high quality of the student body and the programme as such.

24 LIST OF THE ACADEMIC PERSONNEL

The Executive MBA programme at the Stockholm School of Economics in Riga is presented in English by an international faculty including professors from different business schools as well as well-experienced business practitioners.

The faculty for the year 2002/2003 includes:

. Leona Achtenhagen, Jönköping International Business School . Edwin G. Dolan, IMC Graduate School of Management, Hungary . Hans De Geer, Stockholm School of Economics . Katerina Hellström, Stockholm School of Economics . Vita Kalnbērziņa, Stockholm School of Economics . Richard A. Koehler, Gotland University College . Konstantin Kontor, American Institute of Business and Economics in Moscow . Leif T. Larsson, Jönköping International Business School . Joakim Levin, Stockholm School of Economics . Evita Lune, Stockholm School of Economics in Riga . Elvi Sederlin, Stockholm School of Economics . Larry Stout, Stockholm School of Economics in Riga . Margit Toovis, PricewaterhouseCoopers, Estonia . Marko Veerberk, Intergate, Estonia

25 CVs OF THE ACADEMIC PERSONNEL

26 Edwin G. Dolan

CONTACT INFORMATION:

115 Cousins Rd. Lopez Island, Washington, 98261 Tel: (360) 468-4490 e-mail: [email protected]

EDUCATION

Ph.D., Yale University, 1969 (Economics. Dissertation topic: Early history of Soviet economic planning) M.A., Indiana University, 1966 (Economics) M.A (Certificate), Russian-East European Institute, Indiana University, 1966 B.A., Indiana University, 1964 (Major, Russian literature; Minor, French literature) Earlham College, Richmond, Indiana, attended 1960-1962.

PROFESSIONAL EXPERIENCE

January-April 2002: Visiting Professor of Economics and Finance, IMC Graduate School of Management of Central European University, Budapest. Courses taught: International financial management, Economic environment of transition economies.

September-October 1999, 2000, 2001, 2002: Visiting lecturer, Stockholm School of Economics, Riga, Latvia. Specialization course in economic stabilization policy for advanced undergraduates, covering topics of hyperinflation, exchange rate policies, bank regulation and bank restructuring. Beginning in 2002, Executive MBA course on global macroeconomics.

1993-2001: President and Professor of Economics, American Institute of Business and Economics (AIBEc), an independent, not-for-profit MBA program in Moscow. Founded AIBEc in 1993 and served as its President from 1993 through January 2001. Responsible for curriculum design, faculty recruiting, development, financial management, and organizational strategy. Courses taught include managerial economics, macroeconomics and stabilization policy, money and banking. Recruited and trained a new management team that has continued to operate the program since assuming control in February 2001(see www.aibec.org for details).

August-December 1996: Senior Macroeconomic Adviser, National Bank of Kazakstan, working for Barents Group LLC under USAID contract. Advice on monetary policy to Chairman of CB and staff training in macroeconomics, monetary theory, and finance.

1990-1993: Professor of economics and banking at various Moscow institutions of higher education, including State Financial Academy, Moscow State University, dept. of finance, and American University in Moscow. Taught courses in Russian and English on American banking system, macroeconomics, and microeconomics.

27 Delivered lectures and participated in conferences, in Russian, mostly related to banking and monetary policy, in Moscow, St. Petersburg, Novosibirsk, Nizhny Novgorod, Bishkek, Tashkent, Ternopol, Zaporozhe, Kharkov, Nalchik and elsewhere.

Other teaching experience: Dartmouth College, University of Chicago, George Mason University, Gettysburg College. Subjects taught include principles of macro- and microeconomics, intermediate macro- and microeconomics, managerial economics, money and banking, history of economics thought, law and economics, and environmental economics.

Government experience: Interstate Commerce Commission, assistant to Chairman, 1980-1981 with special responsibility for issues of railroad deregulation; U.S. Department of Justice, Antitrust Division, staff economist specializing in trucking deregulation, 1977-1980.

SELECTED PUBLICATIONS

Books:

Economics (Dryden Press), with David E. Lindsey, Deputy Dir., Div. of Research and Statistics, Federal Reserve Board of Governors. 8 editions (1977-1993), 1 million copies sold in US, revised edition published in Russian, 2 volumes, 1993, 500,000 copies sold.

Money, Banking, and Monetary Policy (Dryden Press), with Colin and Rosemary Campbell, revised edition published in Russian, 1992.

Economics: Anglo-russkii slovar spravochnik, with Boris Domnenko, in Russian and English, Moscow, 1993.

Economics of Public Policy (West Publishers) with John Goodman, 5 editions.

Articles:

"Structural Interdependence of the Soviet Economy," Soviet Studies, 1967; Teleological Period in Soviet Planning, Yale Economic Essays, 1970; "Alientation and Freedom," Journal of Political Economy, 1971; "Experimental Polycentric Model of Soviet Economy," in Economic Analysis of Soviet-Type Economy, Thornton (ed.), 1976; "On the Threat of Hyperinflation in the Transition Period," Economics and Mathematical Methods (in Russian) 1991; "Which Monetary System is Better?" Eko (in Russian) 1991; "Financial Aspects of Economic Reform in the USSR," Problems of Theory and Practice of Management (in Russian), 1991; "Problems of Financial Stabilization Policy in the Transition Period," in From Plan to Market, Dorn and Piasheva (eds), 1993.

LANGUAGES

English - native, Russian- fluent, French, - good working knowledge

28 Katerina Hellström

Master of Science (Business administration and Economics)

Born: 10. September 1963

Home adress: Mörbydalen 7 182 52 Danderyd Sweden Phone: + 46 8 756 98 13

Education:

1987 - Master of Science - Literature and Linguistics at Charles University, Prague

1997 - Master of Science - Business administration and Economics at Stockholm School of Economics, Sweden

July 2002 - graduate of International Teachers´ Program at Manchester Business School (International Teachers Program 2001/2002)

Professional career:

1987 - 1990 - lecturer in linguistics, Charles University Prague

1990 - 1993 - maternal leave

1993 - 1997 - studies at Stockholm School of Economics from April 1997 onwards - lecturer and PhD student at Department of Accounting and Managerial Finance, Stockholm School of Economics:

Teaching:

Introductory Accounting (undergraduate) - from 2000 onwards Accounting and Managerial Finance (undergraduate) - from 2001 onwards Executive MBA, MBA- IT at Stockholm School of Economics - from 2000 onwards Accounting and Finance course at SSE Riga (undergraduate), course director - from 1999 onwards Industrial economics (undergraduate) at Royal Institute of Technology - 2000 & 2001

PhD thesis´ working name: Value relevance of accounting information in transitional countries)

Publications: Accounting in Times of Transition, paper presented at the EAA conference Antwerpen, 1998

29

Vita Kalnberzina

Date of birth 18.07.1961 Status Married, 3 children (aged 20, 17, 14) Address 10, Avenue du Lignon, Lignon 1219, Genève, tel. 41 022 796 11 42 Education 1997 - 2002 PhD (Thesis: Cognitive and affective variables in language use) Lancaster University, UK 1994 Certificate in TEFL (with distinction), University of Essex, UK 1992 – 1994 Master of Arts (TEFL Methodology), Latvia University 1980 - 1986 Bachelor of Arts (English Literature and Philology), Latvia University 1994 - 1997 3-2-1 month Language testing and project management courses, Institute of English Language Teaching Lancaster University, UK 1996 1 week seminar on Language testing system management, Scottish Curriculum and Examinations board, Edinburgh, UK 1998 2 x 1 week seminar on Socio-cultural identity development in national curriculum, European Council, Strasbourg, France 1997 1 week seminar on Common European Framework of reference for foreign language learning, teaching and assessment, European Council Modern language centre, Graz (Austria), Career 2002 Lecturer at SSE Riga 2002 Consultant, DevProThell, Socrates, EU 2002 Consultant, Curriculum and exams centre, Ministry of Education and Science 2001-2002 Course Director, British Council project for Itemwriter development 1990 - 2002 Lecturer, English language and teaching methodology department University of Latvia 1998 - 2000 Head of Foreign language department Educational Publisher Zvaigzne, Latvia 1995 - 1998 Deputy Head of Foreign language department Curriculum and Examinations Centre, Ministry of Education and Science, Latvia 1998 - 1999 Senior Lecturer, Riga Pedagogical Academy 1994-1997 Lecturer, Stockholm School of Economics 1988 -1990 English language course director, Ogres Kultūras nams 1987-1988 English language teacher in Ogre Vocational School of Agriculture Projects 1998 - 2000 National correspondent, Modern Languages Project, European Council, Strasbourg 1998-2000 Project manager, English Language proficiency evaluation system development for diplomatic service Ministry of Foreign Affairs of Latvia, British Council

30 1997-1999 English language teaching material developer Socio-cultural Identity in English Language teaching, European Council Modern Language centre, Graz, Austria 1994 - 1997 Academic Director, Baltic Year 12 Examination systems development, Ministry of Education and Science, Latvia, British Council Courses 1990 - 2000 BA: Phonetics, Academic Writing, Stylistic analyses, Literature taught in EFL teaching, Curriculum development, Textology MA: English language testing and teaching materials evaluation, Supervision and examination of BA and MA Papers Conferences 2002 Presenter, Considering Challenges in EFL, 3rd Baltic IATEFL, Riga 2002 Presenter, Integration for Impact Conference, British Council, Prague 2001 Participant, Management of ELT Provision, Durham 2000 Participant: Language Testing Forum, Brighton, UK Participant: Language Testing Forum, Edinburgh University, UK 1999 Participant: European Educational Publisher’s group Use of multi-media in foreign language teaching, Frankfurt, Germany 1999 Presenter: Use of Common European Framework of Reference in Language learning, teaching and assessment materials in language test development, British Council, Riga, Latvia 1998 Organiser: Literature in foreign language teaching European Teacher training Network, Riga, Latvia 1998 Presenter: British Council Baltic Language Testing Conference, Vaivari, Latvia 1998 Presenter: Soros Conference on Curriculum Development, Vaivari, Latvia 1995-1999 Organiser: regional TEFL methods’ group leader conferences Riga, Latvia Publications 2002 Article: School Leaving Exam Projects, ELTEC 2002 Article: ELT management course in Durham: an attempt to manage our future, BC Newsletter 2000 Ready for Your English Exam: Form 12 English language examination preparation materials, Zvaigzne, Riga Ready for Your English Test: Form 9 English language test preparation materials, Zvaigzne, Riga 1998 Year 12 Examination in English, Project evaluation Ministry of Education and Science of Latvia, Riga 1997 Year 12 Examination in English Exam specifications, sample material and statistical analyses of the results, Ministry of Education and Science 1996 English Language Examination Specifications and sample materials, Year 12 Project, Riga

31 1995-1998 Articles on English language teaching in local education periodicals and British Council Newsletter Interests English and American literature, medieval and modern art, classical opera and modern dance

32 Richard A. Koehler

University Teaching Experience:

Courses/subjects taught listed in descending order of frequency.

International Marketing International Business Principles of Marketing Cross-Cultural Communication/Negotiating International Entrepreneurship Business Strategy Economic Geography Marketing Research Services Marketing New Product Development Marketing

University Teaching Employment:

Gotland University, Lecturer (Visby, Sweden, 2000 – Present) Stockholm School of Economics – Riga, Lecturer, Executive Education (Riga, Latvia, 2001 - 2002) American Graduate School of International Management, Visiting Lecturer (Guadalajara, Mexico, 2000 – 2001) Häme Polytechnic, Visiting Lecturer (Valkeakoski, Finland, 2001) University of Houston, Adjunct Lecturer (Central Campus, Houston, Texas, 1995 - 2000) University of Houston, Adjunct Lecturer (Clear Lake Campus, Clear Lake City, Texas, 1993 - 1995) Universidad De Chihuahua, Visiting Lecturer (Chihuahua City, Mexico, 1983) Sul Ross State University, Adjunct Lecturer (Alpine, Texas, 1982 - 1984)

Speaking/Instructional – University Associated:

Speaker: “Export Opportunities in the U.S. Market for Mexican Companies”, Universidad Del Valle De Atemajac, Guadalajara. Mexico, July 2000.

Program Speaker and Panelist: “Doing Business in India”, University of Texas, University of Houston, Consul General of India. Houston, Texas. March 1999.

Program Speaker: “Internationalizing the Marketing Curriculum, A Practitioners Viewpoint and Experience”, 2nd Annual Faculty Consortium of the Academy of Marketing Science. Phoenix, Arizona. June 1996.

33 Seminar Moderator and Panelist: “NAFTA: Current Effectiveness and Outlook”, Texas Southern University. Houston, Texas, November 1994.

Seminar Moderator and Panelist: “Gateway to Africa and the Caribbean – The Future of Sustainable Energy Technologies”, Texas Southern University. Houston, Texas, April 1994.

Program Speaker and Panelist: “NAFTA and the Texas Economy”, Texas Southern University. Houston, Texas, November 1993.

Instructor: “Developing the International Strategic Plan For Small and New-to- Export Companies”, University of Houston Small Business Development Center. Houston, Texas, May and December 1992.

Program Speaker: “Your Future in International Trade, Options for Small and Minority Businesses in International Trade”, Texas Southern University, Houston, Texas. Houston, October 1992.

Steering Committee Member: “The Pacific Rim Market: Export Opportunities for Small and Medium-Size Texas Companies”, University of Houston Small Business Development Center, U.S. Small Business Administration. Houston, Texas, September 1992.

Instructor: “Developing the Export Plan: A Program for Small Companies to Export Successfully”, University of Houston Small Business Development Center. Houston, Texas, May 1991.

Instructor: “Developing A Small Company Import/Export Plan”, San Jacinto Community College continuing education program. Pasadena, Texas. October and November 1990.

Co-Organizer and Speaker: “The Northern Mexico Market”, Sul Ross State University, Universidad De Chihuahua (Mexico), U.S. Department of Commerce, U.S. Small Business Administration. Alpine, Texas, August 1983.

Speaking/Instructional - Non-University Associated:

Program Speaker and Panelist: “Entrepreneurial Days in The U.S.”, Swedish American Chamber of Commerce - Texas. Austin, Texas, April 2002.

Program Speaker and Panelist: “SACC-USA Entrepreneurial Days”, Swedish American Chamber of Commerce – USA. Stockholm, Sweden. August 2000.

Speaker: “How to Successfully Participate in Trade Shows – Opportunities in the Texas Market for Foreign Trade Offices”, Houston Consular Corps and Houston West Chamber of Commerce. Houston, Texas, December 1999.

Seminar Co-Organizer and Program Speaker: “Strategic Texas – Gateway to the U.S. Market”, seminar by private U.S./Swedish consulting companies. Lund and Malmö, Sweden. November 1999.

34 Program Speaker and Panelist: “How to Succeed With Your Business in the United States Market”, Swedish American Chamber of Commerce – USA, Entrepreneur Days. Malmö, Sweden, August 1999.

Program Speaker: “Global Diversity Initiative”, seminar series for small and new-to- export minority companies, U.S. Department of Commerce. Houston, Texas, May 1999.

Speaker: “Position of the European Union in the Global Market”, luncheon briefing for international chemical company executives. Houston, Texas, April 1997.

Program Speaker: “The Global Business Environment and Strategy for Market Expansion”, presentation to international resource and relocation company executives. Houston, Texas, April 1997.

Co-Organizer and Panel Moderator: “Politics of Doing Business in India”, private seminar for oil company executives. Houston, Texas, December 1994.

Instructor: “Export Marketing”, Houston World Trade Association. Houston, Texas. A continuing series of seminars over years 1989 – 1992.

Program Speaker: “Developing Your International Trade Business Plan”, U.S. Small Business Administration, Dairy and Food Industries Supply Association. Chicago, Illinois, October 1991.

Program Speaker and Panelist: “Export Marketing – Generating Jobs for Americans”, U.S. Department of Commerce. Houston, Texas 1991.

Program Speaker and Panelist: “Developing International Trade and Expanding Opportunities Through Commerce”, U.S. Department of Commerce, Houston Chamber of Commerce. Houston, Texas, May 1988.

Other Professional Instructional Experience:

Cross-Cultural/International Business Environment Contract Seminars

Program team member in privately contracted seminars and training sessions for U.S. based company executives before their overseas transfer, and foreign executives transferred to U.S. operations. Seminar topics ranged from cross-cultural communication, business awareness, negotiating styles and tactics, legal and economic subjects to general business social skills.

Individuals participating (both incoming and outgoing) in the programs came from the United States, Europe, the Middle East, Africa, and much of South East Asia. Destination regions (subject/topic focus) of the world included China, South East Asia, Europe, and the United States. Programs conducted in various U.S. locations depending on the client. (1991 – 2001)

Articles:

35 Contributed to trade journal and newspaper articles on international business subjects regarding marketing, management, logistics and international letters of credit in publications as Inc. Magazine, The Journal of Commerce, Bureau of Business Practice, Business America, Entrepreneur, Houston Metropolitan, Currents, The SBDC Resource Report, International Sales & Marketing Newsletter, Credit & Collection Manager’s Letter, and the Inc. Magazine book, “301 Great Ideas for Selling Smarter” Professional Appointments and Associations:

Swedish American Chamber of Commerce – USA: Board of Directors (2002 – Present) Ginger Oil Company (U.S.), Ginger Oil AB (Sweden): Advisory Board of Directors (1998 – Present) Houston District Export Council, appointment by the U.S. Secretary of Commerce/U.S. Department of Commerce: (1988-2002) Swedish American Chamber of Commerce – Texas, President (1994-1998) International Business Institute, Texas Southern University: Advisory Committee member (1992-1995) Indonesia-American Business Association: Board of Directors and Trade Development Committee (1992 – 1994) Houston World Trade Association: Trade Development, Education and Trade Finance Committees (1988-1992)

Education:

BS (1961), MS (1968), University of North Texas, Denton, Texas Title of Thesis, Principles and Application of Numerically Controlled Machines

BIM (1969), American Graduate School of International Management (Thunderbird), Glendale, Arizona

Business Experience:

International and Domestic Assignment Summary:

Overview:

Thirty years of domestic and international business experience in corporate and project management, operations, marketing and sales. Employment activities include travel, work and residence in Europe, South America, the Middle East and the Far East.

IKR CORPORATION - Houston, Texas (1982 – Present)

President

IKR Corporation is a privately held consulting company offering international business development and strategic planning services to U.S. and foreign clients. Projects conducted on behalf of clients in approximately 22 countries, covering the Far East, Middle East, South/Central America, and Europe. IKR Corporation is an "INC. 500"

36 company, the only international marketing firm named to this list of privately held U.S. entrepreneurial companies.

U.S. TASSO – Houston, Texas, and Deerfield Beach, Florida (1984 – 1992)

Vice President and member of the Board of Directors

Contract position held concurrently with activities in IKR Corporation. Directed market research and market strategy activities in the company during early start-up years in the U.S. and Canadian markets.

U.S. Tasso is a privately held company importing Swedish interior design and construction products into the United States using a system of manufacturer’s representatives and agents for sales and product distribution.

SYARIKAT PETROLEUM SERVICES - Kuala Lumpur, Malaysia (1978-1982)

Managing Director (President) and member of the Board of Directors

A privately held Malaysian/American joint venture company, SPS was created to service the offshore supply and service industries in offshore East and West Malaysia via construction and operation of a supply base in West Malaysia.

THE NORWEGIAN OIL CORPORATION (DNO) - Oslo, Norway (1976 – 1978)

DNO Regional Sales Manager - International Operations Vice President and member of the Board of Directors, Val Verde International

A public shareholder company, DNO, was established specifically to take part in North Sea oil exploration and production, on-shore hydrocarbon operations and service industries. Val Verde International operated as a joint venture between DNO (Norway) and the Val Verde Corporation (Houston, Texas) for design, manufacture and international sales of small-scale process plants.

THE M.W. KELLOGG COMPANY - Houston, Texas (1969 - 1976)

General Manager, Jakarta, Indonesia Sales Representative, Latin American Operations Project Manager, Maracaibo, Venezuela Sales Representative (Far East) Singapore, Malaysia, Australia & New Zealand Manager of Sales Administration for projects in Canada, Mexico, Central and South America, China (PRC and Taiwan), Japan, and Europe

M.W. Kellogg (now Kellogg Brown & Root) is a major international chemical process engineering and construction company with worldwide projects in every hemisphere, serving both public and private sector clients.

COLLINS RADIO COMPANY - Dallas, Texas (1965 – 1968)

On-site Project Manager, Space Systems Division (NASA Apollo Program) for

37 installation of tracking stations in Hawaii, Madrid and Canary Islands (Spain) Logistics Forecast & Control Manager, Avionics & Ground Satellite Division

Collins Radio was a major manufacturer and supplier of space systems and avionics equipment to NASA, military and private industry clients worldwide. Collins was purchased by North American Rockwell and continues to operate as a Rockwell company.

38 Konstantin N. Kontor

Office: 7 (095) 438-0830 Fax: 7 (095) 438-1839 Cellular: 7 (095) 726-9887 Email: [email protected]

EDUCATION

1992- 1994 MBA – Finance, The Anderson School at UCLA, Los Angeles, USA

Special area of expertise: Capital markets, risk management, asset valuation, financial strategy One of 31 people out of 3,000 applicants from the former Soviet Union awarded the Edmund Muskie Fellowship by the USIA to study Business Administration in the USA Received the J. Fred Weston Award from the Anderson School’s Financial Faculty as an outstanding student in finance in 1994 Named the best student at Anderson School’s Department of Finance, 1994

DIPLOMA, BUSINESS SCHOOL OF THE RUSSIAN-AMERICAN INDEPENDENT UNIVERSITY (RAIU, NOW – AIBEC), MOSCOW, RUSSIA Graduated in top 5% of class

M. S. – PHYSICS, MOSCOW INSTITUTE OF PHYSICS AND TECHNOLOGY, MOSCOW, RUSSIA Graduated with high distinction

EXPERIENCE

2000-present STOCKHOLM SCHOOL OF ECONOMICS (SSE), Riga, Latvia Professor of Financial Strategy Taught courses in Takeovers, Corporate Restructuring and Corporate Governance in 2000-2002

1998-present KKP PARTNERS, Moscow, Russia Managing Partner Founded a strategic and investment consulting firm specializing in corporate finance, macroeconomic and financial analysis, executive VIP-education Introduced and developed lecture courses for Russian corporate managers on corporate finance and strategy

39 Organized and supported comprehensive monitoring of macroeconomic, political and regulatory issues that affect the improvement of investment climate in Russia Completed a large scale project on policy improvement and regulation in the area of small and medium enterprise (SME) sponsored by the World Bank Won the Wall Street Journal – CEER Stock Picking Contest for three consecutive times in 1998-1999

1995-present AMERICAN INSTITUTE OF BUSINESS AND ECONOMICS (AIBEC), Moscow, Russia Partner Became partner in charge of general management and operations in January 2000 Exercised overall management and development of AIBEc, headed the Moscow operations of the company Director Appointed head of the AIBEc’s Moscow office in November 1999

Professor of Finance and Accounting Prepared and taught courses in Corporate Finance, Capital Markets, Managing Finance of Multinational Corporations, Takeovers, Restructuring and Corporate Governance, and Financial Accounting

RINACO PLUS Investment Company, Moscow, Russia Director of Research At the leading brokerage house built and managed the research team of 15 people for preparing industry reports, company profiles, focus lists, and regular newsletters; the products had been widely rated as best in town Provided comprehensive recommendations on stock picks for major institutional clients, prepared analyses of Russian companies including in-depth financial valuations Headed the analysis of the Russian fixed income markets Prepared and made presentations about the Russian securities market at various international conferences, round tables and other events on markets (Moscow, New York, London, Geneva, Zurich, Vienna) Actively participated in popularizing conceptual and specific features of securities markets on numerous TV shows (RTR, NTV, CNN, BBC,) Bloomberg, Reuters Published several articles in financial newspapers and magazines (Euromoney, Emerging Markets Investor, The Wall Street Journal etc.)

THE WOLVERHAMPTON BUSINESS SCHOOL (UK), Moscow, Russia Professor of Finance and Accounting Prepared and taught courses in Financial Accounting, Corporate Finance and Emerging Markets

NIKOS CORPORATION, Moscow, Russia Head of Investment Analysis Group Prepared business plans for investment projects

40 Analyzed portfolios of securities in terms of yield and risk

UCLA CENTER FOR FINANCE AND REAL ESTATE, Los Angeles, CA, USA Research Assistant Worked on a project on privatization and bankruptcy issues in Eastern Europe Evaluated investment opportunities for Center's clients Worked as a Teaching Assistant for Options Markets course

AKSON SOCIETY FOR SCIENCE AND INDUSTRY, Moscow, Russia Project Partner Developed financial assessments of projects Performed independent research on the emerging financial markets Directed the company's foreign relations

Summer 1991G-Bar LIMITED PARTNERSHIP, Chicago, IL, USA Intern Communicated trades from the CBOE trading floor to the company analysts Completed advanced course “Neutral Spreading for Market Makers” Trained in currency trading

MAKEOK, INC., Moscow, Russia Partner Developed relationships with clients, mostly commercial banks Directed the company's foreign activities

INTEGRAL Training Cooperative, Moscow Region, Russia Founding Partner Co-founded a tutorial cooperative serving more than 10,000 clients in Moscow and the Moscow region Administered development programs and all internal policies including hiring and management of more than 150 employees

KURCHATOV INSTITUTE OF ATOMIC ENERGY, Moscow, Russia Research Fellow Researched localization in quantum crystals Published 4 papers in leading Russian scientific journals

LANGUAGES

Native fluency in Russian and English, basic French

41 Joakim Levin

Ph.D. (Ekonomie Doktor), born 13 Feb. 1968 Stora Björnens Gränd 19, 175 65 Järfälla, Sweden E-mail: [email protected]

Current position Lecturer, Stockholm School of Economics (50%) (since 07/2000) Courses: Managerial Economics (Undergraduate level); Quantitative Methodology (Graduate level) Consultant, own firm Levineko KB Valuation problems and investment management

07/1998-06/2000 Assistant professor, Stockholm School of Economics Courses: Managerial Economics (Undergraduate level); Quantitative Methodology (Graduate level) Research: Valuation problems

07/1993-06/1998 Doctoral student, Stockholm School of Economics Dissertation for Ph.D.-degree june 1998: Essays in Company Valuation

08/1989-06/1993 Master of Science-programme, Stockholm School of Economics Master of Science, june 1993.

10/1988-08/1989 Military service, radio operator, S1, Enköping

06/1987-10/1988 Employed at Svenska Tapetgrossisten AB, Nykvarn

1975-1987 Schools

Additional teaching:

1996, 2002, SSE Riga, Latvia, Managerial Economics with Production Management

1995, Stockholm School of Economics, Managerial Economics

42 Research:

Publications

Redovisningsbaserad aktievärdering (Accounting-based Equity Valuation, in Swedish) Joakim Levin & Per Olsson (in Jennergren, L.P. (Ed.), Studier i Kostnadsintäktsanalys - EFI:s Årsbok 1998, EFI, Stockholm) Essays in Company Valuation Joakim Levin (EFI, Stockholm, 1998) Discounted Cash Flow Models Per Olsson & Joakim Levin (in Paxson, D., Wood, D. (Ed:s.), The Blackwell Encyclopedia of Management, Vol. VII: Finance, pp. 43-45, Blackwell, Oxford, 1997, and in Cooper, C.L. & Argyris, C. (Ed:s), The Concise Blackwell Encyclopedia of Management, pp.162-163, Blackwell, Oxford, 1998)

Looking Beyond the Horizon and Other Issues in Company Valuation Joakim Levin & Per Olsson (EFI, Stockholm, 1995)

Papers

Terminal Value Techniques in Equity Valuation Joakim Levin & Per Olsson SSE/EFI Working Paper in Business Administration No 2000:7 (June, 2000)

Why Theoretically Equivalent Models Give Different Results Joakim Levin (June, 2000)

On the General Equivalence of Company Valuation Models Joakim Levin (EURO Working Group on Financial Modelling, 21st Meeting, Venice, Italy, October 28-31, 1997)

Looking Beyond the Horizon Joakim Levin & Per Olsson (EURO Working Group on Financial Modelling, 18th meeting, Keele University, England, 1996)

On Valuation of Companies By the McKinsey Discounted Cash Flow Model Joakim Levin & Per Olsson (EFMA Annual Meeting, London, 1995; and the CEMS Conference, Vienna, Austria, 1995)

43 Evita Lune

Born: 26 November 1972 Address: Jomas iela 12, Jurmala LV 2015, Latvia

Education:

1997 – 1999 PhD in Social Economy, University of Latvia, Department of International Economic Relations. Doctoral Thesis: “Social stratification in Latvia: possibilities of applying experience of other CEE countries in solving poverty problem.” 1995 – 1997 Master of Business Administration, University of Latvia, Department of Management and Economic Information 1991 – 1995 Bachelor of Business Administration, University of Latvia, Department of Management and Economic Information 1980 – 1991 Riga Secondary School No 3, Humanitarian Form

Work experience:

1998 – current Stockholm School of Economics in Riga. Course Director for the course: “Human Development and Economics of a Welfare State”. Research Associate for applied research projects. Faculty Advisor for Bachelor Thesis writing process.

1999 Shell Oil Products Europe. EU Strategy and Planning Unit (office in Brussels). EU Mergers’ and Acquisitions’ Team (office in Paris). Finance Analyst for EU countries

1998 Shell Oil Products Central and Eastern Europe. Marketing Development Team. Marketing Coordinator and Select format Manager for Central and Eastern European countries: Estonia, Latvia, Lithuania, Russia, Poland, Slovakia, Czech Republic, Hungary, Slovenia, Bulgaria, Rumania, Croatia.

1994 – 1997 Shell Latvia. Marketing Manager for Baltic countries: Estonia, Latvia, Lithuania. Area Manager (Operations’ Manager) for Riga.

1992 – 1994 Lata International. Interpreter, Junior Specialist of Investment Department.

Projects:

Winner of the Best Case Award of CEEMAN Annual Case writing competition.

44 Co-author of “Living conditions survey. Latvia 1999.” Joint project of Central Bureau of Statistics of Latvia and FAFO (Norwegian Institute of Social Studies).

Co-author of “Latvia. Human Development Report 1999”. United Nations Development Programme in Latvia.

1998 Co-author of “Latvia. Human Development Report 1997”. United Nations Development Programme in Latvia.

From 1998 Co-owner of company Sagittarius Ltd.

Skills: Driving licence

Languages: Latvian - native English – excellent Russian - excellent German - good

Work – related training:

Lateral Thinking; Positive Attitude; Telephone communications; Finance for non- financial managers; Argumentation Skills; Food Hygiene; Driving in winter conditions; Evolutionary Marketing, Presentation Skills, Teaching with Cases.

Hobbies:

Aerobics, slalom skiing, water skiing, rollerblading.

45 Elvi Sederlin

Permanent address: Sjövägen 8, Aspvik 134 38 GUSTAVSBERG

Telephone: 08-570 339 70 (home); 08-736 93 10 (work) Date of birth: 390628 (y/m/day) Sex: female, married Citizenship: Swedish

Education: Stockholm School of Economics Degree: Master of Science 1968 Teachers´ Training College 1970

Employment record: Present position: Stockholm School of Economics from 1987 - Teaching Accounting and Finance

Stockholm School of Economics in Riga from 1994 - Teaching in two courses Basic Accounting and Management Accounting

Higher Commercial School 1971-1987 Planning and teaching in the following subjects: Business economics, commerce, accounting, business administration, management accounting.

SIDA, Zambia Senior Lecturer in Commercial Subjects 1975-1977

Sven Walter auditing firm 1961-1963 Assistant to authorized Public Accountant

References: Lars Östman, professor of Accounting and Finance at Stockholm School of Economics. Signalistgatan 2, S–169 72 Solna, Sweden Phone: 08-718 03 75

46 Larry W. Stout

Ph.D., MBA, Associate Professor of Psychology, Stockholm School of Economics in Riga, Strelnieku iela 4a, Riga, LV-1010, Latvia Tel: +371 7015810 / Fax: +371 7830249 / E-mail: [email protected]

Education:

Ph.D. Educational Psychology – Liepaja Pedagogical Academy, Liepaja Latvia, May 1992 – May 1998. MBA, International Business – EHSAL Management School, Brussels, Belgium, September 1998 – September 1999. BA, English Humanities – Indiana University of Pennsylvania, Indiana, PA, USA, May 1970 – May 1975.

Employment:

Stockholm School of Economics in Riga, Latvia – Associate Professor of Psychology and Executive Education Personnel Management Trainer, Jan 1997 – Present. Riga Graduate School of Law, Latvia – Staff Advisor, January 2000 – Present. Riga Business School of the Riga Technical University – MBA Instructor in Human Resource Management, January – May 2000 & Organizational Behavior, April – May 2002. Institute for Education of the 21st Century, Latvia – Co-Director & Educational Consultant to Latvian pedagogical institutions and teacher associations, January 1991 – March 2000. Gibbs Business School, Valley Forge, PA, USA – Director of Admissions – September 1984 – December 1990.

Publications:

Leadership: From Mystery to Mastery, © 2001, Stockholm School of Economics in Riga Press, Riga, Latvia. [Comprehensive analysis of leadership and model for leadership development, used as text for leadership courses conducted with undergraduate and executive education at Stockholm School of Economics in Riga.]

Human Resource Management: A Psychological Perspective, © 1999, EU PHARE Multi-Country Programme in Distance Education, “Development of Distance Education Course Modules,” Project Number DE97-063. [Project done in connection with Institute of Management, Godollo Agricultural University, Hungary; Riga Business School and Distance Education Study Centre, Riga Technical University, Latvia; and School of Agriculture, Food and Environment, Cranfield University, UK.]

University Curriculum Activities: (Last 10 years) Spring, 2002 – Organizational Behavior, Exec MBA, Riga Business School.

47 Fall, 2001 – I/O Psych (Specializing in Leadership), SSE Riga (SSER) Spring, 2001 – Psych and Humanities 2 (Elizabethan Period Lit), SSER. Fall, 2000 – Psych and Humanities 1 (Ancient Literature), SSER Fall, 2000 - Introduction to I/O Psych (specializing in Organizational Citizenship Behavior), SSER. Fall, 1999 – Introduction to I/O Psych (specializing in Motivation), SSER. Spring, 1999 – Human Resource Management for MBA, Riga Business School Fall, 1998 – Introduction to Educational Psychology, Masters course in education, Latvia Sports Pedagogical Academy. Fall, 1998 – General Intro to Industrial/Organizational Psychology, SSER. Fall, 1998/99/00/01 – Prep Semester Orientation on Team Building, SSER. Fall, 1997/98/99/00/01 – Intro to Social Psychology elective course, SSER. Spring, 1997/98/99/00/01 – Introduction to Psychology elective course, SSER 1992 (and each subsequent semester to Fall 1997) – Western Educational Methodologies, Liepaja Pedagogical Academy, Liepaja.

Professional Executive Education Curriculum Activities: (Last 10 years) Spring and Fall 1998/99/00/01/02 – Advanced Human Resource Management, 30 hours course, SSE Riga Executive Education Department. Fall, 2000/01 – Leadership Academy, 45 hours course, SSE Riga Executive Education Department. 1997-2001 – Conducted management human resource and organizational behavioral training for the government agencies of the Latvian Ministry of Welfare, Ministry of Agriculture, and Ministry of Foreign Affairs as well as to the Embassies of the United States and Sweden, the US Peace Corps, the US/Baltic Foundation, and Muskie Fellowship. Also done management training for the Bank of Latvia, Lattelekom (largest company in the country), Latvia Shipping Company (2nd largest company in the country), and the Latvian National Opera Company and strategic planning with the Riga Graduate School of Law, the Liepaja Pedagogical Academy, and the Latvia Sports Pedagogical Academy.

Personal Information: Birthdate – 25 October 1952 Married – wife Deborah, married 24 August 1974; four children, one adopted. Nationality – USA. References – available upon request.

48 Marko Veerberk

Date of birth 27/04/1974 Gender Male Nationality Estonian Phone +372 665 7044 (work) E-mail [email protected]

Working Experience of Last Five Years:

Oct. 2000 – current Intergate. Tallinn, Estonia Venture capital, Investment manager Sept. 2001 – current Estonian Business School. Tallinn, Estonia Lecturer – Strategies in New Economy, thesis supervisor Aug. 1998 – current Stockholm School of Economics in Riga. Riga, Latvia Assistant teacher, guest lecturer, and thesis supervisor Aug. 1999 – Oct. 2000 Union Bank of Estonia (Eesti Ühispank). Tallinn, Estonia financial control and planning, assistant for CFO e-commerce, project manager risk management, project manager Oct. 1997 – Oct. 1998 E.L.L. Private Equity Advisors SIA. Riga, Latvia Associate in advisory company for Swedish private equity fund Jun. – Sep. 1997 E. Öhman J:or Fondkommission AB. Riga, Latvia Baltic financial markets research – responsibility for Estonia Education 1997 – 1999 Stockholm School of Economics, MSc Majors: Finance, International Business 1995 – 1997 Stockholm School of Economics in Riga, BSc Majors: Business Administration 1992 – 1995 University of Tartu, Bachelor studies Majors: Mathematics and Computer Sciences 1988 – 1992 University of Tartu, Distant studies Applied studies of sciences for secondary school students 1981 – 1992 The 1st Secondary School of Keila

Languages Estonian Mother tongue English Fluent Finnish Good Russian Satisfactory Latvian Fair

49 Activities at SSE Riga after the submission of the accreditation documents

On August 1, 2002, an agreement was signed between the Latvian Ministry of Education and the Stockholm School of Economics in Stockholm about the future funding of SSE Riga. Together with the agreement signed between the Swedish Ministry of Foreign Affairs and the Stockholm School of Economics in Stockholm in December 2001, the agreement of August 2002 will provide funding for SSE Riga until June 30, 2010. Like in the agreement covering the period 1994-2003 some additional funding from other sources is needed as well.

The financial resources discussed in the governmental agreements and available for the period July 1 2003 to June 30 2010 will be sufficient to run the school at the activity level discussed in the self evaluation reports submitted for accreditation. Hence, any expansion of the academic program, e.g., a M.Sc. degree, as discussed in the accreditation document on strategic issues, has to be financed additionally. At the meeting of the Board of Directors of SSE Riga on August 21 the future strategy of the school was discussed along the lines outlined in the submitted accreditation documents.

Given that the uncertainty about the future funding of the school that lasted until signing of the agreement on August 1, the policy of the SSE Riga Board of Directors has been not to have a detail discussion of the future expansion of the academic programs at SSE Riga until the agreements were signed. At the board meeting of August 21, it was decided to discuss and further develop these strategic issues along the lines outlined above at the coming board meetings during the academic year 2002/2003.

At the meeting of the SSE Riga Board of Directors on August 21 it was decided to: ”In compliance with the draft project of the classification of academic degrees presented by the Council of Higher Education in Latvia in the spring of 2002 to be approved by the cabinet of Ministers, a change in the academic degree in the Latvian language should be introduced: ’Social zinatnu bakalaurs ekonomika’.”

50 The Executive Master of Business Administration Program, Executive MBA, offered at SSE Riga will start in the fall of 2002. In the accreditation of SSE Riga 1996, the school was accredited to run a program at the Master’s level. In the legislation existing at the time of accreditation, and in comparison to the current legislation, no distinction was made between ”academic” and ”professional” programs.

In June 2002, SSE Riga together with the Stockholm School of Economics in Stockholm received a joint grant of approximately USD 330,000 to strengthen and further development the activities in field of entrepreneurship at the respective school. The activities will cover education as well as research in entrepreneurship.

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