ST. JOHN’S Fall 2018

T P J. T NEWS AND INSIGHT FROM THE PETER J. TOBIN COLLEGE OF BUSINESS BusinessC  B 

TAX TIME STUDENT VOLUNTEERS SERVE COMMUNITY, GAIN EXPERIENCE

BOARD OF ADVISORS CHAIR KEVIN F. REED ’75C SHARES HIS BOND WITH THE TOBIN COLLEGE

REAL ESTATE REVIVAL Market faces risk, but demand remains high T P J. T ST. JOHN’S BUSINESS | Vol. 2 No. 2 Fall 2018 C  B 

FEATURES 12 Getting Real 16 Tax Time 18 Giving Back Experts from the real Each year, St. John’s to Tobin estate industry and The University student vol‑ Kevin F. Reed ’75C, Peter J. Tobin College of unteers save thousands Chair of the Tobin Board Business reflect on the of dollars for clients who of Advisors, shares his current state of the real qualify for the Internal thoughts on the vision estate market. Revenue Service’s Volun‑ for The Peter J. Tobin teer Income Tax Assis‑ College of Business. tance program.

DEPARTMENTS

2 From the Dean 6 Going Global 20 Alumni Profiles Dean of The Peter J. Highlights from the and Class Notes Tobin College of Busi‑ 2018 Global Destination In-depth profiles of ness Norean R. Sharpe, Course program. alumni Mark P. Kritzman Ph.D., discusses the new ’73CBA; Theresa Ahlstrom Distinguished Scholars 8 Faculty ’83CBA; and Tim Parker, Program and the Tobin Scholarship ’14TCB. Also, get up CEO Seminar Series. Aleksandr V. Gevorkyan, to date on your Tobin Ph.D., writes a new book classmates. 3 Tobin Trends examining the history 2018 Tobin College and economics of Eastern 24 President‘s Perspective Commencement; Tobin European countries; Yanni St. John’s University students place third at Ping, Ph.D., joins President Conrado Beta Alpha Psi’s Best The Peter J. Tobin College “Bobby” Gempesaw, Practices Competition; of Business; and Sven Ph.D., has reason to and Fulbright Scholar Jay Horak, Ph.D., discusses believe the future is bright Nathan visits Hungary. the role of informal insti‑ for The Peter J. Tobin tutions in business. College of Business.

Editor Contributors Alumni should send Chris Blose Calvin Hennick address changes to Jennifer Lubell William G. Schaeffer Dean Managing Editor Melanie Padgett Powers ’73CBA, Director Norean R. Sharpe, Ph.D. Tim Gregorski Sona Pai of Development, at Robert Woods 718-990-6802; Director of Communications Art Director [email protected]. and Marketing Carolyn Duff St. John’s Business Syd Steinhardt welcomes inquiries, Project Manager opinions, and comments Design and Production Ellen Tarantino from its readers. Please send an e‑mail to Syd Steinhardt at [email protected]. As part of their investment-related studies, St. John’s University finance majors participating in the May 2018 Global Destination Course visited private equity firms in London, England. 2 ST. JOHN’S BUSINESS | Fall 2018 CONTENTS stjohns.edu/business | ST. JOHN’S BUSINESS 1 FROM THE DEAN

STRENGTHENING TOBIN TRENDS THE TOBIN COLLEGE REFLECTIONS FROM DEAN NOREAN R. SHARPE, PH.D.

ur faculty and staff at The Peter J. Tobin College of Business have been busy this past summer developing innovative programs, creating research opportunities for students, and exploring ways to increase our pipeline for students to major corporations in the metropolitan area. I am particularly proud of the work of COMMENCEMENT a faculty task force that has resulted in the encouraged graduates to set the bar high for creation of a new Tobin Dean’s Distin‑ themselves. guished Scholars Program for talented incoming first-year Dean Sharpe reminded the students, Ostudents. This scholarship program includes the opportunity among other things: to learn something to reside with other scholars in the residence halls; conduct interesting every day, to take your work more research with a faculty member in their major; and receive a global scholarship to partic‑ 2018 seriously and yourself less seriously, and to ipate in a Global Destination Course. We view this program as essential to enhancing the DISTINGUISHED SPEAKERS PROVIDE be more judgmental about ideas and less student experience for our most talented students at Tobin, and we are working with our THOUGHTFUL ADVICE TO GRADUATES. judgmental about people. Office of Undergraduate Admission to promote this new scholarship for qualified high This scholarship ascal Desroches ’86CBA, Executive Later that week, on May 20, the St. school applicants. program includes the Vice President and Chief Financial Of‑ John’s undergraduate Commencement was Thanks to a dedicated and talented team of faculty and staff, we continue to create opportunity to reside P ficer, Turner Broadcasting System, Inc., held. Each year, undergraduate students new degree programs, recruit experienced faculty, and collaborate with our colleagues in with other scholars and member of St. John’s Board of Trustees, who achieve a 4.0 grade point average are the Paul and Carol Evanson Career Services Center to strengthen career opportunities. delivered the Commencement address to the awarded the Presidential Gold Medal. This For our fall Tobin CEO Seminar Series, we welcomed Stephen Distante ’88CBA, Chief in the residence halls; M.B.A. and M.S. graduates and their families year’s medalists were Enbo Jiang and Sada‑ Entrepreneurial Officer of Vanderbilt Financial Group, and Kenneth G. Langone, co‑ conduct research with at The Peter J. Tobin College of Business shaya Maitlall. founder of The Home Depot, philanthropist, and author of the recent book titled I Love a faculty member in Commencement Exercises on May 16, 2018. The nearly 300 graduates are launching Capitalism! An American Story. their major; and receive Recalling his own graduation three decades their careers in a range of industries. The In this Fall 2018 issue of St. John’s Business magazine, you can read about the global a global scholarship to earlier, Mr. Desroches remembered his mother top employers of Tobin graduates continue activities of our students in the Going Global section, as well as the Volunteer Income participate in a Global telling him to “just do your best, so that when to be AIG; Aon; BNY Mellon; Broadridge Tax Assistance program, in which our accounting students dedicate their time to complet‑ you look back at the effort you put in, you Financial Solutions, Inc.; Deloitte; EY; Grant ing tax returns for those in need. Destination Course. will be proud and have no regrets.” Thornton LLP; KPMG LLP; Protiviti; PwC; Also in this issue is an interview with our Board of Advisors Chair, Kevin F. Reed ’75C, and —Dean Norean R. Sharpe, Ph.D. Following that advice, Mr. Desroches told and Willis Towers Watson. profiles of Theresa Ahlstrom ’83CBA, Partner at KPMG LLP, and Mark P. Kritzman ’73CBA, graduates that he has since developed three Commencement was followed by a cele‑ Chief Executive Officer at Windham Capital Management—as well as Tim Parker ’14TCB. simple lessons: every day is an audition, believe bration in the state-of-the-art Tobin College I hope you enjoy reading about our talented Tobin College alumni, faculty, and students in yourself, and never stop learning. of Business building, which was honored as in this issue of St. John’s Business. As always, we are grateful for your service and generosity. In her remarks before introducing Mr. an “Outstanding Design, Interior Renova‑ Go Red Storm! Desroches, Norean R. Sharpe, Ph.D., Dean tion” by American School & University in its of The Peter J. Tobin College of Business, 2018 Educational Interiors Showcase. Sincerely,

Norean R. Sharpe, Ph.D. Dean Joseph H. and Maria C. Schwartz Distinguished Chair Professor of Decision Sciences The Peter J. Tobin College of Business

2 ST. JOHN’S BUSINESS | Fall 2018 stjohns.edu/business | ST. JOHN’S BUSINESS 3 TOBIN TRENDS

Global Business Research Symposium Held Professor Jay Nathan Visits Hungary as Fulbright Scholar rofessor of Management Jay Nathan, Ph.D., The winners for Best Papers Awards were Professor of Management, spent 15 days at the After moderating her University of Pécs in Hungary in February on a panel, Dean Sharpe met P • “The Unintended Consequences of Using in the campus courtyard Fulbright Foreign Scholarship. with Julapa Jagtiani, Mobile Devices in the Classroom” During his two-week stay in Hungary, Dr. Nathan met Special Advisor at the Ivan Abel, Ph.D., St. John’s University, USA Federal Reserve Bank with the University’s Rector, Jozsef Bodis, Ph.D., D.Sc., of Philadelphia; Montse I. Hilmi Elifoglu, Ph.D., St. John’s and delivered a series of nine lectures and seminars on Guardia Guell, Digital University, USA Challenge & Emerging topics concerning issues in international business and Technologies Director international relations. His audiences included M.B.A. at Banco Sabadell; and • “Access-Based Consumption: Its Hilda Arango de Ortega, Technological Determinants and Implications students and corporate executives. Dean of the International Dr. Nathan had previously been a Fulbright Scholar to School of Economics and for Future Businesses—The Polish Example” Administrative Sciences at Aleksandra Burgiel, University of Thailand, Poland, Kazakhstan, and Mongolia. He called the University of La Sabana this particular opportunity “a dream come true,” due to in Bogota, Colombia. Economics in Katowice, Poland Jolanta Zralek, Ph.D., University of his long‑standing interest in the history and culture of Economics in Katowice, Poland central Europe. he Peter J. Tobin College of Business’s “Hungary is a strategically located country that 13th annual Global Business Research • “Sustainable Consumption and Values straddles both East and West,” he said, likening the Symposium (GBRS), held June 13–15, for Consumers” T nation to a “ferry boat” between the two sides of 2018, at the Rome campus of St. John’s Slawomir Smyczek, Ph.D., University of the former Iron Curtain. The University of Pécs, which University, attracted 73 participants from 11 Economics in Katowice, Poland celebrated its 650th anniversary in 2017, is Hungary’s countries. The theme of this year’s GBRS was Professor of Management Jay Nathan, Ph.D., met with the University of Pécs Rector Jozsef • “Networks and Firm’s Scalability: Bodis, Ph.D., D.Sc., during his Fulbright Foreign Scholarship in Hungary. first university and has more than 20,000 students. “The Future of Business: Technology, Innova‑ What Factors Contribute to Define A tion, and Regulation.” Born-Global Startup?” One highlight of the symposium occurred Bisan Abdulkader, Central European on its second day when Norean R. Sharpe, University, Hungary Ph.D., Dean of the Tobin College of Business, moderated a panel on Diversity and Disrup‑ • “Three Year Programs at Southern New SRM Receives tion in Business Education. Dean Sharpe pre‑ Hampshire University” sented an update of current trends in business Kyle Viator, Southern New Hampshire education and continued by interviewing the University, USA Largest Gift six panel members about their varied experi‑ • “The Value Of ESG” ences in changing times. James Barrese, Ph.D., St. John’s in St. John’s After two days of panels, presentations, University, USA and concurrent sessions, a committee of 20 Cynthia R. Phillips, Ed.D., St. John’s University referees was selected from the most senior University, USA conference members to act as judges in giving Victoria L. Shoaf, Ph.D., St. John’s History the Best Paper and Best Discussant awards. University, USA Maurice R. “Hank” Greenberg, Chairman and CEO, C.V. Starr & Co. Inc., and Chairman, The Starr Foundation, describes the historic $15 million gift to the School of Risk Management, Insurance and Actuarial Science, part of The Peter J. Tobin College of Business at St. John’s University.

n September 13, 2018, Conrado “Bobby” best and brightest students from around the globe to pur‑ Gempesaw, Ph.D., President of St. John’s Univer‑ sue academic studies and careers in the insurance industry. O sity, announced that The Starr Foundation—one The strategic funds include the Maurice R. Greenberg Tobin Accounting Students Show “Best Practices” of the largest private foundations in the United States— Scholarship Fund, which will provide full and partial donated $15 million to the University. The donation is the scholarships to SRM students; The Starr Foundation A team of accounting students in The Peter J. Tobin College of Business competed in largest single gift in the 148-year history of the University. SRM Faculty Support Endowment, which will support Beta Alpha Psi’s Best Practices Competition held in Washington, DC, on August 11, With the donation, St. John’s will establish the Maurice professional development, new resources, and enrichment 2018, as part of the organization’s annual meeting. Beta Alpha Psi is an international R. Greenberg Leadership Initiative at the School of Risk activities for faculty; and the Maurice R. Greenberg SRM honor organization for financial information students and professionals. Management, Insurance and Actuarial Science (SRM), Industry Leadership Endowment, which has been created The St. John’s team, representing the Kappa Zeta chapter of Beta Alpha Psi, won part of The Peter J. Tobin College of Business. to support new programs and resources for SRM activities. third place in the “Hands-On Engagement” category. The team of Justin Blank, The Maurice R. Greenberg Leadership Initiative con‑ Fifty percent of the total endowment fund will be used Michael Giudice, Stefani Grillo, and Michael Jankowski advanced to the national sists of several strategic funds that will expand academic for student scholarship awards; 33 percent will go toward round after winning the Atlantic Coast Regional Competition in March. programs and enhance teaching and learning activities and faculty support; and 17 percent will be allocated for the Justin Blank; Michael Giudice; faculty advisor Benjamin Silliman, Ed.D., Professor of risk-industry-focused professional programs to attract the leadership endowment. Accountancy; Stefani Grillo; and Michael Jankowski.

4 ST. JOHN’S BUSINESS | Fall 2018 stjohns.edu/business | ST. JOHN’S BUSINESS 5 GOING GLOBAL

Tobin College programs continue to provide business education around the world.

he 2017–18 academic year saw a record number of Global Destination Courses (GDC), with 107 Tobin students traveling to 13 GDCs, representing five different disciplines. LONDON, T The first GDC of 2018 was to Barcelona in January. In the spring, students traveled to Athens, Greece; Beijing, China; Dublin, Ireland; Florence, Italy; Hong Kong, China; London, England; Paris, France; ENGLAND Rome, Italy; Shanghai, China; Tokyo, Japan; Venice, Italy; and Zurich, Switzerland. May 20–26, 2018 Investments—Online (Undergraduate) Investment Analysis—Online (Graduate) DUBLIN, IRELAND 1 8 LONDON, ENGLAND

PARIS, FRANCE 2 9 ZURICH, SWITZERLAND

4 ITALY 7 BEIJING, CHINA BARCELONA, SPAIN 3 5 ATHENS, GREECE 12 TOKYO, JAPAN

6 SHANGHAI, CHINA 8 11 HONG KONG, CHINA DUBLIN, IRELAND Dean’s International Opportunity Scholarship 10 SINGAPORE Feb. 17–25, 2018 Intermediate 1 9 10 Accounting I (Undergraduate)

May 21–29, 2018 Global Marketing cross-listed with Principles of International 2 3 4 5 6 7 11 12 Business (Undergraduate) PARIS, BARCELONA, ROME, VENICE, ATHENS, SHANGHAI and BEIJING, CHINA LONDON, ENGLAND; ZURICH, FRANCE SPAIN and FLORENCE, GREECE May 10–20, 2018 SWITZERLAND; SINGAPORE; May 21–27, 2018 Jan. 6–14, 2018 May 21–29, 2018 ITALY Intermediate Accounting III HONG KONG, CHINA; TOKYO, JAPAN Principles of Service Marketing Accounting Scholars International (Undergraduate) May 20–June 3, 2018 Retailing (Undergraduate) May 21–30, 2018 Management Insurance Leadership in Operations (Undergraduate) Principles of International Markets and Society Business Entities and (Undergraduate) Business (Undergraduate) Combinations (Undergraduate) Marketing of Services (Graduate) (Graduate)

6 ST. JOHN’S BUSINESS | Fall 2018 stjohns.edu/business | ST. JOHN’S BUSINESS 7 FACULTY SCHOLARSHIP

level. He outlines how and why former Soviet countries transitioned after the fall of socialism. “Initially, economists viewed these countries as one bloc—all socialist nations—so they thought these countries should be expe‑ Central European riencing the same processes,” said Dr. Gevorkyan. “However, while few countries adjusted relatively well, with some in central Europe countries had much integrating with the European Union, many experienced devastating more autonomy in their economic collapses and breakdowns of social support systems.” The differences in the countries’ initial conditions played an integral decision-making despite role in how they fared from the late 1980s to today. Dr. Gevorkyan an overall centralized pointed out that formerly socialist countries of Europe, the Caucasus, and Central Asia had different experiences, even during the Soviet system. They had era. “Central European countries had much more autonomy in their experimented with more decision-making despite an overall centralized system. They had exper‑ imented with more relaxed economic norms, such as having a national relaxed economic norms, bank, enabling individual entrepreneurship, and allowing some private such as having a national property. Countries farther east in the Soviet Union did not have that, or at least not to a broad extent,” he said. bank, enabling individual While teaching macroeconomic development at St. John’s, Dr. entrepreneurship, Gevorkyan realized that despite a wide range of publications on related topics, there was yet to be one compactly condensing the and allowing some economic and social history of the formerly socialist countries in a private property. Aleksandr V. Gevorkyan, Ph.D., attending a meeting at the United Nations Headquarters in New York as an economics unified study to help readers more fully understand the diversity and expert for the Permanent Observer Mission of the Holy See to the United Nations. complexity of today’s global economy. —Aleksandr V. Gevorkyan, Ph.D., Associate Professor of Economics, Transition Economies: Transformation, Development, and Society The Peter J. Tobin College of Business in Eastern Europe and the Former Soviet Union is the second book Dr. Gevorkyan has written. He is also the author of Innovative Fiscal Policy Economic Lessons and Economic Development in Transition Economies and coeditor with Otaviano Canuto, Executive Director at the Executive Board of Direc‑ hile teaching economic development to St. John’s Uni‑ tors of the World Bank Group, of Financial Deepening and Post-Crisis versity undergraduate students, Aleksandr V. Gevorkyan, Development in Emerging Markets: Current Perils and Future Dawns. Transition Economies Ph.D., realized they were missing knowledge about the “This comprehensive analysis of transition processes is a welcome addition to the transition A NEW BOOK BY ASSOCIATE He is also the editor and translator of How Didliterature. It is richI in Survive?historical analysis and presents ,a soberinga memoirand factually rich presentation of the diverse evolutions in Central and Eastern Europe. A must-read for all those interested in W transition and countries of the region.” PROFESSOR ALEKSANDR V. culture and history of Eastern European countries that would help written by his grandfather Artavazd M. Minasyan,Gerard Roland, aE. Morris well Cox Professor- ofknown Economics, University of California, econo Berkeley, USA ‑ Transition “Professor Gevorkyan’s book is a must-read for those interested in, or doing research on, the topic of the cataclysmic changes that occurred in Eastern Europe and the former Soviet Union, them more fully understand current global economic realities. and that are still playing out towards as yet unknown destinations. The author has produced GEVORKYAN, PH.D., EXAMINES mist, philosopher, and professor in the Soviet Union.a thorough and insightful, yet questioning, account of the transition economies of that vast Economies region and diverse collection of countries. As an economist, he has analyzed that aspect well and thoroughly, but has gone far beyond that rather simplistic view of economic transition to analyze the far more complex topic of broad societal transformation. He has done so with TRANSFORMATION, DEVELOPMENT, Dr. Gevorkyan, an Associate Professor of Economics at The Peter J. “My daily interactions with my grandfatherattention probably to the historical, social, political and institutionalinfluenced changes that occurred during and as THE HISTORY AND ECONOMIES a result of the transition. Another important contribution is the author’s insistence on viewing the transition and transformation of the individual countries involved, as he has done in his AND SOCIETY IN EASTERN EUROPE analyses, rather than considering the region as a single entity as might have been implied from Tobin College of Business, said that information is crucial, especially my choice of going into economics,” said Dr. theGevorkyan. book’s title. Professor Gevorkyan has provided “He a highly analytical saw and nuanced view of an AND THE FORMER SOVIET UNION OF FORMER SOVIET COUNTRIES. enormously important topic, but with a framework and writing style that produce a comfortable, as well as valuable, reading experience.” for most college students who were born after 1998. “If we do not Daniel J. McCarthy, Emeritus University Distinguished Professor and McKim-D’Amore history as a persistent and complex process ofDistinguished social Professor of Global change.” Management and Innovation, D’Amore-McKim School of Business, Northeastern University, USA Aleksandr V. Gevorkyan Aleksandr V.Gevorkyan This interdisciplinary book offers a comprehensive analysis of the transition economies of Central BY MELANIE PADGETT POWERS learn a country’s history,” he said, “we cannot fully understand its Prior to coming to St. John’s in 2013, Dr. Gevorkyanand Eastern Europe and the former workedSoviet Union. Providing full historical as context a and drawingSe on‑ a wide range of literature, it explores the continuous economic and social transformation of the post- socialist world. current global realities.” The book’s core exploration evolves along three pivots of competitive economic structure, nior Financial Analyst at management consultinginstitutional firm change, and social welfare.BearingPoint The main elements include a detailed historical foranalysis of the early socialist economic model; its adaptations through the twentieth century; discussion of the 1990s market transition reforms; post-2008 crisis development; and the social and economic diversity in the region today. Always showing an appreciation for country specifics, the book also To fill in what he considered to be the Eastern European education nine years until he received his doctorate from theconsiders the Newurgent problems of socialSchool policy, poverty, income inequality,for and laborSocial migration. Transition Economies will be invaluable for advanced students, researchers, and policy makers working on transition economies, comparative economics, economic development, and the economics of central Europe, as well as economic history, international political economy, and post-Soviet and gap, he decided to write a book that would provide the history and Research. He then led North American operationsCentral and Easternat European another regional studies. manage‑

Aleksandr V. Gevorkyan is Assistant Professor of Economics at the Department of Economics and Finance of the Peter J. Tobin College of Business at St. John’s University, USA. His research context in an interesting narrative for individuals without an econom‑ ment consulting firm, Capco, before becoming coversa themesSenior in open economy macroeconomics, Economist economic development, international for financial economics, and post-socialist transition economics.

ics background. the Council. Dr. Gevorkyan hasECONOMICS taught / POLITICAL ECONOMYat Columbia/ DEVELOPMENT ECONOMICS Cover images: © Getty / Bob Krist

Dr. Gevorkyan’s new book, Transition Economies: Transformation, University, New York University, the New School, Long Island UniversiISBN 978-1-138-83113-1‑ www.routledge.com Development, and Society in Eastern Europe and the Former Soviet ty, and St. John’s University. Routledge titles are available as eBook editions in a range of digital formats 9 781138 831131 Union, examines the history of the region through three areas of change: Dr. Gevorkyan was awarded tenure and promoted to Associate institutional, social, and economic—specifically, at the macroeconomic Professor at Tobin in 2018.

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MEDIA A Smart MENTIONS Decision AND AWARDS YANNI PING, PH.D., IS A WELCOME International customs and ethics ADDITION TO THE PETER J. TOBIN are important because sooner or Norean R. COLLEGE OF BUSINESS. Sharpe, Ph.D. later all global employees will be Dean BY SYD STEINHARDT in positions where they will have “Educating the First Generation“ (with Kathryn important decisions to make. T. Hutchinson, Ph.D.) BizEd, July/August, 2018 —Sven Horak, Ph.D., Associate Professor of Management, The Peter J. Tobin College of Business anni Ping completed her Ph.D. in deci- Anthony M. Sabino, Esq., sion sciences from Drexel University this Professor of Law past May, and she began her term as tive division. Dr. Horak was stationed in (meaning relationships) and yongo. The latter Y “How to Opt Out of Assistant Professor of Business Analytics at The Sven Horak, Ph.D. Tokyo but managed a key account in Seoul, are networks based on family, university, Your Labor Union“ Peter J. Tobin College of Business in September. where he often traveled for meetings and and regional connections that are essential Fox Business, June Dr. Ping’s primary research interests are in where he later relocated permanently. for managers to understand, especially when 27, 2018 supply chain management and operations “I was at the intersection of not only three navigating the nation’s family-owned corpo‑ “5 Tips for Kavanaugh management. She earned her B.S. in mate- different subsidiaries but also three distinct rate structure. As Confirmation Gets Underway“ rial science and engineering from Shanghai FORMALIZING corporate and national cultures,” said Dr. “International business ethics are also Law360, July 10, 2018 Jiao Tong University in China and her M.S. Horak. He understood well the practical a central theme in my classes,” said Dr. “Here’s What Happened in industrial engineering from the Georgia elements of the global automotive industry Horak. “International customs and ethics are the Last Time Democrats Institute of Technology before moving to and its supply chain, yet was less famil‑ important because sooner or later all global Tried to Deny Brett Drexel University for her doctoral studies. Dr. THE POWER OF iar with the informal institutions he faced employees will be in positions where they Kavanaugh a Court Seat“ The Daily Signal, July Ping’s doctoral dissertation on outsourcing during negotiations among the three business have important decisions to make.” 10, 2018 decision-making was titled, “A Study on the entities. Learning them on the job helped Dr. Dr. Horak’s latest research continues to ex‑ “J&J‘s $4.69 Billion Talc Coordination of Decentralized Supply Chain: INFORMALITY Horak complete deals. “It drove me later to plore informal networks in business, including Loss Hands Investors a Outsourcing Decision Making and Selling my master’s and doctoral focus,” he said. entrenched ones in the Middle East (wasta) and What-Next Moment“- Under Novel Mechanisms.” FROM HIS PERSONAL EXPERIENCES AND ACADEMIC Today, Dr. Horak’s teaching and research in Russia (svyazi). Such informalities remain Bloomberg, July 12, 2018 The timing of her research is fortuitous, as RESEARCH, SVEN HORAK, PH.D., CONTENDS THAT in international management and organi‑ prominent in his classes as well. “We focus the political climate zation center on the role that informality mostly in academia on the formal institutions, Aleksandr V. INFORMAL INSTITUTIONS PLAY A MAJOR ROLE IN Gevorkyan, Ph.D., is roiled by debates MANAGING BUSINESS. plays in human interactions at the individual, but those are only 50 percent of what business Associate Professor on issues of econom- group, and network levels. Beyond business managers need to know,” said Dr. Horak. of Economics ic nationalism. Dr. BY BOB WOODS fundamentals—such as various countries’ Dr. Horak joined the Tobin College of “How History Matters in Ping’s work considers tax, accounting, and governance policies—his Business in 2013 after earning his Ph.D. in Post-Socialist Economies“ many elements of work draws on social sciences, in particu‑ international business magna cum laude, Developing Economics, August 1, 2018 repatriating offshore lar economic and organizational sociology, from the Mercator School of Management at operations, such as social psychology, and ethics. the University of Duisburg-Essen, Germany. Joan P. Ball, Ph.D. the impact on prod- Dr. Horak looks back at his personal ex‑ He was promoted to Associate Professor in Associate Professor Yanni Ping, Ph.D. uct quality. Dr. Ping’s decade before becoming periences as an expatriate in Tokyo and Seoul 2018. His latest publications include: of Marketing, research also includes operations management an Associate Professor of and the differences between working there • “Emotions, Indigenous Affective Ties, and and Timothy L. with joint applications of group buying, strate- Management at The Peter J. and in Europe or the United States. Social Network Theory–The Case of South Keiningham, Ph.D., Associate Professor of gies for building products for lower consumer Tobin College of Business at “Japan has a tight, homogeneous society Korea” Asia Pacific Journal of Management, Marketing, received the pricing, and business statistics. St. John’s University, Sven and culture,” said Dr. Horak, “and one is ex‑ • “Organizational Sustainability Determi‑ Highly Commended Paper “We are thrilled that Dr. Ping has joined AHorak, Ph.D., found himself at a career-de‑ pected to stick by those rules.” For instance, nants in Different Cultural Settings: A Award Best Paper Award for: “The Interplay of Tobin,” said Norean R. Sharpe, Ph.D., Dean of fining crossroads. After earning a baccalau‑ he learned the proper way the Japanese Conceptual Framework” Business Strategy Customer Experience and the Tobin College of Business. “Her scholar- reate degree in business administration and exchange business cards—never taken from and the Environment, Commitment” from the ship enhances and broadens the expertise a master of science degree in international your back-pocket wallet and always pre‑ • “International Human Resource Manage‑ Journal of Services Marketing at the Frontiers in Service and research in our Department of Business business in his native Germany, he worked sented by pinching two corners and with a ment in an Era of Political Nationalism” Conference in Austin, TX, in Analytics and Information Systems.” for Stuttgart-based Bosch Group’s automo‑ slight bow. In Korea, he encountered inmaek Thunderbird International Business Review September 2018.

10 ST. JOHN’S BUSINESS | Fall 2018 stjohns.edu/business | ST. JOHN’S BUSINESS 11 hat is the current state of the real estate market? It depends on which headline you read. Some warn of red flags that indicate a market set to crash, or a second housing bubble that could burst at any moment. Others paint the Wopposite picture, talking about sizzling markets causing bidding wars in new locations, with no signs of cooling on the horizon. “I think there are mixed signals. For the most part, economic fundamentals are strong. The economy is Getting growing at a good pace. Unemployment is low, job growth has been consistent, and consumer confidence and business sentiment have been high,” said Andrew T. Piekarski ’87CBA, a Real Estate Director at Wafra Investment Advisory Group, who is also a St. John’s alumnus and teaches an undergraduate course on real estate finance at the University. “All of these point to a continuing demand for space and the potential to increase rents. There are some offsetting factors, though, which contribute to some uncertainty. Supply has been increasing, interest rates have been trending up, and there is growing unease with the potential impact from trade disputes and on‑ going political turmoil,” continued Mr. Piekarski. “So, despite strong fundamentals, there are other forces at work and they are being recognized in the market. Real estate pricing is already high compared to historic pricing. Even with strong fundamentals, it is hard to see much upside in prices. I expect that you will see pricing moderate.” With the 2008 real estate crash still fresh in most Real people’s minds, some potential investors are under‑ standably skittish about entering a market that has ex‑ A decade after the real estate sector imploded, perienced several straight years of solid growth. While observers see varied signals in the market. no crystal ball can guarantee positive returns, experts like Mr. Piekarski stress the importance of under‑ standing the underlying factors that are putting both BY CALVIN HENNICK upward and downward pressure on property prices.

stjohns.edu/business | ST. JOHN’S BUSINESS 13 Strong Demand, Short Supply “There are too few homes available, given the number of buyers out there,” said Mr. Bishop. “If you go back to the financial crisis, there were plenty of homes on the market, and now we really have a housing shortage. That is probably New M.B.A. the most important factor that determines what else is going on in the real estate market.” in Real Estate As of June, Mr. Bishop said, there was a 4.3 month supply of homes on the market— well short of the six-month supply that Launched at would create a balanced market. Economic Indicators “We are a long way, if you use that measure, Tobin “Everything is ultimately interconnected tent does an increase in interest rates compress from seeing any excessive number of homes on with the economy,” said Mr. Piekarski. home prices? There is not a perfect correlation the market that would cause “Where there is uncertainty, that tends to there, but it is a big factor.” prices to decline in any signif‑ dissuade businesses from taking on addition‑ Mr. Piekarski said that tariffs are “too new icant way,” said Mr. Bishop. al obligations, including expanding space.” and raw” to have had a clear impact on the “One big difference today, ithin a few miles of St. John’s University Mr. Piekarski notes that current economic real estate market yet. “But it is clearly a risk,” versus what we experienced a sits some of the most valuable real estate markers, such as growth and employment, are he said. “While the potential impact from decade ago, is that the reason W in the world. largely positive, but adds that any number of tariffs is still uncertain, it could negatively prices are rising is because of The island of Manhattan alone is worth, by some developments—such as a further deterioration impact business decisions over the near term.” pent-up demand, as opposed to estimates, upward of $2 trillion—to say nothing of of relationships between the US and its trade Exactly how the Tax Cuts and Jobs Act people speculating.” “FOR THE MOST New York’s other four boroughs and Long Island. partners, or domestic political turmoil—could of 2017 will influence the real estate market Mr. Melman adds that PART, ECONOMIC Beginning this academic year, The Peter J. Tobin cause a shock to the economy that would is still unclear. While lower taxes for many home builders are struggling FUNDAMENTALS College of Business is putting students on track to have a negative impact on real estate. businesses and individuals could spur eco‑ to meet the demand for hous‑ ARE STRONG. make their mark in this exciting market, offering ing for a number of reasons, Stephen Melman, Director of Economic nomic growth and investment, there are also THE ECONOMY IS M.B.A. candidates the chance to concentrate in real Services for the National Association of Home components of the law that could have an including rising lumber pric‑ estate or real estate finance. Builders, said the current economic recovery adverse impact on the real estate industry. For es—even before new tariffs— GROWING AT A “New York’s economy is built on FIRE—finance, is “getting to be long in the tooth.” However, example, the increase in the standard deduc‑ and a lack of available lots in GOOD PACE.” insurance, real estate,” said Biagio Pilato, Esq. ’87CBA, Mr. Melman notes that duration alone is not a tion for individuals means that fewer people desirable communities. —Andrew T. Piekarski ‘87CBA, a Real ’97L, LL.M., Associate Professor of Accountancy. “The reason to think that conditions will soon sour. are likely to itemize their deductions, effectively “There are a lot of things Estate Director at Wafra Investment Advisory Group Tobin College of Business offers courses in finance and “An expansion does not end because of age. eliminating the mortgage interest deduction for working against builders insurance, and now we are adding the missing compo- There has to be a reason for it,” he said. “It some homeowners. Furthermore, the cap on right now,” said Mr. Bishop. nent, which is real estate.” appears like there is going to be growth. Gross deductions for state and local taxes may make “I do not know a builder who would not “The program presents an exciting opportunity for domestic product looks like it is going to grow, some homeowners less likely to upgrade, as put a shovel in the ground if they could do students, who will benefit from New York’s uniqueness and the expansion is going to continue.” many of them will no longer receive an income it. There are a lot of constraints. I do not as a real estate market in which there is a finite amount tax benefit to offset increased property taxes. see any crash in prices because there are too of space and millions of people who want to live here,“ The cap on mortgage deductions could even many people and too much demand.” said Jason P. Berkowitz, Ph.D., Assistant Professor of Taxes, Tariffs, and de-incentivize home upgrades, according to Ordinarily, one might expect prices to con‑ Finance, who helped launch the new programs. Interest Rates Laura Lee Mannino, J.D., LL.M., Associate Pro‑ tinue to rise until demand is met. However, in Andrew Piekarski, a Real Estate Director at Wafra Interest rates and tariffs on building materials fessor, Accounting and Taxation, at St. John’s. some markets, prospective buyers have begun Investment Advisory Group, who also teaches an un- are two in-flux factors that could have dra‑ “The good news is that the new law does to sit out because there is simply nothing avail‑ dergraduate course on real estate finance at St. John’s, matic impacts on the real estate market, and not place a cap on the deductibility of property able in a price range that they can afford. said the location of the University gives St. John’s the impacts of the Tax Cuts and Jobs Act of taxes that are paid or incurred in connection “Prices have been increasing at a steady students unique access to talented adjunct faculty 2017 are still making themselves known. with a real estate business,” she said. “It is diffi‑ clip for several years,” said Mr. Bishop. “If members and hands-on experiences. “The pace and “In recent market surveys I have looked at, cult to see the long-term effects of these changes you are in the market to buy a home, especial‑ feel of being in New York is going to be different from the number-one risk factor to the industry cited because the limit on the state and local tax ly for first-time buyers, that can be a real chal‑ the experience anywhere else,” he said. by market participants tends to be interest rate deduction will sunset at the end of 2025.” lenge. We have seen prices for existing homes Robert J. Sein, Esq., Director of the Mattone uncertainty,” said Robert J. Sein, Esq., Director “It is a mixed bag, with both advantages rising by about six percent a year. You look at Family Institute for Real Estate Law at St. John’s University of the Mattone Family Institute for Real Estate and detriments,” added Paul Bishop, Vice that relative to average income increases, and School of Law, calls New York “the world’s best training Law at St. John’s University School of Law. “As President of Research for the National Asso‑ they are nowhere near that quick. The squeeze ground” for real estate professionals. “It is hypercompeti- interest rates increase, this exerts downward ciation of Realtors. “For the commercial real is getting tighter and tighter. It is not just a tive, and the deals are sophisticated and heavily negotiat- pressure on asset prices, all other things being estate industry, there are benefits. But for many matter of too few houses.” ed,” said Mr. Sein, who anticipates partnerships between equal. It has a dramatic effect throughout the homeowners in expensive markets, it is a prob‑ the emerging M.B.A. programs and the Mattone Center. industry. From the perspective of the individual lem. One of the impacts of tax reform is that it Calvin Hennick is a business and technology “If you can practice real estate law or succeed in the real homeowner, the question will be, to what ex‑ made home ownership more expensive.” writer based in Milton, MA. estate business here, you can succeed anywhere.”

14 ST. JOHN’S BUSINESS | Fall 2018 stjohns.edu/business | ST. JOHN’S BUSINESS 15 Since 2008, St. John’s students who volun- teered for the VITA program have prepared more than 11,000 tax returns resulting in refunds of $16 million. TIME BY SONA PAI Tax An Invaluable Service about the details surrounding tax prepara‑ The service students provide is more than a tion and build critical experience in working Through the VITA program, St. John’s University student convenience for clients—it can have a signifi‑ directly with clients in a real-world setting volunteers serve their community and build professional skills. cant impact on clients’ ability to support their where the stakes are meaningful. families. For example, as part of their training, “Having the opportunity to apply what 2018 VITA students learn about tax credits and deductions is learned in class to a real taxpayer is PROGRAM clients might not be aware of on their own. FOR NINA DORATA, Ph.D. basic tax topics, case studies, and simulated invaluable to students, as they see the tax BY THE This is particularly important for clients ’79CBA, ’88MBA, Professor and Chair of The interviews. Next, the students take an exam laws come to life before their eyes,” said who qualify for the Earned Income Tax Credit NUMBERS Peter J. Tobin College of Business Department to qualify for VITA. St. John’s students who Laura Lee Mannino, J.D., LL.M., Associate (EITC), a federal tax credit for working people of Accountancy, tax season begins in October. pass the exam and are selected for the pro‑ Professor of Taxation. “They attain real-life earning low to moderate incomes. Designed That is when she asks for student volunteers to gram then participate in software training on experience before they even apply for jobs.” to offset federal payroll and income taxes, the participate in the Internal Revenue Service’s Vol‑ campus in advance of tax season. “Communication skills are essential for a EITC is refundable, which means if the credit unteer Income Tax Assistance (VITA) program. In the past, students worked with clients in tax preparer, just as they are for a physician,” itself is more than the amount of taxes owed, “We typically get about 60 volunteers,” person at Food Bank for New York City loca‑ added Dr. Dorata. “The students have to talk the taxpayer receives a check for the balance. said Dr. Dorata. “It is a big commitment on tions in Jackson Heights, Jamaica, Staten Island, to a client if they need more information for Between In 2018, the 61 student volunteers in the part of the students, and our clients are Sunset Park, and at St. John’s Bread & Life. the tax return. Plus, they have to communi‑ qualifying, Tobin College’s VITA program filed 197 61 always so appreciative.” Today, most of their work happens virtually. cate the results of the return, which may be STUDENT returns that qualified for the EITC, resulting training, and St. John’s students who participate in the From January through April, a classroom good news or bad news. It is a great way for VOLUNTEERS in nearly $324,000 in refunds to clients. To doing the program prepare basic tax returns for clients in The Peter J. Tobin College of Business our students to hone their professional skills.” date, Tobin VITA volunteers have helped actual tax who qualify for VITA—people who earn less is transformed into the Virtual VITA Lab, The accounting firm KPMG LLP offers clients collect $7 million in EITC refunds. than $54,000 a year. where students and volunteers from the Food a $2,500 scholarship each year for the St. preparation, “Many of our clients simply cannot afford So far, St. John’s students have prepared Bank for New York City serve their clients John’s student who prepares the most tax each student to have their taxes prepared by a profession‑ tax returns for more than 11,000 clients, re‑ via 20 desktop computers and phone lines. returns through the VITA program. volunteers al,” said Dr. Dorata. “They are getting that sulting in tax refunds of nearly $16 million. Though VITA does not solicit or advertise Theresa Ahlstrom ’83CBA, who is a approximately for walk-in clients, it works closely with the professional service from our students, and partner at KPMG LLP and oversees the firm’s 60 hours of Equipping an Army of Volunteers St. John’s University Veterans Success Center they are overwhelmingly grateful for the annual giving campaign to fund scholarships Dr. Dorata helped launch the program in 2008, to offer tax preparation services for its stu‑ work our students do.” at St. John’s, participated in an earlier itera‑ 197EITC RETURNS service during tax season. in connection with St. John’s Bread & Life and dent veterans. tion of the VITA program when she was an FILED the Food Bank for New York City, the latter of “The VITA program speaks to the essence Real-World Experience accounting student at St. John’s. —Nina Dorata, Ph.D. which receives a grant from the IRS to coordi‑ of the service, which is at the core of the Each year, more than 100 students apply to “Participating in the VITA program gives ‘79CBS, ‘88MBA, Professor and Chair of The Peter J. nate delivery of the VITA program. Vincentian mission that is an integral part of be VITA volunteers, and more than half of the you a great sense of gratification that you Tobin College of Business “Food Bank for New York City supervises St. John’s University,” said Maria M. Pirrone applicants pass the exam and become volun‑ are helping someone who did not have the Department of Accountancy the entire process, and we provide the army,” ’88CBA, ’90MBA, ’93L, LL.M., Associate teer tax preparers. Dr. Dorata said students experience or the means,” said Ms. Ahlstrom. said Dr. Dorata. “Between qualifying, train‑ Professor of Taxation. are primarily juniors and seniors or graduate “I know many students are already working ing, and doing the actual tax preparation, The clients who qualify for the service students in accounting. However, she is also outside of school, along with demanding each student volunteers approximately 60 visit designated locations around the city seeing growing interest in the program among academic requirements. It speaks loudly for hours of service during tax season.” to scan and upload tax documentation to a freshmen and international students.$7,000,000their character and professional drive to take EITC REFUNDS To qualify, students must take an e-learn‑ secure server. Students then download the For accounting students, the experience the time to serve others. It is a win-win and SINCE 2008 ing course through the IRS called Link documentation, call the client with any ques‑ is a chance to put what they have learned in a great example of carrying out St. John’s & Learn Taxes, which includes lessons in tions, and start filing electronic returns. the classroom into practice. They learn more Vincentian mission of service.”

16 ST. JOHN’S BUSINESS | Fall 2018 stjohns.edu/business | ST. JOHN’S BUSINESS 17 evin F. Reed ’75C, retired managing When we engage with alumni to show them what has been director at Citigroup, Inc., has been happening in the past few years, they are incredibly im‑ involved with St. John’s University for pressed. Similarly, when we connect alumni with students, more than 40 years. Among his many the enthusiasm is palpable on both sides. honors is his receipt of the University’s I am fortunate to work with Dean Sharpe, whom I Spirit of Service Award in 2014. He be‑ consider to be second to none; she is incredibly smart, came chair of Tobin’s Board of Advisors strategically focused, has great communications skills, in 2016. and is easy to work with. We also have a great Board of St. John’s Business recently discussed Mr. Reed’s vision Advisors. We have grown to be a Board of more than 30 Kand objectives for The Peter J. Tobin College of Business. members, and all the members are accomplished, collegial, and share the common goal of making Tobin even better. 1. What motivated you to serve as the Chair of The Peter J. Tobin College of Business Board of Advisors? 3. What are some of the changes you have seen at I had been serving on the University’s Board of Governors, Tobin in the past two years in your role? as well as various committees, when I heard that Dean Certainly, the renovated Tobin College building is magnifi‑ Norean R. Sharpe, Ph.D., was seeking someone to chair the cent. Two of its hallmarks are the Lesley and William Collins Tobin Board of Advisors. I wanted to be part of a nation‑ Business Analytics Lab and the Paul and Carol Evanson Ca‑ Giving ally ranked business school and to support Dean Sharpe in reer Services Center, both of which are critical for students. achieving her vision and the goals that she set out when she The College has also been aided by the recognition of assumed the role in the summer of 2016. It is important for its rise in two of the most important rankings—No. 79 in alumni to support senior leadership at the College. Poets & Quants’ Top Business Schools for Undergradu‑ There are a number of reasons why I believe Tobin has ates and its recent No. 101 ranking in the U.S. News & Back to a strong future. For example, the magnificent, state-of-the- World Report’s list of Part-Time M.B.A. Programs. Each art Tobin building provides students with a real sense of of these rankings was a first for the College. community. It is not only a place where they can attend Beyond those two milestones, we have seen the addition class, but also a place in which they can work collabo‑ of outstanding faculty and the revival of an alumni maga‑ ratively and interact with their fellow students. zine, which has been made possible through the generosity Tobin When high school students visit a campus, they of one of our donors. The young men and women who want to see a brand new building, as that is the comprise our student body also impress me. I see them in norm of a college campus today. And the proximity action all the time, be it participating in events such as the to Manhattan gives them access to the top finan‑ James and Eileen Christmas Business Plan Competition or cial and professional services firms in the world. volunteering at the Tobin CEO Seminar Series. The students Finally, I think that Dean Sharpe has hired are wonderful representatives of the University. INTERVIEW WITH talented faculty and has developed a strong KEVIN F. REED ‘75C, Board of Advisors. 4. What would you say to an alumnus or alumna who CHAIR OF THE PETER is considering service on the Tobin Board of Advisors? J. TOBIN COLLEGE OF 2. How would you describe your role as Many alumni only see their role as making financial BUSINESS BOARD OF Board Chair? contributions. While that is certainly important for the I see my role as serving as a strong advo‑ long-term viability of the College, there are many other ADVISORS. cate for Tobin while helping Dean Sharpe ways to get involved and to give back. to accomplish her objectives. There are a One prominent way is to get involved in the mentor‑ number of ways in which we can accom‑ ing program. Many of our students are the first in their plish these goals. An obvious one is to families to attend college. We have an obligation, as part reach out and re-engage alumni. For ex‑ of our Vincentian mission, to help someone to appreci‑ ample, we have invited alumni to dinners ate and navigate the challenges that they may face as a that we have been hosting in Manhattan first-generation student. on a regular basis. We also invite them Students are looking for guidance, and alumni are to come back to campus to see what is looking to provide it. This is a great way to get involved; happening now, such as the facilities in furthermore, the mentor and the mentee both benefit. By the renovated building. We also try to guiding someone, and perhaps hiring him or her as an in‑ emphasize the many positive attributes tern and providing a career path, you are doing something that have long existed at the University. meaningful: You are helping to change someone’s life.

18 ST. JOHN’S BUSINESS | Fall 2018 stjohns.edu/business | ST. JOHN’S BUSINESS 19 SELF-MADE ALUMNI CLASS NOTES

TOBIN BY THE DECADE

AHEAD OF THE CURVE 1960–69 A ST. JOHN’S UNIVERSITY EDUCATION PREPARED MARK P. KRITZMAN ’73CBA FOR A FINANCE REVOLUTION. FINDING Bruce McNally BY JENNIFER LUBELL ’62CBA was in an A HOME Airborne Division Robert Orecchia of the US Army ’75CBA spent DEDICATED ALUMNA THERESA prior to entering St. the majority of his AHLSTROM ’83CBA HAS SPENT John’s. After grad- 42-year professional HER ENTIRE CAREER AT ONE OF uation, he worked career focused on love of college is what place at the right time. for two airlines, an regulatory and an- initially drew asset manager “The training I received at St. John’s helped THE BIGGEST AUDITING FIRMS IN aerospace compa- ti-money laundering Mark P. Kritzman ’73CBA to St. prepare me for the technological and analytical THE WORLD, KPMG LLP. ny, and eventually compliance. He John’s University. After graduat‑ advances in finance, which led to the rise of became president rose to become a BY MELANIE PADGETT POWERS Managing Director ing in 1973 with a strong foun‑ fintech. Early on in my career, I was in a posi‑ of his own com- pany. He is now at Citibank in 2007 Adation in mathematics and statistics, he would tion to apply these theories in my professional retired and living and retired to Cali- soon discover the value of his economics degree. work,” said Mr. Kritzman. He felt fortunate Theresa Ahlstrom '83CBA in Florida. fornia in 2017. After earning an M.B.A. from the New that he got to meet with and learn from Dr. York University Stern School of Business, Mr. Markowitz and other pioneers of modern s a junior at St. John’s University in 1982, Theresa Ahlstrom ’83CBA 1970–79 George S. Kritzman entered the workforce at a time of finance, including Fischer Black, Ph.D., Robert interned at auditing firm Peat, Marwick, Mitchell & Co., which later Yannaras upheaval in the finance C. Merton, Ph.D., and Jack L. Treynor. became KPMG LLP. She has been there ever since. ’75MBA, a Certified A Government Financial world. A huge sell-off in “They were all academics, and they were Hired as an Audit Assistant Accountant in the Long Island, NY, office after the stock market in the interested in helping the industry embrace Manager with 45 years graduation, she made partner in 1993, and served in the firm’s audit practice for of financial experience early 1970s, together these theories,” said Mr. Kritzman, who went 26 years. She held a variety of leadership roles, including Managing Partner of in the private sector, with more stringent fidu‑ on to become the founding partner and CEO the Long Island office, a member of the Board of Directors, and an executive in federal government, ciary obligations imposed of Windham Capital Management, LLC, and the National Risk Management Office. Russ Bove and academia by the Employee Retire‑ join an elite group of financial analysts. Attending St. John’s on a full scholarship, Ms. Ahlstrom was a member of ‘72CBA was teaching graduate and undergraduate courses ment Income Security Act A founding director of the International the speech and debate team—on which she met her future husband, Robert named the 2017 East Coast Scout of in finance at the Uni- of 1974, led investors to Securities Exchange, Mr. Kritzman had a hand J. Ahlstrom, Jr., Esq. ’85C, ’88L—and was the first in her family to graduate versity of La Verne and reconsider conventional in writing seven books including A Practitioner’s the year by Major from college. League Baseball. at Capital University, approaches to asset man‑ Guide to Asset Allocation, Puzzles of Finance, “The support I received from my professors and my debate coach He is a Special joined Novel Microde- agement, which lacked and The Portable Financial Analyst. A nine-time inspired me to work hard and fulfill my goals,” said Ms. Ahlstrom, who Assignment Scout vices, LLC, a Maryland biotech startup. rigor and theoretical winner of the Bernstein Fabozzi/Jacobs Levy received the University’s Alumni Outstanding Achievement Award in 2008. for the Toronto Blue grounding, according to Award, which honors research excellence and “That is one of the many reasons why I have been so passionate about con‑ Jays. A member of 1980–89 Mr. Kritzman. portfolio management practices, Mr. Kritzman St. John’s base- tinuing to lead the KPMG LLP annual giving campaign for St. John’s, which ball team from The confluence of this earned the Peter L. Bernstein Award in 2013 for principally funds endowed scholarships for accounting students.” 1968–72, he won bad market event and best paper in the Institutional Investor Journal. To date, approximately $500,000 of these scholarships have been award‑ the Peter P. Smith more onerous fiduciary As a Senior Lecturer at the Massachusetts ed. This year, KPMG LLP distributed $62,500 in scholarships; $60,000 to Award in 1971. liability encouraged Institute of Technology, Mr. Kritzman said 10 accounting students entering their fifth year, and $2,500 to the Vincen‑ professionals to look teaching finance has become rigorous with the tian Award winner from Tobin’s participation in the Internal Revenue Ser‑ for guidance from the inclusion of new theories for constructing port‑ vice’s Volunteer Income Tax Assistance program (see page 16). The Vincen‑ academic community. folios, valuing assets, and managing risk. The Feeling discouraged tian Award winner the past two years has been Binny Gupta ’20TCB. and roaming the halls In particular, industry content has changed a lot since his time at St. A member of the Tobin College Board of Advisors, Ms. Ahlstrom encourages after doing poorly Mark P. Kritzman ’73CBA professionals focused on John’s. “It has become more scientific,” he said. other alumni to get involved through helping with events, serving on commit‑ on the LSAT, John the work of Harry Markowitz, Ph.D. in port‑ Despite the many hats he wears, Mr. Kritz‑ tees, or becoming a mentor. She cites the Board’s impending launch of a mentor Barbara (Rohan) Martin ’88CBA folio selection and the asset pricing work of man stays engaged with St. John’s. He serves on program as an example of such involvement. Natarajan ’73CBA encountered Dean William F. Sharpe, Ph.D. and Stephen L. Ross, The Peter J. Tobin College of Business Board accepted an under- Peter J. Tobin, who “What a great way to reconnect with St. John’s and to make a meaningful writing position at took him to his office Ph.D.,which would eventually form the basis of Advisors and partnered with his wife to difference in a student’s career,” she said. Aetna Insurance in and encouraged him of modern finance. establish an endowed scholarship. He also has Public accounting has changed radically throughout Ms. Ahlstrom’s career. New York through to enter the MBA Prior to these events, finance had no for‑ not lost his school spirit and is an avid bas‑ New professionals must not only have the technical skill sets to meet the new on-campus recruiting program. He suc- mal structure in terms of how it was applied, ketball fan. “I look forward to the upcoming demands of the profession, but also focus on the value proposition for clients as following gradua- cessfully completed Mr. Kritzman explained. As a young finan‑ season,” he said. Mr. Kritzman resides in Boston tion. She is currently his degree in January advanced technologies accelerate productivity. Accountants know the language employed with 1988 and never but attends as many games at Madison Square cial analyst at the Equitable Life Assurance of business but are required to interpret that language for clients as their most Combined Insurance forgot that meeting Society, Mr. Kritzman felt he was in the right Garden as his schedule will allow. trusted business advisor. in East Haven, CT. with Dean Tobin.

20 ST. JOHN’S BUSINESS | Fall 2018 stjohns.edu/business | ST. JOHN’S BUSINESS 21 SELF-MADE ALUMNI CLASS NOTES

2000–09 Christina ’11C, ’13SOE and Chris Steudte ’05TCB were married on May 12, 2018, at Bridget (Carlin) St. Anne's Roman Wasilowski ’09BS, Catholic Church ’11MBA and Tom- in Brentwood, NY. They were joined by Roger Canales my Wasilowski family, friends, and is ’09BS, ’10MBA were swift transition from college graduate in 2014 ’04TCB, ’05MBA 25 fellow St. Vice President in the married in 2015 and to center back for Major League Soccer’s Van‑ John's alumni. Structured Assets & now reside in Downers couver Whitecaps FC in January 2015. Alternatives Group at Grove, IL, with their During his time with the Red Storm, Mr. Voya Investment Man- son, Jacob. Tommy Parker did the team proud, playing in 79 agement. He resides in works as a Financial Analyst at Citadel LLC, of 80 scheduled games, earning BIG EAST Garden City, NY, with wife Harumy ’03TCB and Bridget works at conference athletic honors during his fresh‑ and their daughters, Ticketmaster as a Cli- JOIN THE TOBIN ALUMNI ASSOCIATION man, sophomore, and junior years. Mr. Parker Brynn and Sydney. ent Support Specialist. played a key role in securing the team’s 2011 BIG EAST Tournament win and was a three- 2010– Make connections, network with colleagues, E-mail [email protected] to join the time National Soccer Coaches Association of Jessica Boccio PRESENT ’05TCB started her help students, and participate in enjoyable mailing list and be a part of the St. John’s America All-Region selection. business, 4 The Greater events with fellow alumni through the Tobin Tobin Alumni Association. He continues to excel in the sport. He Good, this past Janu- Alumni Association! earned 70 starts in his first three seasons as ary. She owes it all to a Demetrios Frangiskatos a pro and played in the Western Conference professor who planted Take part in speaking panels, happy hours, President, Tobin Alumni golf outings, student engagement events, and Association, Managing Partner, Semifinals with the Whitecaps in 2017. In a seed years ago by asking the class, “Who other great networking activities. BDO USA LLP early 2018, the New York Red Bulls acquired here wants to own Mr. Parker as their center back. their own business Scott Eichner Stay connected: Through his rapid acceleration from college one day?” ’16TCB is currently to professional soccer, Mr. Parker has nev‑ the Director of Athletic @StJohnsTobinAlumniAssociation @tobinalumni @tobinalumni er forgotten about the Vincentian values he Compliance at the Christopher University of Tennessee, learned at St. John’s. DiSalvatore Tim Parker ’14TCB after having been pro- He applied those values as part of the White‑ ’09TCB met his moted this past March. caps, when he made regular visits to the British future wife, an Columbia Children’s Hospital. It was during exchange student GOAL ORIENTED these visits that Mr. Parker befriended a young from Santiago, Chile, in his last semester. man who recently beat cancer. Married in 2013, they MAKING THE LEAP FROM COLLEGE “Apart from the games, we have been able have two boys, Max STAR TO SOCCER PRO, TIM PARKER to meet outside of the soccer environment and and Lucas. He started his finance career in ’14TCB HAS NEVER FORGOTTEN have kept in touch even when I go home in the Paul Gallagher off-season,” he said. New York, moved to HIS VINCENTIAN ROOTS. Santiago to work for ’16BS, ’17TCB Mr. Parker is also involved in the Garth Credicorp Capital, began working as a BY JENNIFER LUBELL Brooks Teammates for Kids Foundation. Pro and is now an Analyst Tax Associate at Grant athletes who partner with this organization at hedge fund RWC Thornton LLP in New make donations based on performance levels Partners in New York. York after graduation. He successfully passed in their respective sport to support children’s all four parts of the health and education and low-income neigh‑ Pedro Gomez CPA exam. IN MEMORIAM ust after Tim Parker ’14TCB complet‑ borhoods outreach initiatives. ’09TCB, ’11MBA and ed his first season with the St. John’s Even with his career in full bloom, Mr. Park‑ John Kelly ’09TCB, J University Red Storm soccer team, er knows that he will not be playing soccer ’11MBA were married Zachary Savino William F. Ryan, ’90CBA, his coaches saw a professional future forever. He intends to use his finance degree on May 19 in New ’18TCB was named passed away on August York. They met in winner of the James 19, 2018, due to stage IV for the gifted player. Aided by his academic to earn a place in the business world. Ideally, 2005 during student and Eileen Christmas lung cancer caused by his advisors and coaches, Mr. Parker was able to he would like to obtain Series 7, 63, and 65 ambassador training in Business Plan Competi- time spent at Ground Zero complete his finance degree in less than four licensing, but he needs sponsorship from a St. Vincent Hall. Pedro tion for his out-of-home following the 9/11 terrorist years to pursue that dream. company or group—something that is difficult is currently a Manage- adver­tising business attacks on the World Trade “It was one of the best decisions I made, to accomplish while playing soccer. ment Supervisor at called Sibyl Systems. Center. Mr. Ryan leaves Havas Worldwide, and In addition to winning behind his wife of 20 years, although it did require courses in the summer “Having those licenses would teach me John is Vice President of this year’s top honor, he Deirdre, and their children, and extra courses in the spring when I was much more and help me when my soccer Product Management was also awarded Michaela and Caroline. out of season,” said Mr. Parker, who made the career is over,” Mr. Parker said. at American Express. a prize of $5,000.

22 ST. JOHN’S BUSINESS | Fall 2018 stjohns.edu/business | ST. JOHN’S BUSINESS 23 PRESIDENTʼS PERSPECTIVE Building a Strong Foundation THE PETER J. TOBIN CONRADO “BOBBY” GEMPESAW, PH.D., PRESIDENT OF ST. JOHN’S UNIVERSITY, ENVISIONS A SOLID FUTURE FOR COLLEGE OF BUSINESS THE PETER J. TOBIN COLLEGE OF BUSINESS. BOARD OF ADVISORS 2017–18

or The Peter J. Tobin College of Business, the largest gift in St. John’s University history and increased enrollment mean Robert Adams Catherine Genzlinger Kathleen McGovern Andrew Piekarski Thomas Scaturro even more opportunities for student success. ’84CBA, ’88MBA ’82CBA ’88CBA, ’91L ’87CBA ’86CBA In this issue of St. John’s Business, Conrado “Bobby” Executive Vice President Chief Operational Principal, Fraud Acquisitions Senior Market Leader FGempesaw, Ph.D., President of St. John’s University, discusses how Fidelity Investments Risk Officer Investigation & Wafra Investment Key Private Bank this record-breaking $15 million donation from The Starr Foundation, BNY Mellon Dispute Services Advisory Group in concert with alumni support, will impact the future of the Theresa Ahlstrom EY Joseph H. Schwartz University. Dr. Gempesaw also expands on the increased enrollment ’83CBA Greg Hendrick John Rasulo ’70C, ’72MBA, ’09HON in Tobin’s Fast Track programs, as well as the advantages students Partner ’87C Brian Meisner ’88MBA Partner and Senior Vice have studying and interning in New York’s diverse business culture. KPMG LLP President, Property & ’98SVC Executive Director/ President (Retired) Casualty Partner/Counselor Financial Advisor Wellington Management Vincent P. Colman XL Catlin at Law JP Morgan Securities Company, LLP ’82CBA Voute, Lohrfink, Magro Vice Chairman Mark Kritzman & McAndrew, LLP Kevin F. Reed, Chair Edward Smith 1. What will the recent record-breaking $15 million students have a similar, exceptional experience at the College. PwC ’73CBA ’75C ’66CBA gift to the School of Risk Management, Insurance I am very grateful to our alumni—more than 184,000 Chief Executive Officer Peter J. Micca Managing Director Partner (Retired) (Retired) and Actuarial Science (the SRM) at The Peter J. Tobin strong—for their gift of time, talent, and philanthropy to Chris Concannon Windham Capital ’89CBA KPMG LLP Management Partner Citigroup Asset College of Business mean for students preparing for help ensure the success of St. John’s students. ’92MBA Deloitte & Touche LLP Management careers in the insurance industry? President and Chief Alicia (Botero) Operating Officer Salvatore LaGreca Speight The Starr Foundation gift will transform the lives of our 3. What do you believe is driving increased enroll- CBOE Holdings ’76CBA Michael Nardo Salvatore Restivo ’82CBA students. This historic gift will help support the University’s ment at the Tobin College of Business this year? Chief Operating Officer ’90CBA ’85CBA, ’89MBA Florida Market Leader plan to expand the professional programs and enrollment Unlike declining enrollment trends taking place at many and Chief Financial Managing Director, Partner Willis Towers Watson Maureen Depp EY of the SRM, particularly for students most in need who other business schools, the Tobin College has seen enroll‑ ’76CBA Officer Enterprise and have the talent and desire to work in the insurance and ment increase. This can be attributed to the creation of the Managing Director Precise Leads, Inc. Operational Risk Peter J. Tobin financial services industry. As the Chairman of The Starr Fast Track M.B.A. and M.S. degrees. These programs initi‑ Golden Seeds Management Michael J. Rice ’65CBA, ’96HON Managing Director Foundation—one of the largest private foundations in the ate graduate-level coursework for qualified undergraduate Michael Lagnese GE Capital Chief Financial Officer ’88CBA Track One Capital (Retired) United States—Maurice R. “Hank” Greenberg oversees the students enrolled at St. John’s who are pursuing a variety of Diane D’Erasmo Services disbursements of major financial support to institutions majors. An accelerated course of study toward an advanced ’76CBA Senior Vice President, Christopher Pappas Chase Bank Enterprise Risk ’84CBA Dean (Retired) worldwide, in the areas of education, medical research and degree at the Tobin College is attractive to students who Vice Chair (Retired) HSBC Bank USA Synchrony Principal Robert G. Rooney The Peter J. Tobin health care, human needs, culture, and public policy. Mr. are focused on their career goals. As a result, enrollment in International ’78CBA College of Business Greenberg chose to support St. John’s because he found the College’s Fast Track programs has grown from approx‑ Lodging Corp. Executive Vice Demetrios Joseph Mauriello that highly intelligent and motivated students consistently imately 70 students three years ago to approximately 250 President and Chief Kristina Vieni Frangiskatos ’66CBA, ’72MBA come from the SRM. With the gift, the SRM is poised to seniors this fall. Deputy Chairman and Operating Officer ‘02BS, ‘06MBA ’00CBA Josephine Pappas build on its more than century-old mission of educating Chief Operating Officer ’84CBA Novitex Enterprise Managing Director New York Metro (Retired) Senior Vice President, Solutions Grant Thorton LLP future business leaders, who like Mr. Greenberg, will shape 4. The Tobin College of Business is one of the more Managing Partner of KPMG LLP Global Operations the insurance industry for generations to come. diverse business schools in the US Can you share Assurance Services The NPD Group Lawrence Ruisi the advantages of this? BDO USA LLP ’70CBA, ’75MBA 2. We have also acknowledged the contributions The importance of diversity in higher education cannot CEO and President of many alumni in this issue. Would you share the be overstated. I am proud to say that our Universi‑ (Retired) importance of alumni involvement for the future of ty mirrors the demographics of New York and what Loews Cineplex the Tobin College of Business? America increasingly will be in the future. Because of our Entertainment Corp. Alumni support has been steadfast, and it continues to be location, students from the College have the added ad‑ an important indicator of the loyalty and pride that gradu‑ vantage of studying and interning in a global city. With ates have for the Tobin College and St. John’s. The alumni confidence, I can state that our graduates are prepared to profiled in this issue represent excellence, and they have build careers in a global society because of the diversity If you would like information on our Tobin Board of Advisors or Tobin Alumni Association, please contact William G. Schaeffer ‘73CBA, endeavored to ensure that current and future generations of among faculty and the student body at St. John’s. Director of Development, at 718-990-6802; [email protected].

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