Economics and Finance - Departmental News

Nine Bloomberg Terminals Are Available to Huntsman Students

Fri, 10 May 2013 00:00:00 MST

Knowing how to use a Bloomberg Terminal to access all kinds of real-time financial, economic, and business news information is something that can set a student apart. Why? More than 350,000 finance professionals use Bloomberg Terminals every day to access news, analytics, charts, liquidity information, functionalities, and execution services. The Huntsman School has invested in nine Bloomberg Terminals, located in the downstairs computer lab, and all students are encouraged to use the tutorials on the system to become Bloomberg certified.

“This is the same service that many of our students’ potential employers use,” says Paul Fjeldsted, senior lecturer in the Huntsman School of Business. “Bloomberg training and certification is another way Huntsman School students can differentiate themselves in the marketplace.”

Department of Economics and Finance Awarded USU’s Teaching Excellence Prize

Mon, 22 Apr 2013 00:00:00 MST

Utah State University recently awarded the Economics and Finance Department at the Huntsman School of Business with the 2013 Department Teaching Excellence Award.

This award is the highest honor given to academic departments, and recognizes department cultures that meaningfully value learning excellence. The award selection committee includes faculty, students, administrators, and a member of the Board of Trustees.

“Our economics and finance faculty have demonstrated tremendous leadership in creating a culture that is rigorous and student-centered, and we see the fruits of this labor every day through the success enjoyed by our students,” said Dean Douglas D. Anderson. “I am so proud of Tyler Bowles and his entire team.”

Professor Randy Simmons on Carbon Taxes in Blog

Fri, 15 Mar 2013 00:00:00 MST

Dr. Randy Simmons was published a in the National Journal's Energy Experts blog.

Randy T. Simmons, professor in the Department of Economics and Finance at the Huntsman School, and Ryan M. Yonk, professor in the Department of Political Science at Southern Utah University, published a blog post in the National Journal's Energy Experts blog in January.

The post was in response to the question, “What should Washington do about climate change?” Dr. Simmons and Dr. Yonk challenged the claim by many economists that a carbon tax is an effective response. They suggested that a carbon tax “will have far more to do with benefitting the politically powerful than with protecting human or ecological health.”

Dr. Simmons has been accepted as a regular contributor to the blog.

“This blog has become one of the most read policy blogs in D.C.,” Dr. Simmons said. “It’s a great venue for moving academic research into the public discourse.”

Click here to read "Why Carbon Tax Won’t Work".

Austrailian Professor, Cagri Kumru, Presents Research on Aging Populations

Fri, 15 Feb 2013 00:00:00 MST

Australian Professor Cagri Kumru shares his research findings with Huntsman Professor James Feigenbaum.
Photo by Steve Eaton

An assistant professor from Australian National University, Cagri Kumru, visited the Jon M. Huntsman School of Business for two weeks in January to collaborate on research about aging populations.

USU’s Economics and Finance Department has established expertise in economic issues related to aging through an association called the Quantitative Society for Pensions and Savings that was established by Huntsman Professor Frank Caliendo in 2009.

Dr. Kumru, who has published in major academic journals, is a research associate in the Australian Research Council Center of Excellence in Research on Population and Aging. The organization does research to help public policy makers with decisions to benefit people where demographic population shifts are most pronounced.

While the United States faces looming public policy challenges that come from having an older population base, its relatively high birth rate means the country still has some years to respond to these challenges. Other countries, including China and Japan, face a more immediate imbalance of young people to old people, so there is much for American economists and policymakers to learn from the work being done on aging in other countries.

Dr. Kumru graduated from the University of Pittsburgh and was at the Huntsman School of Business at the invitation of James Feigenbaum, a Huntsman professor whose previous appointment was at the University of Pittsburgh.

Huntsman Research on Soda-related "Sin Taxes" Makes National News

Fri, 15 Feb 2013 00:00:00 MST

U.S. News and World Report recently published an opinion article authored by two Huntsman professors on the drawbacks of soda-related “sin taxes.”

The article was co-authored by Huntsman professors William F. Shughart II and Michael D. Thomas, along with Adam J. Hoffer of the University of Wisconsin-La Crosse. Dr. Shughart is the J. Fish Smith Professor in Public Choice, and Dr. Thomas is a clinical assistant professor.

The article was sparked by a research paper the three wrote that was recently published by the Mercatus Center at George Mason University.

The authors write that sin taxes — taxes on items and behaviors such as alcohol, tobacco, and gambling — are gaining popularity, especially in regard to soft drinks and junk food, in the hope of thwarting obesity trends.

The authors argue that the new justifications for taxing sin are based on paternalistic notions that “experts” can make better choices for consumers than they can make for themselves.

While sin taxes might influence some people to reduce their “bad behavior,” there are a number of costs to sin taxes that outweigh their benefits, the authors write. They assert that the millions of dollars spent by the soft drink industry and other sin tax targets to prevent existing taxes from being mandated is money wasted. The authors also write that sin taxes are regressive because the people they hit hardest are those who have the fewest options – the poor.

The research done by Dr. Shughart and Dr. Thomas has already been cited in several national publications including The Daily Caller.com and American Spectator.

William Shughart II (left) and Michael Thomas co-authored an opinion piece about soda-related “sin taxes” in U.S. News and World Report.

Two Graduates Find Success in Unexpected Places

Fri, 15 Feb 2013 00:00:00 MST

By Nadiah Johari

Whitney Dastrup imagined she would get a nice corporate job when she graduated. She now travels back and forth between San Francisco and India managing a small nonprofit organization that provides education to poor children. Scot Marsden, who majored in finance and economics, did not envision himself working at one of the “Big Four” accounting firms, but is now enjoying his new job at Deloitte & Touche LLP.

While their early vocational journey has taken them down unexpected paths, both said that their Huntsman education has prepared them well for their new careers.

Whitney teamed up with another USU graduate, Casey Allred, and they serve as co-directors of Effect International, an organization that builds schools in countries where they might not otherwise be available. She recently worked in Sasaram, Bihar, which is one of the oldest cities in India. The city has a literacy rate that is among the lowest in the world. Today, as a result of the efforts made by Effect International, a school serving 250 students is open and operating there.

“It’s neat knowing you can make a difference, and it’s inspiring to see people who understand that and are willing to contribute to our cause,” Whitney said.

Whitney Dastrup with some Effect International students in India.

Whitney said her participation in the Huntsman School’s Small Enterprise Education and Development (SEED) Program in Peru helped her prepare for the job she now has with Effect International. Her internship in Peru taught her how to create and evaluate business plans. She’s been able to tap this experience in her new job where she has worked on five business plans, she said.

One of Whitney’s duties at Effect International is running the business side of the nonprofit organization. They are preparing to launch what they call a “school-in-a-box” model, which is a new approach that has been tested in Africa. It's a market-based solution to education that would allow partners to open low-cost schools, complete with quality curriculum and teacher training programs offered by Effect International. The goal would be for each school in the chain to be profitable and self-sustaining within six months of opening.

“We try to run Effect International more like a business than a nonprofit, and people notice that,” Whitney said. “We consider our organization a social business that will allow our schools to be 100% sustainable.”

Scot said he has learned that Deloitte hires more than just accounting graduates, including many who majored in finance and economics so the firm can meet the varied needs of its clients.

Scot Marsden didn’t expect to end up at Deloitte & Touche LLP.

Scot is an example of a student who benefited from the Huntsman School’s unique opportunities. Through a Career Acceleration Trip, Scot had the opportunity to visit New York City and get connected with USU alumni who were already working in the Big Apple.

“This was a key factor in my job placement,” he said. “The Huntsman School prepared me for my current position by providing me with financial and economic understanding of the investment management industry that I now work in.”

Scot is working as a business risk consultant at Deloitte in New York. He said he had to go through preliminary interviews with officers from Deloitte in Salt Lake. Due to his specific interest in New York, he was referred to the New York office for final interviews. He said this is where his experience on the New York City Career Acceleration Trip helped him. He was able to get good referrals from USU alumni within Deloitte who he had met during the trip, he said.

During his senior year at USU, Scot served as the business senator for the Associated Students of Utah State University. He said the experience helped him to understand and apply leadership principles in his personal and professional life. He also said students should use the network within the Huntsman School when looking for jobs.

“Aggies are succeeding all across the world, and they are willing to do everything in their power to help you land your first job,” he said. “Be aggressive in your job search, and believe in your potential.”

Steve Gould Completes Five Internships in Two and a Half Years

Wed, 09 Jan 2013 00:00:00 MST

By Klydi Heywood

Five. That’s how many internships Huntsman student Steve Gould has completed in the last two and a half years--in Houston, Spokane, St. George, and Cache Valley. He has interned in an oil pipeline company's investor relations department, in redesigning a tire factory's website, with the CFO of an expanding cancer care company, in marketing a software company's presentation program, and in the finance department of a high-end theater and home-automation company.

It all started at a USU recruitment night when Steve was in high school. He said that compared to the other schools he was interested in, USU just gave him “a good feeling,” a sense that the university was very student oriented. Steve started as a bio-chemistry major, then changed to landscape architecture, and then business administration. It was after taking a finance class that Steve discovered that finance was something that really interested him.

“I never pass up an opportunity to grow,” Steve said. “Each internship had very new and different things to offer, and I was excited at the prospect of gaining new skills.”

Steve Gould has completed five internships.

Steve’s first internship was in Houston, Texas, working for Plains All American Pipeline. There he worked with an investor relations group at its headquarters in Houston. He would study and learn the finances of the business and then present that information to investors and the board. From this first internship, Steve said he learned “the power of asking questions.” He said that by not being afraid to ask questions, he learned important details about the financial side of the industry.

Internship number two was at a local tire factory, Discount Tire. He was put in charge of redesigning the company’s website and finding ways to cut costs and improve the firm’s marketing efforts. He noticed they were doing some advertising with Google, and he took it upon himself to revamp the company's Google advertising approach. His changes saved Discount Tire nearly $100,000 per year.

“Steven excels in everything he does, and he works toward the highest quality and delivery possible,” said Ron Welker, associate director of career management.

In the summer of 2012 Steve traveled to Spokane, Wash., to work for Cancer Care Northwest. He said one of the highlights of this experience was the opportunity to work side by side with the CFO, Bill Fisher. Cancer Care Northwest was in an expansion stage when Steve arrived. The business was constructing new buildings, hiring new employees, creating compensation plans, purchasing new machines, and designing various finance-based projects. As the summer went on, Fisher became a mentor to Steve.

“He taught me life lessons, and I really appreciated every minute I had with him,” Steve said.

When school started in August, Steve came back to Cache Valley to start a marketing internship with Prezi, a company that makes a creative presentation software program. He is now working with the Emma Eccles Jones College of Education and Human Services, the Huntsman School of Business, and the Landscape Architecture and Environmental Planning Department to get Prezi more recognized on campus. There are 55 other Prezi interns around the world at various businesses and schools, and Steve is the direct liaison for all of them and the only Prezi intern at USU.

“If someone can utilize all of the tools on Prezi, it can be stunning,” Steve said.

Steve’s latest internship started less than a month ago for a high-end theater and home automation company based in St. George. The CEO personally asked for Steve’s help on the finance side of things by having him take the lead on all number projections for the company.

“This is my most daunting internship because I’m in charge,” Steve said. “It’s my project and nobody else’s.”

Steve will be graduating in May and starting his job at Goldman Sachs at the end of June.

“The quality of education we get at the Huntsman School is absolutely incredible,” Steve said. “It all goes back to why I came to USU in the first place. Everything is student focused, and it just feels good here.”

Huntsman School Recognized by the CFA Institute

Thu, 15 Nov 2012 00:00:00 MST

By Nadiah Johari

The Jon M. Huntsman School of Business is one of just 20 schools in the United States to be recognized by the CFA (Chartered Financial Analyst) Institute for the work it is doing to prepare students to obtain the Chartered Financial Analyst© designation, which has become the most respected and recognized investment credential in the world.

The CFA Institute is a global association of investment professionals. Entry into its University Recognition Program signals to potential students, employers, and the marketplace that the Huntsman School's Bachelor of Science in finance degree curriculum is closely tied to professional practice. It shows the school is well-suited to prepare students to sit for the rigorous CFA examinations, according to Paul Fjeldsted, a senior lecturer in the Finance and Economics Department. Students in the program will gain access to CFA Institute textbooks, journals, webcasts, and other educational resources, he said.

The University Recognition Program will help students prepare for CFA exams, according to Paul Fjeldsted.

Stephen Horan is the head of University Relations & Private Wealth for the CFA Institute. He said students in these programs study what the institute calls the “Candidate Body of Knowledge,” which is a curriculum designed to help students obtain the knowledge, skills, and abilities that investment experts worldwide have identified as essential best practice.

By mastering the fundamentals of the CFA Program, as well as what the organization calls its “Code of Ethics and Standards of Practice,” these “future investment professionals join us in our mission to promote the highest standards of ethics, education, and professional excellence for the ultimate benefit of society,” Mr. Horan said.

To be accepted into this program, the Huntsman School's finance degree curriculum was required to incorporate at least 70% of the CFA Program Candidate Body of Knowledge components and to emphasize the CFA Institute Code of Ethics and Standards of Practice. Because of this recognition, students pursuing finance degrees are eligible to apply for scholarships, which cover a substantial portion of examination costs.

“This recognition would not be possible without the hard work that our dedicated faculty has put into building this program,” said Tyler Bowles, the Economics and Finance Department head. “We continually strive to improve the program and aim for academic excellence and rigor.”

There are 26 faculty members in the Economics and Finance Department. Among them, three are CFA charterholders: Drew Dahl, Sheila Lai, and Paul Fjeldsted. A CFA charterholder has passed all three levels of the CFA examinations and completed the required years of work experience.

Students who are interested in the scholarships are welcomed to fill out an application form in the Economics and Finance Department. Since the scholarships will be given out on a first-come, first-served basis, students are advised to register for the examination and apply for the scholarships as soon as they can, Mr. Fjeldsted said

Dr. Diana Thomas Researches How Political Entrepreneurs Affect Rules of Economic Exchange

Mon, 24 Sep 2012 00:00:00 MST

The research interests of Dr. Diana Thomas stretch across the globe.

A German native, she has published papers on the regulation of late medieval German beer markets, on informal property rights institutions among taxi cab drivers in Trujillo, Peru, and even on the Aggie Blue Bikes program at Utah State!

She was named Researcher of the Year at the Huntsman School last spring, and that has brought more attention to her work. An assistant professor of economics and finance, she was recognized for her work exploring the role political entrepreneurs play in changing the formal and informal rules that govern economic exchange and society more generally.

For example, she shows in one paper written with her Huntsman colleagues Tyler Brough and Ben Blau that the 2008 Troubled Asset Relief Program (TARP) was an example of redistribution in favor of special interests; specifically, for every dollar a bank spent on lobbying in the five years prior to the bailout, that bank received roughly $500 more in TARP money.

Dr. Thomas earned her Diploma in Business Administration from Fachhochschule Aachen and her B.S. degree in finance from George Mason University in Fairfax, Virginia. She returned to George Mason University to complete an M.A. and Ph.D. in Economics in 2005.

My Favorite Professor: Professor Ben Blau Connects Finance to Real World News of the Day

Mon, 24 Sep 2012 00:00:00 MST

By Boone Bowles

Dr. Ben Blau, a professor of finance, has a unique philosophy when it comes to teaching, a philosophy that he explains to his students before every difficult assignment or impossible midterm exam. He believes that professors who make students think that they are thinking are loved, while professors who actually make students think are hated. “My goal,” Dr. Blau quips, “is to become your least favorite professor.”

Fortunately for Dr. Blau, he proves his own philosophy false year after year. His teaching is engaging and rigorous. His exams are extremely difficult and require hours of study. He absolutely succeeds in making his students think. Yet at the same time he is entertaining, exciting, helpful, and approachable. Although he has forced me to think through two of his courses, he is anything but my least favorite professor.

Dr. Blau begins all of his classes the same way; he pulls up CNBC.com on the projector and asks the class what is happening today. This inevitably leads to a class-wide discussion on current financial topics, which Dr. Blau then seamlessly transitions into the day’s lesson. Every subject that we covered in the regular curriculum of the course was applied to current news items. He used the discussion time to explain how we would use the information we were learning, and he used CNBC.com to show us how it was being applied in the real world. This activity is strengthened by the enthusiasm Dr. Blau brings to the discussion and by his skill at engaging the class and eliciting participation.

Professor Blau’s enthusiasm does not only come out during the open discussion portion of his class, but it pervades his teaching throughout the class period. Whether he is teaching the capital asset pricing model, explaining arbitrage pricing theory, or branching out into other disciplines such as calculus, statistics, and business management, he is always excited and entertaining.

Dr. Blau’s excellence as a teacher is matched by his ability as an advisor and mentor. He has spent several afternoons with me discussing research, my coursework, and my future, and I know he has done the same with many other students. He has been encouraging and helpful in every interaction.

Professor Blau is successful at making his students work, stretch, and think. His teaching style and general charisma betray him, however, as he fails to be anyone’s least favorite professor.