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SPRING 2010 Pamela Brooks Gann BOARD of ADVISORS James B TheExchang e NEWS FROM THE FINANCIAL ECONOMICS INSTITUTE AT CLAREMONT MCKENNA COLLEGE CMC PRESIDENT VOLUME 10, SPRING 2010 Pamela Brooks Gann BOARD OF ADVISORS James B. McElwee ’74 P’12 (Chair) Director’s Report Weston Presidio by Eric Hughson Kenneth D. Brody Taconic Capital Advisors, LLC William S. Broeksmit ’77 P’12 THIS YEAR WAS academic careers, and it is our job to help Deutsche Morgan Grenfell Justin Hance ’06 the seventh year for students get where they want to go. We think Harris Associates, LP Brent R. Harris ‘81 the FEI. The FEI is that in addition to the courses they take, the Pacific Investment Management Company the finance research research that the students do that is associated Alan C. Heuberger ‘96 Cascade Investment arm of the Robert Day with the FEI helps prepare them for success Kurt M. Hocker ‘88 Union Bank School of Economics in their chosen careers. Gregg E. Ireland ‘72 and Finance, which Some of our academic efforts are, Capital Research and Management Company Eric Hughson Grant Kvalheim ’78 P’12 provides data and however, more practical. This year, we are Barclays Capital (Retired) John R. Shrewsberry ‘87 research support for faculty, and more building a course around the CMC Student Wells Fargo Bank importantly, provides research experience Investment Fund. The objective is twofold. Cody J Smith ‘79 Goldman Sachs & Company (Retired) for students. Last year, I reported that we First, we want to provide academic content Robert P. Thomas ‘99 The George Kaiser Family Foundation had an article co-authored with a student in valuation and asset allocation to better BOARD ASSOCIATES accepted at the Journal of Financial Economics . help students justify their investment Patrick S. Adams ‘94 OppenheimerFunds Next year, this student will be joining the decisions. Second, we want to improve the Scott A. Ashby ‘95 Morgan Stanley MIT finance doctoral program. Lest anyone quality of the feedback that students get on Brian L. Badertscher ’96 Societe Generale think that this is unusual, we have another their presentations. This second objective Brad A. Barrett ‘00 collaborative effort (with entirely different will be accomplished by enhanced video- Capital Research Global Investors Justin W. Braun ‘98 co-authors—Tejas Gala and Professor Fan conferencing so that finance practitioners can Independent Consultant Yu) which has a revise-and-resubmit at the observe and provide feedback on student James B. Carroll ‘77 LongRun Capital Management, LLC Journal of Financial Economics . presentations remotely. We know how hard it Kerry Fanwick ’76 BRE Properties, Inc. Of course, few of our students pursue Russell Greenberg ‘79 See Director’s Report on page 2 Altus Capital Partners Carol O. Hartman ‘86 The Caldwell Partners International Susan Matteson King ‘85 In This Issue: Jim Koon ’81 TCF Bank PG 2: Director’s Report Continued; FEI Christine Huk Mann ’87 Goldman Sachs & Company FinancialEconomics Summer RAs & 2010-2011 BGI/Larson INSTITUTE Michael Nutting ‘97 Fellows The Gores Group John O’Brien ‘02 PG 3: 2010 NYC Networking Trip Cascade Investment Adam J. Prager ‘01 PG 4: Kyle Casella ’10 Summarizes Wayne Warner Brothers Entertainment, Inc. Ferson’s Ath Talk Nicholas M. Shurgot ’95 The Financial Economics Saddle Peak, LLC Institute fosters education and PG 5: Spring 2010 Student Research Kevin K.C. Tan ’86 Analysts The Northern Trust Company research in financial economics by Joseph W. Vencil ‘85 PG 6: Where Will FEI Students Be AlphaWorks, LLC offering a unique undergraduate Robert C. Wetenhall, Jr. ‘94 Working? Royal Bank of Canada curricular program, the Financial PG 7: Maria Löhner ’10 Summarizes Peter DIRECTOR Economics Sequence, supporting Eric Hughson Bossaerts’ Ath Talk ASSOCIATE DIRECTOR state-of-the-art databases, and Lisa Meulbroek encouraging student-faculty PG 8: Recognizing FEI Seniors and ASSISTANT TO THE DIRECTORS Upcoming Events Terri L. Van Eaton interaction on research. 2 THE FINANCIAL ECONOMICS INSTITUTE research on investment management topics. about 70 percent of the class had plans. Director’s Report from page 1 As you know, the job market for our Regarding our rising seniors, for this is for those particularly on the East Coast to students has been less good the last two years summer, 19 FEI students and former RAs interact with our students on a regular basis. than it had been previously. Hence, our have outside internships and one will be We’re hoping this will help increase the students need to look more competitive. As a working at the FEI. amount of interaction. result, the FEI has initiated a series of resume Finally, we are very pleased to welcome This year, we sponsored three public evaluations and practice interviews (both in- new FEI Board Advisors, Kurt Hocker ’88 lectures by respected finance academics at person and on the phone) to help students and John Shrewsberry ’87. Kurt is currently a the Marian Miner Cook Athenaeum. prepare for (1) interviewing for internships Senior Vice President and Manager, National Professor Chester Spatt, from Carnegie in late January and (2) interviewing for Banking at Union Bank. He replaces Phil Mellon University and former chief permanent jobs in September. The Flynn ’79 on the Board. Although we are economist at the Securities and Exchange interviewers for internships are senior very sorry to lose Phil, who took a position at Commission, spoke in November about the students who have been through the process, a bank in Wisconsin, we are very happy to efficacy of government regulation associated and the interviewers for permanent jobs will maintain our relationship with Union Bank. with the current financial crisis. In March, be young alumni(ae). The first practice super John Shrewsberry is an Executive Vice Professor Peter Bossaerts (see article in this day was successful enough that to the FEI’s President and Group Head at Wells Fargo. issue) of Caltech spoke about the frontiers of relief, it was taken over by our Robert Day We also wish to announce the addition of neurofinance. Finally, in April,Wayne Ferson School Placement Director, Michelle two new FEI Board Associates, Christine (see article in this issue) of USC spoke about Chamberlain, and has been expanded to Mann ’87 and John O’Brien ’02. In addition, how portfolio managers should use alpha. serve also the Robert Day Scholars. We have there has been a change at Cascade Next fall, we will have a visiting scholar, also tried to make sure that on our New Investment. We are sorry that Justin Hance Jonathan Berk from Stanford University, on York Networking Trip, students interview ’06 will not be continuing as an Advisor, but campus for a week where he will give a talk for internships. At least four of the trip’s his shoes will be well-filled by Alan for students as well as a research seminar for participants landed an internship based on Heuberger ’96, who was formerly an faculty and students. The support for these contacts made on the trip. Associate. John O’ Brien will be taking Alan’s activities is made possible by generous On the job front, 22 of our 28 seniors place as an Associate on our Board. Last, we contributions from our Board of Advisors and have firm plans for next year—only six are wish to welcome Christine Mann ’87 to our Associates and the BGI Fellowship Program, still looking. This compares favorably with Board as an Associate. She is currently a Vice which provides support for faculty-student last year’s statistics, where at the same time, President at Goldman Sachs. L Congratulations to the FEI Congratulations to the 2010-2011 Summer 2010 RAs: BGI/Larson Asset Management Fellows: MAXWELL CHAMBERS ’12, Economics/Mathematics major REED HOGAN ’11, Economics major SAMANTHA BASTIEN ’11, Economics-Accounting major SAUMYA LOHIA ’12, Mathematics/Economics major NATHAN DOCTOR ’11, Economics major ROSABELLA MAGAT ’12, Economics/Mathematics major RAJAT GUPTA ’11, Economics/Mathematics major NICHOLAS COADY SMITH ’12, Economics/Mathematics major ANDREW OETTING ’12, Economics/Mathematics major SZE WAI YUEN ’12 , Economics-Accounting major GRANT PARKER ’11, Economics-Accounting major BRETT SPENCER ’11, Economics major CLAREMONT MCKENNA COLLEGE 3 2010 New York City Networking Trip By Maria Löhner ’10, FEI Student Research Analyst DURING THE WEEK OF JANUARY 11, 2010, the Financial Economics Institute sponsored the seventh annual New York City Networking Trip, which provided an extraordinary learning experience for 3 sophomores, 10 juniors, and 4 seniors. This was the first year that the trip was organized by students. The student-run committee was comprised of a group of four seniors: Maria Löhner, Kyle Casella, Noah Franz, and Nikolas Miller. The students met on a weekly basis to organize everything from firm visits to networking events. During the week, the students visited eight firms including: Deutsche Bank, J.P. Morgan, Atalaya Capital, Morgan Stanley, Royal Bank of Canada, the Capital Group, Deloitte Consulting, and Goldman Sachs. In addition, they were invited to an opening dinner, a cocktail party, and a young alumni panel. 16 of the 17 students who toured Wall Street in January 2010. The week in NYC began with an introductory reception and dinner that was overview of the firm’s private equity group, in Morgan Stanley, where Managing Director hosted by Julie Spellman Sweet ’89 at particular, discussing its strategy and Scott Ashby ’95 hosted the students for an Cravath, Swaine & Moore. At the reception, evaluation methods. The students also heard overview of the firm’s debt capital markets students had dinner with FEI Board from recruiters about career opportunities business. This discussion included Morgan Members and alumni in the field of finance. within J.P. Morgan. Stanley’s recent role in the government’s The dinner was followed by a presentation On Tuesday evening, the students regulatory changes.
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