News 2011

'Second' Space: ISU, IUPUI Students Meet on Virtual Island to Negotiate Sales Deal

December 20, 2011

Ken Jones and IUPUI professor Peggy Daniels Lee help Candace GreubelA team of Indiana State University students locked eyes with a student team from Indiana University Purdue University Indianapolis. They exchanged greetings as they started a sales negotiation they had one hour to finish.

As the groups began haggling, they did so as they sat across from each other - from more than 50 miles away.

Students from classes at Indiana State and IUPUI negotiated during a sales exercise on an island in the virtual world known as Second Life, a three-dimensional environment where people create characters, or avatars, to interact and socialize. ISU students acted as the sellers while IUPUI students were the buyers in a project that set out parameters for both groups while requiring them to determine the best deal.

The difficulties that students encountered because of the lack of face-to-face interaction was intended, and common to many real-world negotiation sessions, said Ken Jones, senior lecturer of operations management in ISU's Scott College of Business. Jones organized the project with Peggy Daniels Lee, clinical assistant professor of operations and supply chain management, and chair of the undergraduate program at the Kelley School of Business Indianapolis. Ethics codes and laws prevent many procurement transactions from taking place between family members or friends in a company setting, she said, adding that procurement negotiations are frequently "arm's length transactions."

Image: Indiana State University senior lecturer Ken Jones and IUPUI professor Peggy Daniels Lee help Candace Greubel, an ISU senior communication major from Haubstadt, navigate the Second Life website during a class session earlier this semester. Lee visited Jones's class in the Scott College of Business to teach his students about Second Life in preparation of a joint negotiation project between classes at ISU and IUPUI.

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Five Students Receive Indiana Society of Chicago Scholarships

December 16, 2011

Robert ColluciThe Indiana Society of Chicago Foundation recently awarded scholarships to five Chicagoland students attending Indiana State University.

The scholarship recipients were recognized Dec. 3 during the society's 106th annual dinner, attended by more than 600 people at the Fairmont Hotel at Chicago's Millennium Park.

The society, founded more than 100 years ago by notable Hoosiers George Ade and John McCutcheon and others attracted to the Midwest's premiere city at the peak of the industrial revolution, pays homage to its roots each year by recognizing outstanding Indiana institutions and leaders in a high-spirited holiday season celebration. Among the awardees was Robert Colluci of Schaumburg, son of Tony and Paula Colluci and a graduate of James B. Conant High School, is a business management major. Colucci is active in Pi Kappa Alpha fraternity and has completed more than 50 hours of community service during the past two years. He has worked as a fitness specialist in the university's Student Recreation Center.

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Festive Wear: ISU Grads Give Holiday Sweaters New Life

December 8, 2011

Ugly Christmas SweatersIndiana State University graduate Brian Miller reached an epiphany when he started receiving Christmas party invitations that came with a catch.

Come to the party in your best, tackiest holiday sweater. As he owns several dozen Internet domain names, it made sense for him to snag up He wrote a blog and would post pictures of some of the best - or worst - holiday sweaters he would encounter. Miller spoke with his friends and fellow ISU graduates Kevin Wool and Adam Paulson, and in November 2009 they decided to buy old Christmas sweaters from a thrift store, photograph them and then put them up for sale on the website.

Like a Christmas miracle, the new business known as Ugly Christmas Sweater Party was born. The three Sycamores sold 1,000 sweaters that first Christmas season and about 4,500 last year, Miller said. This year the trio hopes to sell more than 10,000 sweaters.

The three friends forged their group bond at Indiana State as members of Sigma Phi Epsilon and currently reside in Northwest Indiana. They first ran the business out of their homes; it's now gotten so big that they have about 14,000 sweaters at a warehouse in Crown Point.

Miller, who graduated from ISU in 2004 with a degree in communication, and Wool communicate regularly with their fans and customers through their site. They also have a fan page on Facebook where they offered a daily contest to name a sweater, with the winner taking home the ugly Christmas sweater as a prize. They received dozens of suggestions for each sweater, and at times garnered over 100 responses to a post.

Their education at ISU helped prepare the three of them for running the business in different ways. While Miller and Paulson, a 2005 graduate with a double major in finance and marketing, utilize their majors in various aspects of the business, Wool has also applied his lessons from his recreation and sports management major in various areas as well. He added that the lessons they learned in time management and meeting deadlines help.

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Resident Advisors: Students Creating Plan for Luxury Apartment Developer

December 6, 2011

As Indiana State University senior Doug Gehrke interviewed for a management position on a school project, he mentioned his particular interest in a specific project - one that will turn heads in the latest effort to resuscitate an abandoned downtown Terre Haute building.

Gehrke is the leader of a group of ISU students working with Radio City Lofts, a real estate development company that is renovating a downtown Terre Haute structure, originally built in 1910 and known as the TWI building, but for the last several decades has stood abandoned. Radio City Lofts is transforming the site into 16 luxury apartments that will stand just blocks away from Indiana State. Gehrke first learned of the project while interviewing for the leadership position with the Sycamore Business Advisors, an organization created by David Robinson and Art Sherwood, professors in the Scott College of Business.

"When I interviewed, Art had mentioned that there was this real estate development project, and that's something I'm interested in going into after college, so I figured it would be a great chance to get experience in that," said Gehrke, a senior majoring in business administration from Plymouth. "Plus, it seemed like the most interesting of the three projects to me."

The project is part of a senior capstone class offered for business majors to fulfill their graduation requirements. Each semester, the Sycamore Business Advisors work with local businesses and nonprofits on various projects that benefit the organizations while also providing students with business consulting experience similar to what they would do if they were working in a consulting firm.

Jason Widen, manager and co-owner of Radio City Lofts, approached the Sycamore Business Advisors after learning about the organization through various contacts at Indiana State who got him in touch with Sherwood. Soon after, the students were introduced to the project and on their way.

Sycamore Business Advisors

Jason Widen of Radio City Lofts, center, talks with members of Sycamore Business Advisors during a recent meeting.

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Events Raise more than $30,000 for Business Student Programming

November 18, 2011

Two fundraisers for the Scott College of Business at Indiana State University raised more than $30,000 for business student programming and professional development.

The 14th annual Oktoberfest golf scramble earlier this semester netted $23,000 for Insurance and Risk Management student development, and the Scott College of Business' first Homecoming Hullabaloo, a networking event and Homecoming celebration, garnered $8,000.

The college's insurance and risk management program and Gamma Iota Sigma, the honor fraternity for insurance and risk management and actuarial science, hosted the Oktoberfest golf outing earlier this semester. More than 20 students volunteered to run the daylong event, which included nearly 100 participants from the insurance and financial services industry.

The college's first Homecoming Hullabaloo provided an opportunity for alumni and friends of Indiana State to interact following a busy day of homecoming activities, including the parade, Tent City and home football game, which the Sycamores won over Western Illinois, 46-24. The event attracted 20 sponsors and more than 100 attendees. Nearly 100 items were donated for the silent auction.

Hullabaloo 2011

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Indiana State Economist: Eurozone has Failed to Solve Underlying Monetary Issue

November 18, 2011

Eurozone countries teetering on the brink of financial collapse that could drag the world along for the ride have not resolved the underlying currency issues, an Indiana State University economist said Wednesday.

Robert Guell, an economics professor at ISU, was a speaker during the Fall Business Outlook at Holiday Inn in Terre Haute. The event featured Guell, along with Timothy Slaper of the Indiana Business Research Center and Robert Neal, associate professor of finance in the Kelley School of Business at Indiana University in Indianapolis. They spoke about the current economic conditions and gave 2012 predictions for Terre Haute, the country and the world.

The Fall Business Outlook was cosponsored by the ISU Scott College of Business, West Central Indiana Small Business Development Center at ISU, Terre Haute Chamber of Commerce and Terre Haute Savings Bank. As a complement to the annual Ground Hog Day Economic Forecast in Terre Haute, the event also featured the Indiana Business Research Center Outlook from Indiana University.

Robert Guell, 2011

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Outlook for Business and the Economy to be Featured in Upcoming Event

October 28, 2011

Robert Guell, professor of economics at Indiana State UniversityA fall update on business and the economy will be presented by the Indiana Business Research Center and an Indiana State University economist on Nov. 16 in Terre Haute.

Robert Guell, professor of economics, will provide insight about the Terre Haute economy, as well as economic conditions in Indiana and the rest of the country during the Fall Business Outlook at the Holiday Inn on U.S. 41 in Terre Haute. Jerry Conover, director of the Indiana Business Research Center at Indiana University, and others will discuss business and the economy during the event.

The Fall Business Outlook is hosted by the Terre Haute Chamber of Commerce and co-sponsored by Terre Haute Savings Bank, the West Central Indiana Small Business Development Center and the Scott College of Business at Indiana State.

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Princeton Review Lists Indiana State's MBA as one of Nation's Best for Sixth Straight Year

October 24, 2011

"‘Small classes, great teachers, good assistantships' and an affordable tuition" helped Indiana State University's Master of Business Administration (MBA) program land on the Princeton Review's list of the nation's top programs for a sixth straight year.

The academic test preparation and admissions counseling company listed the ISU program in "The Best 294 Business Schools" for 2012. The review analyzes data and surveys to determine the programs that make the final list, which does not rank the schools.

The Princeton Review highlighted multiple positive aspects of the program, which factor in data from student surveys conducted through the last three academic years. The MBA program's size "is both a major asset and an occasional drawback," though the smaller class size means "great faculty accessibility," the Princeton Review says in the rankings.

The MBA program is expanding, as classes began this fall for the inaugural class of the professional MBA program in Plainfield, a western suburb of Indianapolis. The professors and courses are the same as the offerings on the Terre Haute campus, although the professional MBA courses and services are tailored for working professionals with at least five years of experience.

Indiana State University, Plainfield

The site of the professional MBA program in Plainfield.

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Indianapolis Conference to Focus on Health Care Reform

October 3, 2011

Health care industry representatives, scholars and analysts will discuss health care reform during an Oct. 21 conference at the Columbia Club in downtown Indianapolis.

Wayne DeVeydt, executive vice president and chief financial officer of WellPoint, Inc., and several panels will discuss "The Affordable Care Act: Challenges to Access, Affordability and Availability."

Other participants include Scott Harrington, a health care systems and insurance and risk management professor in the University of Pennsylvania's Wharton School; William Hoagland, vice president for public policy and government affairs at CIGNA; and Daniel F. Evans, Jr., president and CEO of Indiana University Health, among others. They will discuss how the Patient Protection and Affordable Care Act will affect employers, insurers, state governments and health care providers. Networks Financial Institute (NFI) in the Scott College of Business at Indiana State University is sponsoring the conference.

2011 Health Care Reform Conference

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Ex Fed Member: Poor Risk Management, Fragmented Supervision Contributed to Crisis

September 30, 2011

Poor risk management and fragmented supervision of banks helped lead to the recent financial crisis, which could prompt changes in the financial services industry, a former Federal Reserve member said during a presentation at Indiana State University.

Jon Greenlee, currently managing director of KPMG's financial services regulatory practice in McLean, Va., spoke to nearly 100 students and community members at Hulman Memorial Student Union. His visit, the first "Leader In Action" event of the 2011-12 academic year, was sponsored by the Scott College of Business.

These changes could include ensuring that banks retain more capital, increasing costs for services and more direct and effective conflict resolution within companies, he told the audience. Interactions between banks and financial service companies and their customers may also be changed to ensure that activities taking place will not harm people, he said. He cited one such harmful practice as granting credit to people who could not afford it.

Jon Greenlee, 2011

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Four Selected as Distinguished Alumni

September 21, 2011

The Indiana State University Alumni Association has selected four individuals to receive its Distinguished Alumni Award for 2011. This year's recipients included

Richard BondsRichard T. Bonds graduated from Indiana State in 1970 with a bachelor's degree in marketing. He is certified as a human resources professional by the Society of Human Resources Management. Bonds served as a senior human resources executive for more than 29 years with significant accomplishments in premiere financial services. An accomplished professional, Bonds demonstrates expertise in a variety of areas including performance effectiveness, strategic planning, employee relations, executive leadership training, management development and executive coaching. In his last corporate assignment, Bonds served as senior vice president of human resources for the nation's second largest bank holding company, JP Morgan Chase (formerly Bank One Corporation). Bonds retired from Chase in September 2003.

Larry BouletLarry S. Boulet graduated from ISU in 1974 with a B.S. in accounting. Retired after a career as a senior audit partner with PricewaterhouseCoopers, he is now owner and president of Boulet Consulting. He advises mid-sized companies on strategic and succession planning. He also serves on the board of directors of Bioanalytical Systems, an Indiana company that performs early stage drug research for pharmaceutical companies. Boulet chaired the ISU Foundation Board of Directors and continues to serve as a director. As chairman, he led the restructuring of the foundation's governance and the initiation of the March On! Capital Campaign. Boulet and his wife Buffy co-chair the campaign's national committee. 

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History Reconstructed: Memorable Buildings Find New Purpose at ISU

September 19, 2011

When Terre Haute's federal building reopens next fall, the long-remembered post office corridor will resemble the image remembered from when the building first opened.

Only the people who will soon stroll past the building's historic post office boxes won't be searching for mail; they'll be heading for class.

The building that housed a downtown U.S. Post Office and federal court will maintain trademarks of its past as it hosts new classrooms and spaces for the Scott College of Business at Indiana State University. The federal building, along with the former Emeline Fairbanks Memorial Library, have found new life at ISU as renovations will resurrect some of the most well-known characteristics of the buildings.

The federal building project is projected to cost about $20.5 million, including federal, state and private funding, and spanned three phases of restoration and construction. The demolition needed in the project is almost complete, Duncan said. Construction crews are working on the building from the top floor down to the lower level. Drywall is being installed in some areas on the top two floors, while items such as wiring, electrical outlets and vents are being installed on the lower floors, Duncan said.

The renovations will juxtapose the federal building's 21st century-style construction and technology with early 20th century art deco traditional architecture. University students may be using Skype to talk with peers anywhere in the world, while in the nearby former federal courtroom an audience will listen to a prominent speaker detail expectations of future business leaders against a backdrop of the Magna Carta's signing.

Nancy Merritt, Brittany Kirk; Bruce McLaren, and Diann McKee

Nancy Merritt, dean of the Scott College of Business at Indiana State University; ISU student Brittany Kirk; Bruce McLaren, associate dean of the Scott College; and Diann McKee, vice president for business affairs, finance and university treasurer at ISU, review blueprints of the federal building renovation in the federal courtroom.

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NFI Gives Insurance Industry Recommendations to Federal Insurance Office

September 13, 2011

NFI FIO Report CoverNetworks Financial Institute at Indiana State University has issued a report of insurance industry oversight recommendations to help the newly-created Federal Insurance Office with its mandated report to Congress.

"A Report to the Federal Insurance Office" includes recommendations based on the six topics required to be included in the report, along with seven "optional" elements. Among other recommendations, NFI suggests that the insurance office should "focus squarely on the insurance industry and not become unnecessarily burdened with" issues pertaining to the financial services industry. The office was created in last year's Dodd-Frank Wall Street Reform and Consumer Protection Act, which focused mostly on the financial services industry. Also, while the office was created, its oversight role was largely undefined, said Terrie Troxel, interim executive director of NFI.

<< Full Story >> << A Report to the Federal Insurance Office (PDF) >>

Indiana State to Host 14th Annual Octoberfest Golf Outing

September 9, 2011

Golfers and insurance industry representatives will once again have the chance to interact with Indiana State University students during the 14th annual Octoberfest golf outing on Sept. 30.

Students from the insurance and risk management program in ISU's Scott College of Business will volunteer and participate in the golf outing festivities at the Country Club of Terre Haute. The proceeds from the event will benefit ISU's insurance and risk management program and Gamma Iota Sigma, the honor fraternity for insurance and risk management students.

ISU students will have the opportunity to network with insurance and risk management industry representatives who participate in the event. Since students work the event, they will be performing a variety of tasks. One of the many corporate opportunities available is the beverage cart sponsorship, which gives an industry professional the chance to work side-by-side with a top insurance and risk management student on one of the two beverage carts circling the course throughout the day.

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Indiana State to Host Prominent Financial Services, Insurance Industry Speakers

September 2, 2011

A former member of the Federal Reserve and the CEO of a multibillion-dollar insurance company will discuss their respective industries as part of Indiana State University's Scott College of Business Leader in Action Series this fall.

Jon Greenlee, managing director of KPMG, and Robert Restrepo, chairman, president and CEO of State Auto Insurance Companies, will interact with students, the community and others as part of free events in conjunction with their visits to Indiana State.

Greenlee, who graduated from ISU in 1985 with a bachelor's degree in finance, has more than 24 years of bank regulatory experience in dealing with issues pertaining to financial services, risk management and development of regulatory policies. He also has held several positions with the Federal Reserve.

Restrepo has an extensive background in the property casualty insurance industry, and has worked in various capacities at multiple companies. He first started working at State Auto Insurance Companies in 2006; his previous work experience includes senior executive roles at Aetna, Travelers, Hanover and most recently with Main Street America Group in Jacksonville, Fla.

Jon Greenlee and Robert Restrepo

Jon Greenlee and Robert Restrepo

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Students Analyze Terre Haute Rex Attendance Data for Class Project

August 31, 2011

Though a group of Indiana State University students learned about statistics in class, they discovered even more at a baseball stadium.

Students in the Business 305 course taught by Ken Jones, lecturer of operations management and analysis, analyzed attendance data of the Terre Haute Rex, a summer collegiate baseball team in the Prospect League. The students reviewed attendance figures and additional information, such as theme nights and average attendance for all the Prospect League teams, to determine what influences fan turnout. The project incorporated some of the classroom lessons to a project that can help the baseball organization.

The group created two different models, one predicting the Rex attendance, and a different one which incorporated league-wide attendance factors. The class found some interesting results: rain on game day impacted attendance figures more than the day's temperature, and a correlation existed between the number of players who eventually played for a Major League Baseball team and high turnout.

Students also found that the average income of community residents did not influence attendance figures. A community's size also did not significantly impact fan turnout - the Outlaws of Nashville, Tenn., attracted the fewest fans per game of any team in the league, according to figures on the Prospect League website. Nashville is much larger than most other league cities, which include Terre Haute, Danville, Ill., and Chillicothe, Ohio.

Additional factors, such as team success, also factored into the attendance figures. That factor benefited the Rex, which made the postseason in just the team's second year in the league. The team's attendance increased by about 190 fans from its inaugural season to just over 1,000 fans per home game this year.

Students participating in the 2011 Terre Haute Rex attendance data analysis project

Students participating in the Terre Haute Rex attendance data analysis project pose with instructor Ken Jones before one of the baseball team's games.

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Visiting Scholar: Europeans Unconvinced About Leadership in Economic Recovery

August 5, 2011

Sandeep GopalanEuropeans are not convinced that European Union leaders dealing with the region's economic bailout "have a clue as to how to solve this," an Indiana State University visiting scholar said.

There is a high degree of disagreement amongst the various EU institutions and their key actors, said Professor Sandeep Gopalan, head of the law department at the University of Ireland, Maynooth, who was a visiting scholar to the Scott College of Business at ISU. His visit is sponsored by the college's Networks Financial Institute (NFI).

He said that the European Central Bank is speaking with one voice, while politicians in Europe - chiefly Chancellor Angela Merkel - are talking with another. While they are fighting to resolve the situation, he noted that financial markets have reacted "adversely to that uncertainty."

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40 Selected for University Honors Scholarships

July 26, 2011

Indiana State University has awarded University Honors Scholarships to 40 outstanding freshmen who will begin their studies this fall.

Students selected for these highly competitive scholarships must demonstrate high levels of academic achievement throughout high school and during an on-campus interview competition.Specifically, students must have at least two of the following: a cumulative grade point average of at least 3.7 on a 4.0 scale, an 1100 SAT or 24 ACT and a ranking within the top 10 percent of their high school class.

Scholars are honored with an annual award of $5,000 for four years. Among the recipients are:

Eric Barber, son of Kris Barber and Tami Barber of Rolling Prairie. He is a New Prairie High School alumni majoring in business administration.

Kara Couwenhoven, daughter of Lisa Couwenhoven and Robert Couwenhoven of Beecher, Ill. She is a graduate of Beecher High School and plans to major in marketing or communication.

Landon Curry, son of Brian Curry and Kristi Curry of Uniondale. He is a graduate of Norwell High School majoring in accounting.

Jacquelyn Gary, daughter of Karen Gary and Steve Gary of Indianapolis. She is a Lawrence Central alumna pursuing a major in business.

Simone Hill, daughter of Tracey Elizabeth Hill of Temple Hills, Md. She is a graduate of Potomac High School and intends to major in operations management and analysis.

Aaron Windell, son of Darrin Windell and Leah Windell of Corydon. He is a graduate of Corydon Central High School and pursuing a major in business management.

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Professor Wins Award for Game She Helped Develop

July 20, 2011

Susan MoncadaIndiana State University professor Susan Moncada's alternative to lecturing received more than merely her students' attention.

Moncada, a professor of accounting, is one of two award recipients for "Processing Integrity Challenge," a PowerPoint game similar to Jeopardy that Moncada plays with students in her accounting systems class as an alternative to lecturing. She adapted and enhanced the Financial Accounting Jeopardy Games application by Michael Seda, a professor at St. Augustine's College in Raleigh, N.C. Seda and Moncada contributed their creations to the Multimedia Educational Resource for Learning and Online Teaching, or MERLOT. Moncada and Seda received the MERLOT Business Classics Award for Exemplary Online Learning Resources for 2011 award earlier this month.

To play the game, Moncada divides her class into groups of four or five students. Teams are given note cards that correspond to the different categories and items displayed on the game board. A student picks a question, and the groups have 30 seconds to write down their responses on the note cards. After Moncada collects all the cards, she reveals the correct answer and discusses the concept addressed.

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Visiting Scholar Cultivating New Opportunities at, for Indiana State

July 20, 2011

Sandeep GopalanThough Sandeep Gopalan taught Indiana State University students in a classroom a continent away from their Terre Haute campus, it wasn't his first time teaching them. Back in the U.S., he shared a building with them.

Gopalan, head of the department of law at the National University of Ireland, Maynooth, is a visiting scholar in the Scott College of Business at ISU. During his visit in the 2010-2011 academic year, sponsored by the college's Networks Financial Institute, Gopalan worked with ISU professors and students to create different projects to teach students. The projects ranged from a role-play simulation for research to a three-week travel experience earlier this summer where students learned about international business - in Europe.

The group included 15 students and two interns who graduated from ISU in May. During the trip, they toured different sites in Ireland, and even visited the Bank of England and the London Metals Exchange while they visited London for four days. He and Bill Wilhelm, professor of business education, created a role-play simulation that put students in the role of a bank's board of directors as they dealt with a challenging problem. In the exercise - inspired by actions alleged to have occurred in a major lender during the financial crisis - they learn that the bank's hypothetical president had engaged in unethical activity.

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International Interlude: Students Learn From Summer Experiences in Europe

July 18, 2011

Indiana State University professor Art Sherwood devised a final project for his students that was, in a word, brilliant!

Sherwood, an ISU associate professor of management, taught his international business management course during a three-week journey a group of students embarked on to Europe. Since he and the students resided in Ireland at the National University of Ireland, Maynooth, during their stay, he implemented an iconic Irish resource into his course: the archives at the Guinness Storehouse in nearby Dublin. At the archives, students scoured centuries-old documents to newer information on websites to create case study presentations on the business history of Guinness.

Students in the Scott College of Business at ISU traveled to Europe to learn first-hand about international business relations, traditions and opportunities available to them. In addition to Sherwood's group, other students joined Bruce and Connie McLaren, professors in the Scott College, and Steve and Becky Whitman, who created a fund to support a different journey - a weeklong trip to Paris. The Whitmans created a fund that covered most of the costs for the nine students traveling to Paris. Yet Steve Whitman, an alumnus of the Scott College, also wanted to contribute more. He enlisted the help of friends and business contacts in Paris to meet with the students, and he traveled with the group to provide firsthand knowledge and perspectives from his experiences engaging in intercontinental trade.

Students in Ireland, 2011

The group of Indiana State University students who traveled to Ireland pose in front of their dormitory where they stayed at the National University of Ireland, Maynooth.

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Indiana State Announces Class of 2015 Network Scholars

June 17, 2011

Indiana State University looks forward to welcoming fifteen high-achieving scholars to the Scott College of Business this fall. These students are recipients of the Networks Scholarship award, a competitive award for incoming freshmen.

The honor comes with four years paid tuition, a $3,000 professional development account, a corporate mentor and the opportunity to be part of the Networks Professional Development Program. Award recipients are chosen for the professional program based on their high school grade point averages, college entrance exam scores, high school leadership activities and a series of interviews by Indiana State faculty, staff and current scholars in the development program from NFI in the Scott College of Business.

Eric Barber, Trey Carpenter, Landon D. Curry, Daniel E. Ferguson, Andrew Feutz, Andrew Jones, Samantha Lindauer, Zoe Lutes, Grant Alexander Mansard, Logan Rassel, Brooke Rust, Janae Smith (not pictured), Hillary Steber, Jessica Worl, and Jefferson Zahn.

Networks Class of 2015

Networks Class of 2015

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The scholars are: 

High Five: Rising Copper Price Increases Production Cost of Nickels

June 9, 2011

nickelsCopper's rising value from its Great Recession crater has increased the cost of making a nickel to more than the coin's worth, an Indiana State University professor estimates.

As the global economy continues to improve following the worst recession since the Great Depression, metals used in global manufacturing, such as copper and zinc, have become more expensive, said John Tatom, ISU associate professor of finance and director of research for Networks Financial Institute in the Scott College of Business at ISU. Though copper prices are not near their stratospheric highs in 2007 before the economic collapse, the increasing costs have had an effect. While copper is commonly considered to be an integral component in the penny, it is actually more heavily utilized in nickels, Tatom said. While copper and other commodity prices fell in early May, the price of copper is almost twice as high as it was at the end of the recession.

The cost of copper is about $4 per pound; since the nickel is about two-thirds copper, the cost of producing each coin is now about eight cents, three cents more than the coin's monetary value.

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Three Incoming Students Named 2011-12 Gongaware Scholars

June 2, 2011

Three incoming freshmen have been named recipients of the 2011-2012 Gongaware Scholarship at Indiana State University.

The students, Christena Hoopingarner of Columbia City, Ind., Chad Greene of Georgetown, Ill., and Swapna Namburi of Terre Haute will receive the scholarship, which includes $6,500 per year for college costs as well as a $3,000 professional development account. The scholarship is renewable for three years and is for students planning to major in financial services or insurance and risk management.

Classes of Gongaware Scholars range from two to five students, with most classes typically having three scholars. More than 120 students applied for the 2011-2012 award. The selection process included the students' high school grade point averages, college entrance exam scores, with several rounds of interviews factored into the final decisions. Gongaware Scholars who graduate from ISU have experienced 100 percent job placement.

Chad Greene, Christena Hoopingarner, and Swapna Namburi

Chad Greene, Christena Hoopingarner, and Swapna Namburi

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Award-winning Research Focuses on Critical Issues in Financial Industry

May 31, 2011

A conference at Indiana State University featured researchers presenting their award-winning papers about "emerging critical issues that affect financial services regulation," a conference official said.

The presenters, who received funding from Networks Financial Institute, spoke at the Financial Services Policy Reform Conference at ISU on May 16. NFI, an institute in the Scott College of Business at Indiana State, awarded funding to the presenters through two programs. The recipients presented their research findings, which was followed by discussion among policy experts and scholars in attendance.

Researchers Joanne W. Hsu, a doctoral candidate at the University of Michigan, and Ishani Tewari, a doctoral candidate at Brown University, were among the eight presenters. The two received Financial Services Dissertation Fellowship awards from NFI to study financial services policy and financial literacy, respectively. They said the fellowships allowed them to focus on their respective research projects while still in graduate school.

Third place winner Irina Telyukova, assistant professor in the department of economics at the University of California, San Diego, presented her paper "Home Equity Withdrawal in Retirement," which she co-authored with Makoto Nakajima.

Contest winner William C. Gerken, assistant professor of finance at Auburn University, presented his paper, "Predicting Fraud by Investment Managers," which he co-wrote with Stephen G. Dimmock. In the research, they analyzed how well Securities and Exchange Commission disclosures can predict fraud. Their analysis found that fraud is "somewhat predictable," Gerken said.

Second place winner Martin Goetz, financial economist for the Federal Reserve Bank of Boston, also presented his paper, "Bank Organization, Market Structure and Risk Taking: Theory and Evidence from U.S. Commercial Banks," during the event. Several honorable mention award recipients presented their research as well.

William Gerkin and Ishani Tewari

William Gerkin and Ishani Tewari

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Four Grads Recognized with Rankin Awards

April 27, 2011

Indiana State University has honored four students with the Rankin Memorial Distinguished Senior Awards in recognition of their efforts to improve campus life.

Named for the university's seventh president, who served from 1965-1975, the Rankin Awards recognize outstanding seniors who have demonstrated dedicated membership and leadership ability in campus organizations and in the community. Recipients must also have a cumulative grade-point average of at least 3.25 on a 4.0 scale.

The 2011 Rankin Award recipients, who will be recognized during ISU's spring commencement May 7, are Heather Marie Bauer of Huntingburg, Elizabeth R. Neeley of Worthington, Anna Smith of Columbus and David Lee Walters of Valparaiso.

David Lee WaltersWalters, an insurance and risk management major and a Gongaware Scholar at Indiana State, was active with the Insurance Honor Corps in the Scott College of Business, served as co-head of the career and professional development team for the Networks Professional Development Program, project leader for the sales career exploration event in the Sales and Negotiations Center, was co-head of industry relations and the Oktoberbest Golf Scramble for Gamma Iota Sigma insurance and risk management fraternity and co-head of philanthropy for the Student Alumni Association. Walters was co-host of the "Sycamore Experience" segment of former ISU basketball coach Kevin McKenna's weekly television show and was active in numerous fraternity events, including Tricycle Derby.

His awards have included the Richard G. Landini and Mark Williams outstanding junior awards, Greek Man of the Year, Mike Blackwell and Indiana Top Scholar scholarships and a two-time recipient of the Networks Financial Institute Scholar of the Year Award. His community involvement has included Haiti relief fundraisers sponsored by Alpha Tau Omega and the Wabash Valley Red Cross, Heart Walk, Ryves Youth Center at Etling Hall, Habitat for Humanity, Vigo County School Corp. Reading Program, Race for the Cure, Gamma Iota Sigma canned food drive and Valentine's Day cards for nursing home residents. Walters has accepted a position with Gibson Insurance Group of South Bend and will serve as a client executive/new business producer with a focus in middle market commercial lines property and casualty insurance.

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Five Grads Receive Hines Medal for Highest GPA

April 26, 2011

Indiana State University has presented the Hines Memorial Medal to five graduating seniors in recognition of their academic accomplishments. Named for Linnaeus Hines, who served as the fourth president of Indiana State from 1921 to 1933, the Hines Medal is awarded to students with the highest cumulative grade-point average during the pursuit of a bachelor's degree at Indiana State. Recipients will be recognized during Indiana State's spring commencement which begins at noon Saturday, May 7.

Kali Rachelle DiethrichAmong the winners is Kali Rachelle Diethrich of Terre Haute who  is completing a double major in insurance and risk management and business administration. Starting this summer, she will be a wholesale broker with All Risks in Phoenix, Ariz.

Diethrich was active in the Networks Professional Development Program in the Scott College of Business, served as president of the Insurance and Risk management Honor Corps, a member of Alpha Lambda Delta and Beta Gamma Sigma, was a student assistant for coordination of the insurance and risk management program's insurance advisory council meetings and was vice president of community service for Gamma Iota Sigma, the insurance fraternity. She received numerous awards, including the Networks, State Farm and Old National Insurance scholarships, Outstanding Operations Student Award, Outstanding Business Statistics Award, Richard G. Landini Outstanding Junior Award and Networks Leadership Award. She was also a Networks Scholar of the Year for three straight years. Her community service include Race for the Cure, Heart Walk, March of Dimes, Ryves Youth Center at Etling Hall, Lighthouse Mission, Valentine's Day cards for nursing homes, Daffodil Day for American Cancer Society, Yellow Ribbons for Soldiers, Relay for Life, Habitat for Humanity and Humane Society.

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Scott College of Business at Indiana State Maintains Prestigious Accreditation

April 20, 2011

The Scott College of Business at Indiana State University has again been recognized as one of the world's premiere business schools.

The Association to Advance Collegiate Schools of Business this month announced that the Scott College has maintained its accreditation. The college is one of less than five percent of the world's business schools to earn the prestigious AACSB-International accreditation, said Dean Nancy Merritt. The ISU business programs first earned the recognition in 1980, and have continuously maintained the accreditation for more than 30 years

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Indiana State Professor, Students to give Presentations at National Business Teacher Education Conferences

April 11, 2011

Several Indiana State University students and a professor will be giving presentations at national business teacher education conferences in New Orleans.

Bill Wilhelm, coordinator and associate professor of business education, information and technology, will give a presentation at the National Association of Business Teacher Education conference. ISU juniors Craig Blair, Tony Stevenson and Alyssa Heavilin and senior Dara Denny will give presentations at the National Pi Omega Pi Conference. The conferences will be conducted simultaneously later this month.

Blair and Stevenson will give a presentation titled "Online banking: Is it for you?" As they created the presentation, they wanted to develop it so that it could be utilized as a lesson plan to teach students, said Blair, a junior business education and physical education double major from Cloverdale, Ind.

Heavilin and Denny will lead the presentation "How can I get a loan to buy a car?" Since Heavilin and Denny are preparing to teach in high school, they created a lesson plan that high school students would find interesting, Wilhelm said.

Craig Blair, Tony Stevenson, Dara Denny, Bill Wilhelm and Alyssa Heavilin

Indiana State University juniors Craig Blair, Tony Stevenson, senior Dara Denny, professor Bill Wilhelm and junior Alyssa Heavilin. The group will give presentations at national business teacher education conferences in New Orleans later this month. The presentations were chosen from competitive pools that included submissions from faculty members and students from other universities.

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New Research Publication from Scott College of Business now Available

March 30, 2011

The inaugural issue of a new research publication from the Scott College of Business at Indiana State University focuses on current topics in financial regulation.

The first edition of "Research@Scott" covers financial services and public policy and features articles from national research fellows of Networks Financial Institute and the Scott College's own faculty members. The publication includes articles analyzing the current environment of the financial services industry - insurance, banking and investments. The lead article is written by James A. Leach, chairman of the National Endowment of the Humanities and a former member of the U.S. House of Representatives. Former Representative Leach is co-author of the Gramm-Leach-Bliley Act, also known as the Financial Services Modernization Act of 1999 that allowed commercial banks, investment banks, securities firms and insurance companies to consolidate.

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Upcoming Conference to Focus on Ethics, Corporate Social Responsibility

March 29, 2011

College students and business professionals will have an opportunity to learn about ethical decision-making and corporate social responsibility during an upcoming conference at Indiana State University.

The sixth annual Ethics and Corporate Social Responsibility Conference will take place April 4. The event will run from 10 a.m. to 3 p.m. in the Hulman Memorial Student Union on campus and includes over 20 concurrent sessions on a variety of topics and several general sessions. The theme of the conference is "Ethics: One Size Fits All?" Conference attendees will learn more about the ethical dilemmas people encounter on a regular basis, said ISU junior Kelsie Noble.

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Two Indiana State University Students Receive Award to Attend Insurance and Risk Management Conference

March 7, 2011

Two Indiana State University students majoring in insurance and risk management won the Anita Benedetti Student Involvement Award to attend an international conference for risk professionals.

Julie Alig, a junior, and senior Beth Book won the award, which includes a trip to the 2011 annual conference by the Risk and Insurance Management Society in Vancouver, British Columbia, from May 1-5. The conference will allow Alig and Book the opportunity to meet other college students interested in insurance, as well as network with insurance industry and corporate risk management professionals.

Alig is expected to graduate in May 2012 with a bachelor's degree in insurance and risk management. She is a member of Gamma Iota Sigma, a professional insurance and risk management and actuarial science fraternity, and has served as the vice president of communications for the group. She is also a member of the Networks Professional Development Program at ISU, and she also has worked as an academic peer advocate. She had an internship last summer at FCCI Insurance Company in Florida.

Book is expected to graduate this May with a bachelor's degree in insurance and risk management, as well as a degree in business management. She is a member of Delta Sigma Pi, and has held the positions of vice president of professional activities, vice president of chapter operations, and she is currently the organization's chancellor. She also has worked as a resident assistant while at Indiana State, and last summer she worked as a commercial lines intern for Kansas City, Mo.-based Lockton Companies, Inc.

Julie Alig and Beth Book

Julie Alig and Beth Book

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Biggert, Reed to Keynote Annual NFI Insurance Summit

March 4, 2011

The chairwoman of a House subcommittee on insurance and a member of the Senate Banking Committee will headline an insurance industry summit examining the effects of the Dodd-Frank Act.

Rep. Judy Biggert, R-Ill., chair of the Subcommittee on Insurance, Housing and Community Opportunity of the House Financial Services Committee, and Sen. Jack Reed, D-R.I., chair of the Subcommittee on Securities, Insurance and Investment, will be among the speakers at the seventh annual Insurance Reform Summit sponsored by Networks Financial Institute at Indiana State University. In addition to Biggert and Reed, the event will feature speeches and panels by many of the biggest names in the insurance industry and academia providing insight about the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, particularly the forthcoming report to Congress by the new Federal Insurance Office.

Several industry leaders and regulators will speak, including Susan Voss, Iowa Insurance Commissioner and President of the National Association of Insurance Commissioners; Leigh Ann Pusey, President and CEO of the American Insurance Association; Gov. Dirk Kempthorne, President and CEO of American Council of Life Insurers; and John Huff, Missouri Insurance Director and member of the Financial Stability Oversight Council. Researchers including Scott Harrington, the Alan B. Miller Professor in the Wharton School at the University of Pennsylvania and Peter J. Wallison, the Arthur F. Burns Fellow in Financial Policy Studies at the American Enterprise Institute for Public Policy Research, will also present.

The Summit will take place from 8 a.m. to 2 p.m. on March 16 in the Ronald Reagan Building and International Trade Center in Washington, D.C.

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Company Nominated by ISU Senior Receives Finalist Honors

March 2, 2011

A company nominated by an Indiana State University senior received finalist honors for a state award for its internship program.

ISU senior Katie Wheeler nominated Indiana InsuranceTM for the Internship Employer of the Year Award from Indiana INTERNnet, an initiative affiliated with the Indiana Chamber of Commerce, after she interned with the company last summer. Wheeler joined several ISU representatives with Indiana Insurance officials at an Indianapolis luncheon earlier this semester to honor the finalists.

Indiana Insurance works to ensure that the company's internship program provides a meaningful experience to participants, said Hung Nguyen, assistant vice president of Human Resources. The company assigns interns challenging projects that impact the organization while also teaching them more about the insurance industry.

Indiana Insurance has been a tremendous internship provider, said Kathleen Parish, career development specialist with Networks Financial Institute in the Scott College of Business at ISU. At least three Indiana State students have interned with the organization, and company representatives also provided NFI with advice for the Networks Professional Development Program, a four-year curriculum with focused activities designed to cultivate students' professional skills.

Kate Wheeler / Indiana Insurance

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Financial Industry Analyst to Discuss Bankers' Pay Regulation During Visit to ISU

February 14, 2011

David VanHooseA highly regarded banking regulation expert will discuss regulation of bankers' pay during a Feb. 22 event at Indiana State University.

David VanHoose, a senior fellow at Networks Financial Institute (NFI) in the Scott College of Business at ISU, will present "Regulating Bankers' Pay: Is It Fair?" A reception will be at 4 p.m. on Feb. 22, with VanHoose's presentation scheduled for 4:30 p.m. The event will be held in Hulman Memorial Student Union, DEDE II at ISU.

In his presentation, VanHoose will survey evidence regarding the relationship between bank management compensation and risk. He will also discuss the arguments for proposed and actual regulations of bankers' pay, along with the pitfalls associated with such regulations.

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Alumni Association Honors two with GOLD Award

February 14, 2011

The Indiana State University Alumni Association has presented recent graduates Jessica Robertson Benell and Melanie Zeck with the Graduate of the Last Decade Award.

The award recognizes graduates who are outstanding in their professions; have made significant contributions to their communities, states or nation; and have exhibited interest in the university and/or the ISU Alumni Association since leaving the campus.

The 2011 awards were presented Friday (Feb. 11) during a celebration in ISU's Heritage Lounge.

Jessica Robertson BenellOne of the winners was Robertson Benell, deputy commissioner of the Indiana Department of Administration, the latest in a series of state government positions she has held following her 2005 graduation from Indiana State's Scott College of Business with a bachelor of science in finance. She previously served in the strategic sourcing division of the Department of Administration and worked with the Family and Social Services Administration and Department of Child Services. She has also served as a Governor's Fellow.

While a student, Robertson Benell served as treasurer and chief of staff for the Student Government Association and represented the student body on the ISU Board of Trustees during her junior and senior years. She was one of three former student trustees to return to campus in 2007 in support of groundbreaking for the new Student Recreation Center and in recognition of her leadership in helping to make the project a reality.

She was also a member of the Richard G. Lugar Excellence in Public Service Series, class of 2008-09. Her parents and sister are also ISU alumni.

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Scott College of Business Reorganizes, Adds Department

February 10, 2011

A reorganized Scott College of Business at Indiana State University is well-positioned to provide some of the best top quality educational opportunities in the state, ISU officials said in announcing the restructuring.

The academic departments have been revamped to better reflect the opportunities available to students. The college now consists of the department of accounting, finance, insurance and risk management; the department of management, information systems, and business education; and the department of marketing and operations. They replace the college's former analytical and organizational departments.

Dean Nancy Merritt

Dean Nancy Merritt

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Business Analysts Predict Economic Growth in 2011

February 8, 2011

Robert Guell, professor of economics at Indiana State UniversityThe nation's economy is finally growing at a sustainable rate and will begin to slowly add jobs this year, an Indiana State University economist said Tuesday.

Robert Guell, professor of economics, was among several speakers at the Groundhog Day Economic Forecast on campus. The event, which was hosted by the Terre Haute Chamber of Commerce and co-sponsored by Terre Haute Savings Bank and the Scott College of Business at ISU, was catered to business professionals. Several speakers, including Guell, predicted that the economy would continue to grow as the country trudges out of the remains of the Great Recession.

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Indiana State to Offer Professional MBA Program in Hendricks County this Fall

February 7, 2011

A new MBA program in Plainfield from Indiana State University will start accepting applications later this month for its inaugural class this fall.

The professional MBA program gives working professionals the ability to balance the demands of a full-time job, a family and other responsibilities while pursuing a graduate degree in the classroom. Classes will meet weekly for 10-week terms, with three terms in a year. The program, which is tailored to professionals with at least five years of business experience, will take two years for students to complete.

Indiana State University, Plainfield

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Networks Financial Institute at ISU Names Winning Research Papers in National Competition

January 28, 2011

A research paper about detecting investment fraud has won a nationwide contest conducted by Networks Financial Institute (NFI) in the Scott College of Business at Indiana State University.

William Gerken, assistant professor of finance at Auburn University, won first place in the National Competition for Research Papers on Financial Services Policy Reform. Gerken received top honors for "Finding Bernie Madoff: Detecting Fraud by Investment Managers," co-authored with William Dimmock.

Martin Goetz, financial economist for the Federal Reserve Bank of Boston, won second place with his paper, "Bank Organization, Market Structure and Risk Taking: Theory and Evidence from U.S. Commercial Banks."

Irina Telyukova, assistant professor in the department of economics at the University of California, San Diego, won third place for her paper "Home Equity Withdrawal in Retirement," which she co-authored with Makoto Nakajima.

The authors will present their papers at a conference on "Financial Services Policy and Regulatory Reform" at Indiana State on May 16. 

William Gerken, Martin Goetz, and Irinia Telyukova

William Gerken, Martin Goetz, and Irina Telyukova

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"Unbounded Possibilities" Initiative Aims to Advance University's Distinction

January 24, 2011

Constance McLarenIndiana State University has launched an effort to expand its distinctive programs initiative by focusing more on how quality programs, faculty, and staff can work in greater partnership to address societal needs.

Entitled "Unbounded Possibilities," the initiative embraces the need for greater internal collaboration since solutions to society's challenges do not conform nicely to specific disciplines or units, said Josh Powers, special assistant to the provost for academic affairs.

Connie McLaren, professor of operations management and analysis in the Scott College of Business, said collaboration "is exactly what many of our academic professional organizations are encouraging. This process has the potential to transform our experience. It will be fascinating for the campus to exchange ideas as we look for ways to address society's needs." McLaren and Powers served on a faculty-staff committee that developed the initiative.

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Financial Expert to Give Keynote Speech at 2011 Indiana Leadership Economic Forum

January 13, 2011

Christopher WhalenA prominent financial expert affiliated with Indiana State University will deliver the keynote speech at the 2011 Indiana Leadership Economic Forum on Jan. 20.

R. Christopher Whalen, a research fellow with Networks Financial Institute (NFI) in the Scott College of Business at ISU, will speak at the event taking place at Barnes & Thornburg in Indianapolis from 5:30 to 8 p.m. He will discuss issues from his new book, "Inflated: How Money and Debt Built the American Dream," and will describe some changes to monetary, fiscal and trade policy that he believes would help restore balance to the world economy.

The event is being held by the Indiana Leadership Forum, an organization dedicated to attracting individuals to public service and promoting participation in the political process.

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Two Indiana State Professors Receive Grants for Financial Research Projects

January 4, 2011

Networks Financial Institute (NFI) at Indiana State University has awarded two professors in the university's Scott College of Business $30,000 each for their research projects.

NFI awarded the grants to Lakshmi Balasubramanyan, assistant professor of finance, and Aruna Chandra, professor of management at ISU. Both professors are working on separate projects currently underway, said John Tatom, director of research for NFI, an outreach of the Scott College. The projects were chosen among five submissions.

Balasubramanyan is working with Kevin T. Jacques, the Boyndon D. Murch Chair in Finance at Baldwin-Wallace College. They expect to publish two manuscripts that will analyze the design of regulatory capital standards and the existence of regulatory capital arbitrage.

Chandra will work with Biswajit Banerjee, visiting professor of economics and finance at Haverford College and lecturer at the Wharton School, University of Pennsylvania. Their study addresses how microfinance organizations are operated and regulated in the U.S., and will analyze if regulation impacts the governing and ownership of groups in the microfinance business.

Lakshmi Balasubramanyan and Aruna Chandra

Lakshmi Balasubramanyan and Aruna Chandra

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