NEWSLETTER - SPRING 2022
Greetings from the Department of Finance! We are delighted to present our Department Newsletter-Spring 2022.
Our campus is slowly returning to the “new” normal. Since last fall the majority of our classes have been delivered in in-person mode, and the university has recently lifted the indoor face covering mandate following the CDC guidelines.
Our Finance program continues to grow strong. Although there was a “hiccup” in the enrollment growth during the last AY, we enrolled 291 students in the Finance Specialization this fall, bouncing off 265 in Fall 2020 and returning to the pre-pandemic level. The Finance Minor this fall has also enrolled 21, recovering from 17 last fall. Among Finance Specialization students, 18% are freshmen, 21% sophomores, 30% juniors, and 31% seniors. Our Insurance & Risk Management program enrolls a total of 34, 20 specialization and 14 minor this fall, down from 49 last fall. Nevertheless, the insurance course enrollment shows a strong increase from 47 in Fall 2020 to 62 in Fall 2021. During the same period, the College enrollment dropped from 1,916 in Fall 2020 to 1,848 in Fall 2021.
This past academic year of 2020-21 we graduated 62 Finance students and 16 insurance students out of 432 college graduates. You will see the names and placements of our graduates in this newsletter.
Thanks to your continuing support, the department awarded a record amount of scholarships—$33,700 to 61 Finance students (vs. $27,500/38 last AY) and $21,000 to 26 Insurance & RM students (vs. $21,000/21 last AY)—and two graduating senior awards with a $500 cash prize each this AY. Our deep appreciation goes to all our donors including Insurance & Risk Management Institute members, alumni, friends, and department colleagues to make this happen.
The Department held the joint Finance and Insurance Advisory Board meeting remotely last September with 18 attendees (6 FAB, 7 IAB, 5 faculty members). You will find more info on the main topics and attendees of the joint board meeting in this newsletter. We plan to hold this year’s annual joint board meeting on campus on September 16 during the Homecoming Week.
We have had a few changes in our faculty and staff this past year. While there was no change in FT faculty, the Department has two new adjunct members—Tony Zheng (teaching FIN 3000 sections) and Lonie Moore (teaching FIN 4140). The Department is currently in the process of hiring a new FT Administrative Assistant. The Department office has been staffed by a temporary position (Kianarose Irving) and help from Marsha Bostelman since the last turnover. Dr. Mingsheng Li is back this spring from his Faculty Improvement Leave last fall. Mr. Roc Starks was promoted to Associate Teaching Professor last spring.
We would love hearing from you. Please share your stories with our students and alums. Simply email the questionnaire at the bottom of the newsletter. In case you plan to visit campus, please let us know of your plan so that we can greet you. The Department faculty, staff, and students are looking forward to another year of progress and success. We invite you all to be a part of this endeavor.
Best wishes to you and your family for a healthy and productive year.
Go Falcons!
Sung Bae, Chair
2021 Top Graduating Senior Honors
Two students were awarded the 2021 Top Graduating Senior Honors with a $500 cash prize each.
FINANCE – Rachel Long
- Specialized in Finance and Financial Planning with plans to take the CFP exam by the end of the year
- Interned at Northwestern Mutual in the summer of 2020 as a financial representative and became licensed in life, accident, and health insurance
- Interned at Hantz Financial since October 2020
- Studied abroad in Oslo, Norway at BI Norwegian Business School
- Maintained a 4.0 and recognized with the Presidential Award for Academic Achievement
- Served as President of the Waterski Team and recognized as Most Improved Team of the year in 2019 by Midwest Collegiate Waterskiing
- Started a full-time position as Financial Assistant at Hantz Financial in Toledo, OH.
INSURANCE - Nichole Cox
When I came to college, I started off as a Finance major (and still am), however, I was fortunate enough to be able to pick up another specialization which is Insurance & Risk Management. This is such an exciting specialization, and I have learned so much especially from Roc Starks, who is a great professor. I’ve been on the Dean’s list six out of seven of the last semesters, along with carrying a current GPA of 3.659. I am also a member of the BGSU Women’s Golf team which keeps me extra busy. On top of that, I am a member of the organization Student Ambassadors which works closely with Dean Braun of the Schmidthorst College of Business to engage prospective students, current students, and alumni. Next year, I will be on the executive board for Student Ambassadors. I am also a member of the Risk and Insurance Management Society, and Gamma Iota Sigma. Recently, I’ve been selected to serve on the Insuring Ohio Futures Subcommittee for the 2021-2022 academic year. I’m honored to be receiving this prestigious award, go falcons!
Janae Johnson, a Finance Senior, Selected as the College’s 2021 Karl E. Vogt Top Graduating Senior!
Below is Janae’s article published on the College web site (written by Madi Bannister, Schmidthorst College Communications Intern).
The Schmidthorst College of Business is pleased to announce that the winner of the 2021 Karl E. Vogt Outstanding Senior Award is Janae Johnson, a Finance and Business Analytics major from Euclid, Ohio. The Karl E. Vogt Award is named in honor of a former dean of the Schmidthorst College and recognizes the top graduating senior who has demonstrated superior scholarship, participation, leadership, and excellence in campus and/or community activities.
Johnson is involved in many organizations in the Schmidthorst College, including being an executive board member for the Schmidthorst Student Ambassadors, Council Organizer for the Dean’s Council on Diversity and Inclusion (DACODI), Student Organization Representative for Dean’s Advisory Council, and a founding member of Students of Color in Business. Outside of school, Johnson is involved in her scholarship committee for the Thompson Working Family Scholars by serving as an ambassador and peer mentor. She also enjoys volunteering at the Cleveland Food Bank.
Johnson has had a plethora of work experience. Throughout her years at BGSU, she’s been an Information Technology Business Analyst Intern at Eaton, a Strategic Business Analyst Intern for STERIS Corporation, a Research Intern for the Schmidthorst College of Business, and a Banker Trainer Intern at Quicken Loans.
The Karl E. Vogt Award winner is chosen from eleven departmental nominees. Please join me in congratulating Janae for this well-deserved accomplishment.
Finance/Insurance & RM students won first place in the MAPFRE Case Competition!
Left to Right: Vincent Zhang, Nick Geier, Ryan Brown, Lexi Noll
Four Finance/Insurance & RM students, Lexi Noll, Ryan Brown, Nick Geier and Vincent Zhang, finished in first place in the MAPFRE case competition at the University of Akron on February 25. It’s a competition for risk management and insurance students (similar to CAPSIM). Professor Roc Starks led the student team as faculty advisor.
The simulation consisted of three rounds. Overall, the competing teams were ranked based on market share, benefits, combined ratio, and solvency. The BGSU team decided to compete heavily based on market share because it was the highest weighted area. Each round the teams were tasked with analyzing the current position of a company and deciding where the teams wanted to take it from there. Decisions had to be made for both auto and homeowners segments. Each round teams decided how much to increase premiums for both renewals and new policies individually. Teams also determined what to pay in commissions to agents and what percentage of new business in each segment teams wanted to take on.
In each round, there was an unknown risk of a catastrophic loss. To combat this, teams needed to decide where and at what amount they wanted to reinsure the lines of business. Choices were made for each segment and at per unit, large loss, and catastrophic loss levels. Teams also had to decide how much they wanted to invest in marketing, wages, IT, and legal expenses each round. Lastly, because a large part of how insurance companies make money is through investing, teams had to decide where to invest the funds for the current year. Money could be split up between equities, property, government bonds, AAA bonds, BBB bonds, and cash holdings. After looking at expected returns and considering the riskiness of each option teams split up the money in hopes to earn an investment income for the year.
Student Managed Investment Fund (SMIF) Update
The Student Managed Investment Portfolio is benchmarked against the S&P 500 index and is organized into 11 different sectors: Communications, Consumer Discretionary, Consumer Staples, Energy, Financials, Healthcare, Industrials, Information Technology, Materials, Real Estate, and Utilities. The goal of the class is to beat the S&P 500 stock index on a risk adjusted basis by overweighting and underweighting sectors relative to the benchmark as well as selecting individual stocks. Investment decisions are determined by a simple majority of student votes. This semester we bought Adobe, NVIDIA, UnitedHealth, PayPal, Caterpillar, Coca-Cola, Microsoft, US Bancorp, Amazon, Penn National Gaming, and PayPal. We sold Hologic, HCA Healthcare, Jacobs Engineering, and Diageo.
Our portfolio generated a total return of 23% yet we were trailing the index by 3%. After adjusting for risk, we did produce nearly 1% of annualized alpha using a 5-factor model. This fulfills our goal of beating the benchmark on a risk-adjusted basis. Our long-term performance has been even better with a 3-year total return of 64% and a 5-year total return of 134%. The portfolio’s current value is $900k.
SMIF is the key part of course work in FIN 4360 (Portfolio Management) class taught by Dr. Steven Rush.
Back Row Left to Right:
Riley Calzada, Giovanni Colantonio, Ryan Bates, Donovan Bland, Noah Platzke, John Haley
Front Row Left to Right:
Skylar Visser, Aulyvia Lanier, Kyle Scherzer, Jake Waskielis, Samuel Giedeman, Brock Meyer
Financial Management Society Update
The BGSU Financial Management Society is a student run organization for students interested in a career in finance. The society provides a great environment for learning, gaining leadership experience, and increasing members' visibility with regard to potential employers.
FMS accomplishes its goals by hosting regular meetings for members. At these meetings, our speakers present information about what it is like to practice finance in their particular area (i.e. corporate, financial planning, banking, etc.), information about their respective company and internship and job opportunities.
While COVID, and the closing of campus was very hard on FMS, as well as all student groups. But we are back with regular meetings and making plans for future activities. Over the last academic year, we have had numerous presentations by alumni and other finance practitioners. For those meetings in which we do not have guest presenters, we have presentations by students on some topic of interest, followed by a Kahoots quiz for fun and prizes.
The current officers for FMS are:
President - Forrest Kuchling
VP - Ryan Rump
Treasurer - Jacob Smithesler
Secretary - Giovanni illoneli
Social media - Carlos Zaragoza
Deans advisory committee- David Heilman
Our meetings are held on Wednesdays at 6:00. If anyone is interested in presenting to FMS (either virtually or in person), please contact our President, Forrest Kuchling, fkuchl@bgsu.edu.
Gamma Iota Sigma Update
Gamma Iota Sigma, Insurance & RM student club, added 11 new members since the start of Fall 2021 semester.
Anthony Russell, President of the BGSU Beta Chapter, attended the 50th Annual National Gamma Iota Sigma (GIS) conference in Columbus Ohio in late September. Abby Paquin has re-invigorated the Beta Chapter social media presence. Faculty Advisor Professor Roc Starks also attended the National Conference. As is always the case with GIS, there were myriad learning opportunities and career expos. Anthony Russell was also awarded the prestigious Council of Insurance Agents and Brokers scholarship for 2021-22.
The Beta Chapter also hosted Career Expos with Hylant Insurance, Brown and Brown and Central Mutual companies in an effort to provide industry exposure to all of our membership. The Chapter will also be coordinating activities with the Ohio State University’s Alpha Chapter of GIS in Spring 2022 semester.
Student News
We were deeply saddened by the news that our former Finance student Paige Redlin ’20 of St. Clair Shores, Michigan, passed away on June 18, 2021 after a courageous battle with cancer. She was expected to receive her MBA degree in August 2021. While pursuing her MBA in the Schmidthorst College of Business, she worked as a graduate assistant in the college's Business Career Accelerator and a student employee in the Office of Technology Transfer and Services. During her UG years, Paige was highly engaged in the College, serving as a Peer Leader, Student Ambassador, and President of the Women in Business Leadership student organization. Paige graduated from BGSU in May 2020 with a BSBA, specializing in finance and international business. Page was the winner of the 2020 Finance Graduating Senior Award.
Page Redlin will be remembered for her passion to inspire and support women in their pursuit of business careers and for her impactful contributions to our Department and College.
Insurance & Risk Management Annual Symposium and IRMI Dinner
Left to right: Bryan Okuley, Casie Grau, Diane Hipp, Richard Wallack, Roc Starks (Moderator)
The Department held the Annual Insurance & RM Symposium on September 16, 2021 after a hibernation in 2020. Titled as “Insurance Industry during & after the Pandemic”, the primary topic of the symposium was how the insurance industry has responded to COVID-19 issues with respect to staffing, financial implications, remote work and myriad other related issues. Panelists representing Ohio Mutual, Medical Mutual, Westfield Group and Western and Southern Insurance spent the afternoon discussing the impact of COVID-19 on Employee recruitment and retention, employee engagement and the overall impact on their business model. Approximately 75 students from across the Schmidthorst College of Business were in attendance. (More event photos are in Photo Gallery)
Immediately following the Symposium, the Department held the Annual Insurance & Risk Management Institute (IRMI) Dinner starting 5:15 p.m. After the dinner, IRMI members were formally recognized for their strong and continuous support for our Insurance & RM program and student activities including IRMI scholarships. After the recognition of IRMI members, Dr. Sung Bae also recognized winners of last year’s insurance scholarships. Then, Professor Roc Starks briefed on AY 2020-21 IRMI activities and introduced student presenters who spoke on their activities with GIS chapter and internship experience.
Finance and Insurance & Risk Management Advisory Board Virtual Joint Meeting
The Department held the virtual joint Finance and Insurance Advisory Board meeting on September 17 with 18 attendees (6 FAB, 7 IAB, and 5 faculty members). The meeting started 10:00 a.m. and after a brief introduction of attendees and development updates by Karly DeGroot, Dr. Sung Bae and Professor Roc Starks presented updates on Finance and Insurance programs and student activities, respectively. Following the presentations, breakout meetings for FAB and IAB ensued for around an hour. Then, the two boards convened again and presented the main issues and outcomes from each board meeting by the board chair or rep. The joint meeting adjourned at 12:20 p.m.
Finance Advisory Board Breakout Meeting
Attendees: FAB-Daniel Burke; Brendan Foley; Matt Garrow; Mark Kangas; Bruce Misamore; Neil Roache. Faculty-Sung Bae; Steve Rush; Tonghua Zheng
The Board discussed two main issues: Discussion Topic 1 - board governance; and Discussion Topic 2 – polishing learning goals for Finance Specialization. For DT1, the Board elected Kangas as Chair, Misamore as Advisor and Burke as Vice Chair. For DT2, several constructive comments/inputs were offered.
FAB new officers and Dr. Bae met again virtually on December 13 to discuss modifications in the current FAB bylaws. The newly revised FAB bylaws will be presented to the FAB members in its next meeting.
Insurance Advisory Board Breakout Meeting
Attendees: IAB-Peter Bahner, Sr.; Brian Bowerman; Sarah Burns; Hannah Decker; Connie Frey; Thomas Hogan; Geoffrey Radbill. Faculty-Rock Starks
The Board discussed enrollment in the Risk Management and Insurance specialization for fall 2021 as compared with prior years. The Board also reviewed a number of growth strategies such as visits to other finance classes, Gamma Iota Sigma members presenting in INS 2100 (introductory class) and coordination with the Actuarial Science students in the College of Arts and Sciences. The Board also reviewed the Academic Year 2021-22 scholarship updates and how the Insurance and RM specialization might increase its Diversity, Equity and Inclusion efforts.
Faculty Publications
- Kwon, Taek Ho, Sung C. Bae, Soon Hong Park, “The Interactions of Corporate Sales Growth and Diversification Strategy: Cross-Country Evidence.” Journal of International Financial Markets, Institutions, and Money 75 (2021). (ABS rating: 3).
- Bae, Sung C., Taek Ho Kwon, “Do Firms Benefit from Related Party Transactions with Foreign Affiliates? Evidence from Korea.” International Review of Finance 21 (September 2021), Issue 3, 945-965. (ABS rating: 3)
- Bae, Sung C., Taek Ho Kwon, “Hedging Operating and Financing Risk with Financial Derivatives during the Global Financial Crisis” Journal of Futures Markets 41 (March 2021), Issue 3, 384-405. (ABS rating: 3)
- Francis, B., Hasan, I., Liu, L., Wu, Q., & Zhao, Y. (2021). Financial analysts’ career concerns and the cost of private debt. Journal of Corporate Finance, 67, 101868. (ABS rating: 4)
Faculty Activities, Achievements and Awards
- Dr. Mingsheng Li presented his research work entitled “Is social trust a governance mechanism? Evidence from dividend payout of Chinese firms” at the 2021 Financial Management Association (FMA) Conference in Denver. Three of his papers have been accepted for publishing. The paper entitled “Price informativeness and state-owned enterprises: considering their heterogeneity” was accepted for publishing by International Review of Financial Analysis, which has an ABS rating of 3. His second paper entitled “Credit policy and its effects on green innovation” was accepted for publishing by Journal of Financial Stability, which has an ABS rating of 3. His third paper entitled “Political connection and its impact on equity market” was accepted for publishing by Research in International Business and Finance, which has an ABS rating of 2. He was appointed as a Deputy Editor by Accounting and Finance since March 2021, and he continues to serve as an Associate Editor of Research in International Business and Finance. He took faculty improving leave (FIL) in fall 2021 and will return to campus in spring 2022.
- Dr. Liuling Liu participated in Federal Reserve Bank of Cleveland Economics Scholars Program (ESP) with several program students.
- Professor Phillip Bollin, Certified Financial Planner™, was accepted into membership by the National Association of Personal Financial Advisors (NAPFA) in 2021. NAPFA is a prestigious association of the country’s leading Fee-Only financial planners. Accepted members must pass a rigorous approval process which includes a review of the member’s comprehensive financial planning deliverables. NAPFA provides education, support and a rigid framework and discipline for its 3,800 member practitioners. It is estimated that less than 1% of all licensed financial advisors are NAPFA practitioners. Bollin’s firm, Bollin Wealth Management LLC, is one of only two NAPFA member firms in the Toledo metropolitan area.
- Professor Roc Starks was promoted to Associate Teaching Professor. He was also recognized through the Center for Faculty Excellence for making a difference in the lives of students.
New Staff-Adjunct Professors
Tony Zheng is a Chemical Engineer by training with a PhD from Tulane University. He has worked in the industry for 16 years including companies such as BASF and Johns Manville.
Tony also has an MBA in Finance from Bowling Green State University. In addition to utilizing his Finance skills in Engineering, he has been an Adjunct Professor of Finance since 2015. He is teaching 2 sections for 2021-2022 academic year at Bowling Green State University.
Tony lives with his wife (a CAE engineer at O-I), son (17 years old) and daughter (13 years old) in Sylvania, OH. In his spare time, Tony enjoys playing basketball and investing.
Lonie D. Moore is an Advanced Mathematics Teacher and Head of In-Plan Guaranteed Income Retirement Products at Nationwide Financial, who has been recognized by Marquis Who’s Who Top Executives for dedication, achievements, and leadership in education and actuarial science. Lonie has the FINRA Series 6 and Series 65 qualifications, as well as Ohio Life, Accident & Health, and Variable Contracts licenses.
He has a BS in Actuarial Mathematics and German from Bowling Green State University and two Master’s degrees; MS in Statistics from West Virginia University and an MBA from Xavier University. Lonie is currently Teaching the Retirement and Employee Benefits Planning (FIN 4140) course at BGSU.
In his personal life, Lonie enjoys spending time with his daughters (Grace, Emily, and Zuri) and playing guitar.
Updated: 12/15/2023 08:36AM