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Cover Story Nicholas Lab (continued from previous page) “Recent years have witnessed rapid growth and development in global fi nancial markets and a multi-fold increase in the complexity and sophistication of invest ment choices and strategies in the market place,” said Dean V. Kanti Prasad. “The Nicholas Lab will be a bridge between the classroom and the world of investment fi nance, enhancing our students’ capabilities by providing them with sophisticated fi nancial databases and investment decision-making and management tools.” Lab’s Role in the Finance Curriculum Equipped with state-of-the-art professional databases, streaming fi nancial news, fi nancial software, and high-power dualmonitor computers, the David O. Nicholas Applied Finance Lab will feature the same technology and real-time market data, analysis, and news available to professional traders in investment fi rms. The lab will also support small group presentations, instilling students with the collaborative, team-oriented approach that is demanded in the industry. “It is vital that students are able to communicate and present their ideas effectively when they graduate,” said Nicholas. “In conjunction with the fi nance curriculum, this facility will provide them with a professional setting to hone those skills.” The facility will be complemented by a spectrum of curriculum enhancements in both the investment and corporate fi nance arenas. The Lubar School currently offers a BBA in Finance with specialization tracks in Investments and Corporate Finance. An MS in Management concentration in Financial Analysis and a PhD in Finance round out the School’s fi nance curriculum. Prasad said that the Nicholas Lab will further serve as a platform for launching 4 OUTLOOK an Applied Portfolio Management program. The program will be aimed at training a group of top-notch students to master the art and practice of investment portfolio management, at scouting and producing talented future managers for the mutual fund, pension fund, and hedge fund industries, and at establishing a national reputation for investment management education. Applied Finance Labs Provide Grads with an Edge According to a 2006 national survey by the Graduate Management Admission Council, fi nance graduates are in high demand by employers. Nationwide, business schools are responding to this demand by developing similar applied fi nance labs or “trading rooms.” Cornell University, Massachusetts Institute for Technology, University of Houston, University of Minnesota, and University of Wisconsin-Madison, among others, have employed trading rooms to help students better prepare for their future careers. In addition to allowing students to analyze real-time and historical fi nancial data, some of the labs also facilitate building and managing student investment portfolios. Although the School already has a Student Investment Club that manages a small investment portfolio with real money, Nicholas hopes that Lubar School students eventually have the opportunity to manage a larger fund. With the hands-on exposure offered by the lab, the chance to earn certifi cations in fi nancial software such as Bloomberg and others, and the opportunity to manage real money in a student-run investment fund, said Nicholas, the Lubar “leg up” on the competition as they enter the professional ranks. Southeastern Wisconsin’s Strong Financial Sector The creation of the Lubar School’s Nicholas Applied Finance Lab refl ects the overall strength of the fi nancial sector in Southeastern Wisconsin, noted Prasad, and the important role the Lubar School’s fi nance program plays in educating that sector’s future managers and leaders. According to The Business Journal Serving Greater Milwaukee, the area’s largest investment managers — including Nicholas Company, Mason Street Advisors, Baird Advisors, M&I Investment Management, Artisan Partners, Heartland Advisors, Stark Investment, and Ziegler Investment Services Group — account for over $150 billion in assets under management. In addition, Southeastern Wisconsin is headquarters to a number of fi nancial industry powerhouses, among them Northwestern Mutual and Marshall & Ilsley Corporation. “The lab will play a key role, not only in developing investment management expertise in-state, but in retaining that talent pool for our large investment management community,” said Nicholas. “It is very important to both UWM and to the community to have this facility.” Nicholas Company and David O. Nicholas Founded by David’s father Albert “Ab” Nicholas in 1967, Nicholas Company is a Milwaukee “born and bred” fi rm that has earned respect and trust in the mutual fund arena on a national level. With seven no-load mutual funds, as well as separate private accounts managed for individual School’s fi nance graduates will have a (continued on page 13)
Bradley Distinguished Lecture Series Economist Hubbard Credits Sound Policy and Nature of American Economy for Its Resilience Glenn Hubbard In describing America’s strong economy to a Milwaukee audience recently, Glenn Hubbard used bold phrases such as “productivity miracle” and “growth revolution of the United States.” Hubbard is the former Chairman of the President’s Council of Economic Advisers (2001-03), and currently serves as Dean and Russell L. Carson Professor of Finance and Economics at the Columbia Business School. He spoke to the business community and Lubar School alumni at the Bradley Distinguished Lecture Series in early April. The series is co-sponsored by The Lynde and Harry Bradley Foundation and the Sheldon B. Lubar School of Business. “The American economy has performed extraordinarily well through a set of shocks that anybody would have called devastating, including investment collapse, equity market collapse, terrorism, accounting scandals, and geopolitical risks,” he said. Why is this? Hubbard credits both sound policy and the foundations of the American economy for its resilience. “Monetary policy plays a starring role in the U.S., both in cushioning the downturns and enhancing the upturns,” he stated. He also asserted that President Bush’s tax policy has had a signifi cant impact on the nation’s economic recovery. Still, Hubbard argued, too much focus is placed on policy developments, when much of our experience is due to the basic underpinnings of the American economy. “There is something about American institutions that matters a great deal,” he said. For example, he noted — because of the market for risk capital in the U.S. — “we’re able systematically to take funds and bring to market types of risks that are unheard of in much of the affl uent world.” He also pointed to the fact that the American labor system allows great fl exibility with how we allocate our talent — in this country and around the world. “But this long term success story is not manna from heaven,” he said. “It requires stewardship.” Though Hubbard is confi dent that economic recovery still has very much life and room to grow — projecting growth in the 2.5% to 3% range with substantial upside potential — he cautions against specifi c risks. These risks include infl ation, the “puzzlingly low” capital spending by business, and potential overregulation in capital markets. Hubbard is also concerned about the current level of protectionist sentiment in the U.S. “Never in my career have I seen such support on both sides of the aisle and from business leaders,” he stated. If this sentiment is translated into policy, he said, we run the risk of “derailing” the economy. “Competition from any source infl uences productivity growth and creates an incentive to innovate,” he concluded. “Trade matters.” In addition to his responsibilities at Columbia, Glenn Hubbard is a research associate at the National Bureau of Economic Research and a visiting scholar at the American Enterprise Institute in Washington. During his term as CEA Chairman, he chaired the Economic Policy Committee of the OECD. He was Deputy Assistant Secretary of the U.S. Treasury Department for Tax Policy from 1991-93. SPRING 2007 5
Page 1 and 2: Outlook Spring The Lubar School’s
Page 3 and 4: In This Issue Outlook SPRING 2007 2
Page 5: Cover Story David O. Nicholas Appli
Page 9 and 10: The reunion celebration also featur
Page 11 and 12: Alumni Profile The “Davis” Bran
Page 13 and 14: Alumni Profile Driving Growth Strat
Page 15 and 16: Entrepreneur Internship Program La
Page 17 and 18: Beta Gamma Sigma Rockwell’s Nosbu
Page 19 and 20: Faculty Research “Option” Value
Page 21 and 22: Awards and Honors Northwestern Mutu
Page 23 and 24: CPA-in-Residence Program CPA-in-Res
Page 25 and 26: Scholarships WILBUR AND ARDIE HALYA
Page 27 and 28: Alumni News Michelle Adam (BBA-Acco
Page 29 and 30: Honor Roll of Donors Pricewaterhous
Page 31 and 32: Honor Roll of Donors Mr. Joseph M.

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