The kind of applicants we're looking for are too good for the usual Wall Street training program. Too seasoned. Too self-assured. And probably too successful. All of which makes them prime candidates for our training program. Our training program is different. And, for this calibre of person, better. The purpose of the program is not to impress you with how good E.F. Hutton is. It's to find out how good you are. You progress, not at a pre-determined pace, but at your own speed. Forget about being bored. You'll always be a little over your head. At E.F. Hutton we know that the Account Executive's job is one of the most important in the company. He or she is the point of contact between the firm and its clients. That's why we're so selective about the people we train. E.F. Hutton Account Eicecytives ha\se excellent opportunities to enjoy substantia! remuneration in many areas. During the entire 16 week program, you are paid a salary commensurate with your experience and ability. It can be $1,000 a month or more. Plus, the cost of the education we are giving you comes to approximately $15,000. You pay no part of that. Needless to say, we always have more applicants than openings. But if you are the kind of person we're looking for, this fact won't discourage you. If anything, it will encourage you. The E.F. Hutton training program. Tough to get into. Even tougher to get through. But worth it. \Ne have a training program beginning next month. If a career with no ceiling on income appeals to you, and you think you're good enough to be in our program, we'd like to hear why. Call toll free (800) 221-5152; in New York metropolitan area, call (212) 742-3943; or send resume to Mr. Richard R. Tartre, Senior Vice President National Retail Sales, Dept. MCH 1177 , E.F. Hutton & Company, Inc., One Battery Park Plaza, New York, N.Y 10004. We are an Equal Opportunity Employer, M/F. When E.F.Hutton talks, people listen. lvidend The Magazine of the Graduate School of Business Administration Vol. VIII, No. 4 Fall, 1977

A Coronation Devoutly to be Wished! By Patricia J. Shontz 4 The shareholder is taking on a critical new importance in corporate eyes, says Dr. Shontz, who serves on the boards of directors of five corporations. Here she gives some suggestions on how corporations can communicate more effectively and persuasively to their shareholders.

Yes, No and Maybe 7 A Dividend Interview with James B. Ardis, Director of Admissions Many more people apply for admission to the Business School each year than can be admitted. Here the Director of Admissions talks about the admission process, including how some of the tough decisions are made.

Advice from the Second Year 10 We talked to 10 "veterans" of the MBA program—that is, students who are now in their second year. "What," we asked them, would you tell incoming MBA students if they asked your advice?" Their answers are printed here, along with their pictures.

Computing Takes a New Turn by Roger Wright 18 New equipment in the School provides efficient access to the University's powerful central computer. Here the chairman of the School's Computer Equipment and Use Committee describes the new facilities and discusses the planning being done by the School to develop our computer resources.

Among Ourselves 20 Dean Bond announces plans to return to teaching; Ph.D. Forum service award; New offerings from the DOR; Fund set up to honor D. Maynard Phelps; Barbara Mahone, MBA '72, elected president of National Black MBA Association; Tax Lectures edited into book form; DME in Business Week; Emeritus professors honored at Dean's reception; Ph.D. fund established in honor of Tom Leabo; A message from the Search Committee; Wolaver Fund established; Tax specialization program offered; Consortium of American Universities meets at School.

Dividend is published Fall, Winter and Spring by the Graduate School of Business Administration, The University of Michigan, Ann Arbor, Michigan Editor: Pringle Smith Copyright (g) 1977 by the Michigan Business School Printed by The University of Michigan Printing Services

Cover Photo by Virginia Geren orporations have come to recognize C that despite the size of their bank accounts and the artistry of their corporate logos, corporate power does not include the vote. Yet, the voting booth-—and all that implies—is By Patricia J. Shontz becoming the battleground for corporate survival. Thus the share­ Professor of Business Administration holder, who is a voter, is taking on a critical new importance in corporate eyes. In fact, the shareholder may finally emerge as the corporate sovereign he should be—a coronation devoutly to be wished. The corporation rightly sees the A Coronation Devoutly shareholder as a means of political expression of both a common cor­ porate-investor self-interest and a public interest. The corporation wants to communicate with the share­ holder, win his support, motivate his policy and, in some cases, corporate So, don't waste a message warning political response. That is a tall practice. It is also in order to inform shareholders that profits are under order. How can it be filled? the stockholders of the problems attack. Tell them outright what this First, it behooves the corporation management faces and to enlist their attack will do to the profits of their and its top executives to admit their help. company. Don't tell a shareholder need for persuasive skills rather Assuming these disadvantages are about the magnificent job-creating than to assume that the occupancy of somehow mitigated, the next question potential of new investment. Tell him the CEO's throne is guarantee of in communication is this: "What is how new investment would help his eloquence. When the skills of top the message?" I regret to say the company if the investment climate management are assessed, few top message is, too often, the wrong one. were favorable. Don't merely tell him executives are capable of scoring well For some reason, corporations insist about the unfairness of double in the art and science of persuasive on their own litany of baseball, taxation of corporate dividends or communication. Top executives owe hot dogs, apple pie, and free enter­ higher tax rates on capital gains, give their positions to other qualifications: prise. Invoking the latter is typically him examples. In other words, stop they are financial wizards or adroit a futile effort. Numerous studies selling the corporate viewpoint as an motivators of people or production indicate the American public over­ institutional ad simply because the superstars or marketing giants in the whelmingly supports free enterprise, big words in the copy feed corporate commmercial sense. But persuasive regardless of whether it understands vanity. Start selling the shareholder communication in the realm of the niceties of economic theory. An on his immediate and specific self- ideology, economics and politics is not overwhelming number of Americans interest. Take a lesson from their forte. That is the forte of recognizes the indivisibility of Marketing 101 instead of from the politicians, crusaders and propa­ economic and political freedom. And ideological bible. Stop converting and gandists, and therein lies the rub. The the great majority of Americans start selling! unskilled corporate communicator is affirms the fact that business must fighting for the attention and support make a proffit to stay in business. About the Author: Dr. Shontz of an audience already beguiled by Americans who do not hold these currently serves on the boards of the siren song of the opposition. beliefs are not likely converts, but they directors of five corporations, includ­ Second, corporations must win the are also a small minority. ing Detroit Edison, The Kroger Co., confidence of shareholders before Even though the business message and Warner-Lambert. She received presuming that they can be mobilized necessarily reaches the converted, it her Ph.D. in economics from Wayne as a friendly force. Corporate respon­ cannot merely preach to the converted, State University, and has been the sibilities to shareholders demand since redundancy rarely inspires and author of a nationally syndicated more than lip service at a press con­ the goal is to motivate action. If the award-winning column on economics ference or tidy board meeting minutes free enterprise dogma is constantly as well as serving as editorial Writer that refer vaguely to shareholder reinforced through messages that are for the Detroit News. She is currently interests. The shareholders are the specifically geared to the pre-existing the editor of The University boss! It might be in order to find out self-interest of those who believe in of Michigan Business Review and what their preferences are in terms free enterprise, the motivation to director of publications for the of dividends, corporate gifts, corporate respond can be maximized. Graduate School of Business.

4 For its part, the media is beginning to issue its own mea culpas for the loss of objectivity. While the corporate quarrel with media coverage is likely to continue, it need not be a feud since the job of media is to report objectively. Given the right message, business news can win fair coverage because the media sees professional integrity as its own goal. As for government, it is self- defeating for corporations to believe that anti-business forces have elected officials in their hip pockets. There To Be Wished! are a lot of business-baiters in government, and there is much to bait business about. But there are very few political leaders who are doctri­ naire business foes. There is great potential for corporations to find Once the message is agreed upon, If, however, corporations were wise allies within government for specific it is logical to ask who the messengers enough to speak with one voice— programs and policies. If politicians should be. Direct communication is the voice of fact—it is entirely possible can be convinced that the corporate certainly effective. Corporations have that each of these groups would interest can and does pay off with ample opportunity to reach their either recognize the objective merits benefits to the public, then politicians shareholders directly through annual of the corporate case or see some will support the corporate interest. reports, dividend mailings and the like. common interest in the corporate Any discussion of how to com­ Certainly no opportunity should be point of view or both. municate, to whom and with whom to overlooked to deliver the right For example, while bankers and communicate must ask one more message. But to offset the disadvan­ brokers may seem exacting in their question. Is the subject really worth tages of a long-ignored shareholder criticism of corporate performance, communicating? In the case of the constituency and limited communica­ they know only too well that corporate viewpoint, I think the tion skills, direct communication corporate performance is affected by question must be answered with an should be supplemented by the use of basic economic policy. And when emphatic yes. In fact, the most third-party allies wherever possible. that policy works against the perform­ disturbing factor in the failure of the Such allies exist, although they are ance of corporations, it also directly corporation to communicate to the sometimes mistaken as corporate impacts on the savings and investment shareholder, directly or indirectly, is enemies. I have in mind the financial process, which happens to be the that the corporate case has so much community, the media, the educa­ bread and butter of the financial merit. tional system and the government. community. At that point, bankers First, in the American economic It is true these groups are often and brokers make very strong system corporations are the in­ critical of business and strive for corporate allies. Most importantly, on stitutional means for achieving in­ objectives that seem inimical to the many business issues, bankers and vestment, production, and income corporation's best interest. But that is brokers speak with greater credibility distribution ends. Every economy has because none of these groups is than the directly-affected corporations. similar ends but the achievements synonymous with the corporation and As another example, the educational of free world economies operating it is only logical that their views do system, for all its presumed ties through corporations are virtually un­ not always coincide with what a CEO with liberalism, unionism and other challenged. There is every reason to thinks best. corporate aversions, is nevertheless believe that, whatever corporate But it is also true that corporations dependent for its survival on the same faults may exist, it is still worthwhile sometimes speak with forked political freedoms which are funda­ to preserve the institution of private, tongues, tailoring messages to appeal mental to corporate survival. More profit-oriented corporations. A great to whichever group is within ear­ and more, educators are perceiving many people live better because shot. Thus, when speaking to the this common ground and striving the corporation exists and has financial community, there is always to protect it in their own interests. survived and sometimes prospered. a tendency to minimize those very There is no need to apologize for problems over which the corporation bringing a message to those people sheds crocodile tears at a press explaining why a corporation conference or congressional hearing. supports a particular policy or action. Second, corporations have long

5 sought to clothe their cause with the well-being of the private sector. That 3) Corporations choosing to begin cloak of political freedom. Wearing is where the jobs are; that is where effective communications with their such dress is not a disguise; it is consumer choice is exercised, that is shareholders must realize they are the proper uniform. As corporations where wealth is created. To the making a long-term commitment. function in the U.S. economy, extent that various groups—labor, Sleeping giants do not awake on a economic freedom of choice is as consumers, savers—fail to recognize a single call. So, if a corporation has essential to them as it is to the in­ coincidence of self- and corporate- suddenly discovered shareholders only dividual citizen. If the economic interest, or where they are not because they are the latest fad, man­ liberty of corporations is curtailed, it self-motivated to protect those in­ agement should be disabused of the is only a matter of time before those terests, it is legitimate for the idea before a single dollar is spent. limitations are applied to the corporation to enlighten and en­ 4) The basic goal in communicating individual. Yet, the loss of economic courage them to act. with shareholders should be to elicit freedoms invariably involves the If it is agreed, then, that communi­ a political, non-partisan, response. loss of political freedom. It is true in cations to stockholders are vital for The party affiliation of shareholders is socialist and communist countries; corporate political survival, that properly beyond corporate reach, it is true in fascist countries. The corporations need help in communi­ but both political parties respond to protection of corporate economic free­ cating effectively, and that the their contributors and constituents, dom becomes a first-line of defense corporate message is valid, we can i.e. individuals who may be share­ in maintaining the economic and turn to some specifics. holders. What the corporations should political freedoms of individuals. Most 1) Guard against the temptation to seek then, is motivation of the share­ Americans would consider such believe the problem can be wished holder to influence his own political protection as desirable on its face. away. That consoling phrase, "the party and the legislative process. Third, corporations are not stockholder can always sell out if he Corporations should find this non- paranoid. The danger they see in doesn't like what we're doing," is partisanism to their advantage, since relentless government regulation, part of the corporate delusion. The one cannot have too many friends on economic controls, economic planning disenchanted shareholder of one both sides of the aisle. and the like is real, not a psychotic corporation can, indeed, sell out. But 5) Remember that shareholders are delusion. The corporate message what happens if he becomes dis­ not a collective mass. If corporations is not a case of crying wolf. Moreover, enchanted with all corporations—as are trying to motivate individuals, the real dangers are not in the many former individual stockholders they must be addressed as individuals. future, they have already damaged are today—and the market for cor­ There is no sense in programming corporations and the economy and are porate shares consists only of in­ stockholder communications as a doing so now. When Thomas stitutional investors? The herd sermon to the multitudes or a prime Murphy, Chairman of the Board of instinct of these investors is notorious time T.V. commercial. Corporations General Motors Corporation, and it will only take one or two must speak specifically and in terms of suggested that academia prepare a major tremors in the stockmarket as individual gain or loss in order to "white paper" on the role and a whole for the public and govern­ motivate the shareholder. functions of corporations in our ment to throw up their hands at 6) Shareholders hear with many society, his audience may have missed "concentrated manipulation of ears and see with many eyes. Direct the significance of part of his re­ private wealth" and then the end will communications from corporations marks: He proposed that the study be near. The "new order" will be reach only one set of ears and eyes. take note of the "preconditions" nationalization of the private sector That is why corporations must stop which have been set or are being put or corporate statism. In neither case viewing the financial community, the into place to affect the roles and will today's corporations and media, the educational system and functions of corporations in the those they benefit find much solace. the government as enemies: Each future. These preconditions are 2) A common corporate attitude of these third-parties has many oppor­ exactly the point of today's corporate has been that shareholders might tunities to reach people who are message to shareholders and the be seen but never heard. As a result, shareholders—and each message co­ general public. They are the actual shareholders have become accustomed inciding with the corporate view circumstances under which corpora­ to a passive role. In order to over­ is vitally important. tions must operate today. The come this passivity, corporations must It would be useful, also, if corporate characteristic word for them is con­ first awaken stockholders to their executives, speaking to general straint, often on the very functions own importance and to their audiences, would remember that which corporations perform so corporate and political power. Only shareholders belong to those audiences effectively for the economy. then can the corporation presume as well. Perhaps executives should Fourth, the fact that there are many to activate its shareholders as positive stop referring to "the company" corporate allies is not merely a allies. interest or needs and start referring comfort to corporations. It is evidence in all public utterances to "the that the best interests of many people shareholders." depend heavily on the economic 7) Corporations should stop being Contiued on page 17

6 YES, NO, AND MAYBE

A Dividend Interview with James B. Ardis Director of Admissions

Editor's Note: James B. Ardis, These are the special things about Q. How heavily is the essay question MBA '67, has worked at the Business each individual, the glimpses of the counted? School for ten years, the last eight person behind the application form. A. In a marginal case, the essay of them as Director of Admissions. question can make all the difference- He is now serving his fourth year as an Q. How do you find out about the it can change our whole perspective elected trustee of the Graduate person behind the application on the student. Management Admission Council, a form, since not all applicants can national organization of graduate be interviewed personally? business schools which administers the A. Often we don't learn much about Q. How important are the "intangible Graduate Management Admission an applicant beyond the standard factors?" Test. Last year, Ardis served as required information- An essay A. Probably ten to twenty percent of chairman of the council. question on the application form is our decisions are different than they an attempt to elicit a different kind of would be if we relied only on information. We used to ask them to quantifiable measures. We feel that a defend or attack ideas in a quotation set of numbers can't adequately provided. This gave us a good represent a person. On the other hand, Q. What factors do you take into sample of writing, but didn't really grades and test scores are most im­ account when deciding whether to acquaint us with the person, so portant because they are objective and admit a student? we changed the question. measurable. They can be seen by anyone and compared easily. A. The main factors are prior grade Q. What is the question now? record, scores on the Graduate Management Admission Test, work A. We ask the applicant to "Discuss Q. It is possible to have such high test experience, and a variety of other your long range objectives, including scores that you would be admitted aspects that differ with each case. the alternatives considered, in­ just on the basis of them alone? dicating the ways in which your planning has been influenced by past A. No. Test scores can't ever be that Q. Can you give me examples of some good. We've turned down people of those other factors? academic and work experiences, personal strengths and weaknesses, with scores in the 700s. For example, A. Perhaps some very good reasons and benefits anticipated from further someone might have good scores and why an applicant's grade record was education. Also provide any other good grades, but their recommen­ not up to par in a particular year information which you feel should be dations indicate that they have a great or term; repeated difficulty with a considered by the Admissions Com­ deal of difficulty in getting along in particular type of course in an other­ mittee." The question is calculated to a group and can't communicate with wise fine grade record; recommen­ give students an opportunity to tell people. dations from work experience that us what they want to tell us—what point out a special ability, or achieve­ they feel is most important for us to Q. Even so, wouldn't the scores ment, or a previous problem overcome. know about them. outweigh that?

7 A. Perhaps. But you have to remem­ graduate program. It involves many Q. What do you mean by tough? Why ber that we never consider anyone weeks of sustained effort during are they so difficult? in a vacuum. We have to consider who the peak periods. A. They involve trade-offs that are is being denied admission in order hard to judge. For example, what to admit another applicant. For every Q. What are the busiest times? about someone wrho has done very well one wre admit, others lose out. That's on the admission test and has ex­ the problem which makes some A. From the end of January through cellent work experience, but who has decisions extremely difficult. the middle of May we are spending a lot of time at night and on weekends a terrible grade record? Keeping in to keep up with the applications. mind that for every admission, others Q. How many applications do we We also have other crunches. One must be rejected, an application with receive each year for the MBA involves the whole month of October dramatically conflicting indicators program? and the other the first three weeks becomes terribly difficult to decide. A. About 2,000 for the full-time day of December, when we are admitting Other difficult decisions are those program (for which we have 350 people for winter term. Last year which would set some kind of prece­ places) and about 500 for the part-time we had an entering class of one dent or involve some kind of policy evening program (for which we have hundred in winter term. decision, since consistency and fairness 200 places). are of major concern.

Q. Why do we have fewer applying Q. What happens to these for the evening program than applications? for the day program? I thought A. They are considered by the there was a huge demand for Academic and Admissions Committee, evening MBA programs? which is composed of three full-time A. There is, but people interested in teaching members of the faculty the evening program live in the plus the Director of Admissions and area and so are able to come in the Director of Student Services. and see us before applying. Because These remaining applications are read of this, they are able to make a and discussed at length by this decision on whether or not to apply Committee. based on lots of information. Thus there is more self-selection before Q. How much time does this take? application than for the day program. A. The Committee meets at least once a week during the busy months of Q. Can you tell me how an appli­ February, March, April, May, October, cation is processed? November and December. The A. When an application file becomes meetings usually last three hours or so, and sometimes we meet twice a week. complete, it is reviewed first by the Q. Let's get back to the admissions Assistant Director of Admissions. process. After the first reading, Q. It sounds as if this Committee Applications are separated into three what happens? groups—yes, no and maybe. These involves a large time commitment recommendations are reviewed by the A. On the first reading, about two from the faculty members who Director of Admissions, so that every thirds of the group are fairly obvious serve on it. application is reviewed by at least decisions—a clear yes or no. That A. Yes, it does, and they usually serve two people. Of the applicants who are leaves about 700 applications un­ for several years. This Committee turned down, about half are decided decided. These are considered and dis­ also is responsible for placing students at that first step. cussed by the Director and Assistant Director of Admissions, and of these, who perform poorly on academic about half can be decided at that probation, and it also receives Q. How long is spent on that first petitions from students for exceptions review of applications? second stage. That leaves about 350 really tough ones. to faculty policies and degree require­ A. From a few minutes to more than ments. When the Committee makes an hour on each. an admission decision, it then has a continuing responsibility as the Q. That adds up to a lot of time with student moves through the degree more than 2000 applications. program. A. Yes, it does. And this does not include applications for the under-

8 Q. Then the Committee members has already filled. Otherwise, we have have a chance to see how wise some been able to assure that the timing admission decisions were. of an application doesn't influence the decision. A. That's right. It gives the Commit­ tee a broad view of the relationship Q. Have our standards gone up? between admission credentials and actual performance as a student in the A. Yes. Very substantially. School. In some schools, decisions about admission and about current Q. Have grades undergone some in­ students' academic performance are flation? Isn't it easier to get an handled by different groups. I think it "A" now than it was ten years ago? is a good idea to have both done by A. Yes, and that would account for the same committee, even though some of the rise in our admission it involves a lot of work for one group. requirements. But our average test score on the GMAT is now over 600, Q. Has the volume of applications a substantial increase which has gone up sharply in the past occurred during a period when few years? average scores for all students taking A. Yes. It has just about doubled in level. The biggest question early the test have declined. the past five years—from 1,200 to 2,100 in the year is how many applications for the MBA program and a similar wrill eventually be received. There Q. Are we finding that many more growth for the BBA and evening is always the danger of filling the class women are applying to Business MBA programs. before considering all applications, School? or running out of applications before A. Many more. In the past ten years Q. How do you decide how many the class is filled. we've had an increase of women in people to admit? the MBA student body from 5% to A. That is a fairly complicated Q. Does the volume of applications about 20%, and it's still growing process. We start with the total enroll­ change dramatically from one rapidly. ment level desired for the program. year to the next? This number is based on the resources A. In one recent year we had a 40% Q. What about minority enrollment, of the school—facilities, faculty and increase. I not only didn't expect specifically black enrollment? equipment. Then we must estimate an increase that large, I had trouble the number of continuing or re­ A. An active recruitment effort over believing it even after the fact. But the past decade has resulted in an turning students and subtract to even small changes in application establish the number of new entering enrollment of about five percent black volume, or the percentage of admitted students in the MBA program with students needed to achieve the applicants who decide to enroll desired total enrollment. Since all of some fairly wide variation from year require adjustment of admission to year. The dramatically improved the applicants we admit will not standards in order to achieve the actually enroll, a larger admission employment market for minority desired enrollment level for the group members with bachelor's target number must be established School. that will yield the proper number degrees has been a major factor in the of new students. past few years in slowing our trend Q. Does that mean the chances of toward higher minority enrollment. admission could change from early The spread of affirmative action Q. Can you estimate all of that from in the year to later? programs at other universities and past experience? A. We work hard to maintain con­ among employers has created intense A. Yes, but only by constantly sistency, and hold many of the close competition for capable minority revising the estimates and target decisions until the trends are clear. students interested in management numbers as more information becomes The application review procedure we careers. available. If none of these factors talked about earlier tends to delay changed and we knew in advance the close decisions. If necessary we can Q. What special efforts do we make exactly how many applications would delay final decisions for the middle toward recruiting blacks and eventually be received, we could just group until we are sure of the overall women? admit the target number and be situation. Applicants who submit confident of the proper enrollment A. We have special brochures for materials very late may have to be both groups, and we also recruit considered for a later term if the class regularly at about ten black colleges and at several women's colleges. Our efforts in attracting women have Continued on page 26

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"Know yourself before you get here," the MBA after graduation from mind the area you want to pursue." De advises Craig De Nooyer, "because college. What's the work like? "Like Nooyer is president of the Student there are so many options available anyplace. It's what you want to make Council and vice-president of his here that you can get confused. So it's it. But if you want to get top marks, fraternity (Phi Alpha Kappa), plays important to know what you want. you're going to have to work very racquetball and basketball when Then go about your business con­ hard. So many people who come here he gets a chance. "If you've got a lot fidently and take it easy. Don't let the were number one in their class and going on," he says, "you automatically place shake you up. Remember they are used to being number one. It's set aside time for spare time—other­ make mistakes here just like they hard for some of them to realize that wise you don't get any." After re­ do anywhere else." De Nooyer went to it's not possible for everyone to be ceiving his MBA De Nooyer plans to Calvin College in Grand Rapids, number one here, and it's not necessary go into marketing, and eventually worked for his father's car dealership either. It's good if you have thought hopes to have his own small business. every summer, and came directly for through why you're here, and have in He's also interested in politics.

10 @ A i r .I o i Y"

What would you tell incoming MBA students if they asked your advice? We put this question to ten veterans of the first year MBA pro­ gram. Their answers are given here, along with their pictures and some background information on each. This year, almost 300 students entered the MBA day program, about 20% of them women. Forty five percent of the class had one or more full-time years of work experience. Their average score on the Management Admission Test exceeded 600, as compared with a national average of 460. Their average age was between 24 and 25, and their grade point average on entering was 3.4 (for those under 24 years of age) or 3.2 (for those over 24 years of age). College majors included economics (25%); business (25%); engineering, science and mathematics (30%) and other social sciences and the humanities (20%). To all of them, we say welcome, and we hope you find some of the advice on these pages useful.

After graduation from Purdue, Joanne Volakakis travelled all over the country for a year as consultant for her sorority, Gamma Phi Beta. She visited different chapters each week to find out the concerns of the chapter as well as its problems. This gave her valuable training in handling conflicts between people, and how to begin to institute changes in a place that may be resistant to change. What would she tell an incoming student? "You have to remember that whatever you do is going to involve people, spent in class—"what you are supposed and so you need to realize the coordinator between the operations to do as an undergraduate but never division and the international limitations of book learning, because did. But here you really do it." She no matter how much you know, operations group of Chemical Bank hopes eventually to go into consulting of New York in a project to imple­ you're going to have to work with work or operations management people's personalities." What's the ment zero based budgeting. She is using quantitative skills, developing pictured in her room at Gamma Phi work like? She says she puts in at least and implementing changes. For Beta on campus, where she works two hours of studying for every hour starters, she worked this summer as a half time as a graduate counselor.

11 After graduation from college, Robin emphasis placed on your verbal ex­ Risser went to work as a financial pression of ideas and on interaction auditor for Bendix corporation, a job with fellow students as part of the that allowed him to travel all over training. I have found very good the country doing financial and integration here—professors in one operations audits at different divisions course seem aware of what those of Bendix. During the three years he in other courses are doing—which worked for Bendix (he is now on produces an excellent integration of educational leave) he also sat for and courses and disciplines for the passed the CPA examination. To student." Last summer Bendix sent am first year MBA students he says: Risser to Australia for a nine week "Work for knowledge and understand­ auditing job as part of a new inter­ ing rather than grades. It's important national auditing program they are to dig to find practical applications starting. He also has a part-time real for the theoretical knowledge. It's estate investment business, which M very good if you have actual business yXj^P* "*4 experience because the knowledge includes a couple of houses in Ohio. becomes much more meaningful." He is pictured on the steps of the What's the work like? "No more triplex that he owns in Ann Arbor. difficult theoretically than under­ What, we asked, do you do in your graduate work, but there is a greater spare time? Answer: "I took 19 hours Sheila Kan, pictured as she buys a cup volume of it. There's also more last term." of coffee in the student lounge, first became interested in business when she worked as a research assistant for a stockbroker in Hong Kong after graduation from high school. When she entered college at the University of Hawaii, she took courses in accounting and worked as a grader during undergraduate years, then sat for and passed the CPA examination. She decided to get the MBA while a junior in college, and came to Michigan right after graduation. "Be prepared to work," she says to in­ coming students," but also do take advantage of all the facilities here— especially student clubs and the seminars they sponsor on various business topics. Social life can keep you very busy," she adds, "because people are friendly here and there's a lot to do—sometimes even too much to do, depending on how actively involved you are." What does she do in her spare time? "If there mwmm is any spare time. There isn't much. wkmm And when I do have any time, I spend it doing my laundry and writing m home and cleaning my room—all the 'msmmm chores that need doing, but that there is no time for." After receiving her MBA, she hopes to get a job in financial management for one or two years in the U.S. to gain experience. Her ideal is to work in the inter­ national group of a bank or corpora­ tion, as her primary interest is in international finance.

12 m

After a stint in the U.S. Air Force, Charles Mahone, Jr. was hired by Household Finance Corporation, and worked his way up to branch manager before entering Wayne State University in January of 1974. He : continued working at Household 3P6F- « Finance while taking a full course load for a year and a half, then quit his job and took an accelerated program at Wayne in order to graduate in June, 1976. And that, he says, was easy compared to the MBA £3„- • ';•:;•> program! While getting his under­ graduate degree, he decided on further education, because he says, "the only thing a degree did for me was to show me how much I wm didn't know." He considered law school and going for a Ph.D. before deciding on an MBA. To an incoming student he says: "Be prepared for hard, diligent work and for goodness sakes if you find yourself getting into academic trouble don't wait. Go and talk to someone right away and nip the problem in the bud." What's the work like? "More voluminous than difficult. There's just so much of it!" Mahone also serves as president of the Black Business Students' Asso­ ciation. In his spare time, he takes tennis lessons and plays an occasional game of basketball. After the MBA, he wants to go to work in the field of international finance, and hopes someday to do consulting work with governments of underdeveloped countries and with multinational corporations doing business in underdeveloped countries. Michael Meisel has a commercial pilot's license, is on the board of directors of the U-M Flying Club, and manages the Student Lounge at the Business School (which does about $100,000 a year in sales). To incoming students he says "Get involved with as many outside activities as possible, because well rounded people come out better in the job search." He also recommends taking an extra load of coursework in the first year, in order to have extra time available in winter term of the second year to devote to looking for a job, inter­ viewing, etc. Meisel came here for the MBA after receiving his degree in industrial engineering from the U-M in 1976, and says of the work at the Business School: "There is a lot of

Debra Jones graduated from Howard terms. If you want to progress in University with a major in management, you're going to be in a psychology, worked in the summers high pressure situation, and you for the Black Historic Preservation might as well find out here and now Documentation Committee in Detroit whether that's for you." Jones, who researching and writing markers for is a member of the Business School various historic sites. After graduation, Student Council and the Black she came here for her MBA, and says Business Students' Association, says to incoming students: "Being a loner the work here is heavy ("you don't is no way to survive in this place. go to sleep when you're finished—you You've got to learn how to work with go to sleep when you're too tired people in groups. Get a study group to do any more"). After the MBA, she or find one or two people that you is aiming for a job in labor relations work well with and above all, with a large corporation. "I like to persevere. In retrospect, the first year work with people," she says, "and grind is for a reason even though that's all you do in labor relations." you can't see it at the time. You need She is pictured here in her favorite to learn how to function under study spot—a quiet landing on the pressure, and this place causes you to stairs in the Assembly Hall. do a lot of self-examining in those

14 it and they keep you busy, but with . proper allocation of time, you can get it done. They're not out to inundate you completely—they just want to keep you busy enough so that you understand it's not an easy ride." What does he do in his spare time? "Between the Lounge and flight instruction and a meal job at a local sorority, my spare time is homework!" In the future, he hopes to go into management consulting or to wrork in a hospital environment combining his knowledge of industrial engineer­ ing and business. (As an MBA research project, he and classmate Eric Kintzer redesigned the operation of the U-M Medical Center Mail- room, using computer simulation and industrial engineering techniques.)

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"The MBA is an interdisciplinary their own particular courses." animal, almost like the liberal arts of Pollack graduated from the University business," says Steven Pollack, "and of Wisconsin with a BA in American so incoming students should enter the studies, then moved to Colorado program with the idea of keeping and worked for five years for a large options open and developing a general public school bus operation based in management point of view. Coming Lakewood, Colorado. In his last year in with preconceived ideas you lose of work for the company he started something—because there's a lot of thinking about getting an MBA branching out that's possible from the because, he says, ''I was a supervisor, core courses. I think it's more but had no formal training, there valuable to try and specialize in a career direction rather than a were a lot of changes going on in the particular functional area. It's im­ company, and I sensed a dead-end portant to realize that taking all approaching." What's the work like? finance or all accounting courses does "You have to put in a lot of time. not necessarily prepare you to It's difficult and competitive, but handle all the problems or speak the people find that they enjoy working language of all the people you are together despite the competitiveness." going to be dealing with. Also, use the Pollack is aiming toward a position faculty. They are open to discussing in corporate financial planning and the program in general as well as control.

15 Dagmar Moore got her BA from the University of Vienna, and worked as a simultaneous English-German translator in Vienna before marrying and coming to America in 1969. She got a masters degree in Germanic languages and literature at the University of Oregon, then moved to The University of Michigan where she taught in the German department and started work toward her Ph.D. in German. In 1975, she started looking for a teaching job. Says she, "That dismal year, the official publication of the Modern Language Association listed eight jobs through­ out the nation for the entire year!" The situation called for a reappraisal, and the reappraisal resulted in the decision to go for her MBA. Her advice to incoming students, especially those who may have been out of school for a few years, is: "When they tell you it's a beginner's course, don't believe them. Bone up on your math because those beginner's courses go incredibly fast. Don't be concerned if you get a B the first term—your grades may not be at the top, but they will get better. The second term is much easier than the first—but the first term is pure suffering." In her spare time, she plays checkers with her nine year old son, Michael, trades a weekly German lesson for a lesson in the violin, and swims three times a week. After receiving her MBA, she plans to go into the accounting field, and eventually to work in University administration.

Photos by Virginia Geren

Carolyn Suslow, pictured here at the labor relations, and after the MBA, first meeting of the student OBIR she hopes to get a job with a large Club, of which she is president, spent corporation and eventually perhaps last summer as a business intern at have her own business. While a Dentsu Advertising Ltd.—Japan's student at Columbia University, she largest advertising firm. The intern­ worked part-time as a research ship program, which is sponsored assistant to an economics professor, by Japan Society in New York and came directly to Michigan after International House of Japan in graduation. To incoming students she Tokyo, involves one week of orienta­ says: "Enjoy the business school. Get tion and five weeks working in a involved with clubs. The work is hard, company to learn about Japanese but the students are friendly business practices. Suslow also lived and helpful if you are having with three different Japanese families problems. There is a lot of communi­ during the summer. Her major cation between students and a lot interest is personnel management and of casual, friendly social life."

16 A Coronation Devoutly to Be Wished Continued from page 6 impressed with their own sophistica­ A Commentary on tion in business and economics. As it turns out, that sophistication is rather superficial, since two out of three businessmen have no greater Business and the Media understanding of economics than six out of seven in the general public. Since the odds are against a business­ By Dan Cordtz man understanding those high­ Economics Editor. ABC News blown free enterprise terms he likes so well, it is pure sophistry to try to sell them to shareholders. Instead, get Editor's note: In his commentary on them are barking up the wrong tree. specific, talk about individual impact, ABC News, Dan Cordtz recently Oh, I'm sure there are some and call for clearly-defined action. discussed the relationship between reporters and editors who are hostile, 8) Corporations should speak with business and the press. His remarks but they're not the basic problem. one voice. As argued before, cor­ seemed to be an interesting followr-up The real problem is that most porations tell the same story—the to Dr. Shontz's article on corporate journalists—especially broadcast truth—to every public constituency. communication with stockholders, and journalists—just aren't interested But equally important, corporations so we reprint them here by permis­ in business. They think it's dull, and should try to recognize the interests sion. Before joining ABC News in they think businessmen are dull, they share with one another. Yet, 1974, Cordtz was for twenty years a and what's worse, they believe most of the business world is often split by writer for The Wall Street Journal their listeners, viewers and readers intramural fighting which merely and an editor of Fortune magazine. think that, too. So they treat business undermines the corporate position as in a manner just the opposite of a whole. The attempts to shift blame, the way they treat, say, the White the unseemly pleasure some House. Every trivial thing that industries take at the discomfort of One of the toughest problems an economics journalist has to deal with happens in the White House gets big others, and the failure to come to play, because the journalists are another industry's defense are all is the suspicion and fear of business. And the businessmen—on their side- fascinated with the White House and luxuries the corporate world can no they think their audience is, too. longer afford. believe many reporters are out to do them in. Any radio listener, TV viewer or 9) If corporate communications newspaper reader can find out all he cannot merely preach, the message Hardly a week goes by these days without some business executive wants to know about the President, must have substance. Corporations so if he has a distorted view of his need an arsenal of ready facts in order making a speech or writing a news­ paper article about how unfairly the performance, it's probably just to fight for their survival. To give because of his own political prejudice. just one example, consider the great news media treat business. They claim we blow up all the bad news- On the other hand, the same person economic waste and tremendous learns so little about business that corporate costs of defending what are like bribes, kickbacks or product failures—and ignore the good. And it's almost impossible for him to make little more than nuisance law suits. a balanced judgement about it. Yet, when M.D.'s shocked the public they blame much of this on hostility. Journalists, they claim, hate business­ Every day, ninety-nine percent of the into an awareness of the cost and im­ school children in the country get pact of malpractice suits, where were men. This charge is usually coupled with a plea that business and the to school safely—and that never gets the corporations with facts in hand, in the news. If one school bus is hit by ready to build on that public press get together and learn to under­ stand and love one another. a train and kids are killed, that's a awareness by presenting some cor­ big story. But reality is not distorted Well, I've been reporting about porate figures and horror stories because everyone knows intuitively business and economics for more than of their own? Where were the corpora­ that the other kids arrived safely. twenty-five years—for newspaper and tions? Probably propagandizing free Journalists have to report the bad magazines as well as radio and enterprise to those already converted. news about business. The sad thing is television—and I don't think business In other words, corporations were that people don't have the same and the media are ever going to love asleep at the switch. Surely, the time intuitive knowledge about the good one another. In fact, I think it will to wake up has come. side of business to enable them to always be hard for us even to get put the bad news in perspective. along. But businessmen who think the problem is that journalists hate

17 Computing Takes a New Turn

By Roger Wright, Associate Professor of Statistics Chairman of the Computer Equipment and Use Committee

ew sounds can be heard on the third floor of the Business Administration Building. Murmuring voices blend with the buzzing of computer terminals and the chatter of a high speed printer. This array of new equipment represents one phase of a major program to strengthen the computing resources of the School. The leadership for these develop­ ments is coming from Dean Bond, working with the School's Computer Equipment and Use Committee. "The School's goal is to provide students and faculty with the type of computer resources available to management," says Dean Bond. "Our challenge is to keep pace with the commercial computer industry which is investing millions of dollars in product development for management applications." The School's development plan has been taking shape over the past three years. Two detailed reports have been presented to the University Administration: Computing Facilities, 1975-1980 (January 1975) and A Proposal for Computing Resources (May 1976). The focus of the School's The Business School's new batch station, located on the third floor, is policy is to make full use of the operated as a branch of the University Computing Center, and is wired directly University's Computing Center in­ to the University's powerful Amdahl 470 V/6 central computer. stead of installing its own smaller computing system as some other business schools have done. The plan batch station, with a card reader and V/6 central computer on the North is to provide equipment needed for high speed printer, is staffed and Campus. This computer is capable efficient access to the central computer, operated as a branch of the University of simultaneously serving over 175 to take full advantage of the excellent Computing Center. To complement terminals and more than a dozen computing resources available the batch station, twelve terminals are batch stations throughout the Univer­ throughout the University, and to maintained by the School. This is sity. The Amdahl executes instruc­ concentrate efforts within the School the largest concentration of terminals tions from each terminal so rapidly on developing those resources not anywhere in the University. that each operator seems to have his found elsewhere. The entire facility—batch station own computer. Unlike smaller "Efficient access" is provided by the and terminals—is wired directly to the computing systems, the Amdahl is new equipment in the School. The University's powerful Amdahl 470 equally efficient in handling simple

18 student exercises and large, complex What is ahead? That is hard to say exercises and projects throughout the research programs. in a field changing as rapidly as curriculum: in accounting and Stored within the computer's computing. One task for the near auditing, financial analysis, statistical memory banks, the School maintains future is to acquire or develop more sampling and forecasting, production several massive databases of great powerful systems for econometric and analysis and control, and so on. value for student projects and disser­ financial development and simula­ They could add a practical and tations, and for faculty research. The tion. Another high-priority need is for realistic dimension to Business Ad­ NBER database contains more than a powerful database management ministration education unreached by 400 economic time series, measured software system to help support the more conventional cases and business quarterly since 1954. These data are School's growing programs of research obtained from the National Bureau and instruction in database manage­ games. of Economic Research in cooperation ment. An even more ambitious Just as many managers view the with the University's Department project is the development of a data­ computer as the nerve-center and of Economics. The Flow of Funds base, supporting programs and sometimes the production center of database contains another 1200 time- documentation detailing the various their companies, many faculty series which provide a comprehensive operations of a particular firm, just members at the School see the com­ statistical picture of the nation's as these might be kept within the puter as an exciting and important financial sector. The Compustat data­ firm's own computer. These materials part of Business Administration base provides sixty financial statistics might be used in discussions, education and research. for each of almost two thousand firms annually for the last twenty years. The CRSP database contains monthly and daily prices for over 2500 major stocks. Altogether, these databases contain over four million numerical measures. All of these data can be linked together and are coor­ dinated with the University's powerful statistical analysis system through data retrieval systems developed by Mrs. Kathleen Goode, programmer analyst for our Division of Research. These data are a major resource for course work and research in finance, accounting, marketing, economics and statistics. Much work has been devoted to seeing that this computing system is used by BBA and MBA students, and not just by the faculty and advanced doctoral candidates. Prof. Tom Schriber has developed a handbook, almost 20 pages long, which is used by all Business Administration students in their introductory computer course. In this book Prof. Schriber teaches the complexities and details of the computing system by leading the student through a carefully con­ structed series of computing sessions. In the introductory statistics courses, a similar series of sessions are being used to train Business Administration students to use the University's statistical analysis system. A third new document, a 35 page guide to com­ puting resources for Business Administration students, provides a unified directory to additional soft­ ware both within the School and Our computer resources include twelve terminals maintained by the throughout the University. School—the largest concentration of terminals anywhere in the University.

19 An informal collection of items, including news of the faculty, of alumni, and of the school, and assorted other information, opinion or comment that we think will interest you.

series, the Key Issues Lectures, the Dean Bond to Resume Dean's Forum, the Dean's Committee on Excellence, the Visiting Committee Teaching of top executives, and the Associates A little over a year from now, Program with leading corporations. on December 31, 1978, Dean Bond How have all these things been will relinquish his post as Dean of the achieved in such a short time? Graduate School of Business Admin­ "Through an effective combination of istration and resume the life of a participative management and man­ university professor. agement by objectives," comments Under the Regents' Bylaws, deans the Dean. and executive officers at Michigan are required to relinquish their Ph.D Forum's Service Award administrative posts at age 65 whereas Goes to Professor Nantell professors may continue to age 70. Being in excellent health, Dean Bond Timothy J. Nantell, associate looks forward with enthusiasm to professor of finance, was presented with the 1976-77 Ph.D. Forum Out­ the excitement of devoting his Dean Floyd A. Bond energies to teaching, writing, and standing Service Award at the third annual awards ceremony sponsored by serving the School and University in emphasis always on excellence, enroll­ doctoral students at the Business new capacities. He has held a ment has doubled, the curriculum School. professorship in business economics structured, better facilities provided, In making the presentation, Lucy since the summer of 1960 when he the faculty increased, new equipment J. Reuben, president of the Ph.D. became Dean, but the rigors of the supplied, research and publications Forum, said, "Professor Nantell is a latter position have prevented him expanded, and a solid financial base source of encouragement to doctoral from devoting much time to the established for future growth and students through example and advice. former. enrichment. He generously makes himself avail­ When he leaves the Deanship and The School now possesses one of the able to Ph.D. students, not only in resumes teaching in 1979, Dean Bond largest and best M.B.A. degree finance but in other areas as well, will have served the school as Dean programs in the country. Ph.D. gradu­ for consultation and direction in for eighteen and a half years which is ates go to leading schools. Three helping to plan course schedules, in the longest period of service of any new buildings have been funded Dean in the School's history. He is the privately through School efforts. A critiquing course work, and in a fourth Dean of the School which was professional supporting staff handles variety of other ways that help to established in 1924. The first three admissions, student services and facilitate students' progress in the Deans were Edmund Ezra Day, Clare placement, prepares several manu­ program." E. Grffin, and Russell A. Stevenson, scripts for publication each year, edits The Outstanding Service Award in that order. and publishes five periodicals, tuns was established to recognize excep­ "My tenure as Dean has been filled 250 postdoctoral management pro­ tional service on behalf of the Ph.D. with challenges—or 'opportunities' grams annually, and supplies expert program or on behalf of individual as we call them in the Dean's Office," library services for both faculty and doctoral students at the Business Dean Bond reflects. "I am simply students. School. Each recipient is presented delighted that the School has achieved Other new developments during the with a plaque, and a trophy inscribed such great strength and preeminence, period include a new computing with the name of each recipient and to know that I had some part center in the School, a number of remains permanently in the Ph.D. in these developments." endowed professorships, the annual Forum lounge. Prior recipients in­ Under Dean Bond's leadership, the William K. Mclnally Memorial clude Dick A. Leabo, director of the School has prospered. With the Lectures, the Seegal-Macy Lecture doctoral studies program and

20 professor of statistics, and Linda L. which identifies trends developing the competitive problems of the Kell, formerly administrative assistant under present Federal Home Bank independent metal finishing firm. to the director of the doctoral studies Board policy and cites some of their Their report identifies causes of the program. policy implications. Bradford com­ industry's generally low productivity. At the ceremony, Russ Ray and pares the financial and charter- Emphasizing the role of accounting Mike Hayes, out-going president and ownership characteristics of acquiring in sound management, Arnett and vice-president of the Forum, each and acquired associations involved Smith explore and illustrate man­ received University of Michigan steins in nonsupervisory mergers between agement decisions which lead to a in appreciation of their service to January 1969 and December 1974 reasonable profit on investment. the organization during the 1976-77 and then matches large samples of Finally, the papers included in The school year. acquiring and comparable non- Political Economy of Food and merging S&Ls over various timespans Energy (Michigan Business Papers, in order to examine their financial Number 62, 137 pp., paper, $6) offer a New Offerings from and operating differences. Among his wide range of perspectives on the DOR findings: mergers involving federal problems presented by the maldistri­ S&Ls and state stock S&Ls as acquiring bution of food supplies and energy The political economy of food and institutions present the major sources in the world and on their energy, capital formation, mergers concern in terms of anticompetitive implications for the future. Contribu­ in the savings and loan industry, bank effects; there is some evidence that tors are Nicholas George-Roegen, lending policies, and the metal greater market concentration due Professor Emeritus at Vanderbilt finishing industry are topics of books to merger resulted in an increase in University ("Bioeconomics: A New issued recently by the Division of mortgage rates paid by borrowers, Look at the Nature of Economic Research. Brief descriptions of each although at the same time acquiring Activity"); Georg Borgstrom, book are given below—books may S&Ls did not increase their profit Michigan State University ("World be ordered directly from the Division rates within two or three years of Feeding: Facts and Fallacies"); of Research. merger. Bradford also identifies some Michael Perelman of the University of Bank Lending Policies: Domestic dangers inherent in allowing federal California at Chico ("Farming for and International by faculty member S&Ls to issue capital stock as well as Profit in a Hungry World: The Myth Douglas A. Hayes (Michigan Business some advantages in the decrease of of Agricultural Efficiency"); Russell Studies, new series I, No. 3, 339 pp., small associations. Paker of the FCC's Bureau of $12.50). This is the second edition of Capital Formation: Challenge for Economics ("The Status of Competi­ Hayes's book. In it, he emphasizes the Third Century, 290 pages, paper, tion in the Food Manufacturing and developments in bank lending policies $3.75) presents seventeen papers Food Retailing Industries"); and since 1971 and presents alternative selected from the proceedings of the Herbert Schiller, Professor of Com­ views of future trends. The important Sixth Annual Symposium on the munication at the University of effects of the 1974-75 downturn on State of the Black Economy, sponsored California at San Diego ("Mind asset management receive particular by the Chicago Economic Develop­ Managing the Food and Energy scrutiny. In preparing the book Hayes ment Corporation, and edited by Crises"). The collection is edited by worked intensively with senior bank Gerald F. Whittaker. Among the Louis Junker of Western Michigan officials through detailed question­ many notable academic and executive University. For the past eleven years naires and personal interviews. He contributors is Saad El-Amin, this School has cooperated with documents the changes banks have national business manager and general Western Michigan in publishing lec­ instituted in order to reduce their loan counsel for the Nation of Islam of tures delivered by distinguished portfolios' exposure to serious credit North America. The papers focus on authorities on a theme selected loss, and he devotes a separate and capital formation in minority enter­ anually by the WMU Economic De­ extensive chapter to pricing policies, prise in "the Third Century" and partment and dealing with some an aspect of banking which, he on the roles of human resources, land aspect of the interaction between reports, has taken on new complexity and land use, and entrepreneurship economies and public policy. as the escalating cost of funds directs in its development. The collection Books slated for late autumn more and more attention to yield- includes an outlook for minority publication by the Division are: spread management. Credit card business projected by Garland G. Technological Entrepreneurship: The policies, leasing, and international Guice, CEDCO president. Allocation of Money and Effort in operation all receive new treatment in In The Metal Finishing Industry: Technology-Based Firms by Patricia this edition. A Framework for Success (Michigan L. Braden, research scientist in the Mergers in the Savings and Loan Business Reports, Number 60, 150 pp., School, and Bringing Premium Industry by William D. Bradford paper, $5.50) Harold Arnett of this Entertainment into the Home via of Stanford University (Michigan School and Donald N. Smith of Pay-Cable Television by Professor Business Reports Number 59, 94 pp., the Industrial Development Division Emeritus James D. Scott. The books paper, $5) is an analytic study of of the U-M Institute of Science and are Michigan Business Reports 61 and mergers in the 1969-74 period, a time Technology, collaborate in the study 62 respectively. of marked increase in merger activity, of sales, manpower, cost trends, and

21 Fellowship Fund in at the Arthur Young Professors— Marketing Set Up to Roundtable held in the Assembly Honor D. Maynard Phelps Hall's Executive Lounge at the Graduate School of Business Adminis­ A fellowship fund in honor of tration. D. Maynard Phelps, professor Papers on various aspects of emeritus of marketing, has been accounting education were presented established at the Business School. by distinguished scholars, and then Purpose of the fund is to help attract examined by discussants until aspects first-rate individuals into the of the subject were sufficiently Michigan doctoral program in market­ developed to permit significant ex­ ing, and to aid them financially. change of views among selected Professor Phelps has been an participants in the Roundtable. The important part of the marketing tradi­ Paton Accounting Center served as tion at Michigan for the past fifty host for the meeting at the request of years, having been on the staff of the the Arthur Young Professors, who Graduate School of Business Ad­ include Norton M. Bedford (Univer­ ministration since 1926. He has sity of Illinois); Sidney Davidson taught, during short periods of leave, (University of Chicago); John K. at the University of Colorado, Shank (Ohio State University); Columbia University, the University Professor D. M. Phelps Donald H. Skadden (University of of California at Los Angeles, in Michigan); and David Solomons Japan under the auspices of Waseda the Hall of Fame in Distribution (University of Pennsylvania). University and the International at the Boston Conference on Cooperation Administration, and in Distribution. the Netherlands at the Stichting As a member of the faculty at Bedrijfskunde, an affiliate of the National Black MBA Michigan, Professor Phelps played a Netherlands School of Economics, Association Elects leading role in establishing the now Erasmus University. Michigan MBA President Program in International Business His particular interests are market­ and directed its activities from 1962 to Barbara J. Mahone, MBA 72, ing management, international trade 1965. He was also instrumental in manager of career planning for and investment and product planning establishing the cooperative arrange­ General Motors Corporation, has been and innovation. He has divided his ment between the School and the elected president of the National teaching, research, and publication Netherlands School of Economics Black MBA Association. She between domestic marketing and the whereby many University of Michigan previously served as the first president foreign economic activities of faculty members taught while on of the Detroit chapter of the American corporations. leave in the Stichting Bedrijfskunde, organization. Professor Phelps served in the an affiliate for graduate study in The National Black MBA Asso­ Department of State from late in 1941 business administration in Rotterdam. ciation was formed in 1972 to promote through March of 1946 with assign­ Professor Phelps has been the and sustain the participation of ments in South America, in Western author of several books and mono­ minority people in business. The goals Europe, and in Washington, D.C. graphs and many articles during his and obectives of the organization in­ In 1957-58 he was president of the professional career both on domestic clude the following: 1) To establish American Marketing Association. marketing and international economic and maintain an effective information In the summer of 1960 he was relations. and communications network which chairman of an official delegation Contributions to the Fellowship would serve the membership and to the USSR, sponsored by the Fund should be made payable to The the business community, 2) to provide Association and financed by the University of Michigan—D. Maynard continuing business education as a Ford Foundation, to study marketing Phelps Fund. Contributions qualify means of improving and maintaining policies and procedures there. Later for federal income tax deduction the skills of the minority middle he served as a member of the board and for special treatment under manager, 3) To encourage scholarly of trustees of the Marketing Science Michigan law. research in those areas of business Institute. He has received the which affect the black community, Distinguished Faculty Achievement 4) To advise and assist graduate Award of the University of Michigan, business schools in developing the Marketing Educator of the Year Leaders in Accounting Thought Examine Problems curricula consistent with needs of Award of the National Sales and black graduate business students and and Issues Marketing Executives, the Parlin 5) To assist the entry of the black Award from the Philadelphia Chapter Problems and issues of concern community into the mainstream of the of the American Marketing Asso­ to the accounting profession and American economy. ciation, and in 1961 was inducted into society were examined and discussed

22 Lecture Series on A Hew of American Business. Their lectures DME discussed in Tax Structure for the U.S. were on the topics of "A General Business Week Article Edited into Book Form Framework" and "The Case for Tax Loopholes" respectively. Dialogue A picture of one of the case rooms A New Tax Structure for the on the issues was provided by at the Business School was used in United States is the title of a book Professor Charles McClure of Rice the July 25 issue of Business Week to published this fall by The Bobbs- University and Professor Harvey illustrate an article entitled "The Merrill Company, Inc. The book is E. Brazer of the Department of big business of teaching managers." based on the Key Issues Lecture Economics at the University of The caption under the picture read Series sponsored by the Graduate Michigan. "Honing their skills: Public utility School of Business Administration last The second part of the book is executives at the University of spring under a grant from the devoted to the political realities of Michigan, where courses are filled International Telephone and Tele­ accomplishing tax reform. Problems months in advance." graph Corporation. of implementation and the impact The two page article, which dis­ The Key Issues Lecture series was of the political process are discussed cusses a wide diversity of services a six part analysis of current and by Charls E. Walker, former Deputy for management and gives a sampling emerging issues related to our federal Secretary of the Treasury, and of organizations offering services to tax system. While tax policy matters John S. Nolan, former Deputy train and inform managers, says are addressed most frequently by Assistant Secretary of the Treasury "The University of Michigan, which economists in the public finance field, for Tax Policy. Dialogue is by is currently staging a program for this series was structured in such a provocateurs William C. Penick, public utility executives, offers way as to elicit views from a variety of C.P.A., Chairman of the American 51 different seminars for managers. interested parties, including Institute of C.P.A.'s Tax Division, and 'The market is expanding faster than economists, attorneys, certified public Professor L. Hart Wright of the our collective ability to fill it,' says accountants, corporate management, University of Michigan Law School. Albert W. Schrader, director of and individuals with high-level The third part of the book addresses Michigan's Division of Management government experience. Thus the the subject from the viewpoints of Education. 'We are turning people series brought together a blend of the the taxpayers and the business away. Many of our programs are full theoretical, the politically feasible, community. Papers in this section are months in advance." and the practical views of the business by Herbert J. Lerner, C.P.A., tax Among the programs being offered community and the taxpayers. partner with Ernst & Ernst, who by our DME are the Public Finance The six lectures were presented in discusses problems of compliance, and Institute, a program for professionals three pairs. At each session, in and managers in public finance Burns Stanley of Ford Motor r addition to the two principal speakers, Company, former president of the offered in cooperation w ith the there were two provocateurs who Tax Executives Institute, who Securities Industry Association; the were knowledgeable authorities in the discusses the issues in terms of a Public Utility Executive Program, tax field and who provided pene­ business perspective. Provocateurs are which has been in existence since trating insights into the subject. The Donald C. Alexander, former Com­ 1951 and which has been attended by use of provocateurs to sharpen the missioner of Internal Revenue, and more than 2400 managers from 500 issues, clarify ideas, and provide Professor James E. Wheeler of the different companies throughout perspective was a highly successful in­ University of Michigan Graduate the nation; the one month Executive novation. Furthermore, it increased School of Business Administration and Development Program, designed to the number of participating tax former member of the staff of the help people function effectively at the authorities in the series from six to Congressional Joint Committee on general management level; and twelve. Taxation. numerous short courses designed to The book, which was edited by Commenting on the book, Dean allow managers to update skills, Donald H. Skadden, director of the Floyd A. Bond said "The Graduate to develop a particular skill, or to Paton Accounting Center, has an School of Business Administration learn new ideas and how they can put introduction by him, foreword by is grateful to the International these ideas to work. For more infor- Harold S. Geneen, president of the Telephone and Telegraph Corpora­ tion on the Division of Management International Telephone and Tele­ tion for the grant that made these Education, write for the Winter, graph Corporation, and a preface lectures possible, to Board Chairman 1976 issue of Dividend, which contains by Dean Floyd A. Bond. The book is Harold Geneen for contributing the an interview with Dr. Schrader in three parts. The first part discusses Foreword to the book, and to about the Division. the general theoretical framework Professor Donald Skadden for coor­ of tax reform. Writing in this section dinating the planning, executing are George Break of the University the plans, and editing the manuscripts of California at Berkeley and for publication." Professor Murray L. Weidenbaum, Director of the Center for Study

23 Faculty News Dean Floyd A. Bond was invited to the White House this fall on the occasion of the signing of the presi­ dential management intern program. He met President Carter and renewed his acquaintance with Elmer Staats, Comptroller General and head of the General Accounting Office, and Alan Campbell, head of the Civil Service Commission. Patricia J. Shontz, professor of business administration and director of the Office of Publications, has been elected a Fellow of the American Statistical Association—one of 22 to be elected this year. She also was recently awarded the honorary degree of Doctor of Laws by the University of Detroit. Carl H. Fischer, professor emeritus of One hundred and seventy-six man years of service to the School are represented insurance and of actuarial mathematics by the emeritus professors pictured above. At Dean Bond's dinner for the was on a panel entitled "Actuarial faculty in September, each of them was presented with a lucite enclosed gold Assumptions for Pension Plans" at the medallion with an engraving of the School on one side, and on the other annual meeting of the Conference of their name and the words, "For distinguished service to the School." In the back Actuaries in Public Practice, held row, left to right, are emeritus professors Meyer S. Ryder, industrial relations; this fall in Atlanta, Ga. His paper, John W. Reigel, industrial relations; Herbert F. Taggart, accounting; "Interest Rate Assumptions in Pension William A. Paton, accounting and D. Maynard Phelps, marketing. In the front Plan Valuations, 1955-75" was pre­ row, left to right are J. Philip Wernette, business administration and sented and discussed at the panel. editor emeritus of the Michigan Business Review; Franklin G. Moore, management; Wilford J. Eiteman, finance; Carl H. Fischer, actuarial science Vern Terpstra, professor of inter­ and Clare E. Griffin, business economics who also served as Dean of the national business, gave a seminar on School from 1929 to 1944. "Multinational Firms" to the Central Intelligence Agency in July. Forty staff members attended the seminar, mostly from CIA's Divisions of Economic Research and Political Dean Holds Reception who played several selections by Research. and Dinner to Welcome Chopin and Gershwin on the piano. Mary C. Bromage, professor emerita New Students and Faculty Hershey has her bachelor's degree of written communication, has been with distinction from the U-M School conducting seminars on communica­ A reception to welcome incoming of Music, where she played in about tion for management staffs and students, and a dinner to honor 200 recitals professional accom- military groups across the country. newcomers to the faculty, are held at paniest at the School. She is now Recent seminars have been held in the beginning of each school year in the personnel department at IBM, Washington, St. Louis, Philadelphia, with Dean Bond as host. where she does recruiting. Indianapolis, Atlanta, Chicago, This year, the Dean's reception was Newcomers to the faculty honored Dallas, Denver, Salt Lake City, held Sept. 7 from 3 to 5 p.m. Faculty at the dinner include Robert J. Baltimore and San Francisco. The from each subject area were available U of M TV series on Identity & in different classrooms to meet and Hemstead, associate professor of Conflict, dealing with nationalist talk with students. Punch and cookies actuarial science; Coimbatore struggles around the world, includes were served. Krishnarao Prahalad, visiting asso­ ciate professor of policy and control; her presentation on Ireland in the Newcomers to the faculty were form of a discussion with Professor honored later in the week with a Steven M. Dawson, visiting associate dinner at the Michigan League. After professor of finance; Raghavan D. dinner, presentations to honor the Nair, lecturer in accounting; and emeritus faculty wrere made by the Eugene A. Imhoff, Jr., visiting lecturer Dean, and a surprise program was in accounting. presented by Sally Hershey, MBA '77,

24 Allen S. Whiting of the political Ray E. Hill, associate professor of Raymond R. Reilly, associate science department. industrial relations, published an professor of finance, has been elected article entitled "Managing Inter­ to serve a two year term as Midwest Herbert W. Hildebrandt, professor of personal Conflict in Project Teams" in regional director of the Financial business administration, delivered a the Winter, 1977 issue of Sloan Management Association. He also paper on "Research—Consulting Management Review. The article is serves as first vice-president of the Problems in German Multinational being considered for inclusion in Midwest Finance Association as well Companies" at the Berlin meeting of the "current literature" bibliography as program chairman for the 1978 the International Congress on Com­ section of the Haworth Press, whose annual meeting. munication Sciences. He also lectured purpose is to disseminate information on decision making and oral and on current research to colleagues Thomas J. Schriber, professor of written communication programs to and professionals in related fields. statistics, went to Virginia Polytechnic European advisory councils in Mainz, Institute and State University in Brussels, London and Verviers. Meyer S. Ryder, professor emeritus of Blacksburg, Virginia, as a visiting industrial relations, spent part of scholar. During the two day in Arthur R. Southwick, professor of July in the Panama Canal Zone residence period, he gave two campus- business law, presented three lectures conducting hearings on Panama Canal wide talks on various aspects of at the Mid-America Hospital Company labor relations disputes discrete-event simulation, appeared as Medical Staff Conference in Fontana while in an advisory capacity to the a guest speaker in a simulation Wisconsin. They were entitled "The Governor/President of the Panama course, and engaged in a variety of Medical Staff in Legal Perspective," Canal Company. He worked on two private conversations with members of "Medical Staff Appointments and cases involving alleged smuggling, the Department of Management. Privileges" and "The Fiduciary Duties one of alleged embezzlement, and a of the Board of Trustees." dispute between a Canal Company Cynthia Cross, assistant director of student services, received her Ph.D. James C. Pilcher, professor of finance, official and the captain of a passing this summer through the U of M found himself acting as middleman Greek passenger ship. Center for the Study of Higher for two former students this summer. Education. Her dissertation was Ann Arbor resident Gideon Hoffer, Paul W. McCracken, Edmund Ezra entitled "The Guaranteed Student MBA '67 was being sent to London, Day University Professor of Business Loan Program: Access to Loans in England by his employer (Xerox) Administration, was chairman of an Michigan 1971-72 to 1974-75." for August through December, 1977. international committee of distin­ Steve Dawson, MBA '65, Ph.D. '72 guished economists who undertook a was leaving Kailula, Hawaii to be year-long study for the Organization Our faculty was well represented at a visiting associate professor at our for Economic Cooperation and the annual meeting of the American school for fall term. Prof. Pilcher put Development. The committee's report, Statistical Association, held in the two of them in touch and Dawson entitled "Towards Full Employment Chicago in August. A paper entitled rented Hoffer's home. and Price Stability," is now in "An Analysis of Forecast Perform­ print. Members of the committee, ance" was presented by professors of Ross Wilhelm, professor of business besides Professor McCracken, in­ statistics Allen Spivey and William economics, received an honorary cluded: Guido Carli, former Governor Wrobleski; James Godfrey, associate Doctor of Laws degree at commence­ of the Bank of Italy; Professor professor of accounting and Richard ment ceremonies at Eastern Michigan Herbert Giersch, Institut fur Welt- Andrews, assistant professor of University. wirtschaft, Kiel University; Attila statistics, presented a paper entitled Karaosmanoglu, former Deputy Prime "Sequential Sampling Methods for Bernard J. White, assistant professor Minister for Economic Affairs in Testing a Compliance Objective." of industrial relations, recently the Turkish government; Professor Terry Dielman, a doctoral student in published articles in the Monthly Ryutaro Komiya, University of statistics and management science, Labor Review and in a special issue Tokyo; Professor Assar Lindbeck, gave a paper coauthored with of The Journal of Contemporary Director of the Institute for Inter­ Timothy Nantell, associate professor Business which was devoted to the national Economic Studies, Stockholm of finance and Roger Wright, associate topic of job design. He has also University; R. C. O. Matthews, professor of statistics, entitled been appointed a consultant to the Master, Clare College, Cambridge "Analysis of Stock Repurchases With National Science Foundation on University, and at the outset Raymond a Random Coefficient Model." In matters related to research on Barre (now Prime Minister of France) addition, Mark Vonderembse, a administrative productivity. and subsequently Robert Marjolin, doctoral student in business policy, former Vice President of the Commis­ gave a paper, coauthored with sion of the European Community. Professor Wright, entitled "Under­ standing Causality Through Path Analysis for Better Budgeting and Management Control."

25 The third edition of Introduction to Marketing Management: Text if Yes, No, and Mayhe Cases by professors of marketing Continued from page 9 Stewart Rewoldt, James Scott and Martin Warshaw was recently published. The book is used in over been more successful than those Q. You said you send information on 250 colleges and universities primarily directed toward black students and placement exams? What are they? other minority groups. So far at the graduate level. A. We allow students to take place­ competition from immediate employ­ ment exams for any of the core courses Dick A. Leabo, professor of statistics ment opportunities has not been required in the first year of the MBA and director of the doctoral program as much of a problem for us with program. If they pass, they can at the School, was elected national women as with minorities. vice-president at the 1977 triennial substitute elective courses for any of these required courses. convention of the national honor Q. What about financial aid for society of Phi Kappa Phi. This society students? was founded at the University of Q. Do we have special students who Maine in 1897 and elects under­ A. Both scholarship and student loan are not here for the degree? graduate students as members from funds are available. Besides scholar­ ships provided by the University, A. Yes, a small number. They must every discipline who are in the top already have an MBA degree, and are five percent of their graduating class. about 35 specially funded scholarships are available through the School. usually seeking specific courses in a Alan G. Merten, associate professor of About 20% of our students receive particular area to update their knowl­ management science, attended the scholarships. edge or switch fields. These students international conference on very large often take course work in our data bases held in Tokyo, Japan in evening program. early October. There he gave a talk entitled "A Perspective on Database Q. What about part-time students? Design" and served as co-chairman, A. Our evening program is set up for along with Tosiyasu Kunii of the part-time students. It is truly an University of Tokyo, of a survey outstanding program. We apply the session on database design. same admissions standards, and the academic standards and the faculty are the same as in our day program. Consortium of American Universities holds meeting Q. There has been a tremendous at Business School interest in the MBA degree lately, and a great increase in the A meeting of the Consortium of number of people seeking the American Universities to assist in the degree. Do you think there is a development of the Saudi Arabian danger that in a few years we will University of Petroleum and Minerals have a "glut" of MBAs on the was held on the Ann Arbor campus market? in the Board Room of the Graduate School of Business Administration Q. How much contact do we have A. It's true that there has been an during the summer to plan a full-scale with students between the time increase in interest in the degree, and week-long on-site evaluation this they are admitted and the there will be a great number of winter of the progress of the engi­ time they actually enroll? MBAs in the marketplace in the neering and management degree A. They receive a letter of welcome future, but I don't think this will programs in Dhahran. Dean Bond from the Dean, along with a lot harm the graduates of top schools. hosted the meeting. In addition to of material on program planning and There will always be a demand for The University of Michigan, the placement exams. We encourage the best, even in a slow market. If we Consortium includes California In­ them to contact our office if they want continue to attract the kind of fine stitute of Technology, Colorado help in planning their program or student body we have in the past, and School of Mines, Massachusetts if they want information on moving maintain the quality of our educa­ Institute of Technology, Milwaukee to Ann Arbor. We also have a service tional program, employers will School of Engineering, Princeton called "Project Roommate" operated continue to actively recruit our University, University of Alabama, jointly with the Student Council. graduates even if a surplus of other University of Rochester, and It's a list we maintain of people MBAs does develop. Wentworth Institute of Technology. looking for roommates, containing the name, home addresses, college at­ tended and college major of people interested in finding roommates.

26 Ph,D» Fund Established Tax Specialisation Program in honor of Tom Leah© A Message from the Offered to Accountants The Thomas William Leabo Search Committee A two week program in tax Memorial Fund has been established specialization was attended by 130 Dean Bond has indicated to the to give an award annually to a professional accountants from nearly University his desire to resume dedicated scholar (or scholars) com­ every state in the Union when it teaching by the end of the calen­ mitted to the teaching profession was held in August under the joint dar year 1978. Accordingly, a who is preparing for a doctoral degree sponsorship of the Paton Accounting new Dean must be found. All in Business Administration. Center of the Graduate School of alumni are urged to ponder this Business Administration and the The fund is in honor of Tom and transmit any suggestions for American Institute of Certified Public Leabo, son of Professor Dick A. and names. The Search Committee Accountants. Artis Leabo, who died accidentally at and the University Administra­ the age of 20 years on March 18, tion have no fixed ideas about The program was designed to 1977. Many friends have joined Tom's the background and experience develop proficiency in preparing parents in perpetuating his memory of the next Dean. He or she sophisticated individual and corporate by establishing the fund. could be from within our own tax returns, and to teach the concepts Thomas William Leabo was born faculty, from another faculty, or and planning implications of on March 9, 1957 in Lansing. He grew from the business community. income, deduction and credit items up in Ann Arbor, graduating with Think about this a bit, and on income tax returns. Participants highest distinction in 1975 from communicate any suggestions you also learned to research answers to tax Huron High School. At the time of his may have to Professor Paul W. questions in original source materials death he was a sophomore at the McCracken, Chairman of the and in tax services. Throughout the University of Michigan, concentrating Committee. program, problem assignments and in the physical sciences and research projects were completed and mathematics. turned in for evaluation and feedback. Tom was a disciplined athlete as Co-directors of the National Tax evidenced by his membership on the Specialization Program are Donald H. golf, track, and basketball teams at Skadden, Director of the Paton Huron High. In 1975, he was a Wolaver Fund Established Accounting Center of the Graduate member of the Huron High Middle For B School Students School of Business Administration, Distance Relay Team which won A fund to aid "needy and deserving and Joshua J. Grauer of the Con­ second place at the Ashley (Ohio) students" has been established in the tinuing Professional Education Relays. In addition, he was a former Graduate School of Business Ad­ Division of the American Institute of Radrick Farms Men's Junior Golf ministration by the estate of Margaret Certified Public Accountants. Champion and a two-time Ann Arbor L. Wolaver in memory of her son, Participants in the program were Golf & Outing Club Senior Boys' David A. Wolaver, who was killed in required to have a degree in Champion. From 1971-75 he was a action in France during World accounting, two years experience in Championship Flight participant in War II. public or corporate accounting or the Ann Arbor City Junior Golf A second fund has been established auditing, and a working knowledge of Tournament, and the Mens' City Golf in the School of Music in honor of individual and corporate tax com­ Tournament, 1973-76. In recre­ her other son, John A. Wolaver. John pliance. ational non-competitive sports, his studied piano and received his The program this year was so interests were varied, ranging from bachelor's degree in 1942 and master's successful that a second program is baseball to paddle ball, racquet ball, degree in 1947. While a student he being tentatively planned for the squash, swimming and skiiing. It was earned the Albert A. Stanley Medal, summer of 1978. while preparing to go cross-country the highest award given by the School skiing that Tom met his accidental of Music. He was to begin teaching death. at U-M in 1955 when he died. Those wishing to contribute to the Each fund is in an amount ex­ Fund in Tom's honor should make ceeding $240,000, and its income is to checks payable to The Thomas be used to aid qualified students William Leabo Memorial Fund and enrolled in each school. mail to the Dean, Graduate School of Mrs. Wolaver, who died in 1975 at Business Administration, University the age of 91, was a long-time Ann of Michigan, Ann Arbor, Michigan Arbor resident. She attended the U-M 48109. in 1905-1908. Her husband, Earl S. Wolaver, who received three degrees from the U-M, taught business law at the Business School for 30 years until his death in 1950.

27 Graduate Schooi of Business Administration NON-PROFIT The University of Michigan ORGANIZATION U. S. POSTAGE Ann Arbor, Michigan 48109 PAID ANN ARBOR, MICH. PERMIT NO. 144

Editor: 1915, and I have a ledger book of In your always interesting his itemized expenses which his father magazine you carried a column about Letters kept back home in the woods of the mysteries of the Moebius strip Pennsylvania. The list is much too (Spring, 1977). long and detailed to send to you, You are correct in saying that if I wonder why your cover and but I thought you might be interested you split a Moebius strip down the editorial page refers to "University of to know that grandfather paid as center you end up with a single, Michigan." We were always taught an out-of-state student $683.74 for my rather twisted, double-length strip, to write: "The University of father's freshman year. This amount but I believe you will find that, if Michigan" with a capital "T." included a pair of baseball shoes you split that strip once again, you George J. Eder for $5—my father played both football will find two identical intertwined Washington, D.C. and baseball for the University— two-sided strips, each of them with a which probably was considered extra­ triple-loop that you can bring Thank you for correcting us, both vagant, since regular shoes are listed together at one end of the strip, as I on the non-Mendelian Moebius for $4. Dad's total expenses for four have attempted to illustrate below. strip and on "The." Space con­ years at the University were $2900. The proof that neither is a Moebius siderations motivated us to drop the I earned both a BS in Engineering strip is that you can run a pencil "The" on the cover, but nothing in 1949 and a MBA in 1955 at the line completely around the strip on accounts for our omission on the University. I have forgotten what I one side of the strip. editorial page. It has been changed. spent; and fortunately, I did not And, to repeat your admonition, —Editor. keep a record which helps me to keep don't ask me to explain why this from weeping as I write the checks happens. If the Moebius strip followed Editor: for my son's college expenses. the general Mendelian lines of I was very interested in reading the Alger E. Morrison heredity, you would indeed expect to article, "Read This and Weep!" which Pittsburgh, Pa. find that one of the second generation appeared in your Spring, 1977, strips was Moebian. issue of DIVIDEND. My father, Chester C. Morrison, entered the University of Michigan in