School of Hotel Administration Annual Report 2009–2010 Table of Contents i k s o K n o s a J Michael Torres ’13 and Brian Mueller ’13 at Orientation The Year’s Highlights 2 School Leadership 8 Our Faculty 12 Students and Learning 18 The Statler Hotel 26 Our Alumni 28 Industry Partnership 30 Executive Education 34 Centers of Excellence 36 Financial Summary 44 Private Support 48 r e k r In Closing 51 a B t r e b o R Annual Report 2009 – 2010 1 The Year’s Highlights ur highlights this r year reflect our con- e k r tinued focus on three a B primary goals of t r e the past several years: b o Obuilding the faculty, improving the R student experience, and funding the Milstein Hall of Ocean Life at the American Museum of Natural History, before the 2010 Cornell Icon of the Industry Awards Dinner future.Although we have had to adjust our sights in the face of signifi- New faculty cant financial limitations, we have made noteworthy gains in all three We continued to strengthen our core busi- Pamela Moulton graduated magna cum research focuses on the impact of core finance course and won two teaching areas.The achievements of the ness faculty this year with the recruitment laude from the Wharton School of the automation on market liquidity, the role of awards for impact.At Kelley he was a past year underscore the importance of two more outstanding scholars to our University of Pennsylvania in 1985 with a market design in alleviating attention finalist every year for the Trustee Teaching of the close working relationships professorial ranks.Their terms as assistant BS in economics; she earned a PhD constraints, and global market integration. Award and won it in 2010. He has also we have with our alumni and other professors of finance began July 1, 2010. in finance from the Columbia University Her research has been published in won the Memorable Faculty Award and industry partners as well as the Graduate School of Business in 2003. Financial Management and the Journal of the Doctoral Students’Association’s high value we place on academic She is also a chartered financial analyst. Finance, Journal of Financial Economics, Exceptional Inspiration and Guidance excellence. Between her undergraduate and graduate Journal of Financial Markets, and Journal of Award. studies, Pamela worked in fixed income Fixed Income. Pamela is also a highly rated research at several Wall Street investment teacher and a frequent presenter at aca- Andrey holds four degrees from banks. Following receipt of her demic conferences. She won the Financial Yale University: a BA, with distinction, in doctorate, Pamela was a senior economist Management Association’s Market economics (1995) and an MA (2001), at the New York Stock Exchange for Microstructure Competitive Paper Award MPhil (2002), and PhD (2003) in manage- i k three years before moving to the Fordham in 2007. ment with a concentration in financial s o University Schools of Business as economics. He was awarded fellowships K n an assistant professor. Her teaching and Andrey Ukhov comes to Cornell from the every year as a doctoral student. His o s a research interests include financial markets Kelley School of Business at Indiana research interests are in theoretical and J and market microstructure, with a University, where he has been an assistant empirical asset pricing and risk preference, Andrey Ukhov special interest in liquidity. Pamela’s publi- professor of finance since 2003. He spent and he has taught in the areas of invest- cations include papers on time variation the 2008-09 academic year as a visiting ments, derivatives, and fixed-income Review of Finance, Finance Research Letters, d e in liquidity, international cross-listings, and assistant professor at the Kellogg School of securities. He has published in the Journal Economic History Review, and the Journal of d i v optimal trading strategies. Her current Management, Northwestern University, of Financial and Quantitative Analysis, the Financial Research.Three papers that he o r P where he taught four sections of the MBA authored or co-authored have been cited Pamela Moulton 2 School of Hotel Administration Annual Report 2009 – 2010 3 First annual Cornell Real Estate Case Competition by the Social Science Research Network The school’s Center for Real Estate Cornell’s team won the overall competi- and Crocker Liu, the Robert A. as Top-Ten Downloads, and his articles Finance inaugurated a competition tion and $4,000 prize in blind judging. Beck Professor of Hospitality Financial have won numerous other awards and cita- for undergraduate students in commercial Josh Barvin, CALS ’10,Andrew Gindy ’11, Management, also advised the team. tions. He has given many conference and real estate last fall at TIAA-CREF head- Taylor Quan ’10, Zied Sanhaji ’10,Amy seminar presentations and served as a refer- quarters in New York City. Daniel Quan, Shyr ’10, and Li Zhang ’10 competed for David and Jill Korr, parents of Jonathan ee for the Journal of Finance, Review of Singapore Tourism Board Distinguished Cornell, with Christopher Marshall ’11 ’09 and Dana ’14 Korr, were principal Finance, Journal of Empirical Finance, Journal Professor of Asian Hospitality Management as alternate.All are students in the sponsors of the event. Other sponsors were of Financial Research, Journal of Financial and professor of real estate finance, organ- new minor in real estate, a universitywide Archon/Goldman Sachs,AREA Property Markets, and The Financial Review.With ized this first annual Cornell Real Estate program with its academic home in Partners, BlackRock, ING Clarion, York Eggleston,he was awarded a U.S. Case Competition. the Center for Real Estate Finance. Dan National Realty and Development Corp., patent in 2000 for a “System and Method coached the team with Judi Brownell, Prudential, and TIAA-CREF. for Incentive Programs and Award professor of organizational communica- Fulfillment.” tion. Daniel Lebret, PhD ’08, visiting assistant professor of real estate finance, e Before coming to the United States, c n a Andrey studied for three years toward a r F bachelor’s degree in applied mathematics y a s at Odessa State University in his native d n i Ukraine. During that time he had two L papers on Russian algorithmic language Susan Fleming Cabrera implementation accepted for publication by the National Academy of Sciences In addition to Pamela and Andrey, we Stephen Lipinski ’72 has been hired of the USSR and the Ukrainian Academy have made two other faculty appointments as a lecturer in food and beverage of Science. He has advanced skills in this year. management.As president and principal software development and programming broker of Stephen Lipinski Associates, in eight computer languages. Susan Fleming Cabrera joined the LLC, he specializes in hospitality-related school July 1, 2010 as a senior lecturer in projects, municipal development, and finance.A veteran private-equity investor property disposition. Stephen also has 35 and investment banker, Susan most years of experience as an owner of recently served as a partner and member of restaurants and a consultant to hotel and the investment committee of Capital Z hospitality corporations. For the past Financial Services Partners, a $1.85 billion year he taught Introduction to Foodservice private equity fund. Soon after retiring at Operations as a visiting lecturer. He also age 33, she enrolled at the Johnson School taught food chemistry at the school from to pursue MS (2008) and PhD (2010) 1972 to 1974. Stephen is incoming degrees in management. She earlier earned treasurer of the Cornell Hotel Society and a BA in economics and Asian studies with treasurer of the Cornell Hotel Society y h highest distinction from the University Foundation. p a r of Virginia, where she was inducted into g o t Phi Beta Kappa.An expert in corporate o h P finance, the valuation of insurance compa- r e nies, and factors limiting the accession t n of women to corporate leadership posi- i W e tions, Susan sits on the boards of directors s s r e J e of Virtus Investment Partners and Hanover k r a Investors. She has taught several courses Cornell’s real estate team, L to R: Amy Shyr ’10, Taylor Quan ’10, Andrew Gindy ’11, Li Zhang ’10, Zied Sanhaji ’10, B t as a visiting lecturer in both the Johnson Chris Marshall ’11, Daniel Lebret, PhD ’08, visiting assistant professor of real estate finance, Josh Barvin, CALS ’10, Judi Brownell, r e b School and the Dyson School of Applied professor of organizational communication and dean of students, and Dan Quan, Singapore Tourism Board Distinguished o R Economics and Management in the Professor of Asian Hospitality Management, at TIAA-CREF in New York. Stephen Lipinski ’72 College of Agriculture and Life Sciences. Within the SHA, Susan will teach Entrepreneurial Management this fall and Entrepreneurial Finance next spring. 4 School of Hotel Administration Annual Report 2009 – 2010 5 Facilities improvements This was an important year for facilities offers spectacular views of Central and and the addition of many amenities. upgrades.The Statler Hall tower project, West Campus and the lake and hills All of the labor was provided by the hotel’s which was described in last year’s annual beyond, has become a popular site for already hardworking maintenance and report, was completed in December, meetings and events. housekeeping staff; Statler GM Rick Adie and the new space is now occupied by the ’75 and rooms director Geoff Gray ’08 Center for Hospitality Research, the The renovation of the Statler Hotel’s 153 supervised the project. Raj Chandnani ’95 Center for Real Estate Finance, the Leland guest rooms was completed in February of WATG provided design expertise, and C.