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Hermes-Spring-2000.Pdf COLUMBIA BUSINESS SCHOOL HERMES E-COMMERCE: A NEW WORLD ORDER Navigational wisdom from Professors Eric J. Johnson, Eli Noam and Bernd Schmitt. A STUDY IN SUCCESS BY DIANA KATZ Jean-Luc Biamonti ’78, managing director at Goldman Sachs International, talks about Europe’s recent shift to transnational, American-style megamergers. DAYS OF WONDER AND ANGER: A CAUTIONARY TALE BY FLOYD NORRIS ’83 From the chief financial correspondent of the New York Times, perspective on the Internet’s extraordinary redefinition of business success. SPRING 2000 HERMES As e-commerce grows exponen- Spring 2000 tially, U.S. dominance becomes more inevitable. Will the world respond with cyber trade wars? Features See “Global Warning,” page 16. 8 SPECIAL SECTION E -COMMERCE: A NEW WORLD ORDER 10 BUSINESS WITHOUT BORDERS by Eric J. Johnson Navigating the changing costs and changing channels of the new Internet domain. 13 THE BOTTOM LINE, ONLINE by Bernd Schmitt New research: What makes a Web site successful? 16 GLOBAL WARNING by Eli Noam Why U.S. ascendancy in the world’s e-commerce environment could trigger cyber trade wars. 19 O PIONEER! Darryl Hollar ’00 on his expedition as an e-cave dweller for Good Morning America. 24 A STUDY IN SUCCESS by Diana Katz From the front lines of the new European M&A arena, a profile of Jean-Luc Biamonti ’78, managing director at Goldman Sachs International. 48 DAYS OF WONDER AND ANGER: A CAUTIONARY TALE by Floyd Norris ’83 Echoes of the 1920s in today’s e-commerce revolution. Departments Dean’s Message 2 Newsmakers 3 Media 22 Alumni Relations 23 Class Notes 28 HERMES DEAN’S MESSAGE Director of Publications Dear Friends: and Editor Nancy L. Freireich ith the close of one century, we inevitably find our thoughts turning to what the next might hold. In this issue of Hermes, we hear from Contributing Writers Melanie Conty, Ericka Davis, W various members of the School community as we explore the Nicola Fabens, Anne Gulick, Internet’s promising role in 21st-century business, specifically e-commerce: Diana Katz, Sandra Riley, • We gain historical perspective on the phenomenon, and an understanding Kenneth J. Selvester, Ouriana Walker of the business models it has engendered, from Eric Johnson, the Norman Eig Professor of Business. Production Coordinator • Professor Bernd Schmitt, director of the School’s Bo K. Lee Center on Global Brand Leadership, examines the Design online experience—what it is, how it affects consumer Zehno behavior and how companies can best shape it. N • Professor Eli Noam, director of the Columbia Institute for Tele-Information, weighs in with a caveat about the Dean Meyer Feldberg prospect of international cyber trade wars. • Student Darryl Hollar ’00, who recently spent a week Associate Dean for External in an e-cave at Good Morning America’s behest, Relations and Development Marilyn F. Kohn relying solely on the Web for everything from food to entertainment, contributes a hands-on perspective. PORTER GIFFORD Associate Dean • In the Endpaper, Floyd Norris ’83, the New York for Special Projects Janet L. Schinderman Times’s chief financial correspondent, reflects on this new economy, and its echoes of the past. N The School as a whole continues to actively pursue the infinite possibilities Editorial Office opened up by the Internet, including its implications for the business education Columbia University paradigm. Look for an examination of distance learning—and the leadership Graduate School of Business Uris Hall role we are playing in it—in the next issue of Hermes. 3022 Broadway, Room 835 As we work to incorporate these new realities into the Columbia Business New York, New York 10027-6902 School experience, Jean-Luc Biamonti ’78, a London-based managing director at (212) 854-8567 Goldman Sachs International and the subject of this issue’s profile, testifies to the Fax: (212) 961-9613 [email protected] importance of another theme the School has long held dear: a global perspective. The Pan-European Reunion 2000, cochaired by Biamonti, will be held in his Address changes should be hometown of Monte Carlo on September 22–24 and will feature a symposium directed to (212) 854-6891 or [email protected]. on technology and business in the new millennium. We hope to see you there. In the meantime, please take advantage of opportunities both old and new HERMES welcomes letters to the to keep in touch with the Columbia Business School community. Your fellow editor and Class Notes updates, sent by mail or electronically to graduates look forward to hearing from you, whether as part of the online the addresses above. alumni network, BANC, or in the pages of Hermes. HERMES, Columbia Business School’s Sincerely, alumni magazine, is published twice a year by Columbia Business School, Columbia University. ©2000, The Trustees of Columbia University Opinions expressed are those of the authors and editors and do not reflect Professor Meyer Feldberg ’65 official positions of Columbia Business Dean School or Columbia University. 2 HERMES SPRING 2000 NEWSMAKERS CWIB WIRED TO THE NEW ECONOMY n the midst of a February Isnowstorm, Columbia Women in Business (CWIB) Panelist Helen Fisher, hosted a full house for its an anthropologist, seventh annual conference, suggested that “Wired to Win: Women in the Millennium,” with women’s brains are more than 450 guests in genetically suited for the attendance. A lineup of high-powered industry new cyber economy, leaders and alumnae led wired for what she calls the panel discussions on LESLYE SMITH “web thinking.” the new economy in a day- From left, Andrea Newell ’00, CWIB president; Carol Einiger ’73, long event at the School. Distinguished Alumna Award recipient; and Jennifer Henry ’00 Among the panelists were and Ani Decker ’01, event cochairs. Sara Levinson ’76, president the Low Memorial Library University of Pennsylvania), of NFL Properties; Janet Rotunda, during which Carol and her mother-in-law, Hanson ’77, president and Einiger ’73, chief investment Glory Einiger, BS ’43, as CEO of Milestone Capital officer of the Rockefeller well as her husband, Roger. Management and founder University, was presented CWIB, a professional and of 85 Broads (see page 4); with the fourth annual social organization, works and keynote speaker Nancy Distinguished Alumna with the School and the Peretsman, executive vice Award. Einiger was accom- business community to president and managing panied by her mother, Bella further the role of women director of Allen & Co. Blum (BA in Economics ’40, in business. The consensus on the Internet economy seemed to be that nothing is certain but FREDERICKS APPOINTED AMBASSADOR change—at a breakneck pace. In panels and in n October, the Senate cial services. In 1995, he discussions up and down Iconfirmed President began to oversee the firm’s the sky-lit ramps of the Clinton’s appointment of investment banking efforts University’s Lerner Hall, top- J. Richard Fredericks ’70 for the financial industry. ics ranged from changing as U.S. ambassador to In that position, he played career patterns to traditional Switzerland and Liechten- a leading advisory role in management lessons in stein. numerous commercial bank- entrepreneurship to social Fredericks has spent ing and financial merger and values in business. Panelist nearly 30 years in the acquisition transactions, Helen Fisher, an anthropolo- brokerage industry, special- J. Richard Fredericks several of which were the gist, even suggested that izing in investment analysis In 1977, Fredericks joined largest ever completed. women’s brains are geneti- and investment banking, Montgomery Securities Fredericks is married cally suited for the cyber with a specific focus in the (now Bank of America to Stephanie Sorensen economy, wired for what field of commercial banking. Securities) as partner and Fredericks. They have she calls “web thinking.” Prior to his appointment, he later senior managing direc- three children, Matthew, Dean Feldberg welcomed was a senior consultant to tor in investment research, Colleen and Will. guests at the luncheon in Bank of America Securities. covering banking and finan- SPRING 2000 HERMES 3 NEWSMAKERS 85 BROADS, AND ONE INSPIRED IDEA DAVE CUTLER anet Tiebout Hanson ’77 Phylis Esposito ’75, Judy Milestone, a moms on Jfound her answer to Martin ’81, Janice Meehan connection parenting the old boy network in ’86, Ronnie Planalp ’86, with another leave to big 85 Broads. A network Carla Skodinski ’80, Julie former players in of professional women Hope Stein ’85, Barbara Goldman American business. formerly employed by Berger Tartell ’83 and woman resulted in key The Web site, acces- Goldman Sachs, 85 Broads Junko Yoda ’84. backing for her burgeon- sible only to members, borrows its name from After 14 years with ing business. Drawing on now offers ways for the the address of Goldman’s Goldman, Hanson left and the common experience of women to connect international headquarters started Milestone Capital having excelled at the still outside of the group’s at 85 Broad Street in Management in 1994. While male-dominated firm (about events. The site provides New York. at Goldman, she had taken 11 percent of the managing contact information and Hanson founded the orga- a three-year professional directors are women), profiles and the opportunity nization in 1997, inspired hiatus to raise her children. Hanson sought to bring to exchange tips and infor- by her own experiences as Hanson felt disconnected together the collective mation. Features include an entrepreneur. Last fall upon her return to the knowledge of former “Women Connect,” which the group launched its Web company. This led her to Goldman employees while provides an opportunity to site, www.85broads.com, thinking about how to also reaching out, infor- donate money to women in as a forum for its women- reconnect, to create a mally, to current Goldman need, and “Through the only corporate alumnae women’s version of the women who face challenges Glass Ceiling,” which lists network.
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