The New School of Business Building - University at Albany

BUSINESS
A magazine for School of Business Alumni and Friends Fall 2011
Th e New School of Business Building
Groundbreaking
Attending the groundbreaking from left to right, J. Spencer Standish, Patricia Standish, Bob Lazar ’77,
Albany Mayor Jerry Jennings ’76, Dean Dr. Donald Siegel, Albany County Executive Mike Breslin, Kelly Garry B.S. ’11,
Jeff Black ’76, Vice Chairman of Deloitte and University at Albany President George Phillip ’69, ’73.

VIEWPOINT
Importance of our Alumni Network
In the 35 years since
I graduated from the
School of Business, I’ve
learned a few things about
what separates our best
universities from the others.
One such attribute is
the quality and engagement
of its alumni network. Our
elite universities became
and remained great in part
due to the long-term fi nancial
support of its alumni.
But alumni at these universities are generous with
more than their money; they also share their time
and connections.
As the School of Business has matured and excelled at
executing its mission, it has built an alumni network from
young and aspiring to seasoned professionals in many
fi elds, spread across our country.
Since we are associated with one of those great universities,
let’s take a page from some of the others-by taking
care of our fellow and future alumni. We know they’re
talented and well-educated. Here at Deloitte, we have
UAlbany alums as new staff, senior partners and in our
board room. They show well against graduates from all
the public and private brand name schools we can name.
Some ideas:
• Participate in the UAlbany Alumni Association
(see http://www.albany.edu/alumni/index.php)
• Challenge your fi rm to uptake its recruiting efforts at
the University; get engaged in helping the students
through the process
• Use the School of Business Alumni (https://www.facebook.com/universityatalbany)
and various social media
to help our fellow alumni with their employment goals
• Mentor/coach UAlbany grads at your fi rm
• Organize fellow alumni at your fi rm; University or
School of Business leadership would be pleased to
meet with them
• Volunteer to participate in Spring 2012 phone calls
to the top ranked newly admitted high school seniors
and encourage them to enroll at the University
(contact John Levato)
Last Spring, we at Deloitte hosted a reception for high
school seniors directly admitted into the School of Business,
and their parents, again to encourage them to enroll
at UAlbany. It was a huge success. The students and
parents alike were thrilled to meet with faculty, administrators,
successful alumni and current students. There
was no question that the parents placed real value on the
School of Business’ connections with the business community
and the opportunities they presented for their
sons and daughters.
That brings me back to my original message-great
universities take care of their fellow and future alumni.
Deloitte has committed to hosting another reception
for direct admit high school seniors on March 15, 2012.
Please think about what you can do to strengthen our
network, and therefore our University.
Best regards,
Jeff Black, ’76
Vice Chairman, Deloitte
Member, UAlbany Foundation Board of Directors
Member, Dean’s Advisory Board to the School
of Business

BUSINESS
A magazine for School of Business Alumni and Friends
Fall 2011
business
is published in the Fall and Spring
of each academic year by the
University at Albany School of Business.
UAlbany Business is free of
charge for its alumni and friends.
DEAN
Dr. Donald S. Siegel
ASSOCIATE DEAN FOR
ACADEMIC PROGRAMS
Dr. Sanjay Putrevu
VICE DEAN FOR ADMINISTRATION
Linda Krzykowski
ASSISTANT DEAN/EDITOR
John S. Levato
DIRECTOR OF DEVELOPMENT
William Roller
WRITER
Michele Flynn
RESEARCHER
Jennifer Casabonne
ART DIRECTOR/DESIGNER
Mary Sciancalepore
PHOTOGRAPHY
Mark Schmidt
Interested in making a contribution
to the School of Business?
Contact William Roller at
wroller@albany.edu
SEND ADDRESS CHANGES TO:
Data Manager
University at Albany
UAB 209
1400 Washington Avenue
Albany, NY 12222-0001
or aisstaff@.albany.edu
Address questions, news and
all other correspondence to:
The Editor, UAlbany Business
School of Business
University at Albany
Albany, NY 12222-0001
or J.Levato@albany.edu
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Features
Departments
Departments
Research Center News
Undergraduate School of Business students
waiting to enter the graduation ceremony.
Students Give Back to the Community
The New School of Business Groundbreaking
Ernst & Young Approach to Recruiting
Major Research Conference on Alternative Investments
Briefs
Professor Profi les
Honor Roll of Donors
Alumni Profi les
Faculty Research & Accomplishments
Dean’s Advisory Board
Connections

BRIEFS
BAP Annual Dinner
In April, the Eta Pi Chapter of Beta Alpha Psi hosted their
annual banquet to celebrate another successful year. Students
accepted awards from the fi rms in attendence and mingled
with the many professionals and faculty members who have
devoted their time and efforts to the organization including
Alan Mantel ’85, Partner, Snow Phipps, a member of
the Dean’s Advisory Board and a frequent visitor to campus.
Also in attendance was Marilyn Pendergast ’64,’65, UHY, a
woman ahead of her time – one of the fi rst female partners
at any fi rm. She was a recipient of the Distinguished Alumni
Award from the University at Albany Alumni Association.
Alumni and Faculty Collaborate on Book
David Smith and Hany Shawky
Five School of Business
professors and fi ve
alumni provided book chapters
for “Institutional Money Management”,
a book edited by fi nance faculty
David Smith and Hany Shawky.
Smith and Shawky provided an
Professor Shawky appointed
Finance professor Hany Shawky has been appointed
to the SUNY Resource Allocation team. The group,
led by the SUNY Vice Chancellor, has representation
from every SUNY campus, but Shawky is the only
faculty member from any school to be chosen. Their
work will determine the best model to effi ciently
and equitably allocate state monies throughout the
university system.
2
UAlbany Business
introduction and chapters on “Investment
Buy and Sell Decision Making”
and “Endowment and Foundation
Funds.” Professor Ross Miller wrote
the chapter “Quantitative Techniques
and Risk Management,” and Assistant
Professor Na Dai contributed a chapter
on “Venture Capital Funds.”
Assistant Professor Ying Wang
worked with alumnus Matthew P.
Reiner ’93, Adirondack Funds, to
produce the “Mutual Funds” chapter.
Reiner serves on the board of
UAlbany’s Center for Institutional
Investment Management.
Another CIIM board member, William
H. Desormeau, Jr. ’00, HANYS Benefi t
Services, contributed a chapter on “The
Institutional Investment Consultant.”
Professor Lakshmi
Mohan with her former
MBA ’84 student and
scholarship sponsor
Tony McCarthy, Global
CIO of Investment
Banking at Deutsche
Bank AG, and
Dean Siegel
The “Fixed Income Securities” chapter
was coauthored by Michael Weilheimer
’83, Eaton Vance, a member of the
Dean’s Advisory Board and “Fixed
Income Strategies” by Thomas M.
Metzold ’87, a former member of the
Dean’s Advisory Board. Paul Zummo
’90, J.P. Morgan Alternative Asset Management
wrote a chapter about hedge
funds and funds of hedge funds.
David McCaffrey, Distinguished
Teaching Professor at UAlbany’s Rockefeller
College of Public Affairs and
Policy, provided a chapter titled “Regulatory
Issues in Institutional Investment
Management.”
The book will be published by John
Wiley & Sons this fall.

Student Research Awards
The exceptional students in the
Financial Analyst Honors program
garnered some signifi cant
recognition this spring.
Nick Cantales ’11 was one of three
University at Albany recipients of the
2011 Provost’s Award for Undergraduate
Research – involving a certifi cate
and monetary prize – for his project
examining the benefi ts of using arbitrage
in the management of institutional
equity and fi xed income funds,
“Is the Use of Arbitrage an Effective
Strategy in Institutional Portfolios?”
Abigail Karam, B.S. ACC ’11, was the student
School of Business commencement speaker.
His mentor, Associate Professor David
Smith was recognized for his guidance.
Cantales also won Best Senior Thesis
Award from the Center for Institutional
Investment Management.
Sander Anker ’11 presented “How
Does Sponsorship of the FIFA World
Cup Affect Stock Price?” at the University
at Albany Undergraduate Research
Conference, providing evidence for
competitive advantage in the stock
market for companies that are offi cial
sponsors of the FIFA World Cup in
1998, 2002 and 2006. His results suggest
that FIFA may have underpriced
its commercial sponsorships.
As mentioned in the spring 2011 issue
of this magazine, Shane Lockhart ’11,
presented his senior thesis, “The Use
of Technical Analysis by Hedge Funds,”
at the Federal Reserve Bank of Dallas’
2011 Economics Scholars Program
Conference.
Summaries of senior thesis projects for
the classes of 2010 and 2011 are available
at www.albany.edu/business/fahp.
At left, Weekend M.B.A. students
celebrate graduation.
Below, a happy group of undergraduates
celebrating their graduation.
MS Accounting degree recipients celebrate their graduation.
Fall 2011 3

RESEARCH CENTER NEWS
The new School of Business building will house research
centers dedicated to technological and social entrepreneurship
and cyber-security. It will also be home to the Center
for Institutional Investment Management (CIIM).
This Research Center column will appear in
the magazine regularly, providing updates on
the activity of these centers. This issue will
focus on CIIM.
Almost ten years ago, a SUNY-wide competition
judged by an external review committee
and the Chancellor provided the Finance
department with a $1.6 million endowment
to establish CIIM.
CIIM uses funding from the endowment for
three purposes. (See box below.)
This year, the investment center funded databases
on mutual funds, hedge funds, venture
capital, private equity, and other managed
portfolios. Students use these databases for
thesis and class projects, and faculty across the
university use them for investment research.
Since CIIM was founded, its research associates
have produced many journal articles and
conference presentations in the area of institutional
money management. This fall, “Institutional
Money Management,” will be published
by John Wiley & Sons. Twelve of the book’s
22 chapters are authored or coauthored by
UAlbany faculty or alumni, including members
of CIIM’s advisory board.
Throughout the year, Financial Analyst
Honors students learned from alumni speakers
whose visits were arranged by CIIM: options
trader Justin Tobon, Matthew Kirschner of
Morgan Stanley, Brian Rath of Ziegler, Joshua
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UAlbany Business
CIIM’S MISSION:
Landau of Australia-New Zealand Bank, Robert
LeDoux, Joe Castiglie, and Richard Civello
of JP Morgan, Nick DiLeone of TIAA-CREF,
John Sturges from Oppenheimer, and Kimberly
Russ and James Fowler of Ayco. In partnership
with the Offi ce of Career Services, CIIM
cosponsored a Wall Street trip for 30 students
to the Fed and Oppenheimer.
In the three years since UASBIG started with
a $100,000 endowment from the University at
Albany Foundation, the portfolio has grown
to almost $150,000. CIIM funds the campus’s
only Bloomberg terminal, an essential resource
for UASBIG. In 2010-11 CIIM received
substantial assistance with the Bloomberg
initiative from a generous alumnus, Emad
Zikry ’72. In 2011, CIIM sent the six UASBIG
offi cers to represent UAlbany at the inaugural
G.A.M.E. Forum (for student investment
groups) at Quinnipiac University. CIIM also
sponsored UAlbany students’ fi rst-ever participation
in the Global Investment Challenge,
an annual international competition held by
CFA Institute.
CIIM’s advisory board members are a key
source of support for the Center. They donate
generously to CIIM initiatives, partner with
CIIM’s research associates in their scholarly
activities, advise the UASBIG student group,
and serve as mentors to FA Honors Program
students. The Center’s website is
www.albany.edu/ciim.
To foster high-quality scholarship by making resources available for University
at Albany faculty and students.
To create opportunities for faculty and students to interact with investment
practitioners, particularly University at Albany alumni.
To support the University at Albany School of Business Investment Group
(UASBIG) and its training of students in security analysis and portfolio management.
CIIM Advisory Board
Bruce Geller ’91
CIIM Chair
Dalton, Greiner,
Hartman, Maher
Nolan Altman ’77
Sterling Auty ’96
JP Morgan
Michael Borys ’78, ’79
Goldman Sachs & Company
David Buzen ’81
CIFG
William Desormeau ’00
Strategic Benefi t Services
Marguerite Dugan ’94
Morgan Stanley
Brett Hammond
TIAA-CREF
Gary Jacobson ’82
Hugh Johnson
HJ Advisors
Kajal Lahiri
University at Albany
Debbie Martin ’95
JP Morgan
Robert Matza ’77
Goldentree Asset
Management
Matt Reiner ’93
Adirondack Funds
Timothy Rittenhouse ’79
CSG Advisors, Inc.
Hany Shawky
University at Albany
David Smith, Director
University at Albany
Rick Surett ’01
AVAYA
Emery Trahan ’87, ’88
Northeastern University
Emeritus Advisory
Board Members
Dan Cohen ’81, ’85
Cecilia Falbe
University at Albany
Herbert Lurie ’86
Richard Schecter ’69

Students Give Back
to the Community
Recent grads of the School of
Business can boast of their
creation of an investment clubs:
University at Albany School of Business
Investment Group, a student
leadership group: Dean’s Leadership
Council and a business club: Albany
Business Leaders Emerging. Student
initiative is at an all time high.
Beyond social and career opportunities,
and “technicals,” School
of Business student groups offer,
they spend their precious free time
enhancing the lives of others. Here
is a sampling of community service
initiatives of just two School of
Business groups, one new, Albany
Business Leaders Emerging and one
established, international accounting
honors organization, Beta Alpha Psi.
The 100+ members of Albany Business
Leaders Emerging,
a club established by students in
2007, collected money and canned
food for Regional Food Bank of
Northeastern New York: $800 and
500 pounds of food, not bad for the
habitually broke and hungry student
population! A multi-weekend
project involved painting a local
elementary school, and a dodge ball
tournament raised funds for Haiti.
One ongoing project is an afterschool
program, The Book Power
Club. Students in the club have
volunteered as bell ringers for the
Salvation Army.
In the most recent school year,
ABLE was recognized by the university
community with the Purple and
Gold Award for Outstanding Pre-
Professional & Academic Group, in
2010 they received the President’s
Award for Leadership – Commu-
nnity
Service Award, recognizing
ttheir
signifi cant contributions
tto
the quality of student life on
campus. ABLE was honored
with the Rising Star Award from
the American Cancer Society
for raising over $1600 for
Relay for Life.
From l to r, campus cleanup, Hillel, and Habitat
for Humanity. Below, breast cancer walk
Volunteer Work of BAP
Besides fundraising almost $3,000 to cover
the cost of sending two teams to compete in
the Beta Alpha Psi regional best practice
competition in Rhode Island and funding the
annual formal dance, the 95 members of the
Eta Pi chapter volunteered an amazing
2,556 hours for the following organizations
in the 2010-2011 school year:
Albany State Indian Alliance
Arbor Hill
Capital City Rescue Mission
Club Zoe
Habitat for Humanity
Hillel
Jr. Achievement Bowl-a-thon
Mohawk & Hudson River Humane Society
Relay for Life
Shabbo’s House
Susan G. Komen Breast Cancer Walk
Trinity Alliance
University at Albany Campus Clean-up
Fall 2011 5

Th e New
School of Business Building
Groundbreaking
Weeks later, in mid-June, alumni,
political leaders, students,
faculty and staff celebrated the start
of construction of the $64 million
Perkins+Will designed School of
Business building.
Dean Donald Siegel boldly stated,
“The new School of Business building
will transform the school, the university
and the Capital Region.”
6
The crews couldn’t wait for the offi cial groundbreaking.
As soon as graduation regalia were packed away in May, orange
safety fencing was installed and earthmoving machines arrived.
UAlbany Business
Jeff Black ‘76, Vice Chairman for
Deloitte & Touche, told the crowd
that the School of Business provided
the foundation for his success, with
his beginnings as the son of an upstate
truck driver. He noted that Deloitte
hires UAlbany grads every year,
alongside those from “brand name”
institutions. Deloitte has supported
the building project, providing more
than $500,000.
Former Albany International Corporation
Chairman of the Board and
Director Emeritus of the University
at Albany Foundation J. Spencer
Standish and his wife Patricia also
attended the event. They have contributed
$250,000 to the School of Business,
in support of the atrium in the
new building.
Besides the contributions of Deloitte
and the Standishes, more than 2,288

individuals,
and numerous
international and
national fi rms,
have contributed
close to $6 million
in private
support for the
building, toward
a goal of $9.75
million in private
donations.
At the event, University at Albany
President George M. Philip thanked
New York State legislators: State
Senator Neil Breslin, State Senator
Hugh Farley, Assembly Majority
Leader Ron Canestrari, and New York
State Assemblyman John McEneny for
assisting in obtaining $54 million in
state support for the facility.
Farley ‘58, Professor Emeritus and
former chair of the Department of
Accounting and Law, said, “Having
taught for many years at the School of
Business, I am well aware of the need
for a new state-of-the-art facility. I was
thrilled to help secure state funding
for this important project. The new
“The new School of
Business building
will transform
the school, the
university and the
Capital Region.”
Colins Circle
building will be of
great benefi t to the
students. It will also
be a valuable asset
for the University
at Albany and the
Capital Region.”
“This new, state-ofthe-art
facility will
be the envy of other
universities and is befi
tting of the rich tradition of excellence
we have come to expect from UAlbany’s
School of Business. Congratulations to
President Philip, Dean Siegel and the
entire UAlbany business community
on this remarkable achievement,”
said Canestrari.
Breslin said, “The new $64 million
University at Albany School of Business
building coupled with
recent accreditation of
both its business administration
and accounting
programs by the Association
to Advance Collegiate
Schools of Business
will only serve to
enhance the University
UPDATE
at Albany’s reputation as an innovative
academic institution.”
Kelly Garry ’11, outgoing president
of Beta Alpha Psi, currently enrolled
in the graduate program in Forensic
Accounting, spoke on behalf of the
student population. She said, “The opportunities
ahead are limitless because
of the valuable education I’ve received
and the lessons I’ve learned over the
past four years. I’m enthusiastic about
the even greater opportunities and
resources that will be available to
future students with the new School
of Business building. The School of
Business future shines bright and I look
forward to coming back as an alumna
to a school that focuses so much on the
quality of education for their students.”
At left, Dean Dr. Donald Siegel in front of the location of the new building. At right, the new School of Buinsess building exterior and interior.
Fall 2011 7

PROFESSOR PROFILE
Martin Fogelman ’73, ’84, ’99
Clinical Professor of Management
After earning an English degree
from the University at Buffalo,
and an MS in teaching at the
University at Albany, Martin Fogelman
started his career creating political commercials
in New York City. After switching
from politics to “selling soap” which
did not go as expected, he made the fi rst
of many career changes. He became
an employment counselor for the state
Department of Labor, and then started
teaching. He taught English at The Doane
Stuart School, adults in the Schenectady
School System, and English,
business and computer programming at
Russell Sage College and in several state
prisons, only to land back at the University
at Albany, this time as an employee.
As program coordinator and technical
specialist at the UAlbany College of
Continuing Studies and Summer Sessions,
Fogelman designed and implemented
the university’s fi rst missioncritical
end-user computing system,
while continuing to
moonlight at Sage
and the prisons.
While working at Albany,
he co-founded
and partnered in a
consulting fi rm, and
earned an MBA from
the school, attending
class alongside Susan
Maloney, now Director of Undergraduate
Student Services.
Fogelman is not exaggerating when he
says, “I had a pretty varied career before
I started teaching management. I’d done
almost everything else.” At UAlbany, he
8
UAlbany Business
I had a pretty varied
career before I started
teaching management.
I’d done almost
everything else.
worked as a senior programmer-analyst,
an associate registrar
and Interim Associate
Director of Undergraduate
Admissions. He started his
doctoral program “on a dare”
from several friends who had
began their studies, eventually
outlasting them. He said,
“I took one class, then another,
and some of my friends
started dropping out.” Fogelman
stayed, completing his PhD in Information
Science. His educator talent
was tapped to teach advanced classes in
human resources information systems.
The professor notes that he has taught
Behavioral Foundations of Management
44 times, reaching over 9,000 students
in 10+ years. It never gets old. It
probably helps that he changes course
topics regularly and enthusiastically
masters new teaching technologies. He
noted, “I’ve probably used every new
teaching technology
we’ve had here, and
continue to apply
many of them.” He
was a pioneer user of
course management
systems (now Blackboard)
and an early
adopter of “clickers,”
handheld electronic
devices students use
to answer questions Fogelman asks in
class. The results chart student participation
and help him evaluate his own
teaching effectiveness.
Known for dedication to his students,
the management professor has been
reading names at University Commencement
and the School of Business
recognition ceremonies every year since
he started teaching. He runs numerous
teacher improvement workshops,
received the school’s award for undergraduate
teaching twice, won the graduate
teaching award in his second year,
and has been honored with the Disability
Resource Center’s Outstanding
Achievement Award.
His wife Elyse is a primary school and
kindergarten teacher. Their son and
daughter have also made signifi cant career
changes. Sarah began her career as
a food scientist and now teaches chemistry
at Hunter College High School, and
David worked as a research engineer at
General Electric before entering medical
school. He is currently a resident
physician at Harvard, while maintaining
a sideline as a stand-up comic. Fogelman
was born in Brooklyn and moved to
Lynbrook, Long Island. After six years
as a volunteer EMT, he is now an active
volunteer fi refi ghter. His favorite hobbies
are reading, cycling, and visiting
with his 8-month-old granddaughter,
Charlotte. He recently started learning
to play guitar.

Dennis Caplan
Assistant Professor
Assistant professor Dennis Caplan was destined
for accounting. He said, “You could say that
accounting is in my blood. My father is a
retired accounting professor. My uncle was a CPA. My
older brother teaches accounting. I earned my Ph.D.
in accounting from Berkeley exactly 30 years after my
father earned his Ph.D. in accounting from Berkeley.”
Before he earned his Ph.D., Caplan worked as a CPA
for Touche Ross & Co., and
then as an internal auditor for
Levi Strauss & Co. specializing
in factory audits, and traveling
to Canada, Venezuela, Italy, the
Netherlands, and Scandinavia.
After completing his doctorate,
Caplan taught at Columbia
University, Iowa State University
and Oregon State University.
He said, “I chose Albany
in part because I was impressed
by Department Chair Ingrid
Fisher’s outlook on accounting
education and research, and her
enthusiasm for the University.”
Of his responsibility for a variety
of classes at the undergraduate
and graduate levels, he said, “I really enjoy teaching
our students, and I learn a lot from them, especially
about technology.”
The accounting professor is more tech savvy than
he lets on. His web-based introductory management
accounting textbook, IntroToCost.info, which is free
to students and practitioners and also remarkably free
of advertising, receives over 10,000 hits each month.
Instructors at George Washington University, Montana
PROFESSOR PROFILE
I really enjoy
teaching our students,
and I learn a lot
from them, especially
State University, the University about technology.
of Tennessee, Penn State Harrisburg,
Montclair State, and Purbanchal University in
Nepal have used the on-line book.
Caplan has an interest in regulation and self-regulation
of the public accounting profession and related ethical
issues, and has written on the legislative hearings that
led to the Sarbanes-Oxley Act of 2002. Past research
used economic game theory
to examine auditors’ abilities
and incentives to detect fraud.
Combining an interest in
history with his accounting
background Caplan created a
management accounting teaching
case using John Adams’
and Thomas Jefferson’s correspondence
on the economic
concepts of opportunity cost,
sunk cost and marginal cost
while debating the appropriate
American response to the taking
of American hostages by the
Barbary Pirates.
Caplan serves on the Editorial
Board at Issues in Accounting
Education, the leading peerreviewed
journal for accounting educational materials.
Having grown up in Albuquerque, N.M., Caplan misses
authentic New Mexican cuisine. He is married to Laura
Hart, a former manufacturing engineer; she is now a
stay-at-home mom and a volunteer animal-rights activist.
Dennis and Laura home school their children: Max
age 18 and Audrey age 15. His interests include jogging,
history, chess, jazz, old movies, baking and travel (he has
visited 25 countries so far).
Fall 2011 9

Ernst & Young Approach
to Recruiting
{ }
Ernst & Young hired 39 UAlbany students this year. Their secret? E &Y Partner Evan Maltese ’90
said, “We treat the university like a client. Ernst & Young is known best for servicing our clients.
As with other clients, we focus and build on relationships, address challenges and learn how
to become part of their process. Our success is predicated on making a positive impact at the
school. We do this by identifying opportunities and making the best of them.”
The University at Albany is one of Ernst & Young’s “Priority
Schools” that they have identifi ed for their recruiting
efforts. Maltese said, “It’s one of the top schools in the U.S.
which we are committed to supporting through differentially
investing our professionals’ time, effort and monetary funds,
including alumni and the fi rm’s leadership.
The fi rm uses a strong alumni base, developed from a long
term relationship of 40+ years. Besides utilizing dedicated
recruiters, like Stacey O’Brien, E&Y’s Lead Recruiter at UAlbany,
recruiting at Albany is a “client assignment” for alumni
partners, senior managers and other associates. Maltese refers
to Alex Fredericks ’95, Partner and Wendy Hale ’05, Manager,
as the client serving quarterbacks of the recruiting team. Other
members of the team include Danielle Smolen Rukin ’94,
Partner, Diversity Champion Kwaku Essel ’06, ’08 and Branding
Champion Lauren Destefano ’06.
Ernst & Young is integrated into the life of the School of Business.
Partners, including Maltese, visit and present in classes,
including Michelle Moshier’s Accounting 211, and classes of
freshman in the Direct Admit program. Accounting students
work on their communication skills in Ernst & Young’s BUS
300 Accounting & Communications, a class funded by and
facilitated by the fi rm.
L. to r., Dean Donald Siegel; Accounting Chair Ingrid Fisher; E & Y Partner
Alex Fredericks, B.S. Acc ’95; E & Y Anna Politano, B.S. Acc ’10 and Vice President
for University Development Fardin Sanai receive a contribution from E & Y.
10
UAlbany Business
Though Maltese graduated 20 years ago, he works to put himself
in the students’ shoes, “I think about what I wish I knew
then. I know it’s corny but I go in thinking ‘I could change
someone’s life today.’ It’s a passion.”
“We are a ‘people fi rst’ fi rm. I love helping people grow and
I get excited every time I visit classes or participate in our numerous
recruiting activities (i.e. Beta Alpha Psi presentations).
It’s refreshing. The students are smart and sophisticated, so I
return back to my day job with a new appreciation. All of our
people feel this way.”
In September, E&Y sponsored the Junior Accounting Orientation,
bringing Dan Black, Director, Americas Campus Recruiting
Leader, as a keynote speaker and Northeast Recruiting
Leader Joe Maturando as the “Master of Ceremonies.” The
accounting fi rm also works with the school through participation
in career fairs, Beta Alpha Psi activities including practicals,
and the annual volleyball tournament and banquet.
Partners spend time helping the school achieve its vision.
Elda A. Di Re ’83, Partner, Tax Services, Alex J. Fredericks
’95, Partner, National AABS Professional Practice, Nicholas J.
Gajdjis ’86, Partner, Assurance and Advisory Business Services,
and Mitchell Rosendorf ’87, Partner, Northeast Assurance
Practice, serve on the Accounting Advisory board.
Maltese maintains membership on the Dean’s
Advisory Board.
As if the hours that Ernst & Young employees
spend are not enough, the accounting fi rm provides
funding through their established matching gift
program. Maltese said, “Five years ago our level
of contribution was $10,000. With the right
“client serving focus” we have been able to achieve
a contribution level of over $100,000 for each of
the past two years.”
The results of the fund raising efforts has allowed
Ernst & Young to provide an endowment to maintain
the Student Services Suite in the new building,
housing all graduate and undergraduate advisement.
Maltese said, “It is important to me to have sponsorship
in an area that is critical.”

School of Business Hosts
Major Research Conference
on Alternative Investments
at SUNY Global Center in Manhattan Featuring Alumni, Faculty, and Students
On Friday May 20th, 2011, the
School of Business hosted a major
research conference on the “Financial
and Real Effects of Alternative Investments:
Hedge Funds, Venture Capital,
Private Equity, Infrastructure, Real Estate,
and Sovereign Wealth Funds.” The
chief purpose of the conference was to
convene the world’s top academics from
the U.S., U.K., France, Italy, Canada, and
Germany to produce a special issue on
this topic for a leading fi nance journal,
the Journal of Corporate Finance. The
organizers of the conference were Professor
Hany Shawky, Chair of the Department
of Finance in the School of Business
at the University at Albany, SUNY,
Dean Donald Siegel, and Professor Mike
Wright of Imperial College (U.K.) and
EMLyon (France).
The conference kicked off with an illuminating
presentation on the state
of hedge fund industry by the keynote
speaker, Professor Stephen J. Brown,
David S. Loeb Professor of Finance at
NYU-Stern. Next, Professor April Knill
of Florida State University presented a
study on sovereign wealth fund investments,
which was ably critiqued by the
discussant, Professor Rita Biswas. This
was followed by an outstanding paper on
diversifi cation in the hedge fund industry,
co-authored by Professor Shawky and his
colleague Professor Na Dai. The third
paper, co-authored by Professor Salim
Chahine of the American University of
Beirut, Lebanon, Professor Jonathan
Arthurs of Washington State University,
Professor Igor Filatotchev of City
University London, and Professor Robert
Hoskisson of Rice University, analyzed
venture capital investments in the U.S.
and U.K.
The highlight of the conference was
a lunchtime practitioner panel of four
School of Business alumni who are leading
experts on alternative investments.
The alumni panelists were Pat Caldwell
’75, who co-founded Gordian Group
in 1988 and is recognized as one of the
country’s leading experts in structured
fi nance, Robert Matza ’77, Partner
and the President of GoldenTree Asset
Management, LP, which currently has
over $13 billion under management, Brad
Coleman ’82-Global Head of Citigroup’s
Alternative Asset Group, and Alex Fredericks
’95-Partner in Ernst & Young’s
Private Equity Accounting Advisory Center
in New York City. President George
M. Philip ’69, ’73, himself an expert on
alternative investments, introduced the
panelists, who each delivered a lucid and
insightful presentation on issues confronting
those who manage alternative
investments. Dean Siegel then moderated
a spirited debate among panelists and
conference participants regarding the
relative merits of alternative investment
strategies. School of Business Finance
Faculty were beaming with pride, as some
of the best questions from the audience
emanated from undergraduate students
in the school’s highly prestigious fi nancial
analyst honors program. The afternoon
session consisted of several interesting
empirical studies of the fi nancial and real
effects of private equity.
Fall 2011 11

SCHOOL OF BUSINESS HONOR ROLL OF DONORS 2010-2011
The following donors have
contributed all or a portion
of their annual gift to The
University at Albany’s School
of Business from July 1, 2010
to June 30, 2011.
William J. Milne Society
($100,000 to $249,999)
Nicholas A. Anacreonte ’92
*Stacy E. Bash-Polley ’89
Michael J. Castellana ’84
*Goldman Sachs Gives
*Joan D. Rosenthal ’76
*Frederick Schiff
SEFCU
Edward P. Waterbury Society
($25,000 to $99,999)
** Bank of America Charitable
Foundation
*Jeffrey H. Black ’76
*Lee Ann Black
Cynthia Bulger
Peter E. Bulger ’77
Patricia A. Caldwell ’75
Michael T. Carmen ’84
Pamela Carmen
Michelle Cheng
*Deborah A. Gaioni Curtis ’81
*Saul M. Curtis ’81
**Deloitte & Touche Foundation
*Matthew S. Emrich ’00
*Ernst & Young Foundation
*Fidelity Charitable Gift Fund
Larry D. Harris
*Nick Henny ’73
*Michelle Gaspard Henny ’73
Michael C. Hoffman
Susana Hoffman
James S. McDonnell Foundation
Key Foundation
Maryanne R. Lavan ’81
Anthony P. McCarthy ’84
Christopher P. Montclare ’93
*Felicia Schecter-Emrich
J. Spencer Standish
Patricia Standish
Brian Straughter, Ed.D.
Heather Straughter
Turf Hotels
*Annmarie Emanuelo Uhl ’86
*Robert Uhl ’87
*George W. Walker ’70
*Lucienne P. Walker
*George P. Warnock ’79
Lois E. Zinman Warnock ’79
Board of Directors Society
($10,000 to $24,999)
Anonymous
Thomas L. Amell ’92
Christine Amell
Anna Backer
*Dean C. Backer ’88
Amy J. Auerbach Bloomstone ’81
Benjamin Bloomstone ’79
*Barbara Bakal Borys ’78
*Michael J. Borys ’78, ’79
C.L. King & Associates, Inc.
*Matthew P. Cahill ’86
Edward J. Demske ’58
Elizabeth Drumm Demske ’61
*Elda A. Di Re ’83
First Niagara
*Alex J. Fredericks ’95
**GE Foundation
Christine Giattini
*Dominick Giuffrida ’91
**The Goldman Sachs Foundation
*Cynthia Pond Hansen ’78
*Robert G. Hansen ’77
**IBM Corporation
Jewish Communal Fund
12
UAlbany Business
KPMG LLP
Melissa Laszlo
David Lin
Karen B. Manor ’87
Dorothy G. Dankner Matza ’78
Robert Matza ’77
Thomas M. Metzold ’87
NYSID
Sean O’Brien
Ron Romano
*Schwab Charitable Fund
Robert W. Schwartz
Gail G. Schwartz ’76
Mark B. Taylor ’84
Nancy E. Taylor
F. Michael Tucker, Esq.
Lynette Tucker
Christine C. Liu Wehle ’93
Edward J. Wehle ’94
*Janis R. Greenberg Weilheimer ’84
*Michael Weilheimer ’83
Kimberly A. Welsh ’89
The Fountain Society
($5,000 to $9,999)
*William A. Battino ’81
Gail M. Henry Berley ’73
John Berley
*Stephen R. Borsy ’89
Cyra Borsy
Mark E. Boucher ’06
**Bristol-Myers Squibb Foundation
Center for Economic Growth
Deloitte Touche LLP
*Randolph J. DeYulio ’92
Carole DeYulio
*Beth S. Muller Diskin ’76
*Robert H. Diskin ’76
**ExxonMobil Foundation
Ingrid E. Fisher, Ph.D. ’79
*William J. Flaherty
Golub Corporation
*Hillary D. Rosin Hansen ’93
Scott R. Hansen ’93
Stacy J. Kanter ’79
Joseph J. Kasper ’85
*Emily Kispert
*Kevin M. Kispert ’92
Eric M. Kornblau
Roanne M. Kulakoff ’81
Gary J. Langton ’82
Ellen Fine Levine ’78
*Evan J. Maltese ’90
David P. McCaffrey, Ph.D.
*Morgan Stanley Smith Barney
National Grid USA
Suzanne C. Nealon
Agatha Pon
*Jonathan Pon ’70
*PricewaterhouseCoopers Foundation
Rensselaer Polytechnic Institute
*Mitchell Rosendorf ’87
*Matthew Ross
Susan R. Ross
*Frederick W. Round ’77
*Jeffrey G. Schwartz ’94
*Marsi E. Goldberg Schwartz ’94
*David Stollow ’94
*Caren M. Carder Tucker ’88
*Robert T. Tucker ’88
Vanguard Charitable Endowment
Howard T. Weinstein ’89
Sasha Weinstein
The Podium Society
($2,500 to $4,999)
**A I G
Academy of Management
Richard W. Adams ’71
*Joseph J. Allen ’91
*Catherine M. Peak Bendert ’81
*Thomas Bendert ’81
Barry L. Brick ’82
Rosemary Brick
*Matthew J. Brooks ’02
*Brad Y. Coleman ’82
Kyong Coleman
*Peter K. Cosgrove ’98
*Harold R. Cramer ’73
Donna Cramer
*Brian J. Dziengiel ’77
James P. Eckert ’94
Amr El-Sabbagh
Todd G. Goldman ’82
*Beth A. Goldstein ’94
*David B. Herbstman ’83
Nancy Kim ’03
*Steven R. Korf ’80
**The KPMG Foundation
*Fredrick S. Kuntzman ’82
*Deborah Kuntzman
*Scott Levy ’87
*Sharon L. Mindlin Levy ’88
*Richard D. Lynch ’82
Patrick MacKrell
Beverly Gustafson McKay ’55
David R. McKay ’55
**NY Business Development Corp.
*Daniel D. Olden, Jr. ’96
*Debra P. Perez
*Jill T. Poveda ’96
*Michael A. Poveda ’95
Janeen D. Prosek
*James L. Reagan
*Jonathan P. Rice ’75
*Bryan Rukin
*Danielle J. Smolen Rukin ’94
Donald S. Siegel, Ph.D.
*Robert M. Smolens ’80
Robert Wann, Jr. ’04
Tracey A. Williams ’08
The Purple & Gold Society
($1,000 to $2,499)
*Matthew J. Alfi eri ’08
Bank of America United
Way Campaign
*Martin Biegelman
*Melissa Blacksin
Richard R. Bleser ’04
*Jeffrey A. Blumberg ’82
Alan Breindel
*Eileen R. Feldman Breindel ’75
Timothy Bruculere
*Nicola D. Bueti
*Julie O. Cerminaro ’92
*Michael T. Cerminaro ’90
Gregory L. Chaskin ’97
Indushobha Chengalur-Smith, Ph.D.
*Patricia Thannhauser Civil ’72
Daniel H. Cohen ’81
Suraj Commuri, Ph.D
*Henry Connelly ’92
Karen Connolly
*Thomas J. Connolly ’80
Brian P. Convey ’85
Clifford S. Cramer ’75
Daniel P. Curry ’90
William D. Danko, Ph.D. ’74
Connie L. Danko
*William R. Danola ’75
Maria Dempsey ’87
*James M. DePonte ’84
Maureen F. DePonte
*Maureen R. Andrade Devas ’89
Aleidy Diaz ’07
Howard B. Dicker ’84
Fairfi eld County Community
Foundation
Mitchell Feltingoff ’85
Laura K. Felton
Fenimore Asset Management Inc.
**Fidelity Foundation
Michele Fleckenstein ’81
David A. Froehlich ’81
*Nicholas J. Gajdjis ’86
Bruce H. Geller ’91
Christine De Marco Gentile ’85
Salvatore L. Gentile ’85
*Jonathan M. Goldblatt ’94
*Richard E. Grant, Sr. ’78
**Grant Thornton Foundation
*Thomas W. Greer ’93
*Thomas P. Henk ’94
John K. Hoey ’83
Institute of Management Accountants
Marc Isaacs ’74
Gerald J. Janis, Jr. ’81
*Ellen S. Kamelhar ’90
*Todd R. Kamelhar ’90
Susan G. Darsa Kane ’82
Daniel M. Kane
*Linda S. Alcheh Kaplan ’83
Jay S. Kaplan
Richelle N. Konian ’95
Linda M. Krzykowski ’93
Brian Krzykowski
James Kuba
Robert W. Lazar ’77
Shirley Lazar
Carlos Leal
*Jeffrey R. Lindenbaum ’85
Ellen A. Lindenbaum
Michael Loparrino
Patricia Loparrino
Mark Maroney ’99
*Donna A. Migliozzi Maxant ’82
*Robert F. Maxant ’81
Kevin J. McCoy ’85
*Amy Dellarocca McLean ’98
Stanley McLean
**MetLife Foundation
*Louis J. Mezzina ’75
*Frank R. Milano ’95
Lakshmi Mohan, Ph.D
Morgan Stanley & Co.,
Paul E. Norcross
*Lawrence V. Palermo ’98
*Richard J. Penkoski ’88
Robert F. Platner ’68
Kimberly Fritz Platner
Karen Pontius
PricewaterhouseCoopers LLP
*Thomas J. Restivo ’86
Terri Scalise Roller
William J. Roller ’80
*Mary E. Ropes ’87
*Allan B. Rosenstein ’91
*Elizabeth Rae Rosenstein ’92
*Andrew D. Ross ’82
Stuart Rubinstein ’85
Esther G. Rubinstein
Steven M. Samuels ’85
Judy A. Berlin Samuels ’86
*Roger B. Savell ’83
Larry B. Scheinfeld ’76
Jane K. Scheinfeld
Paul Schnier
*Kenneth M. Schwartz ’92
*Bradley M. Seltzer ’74
Marc X. Sheinbaum ’79
Hildy Sheinbaum
*Lynn C. Silber ’76
David M. Smith, Ph.D.
*Lorna L. Stark ’89
*Darrin Stollow ’97
Dawn L. Brunner Stuart ’78
William D. Stuart ’76
*John R. Taggart ’81
Tech Valley IMA
Frank T. Thoelen ’71
Joanne Thoelen
United Way of Delaware
Dominic J. Varrialle ’91
Margaret Varrialle
Harlan J. Wakoff ’88
**Wells Fargo Bank, N.A.
Lloyd M. Wirshba ’79
Susan Wirshba
Jan T. Woodcock ’86
*Susan G. Leary York ’71
The Minerva Club ($500 to $999)
*Lara Abrash ’90
*Gerard F. Baccaglini ’84
Kathryn L. Baccaglini
David L. Bernstein ’79
**Bill & Melinda Gates Foundation
Frank M. Blohm ’80
*Anne E. Molesphini Blood ’87
John Blood
David M. Calkins ’93
Victoria Calkins
Aimee Nethercott Cataldo ’95
*Peter Cataldo
Timothy Q. Conboy ’89
Debbie Cooper ’77
Cramer Rosenthal McGlynn, LLC
Debbi S. Rothstein Federbush ’85
Marc A. Federbush ’83
*William W. Fish ’73
Jean Forbes
Ronald Forbes, Ph.D.
*Frederic J. Gelfond ’87
*Holly B. Weisman Gelfond ’86
*Terry M. Glick ’82
*Wendy S. Hale ’05
Schyuler Bishop B.S. ACC Dec ’10, receiving an award
acknowledging her perfect cumulative G.P.A. from
Professor Michelle Moshier.

*Gregg L. Hamerschlag ’81
Kevin Handwerker ’77
George W. Hiza ’73
*Mark R. Holtzman ’89
Patricia A. Sexton Holtzman ’89
**HSBC BANK USA
*Thomas A. Jones ’98
*J.P. Morgan Charitable Trust
Kevin S. Katz ’96
*Edward A. Klein ’68
Helen C. Klein
*Ernst Kuschel ’00
*Susan N. Marks ’81
Debbie L. Martin Machare ’95
MARVIN & CO. P.C.
Mark McCabe
*Victor P. Murdock ’92
*Amy D. Choc Nitzky ’78
William T. Rainey, Jr. ’81
Timothy Rittenhouse ’79
Peter J. Ross ’74
*Daniel C. Rudin ’77
Joseph W. Sheehan, J.D.
Gary E. Skiba ’79
Seth E. Slivka ’82
Wendi A. Wigler Slivka ’82
Michael S. Spindler ’81
*Elizabeth A. Tarpinian ’93
*Christopher M. Thompson ’95
*Rosalia Tocco
*Salvatore J. Tocco ’76
**Travelers Foundation
*Judith S. Turner ’84
*Grace Barkus Vogel ’77
*Paul E. Voorhorst ’88
Edward G. Warner, Jr. ’09
Alison C. Weinger
*Gail B. Weiss ’00
Jason J. Wells ’07
Worldwide Learning Services, Inc.
*Camille L. Calafi ore Zaslau ’92
Richard J. Zubres ’81
The Carillon Club ($250 to $499)
David B. Abramoff ’75
**ADP Foundation
Donald J. Anderson, Jr. ’94
Jennifer Jakuboski Anderson ’94
Sergio Arias-Cuadros ’05
*Nicole F. Barattini ’09
*Jeanne Beyer ’78
*Eileen R. Haymes Bowen ’82
*Scott H. Bowen ’82
*David S. Brooks ’04
Joseph A. Bybel ’88
Cathy L. Bybel
Seokjoo A. Chang, Ph.D
Jeffrey D. Corcoran ’01
J D. Corcoran ’92
Ellen Choc Deutsch ’75
Neil B. Eisenband ’80
Randi R. Cohen Eisenband ’80
Margaret Farnsworth ’77
Roy R. Farnsworth ’72
*Michael L. Ferrante, Jr. ’97
Mindy S. Fine-Fleder ’77
*Michelle R. Spandorf Fishman ’85
*Steven Fishman
Doris J. Fritz
*Michael G. Fritz ’79
*Allison J. Gier ’96
Stephen T. Gregg ’73
Lisa Zona Hafker
Robert P. Hafker ’83
Howard Heffl er ’74
Sandra B. Hillis ’72
*Laura S. Hinthorn ’78
Donna M. Rosentreter Kalikow ’73
Anil Kapoor ’96
Jennifer J. Anderson Kelly ’94
Timothy M. Kelly ’99
Jennifer Kelly
Warren A. Kerper ’84
Laura E. Kerper
Christopher Keyser
*Carol T. Krohn ’80
*Darrell Lampa
*Chi Y. Lee ’07
Eileen Lee
Peter M. Lev ’82
Elise Lev
Eileen P. Sheehan Lewis ’85
William Lewis
Lisa A. Lickstein ’01
Amanda M. Lim ’08
Janet Marler, Ph.D.
**McGraw-Hill Foundation, Inc.
Mary L. Morrison ’89
Dennis F. Murray ’73
Frederic L. Navy ’79
Kathy Navy
Novartis US Foundation
Barbara J. O’Neill ’91
Timothy S. Perotti ’06
Perry Capital LLC
*Tania N. Petrina ’04
Glenn R. Pollner ’88
Tyrone Reid ’00
*Michael F. Reynolds ’08
**Rockefeller Group
David P. Ross ’72
Marilyn E. Olson Ross ’71
Jan Rosenbaum Sass, Ph.D. ’78
Mark A. Sass ’78
Savvas Savvinidis
Robert T. Schildkraut ’85
Hany A. Shawky, Ph.D.
Michael W. Siemank ’74
*Deborah Goldman Smith ’70
Alan C. Solano ’77
Justin M. Spitzer ’00
Susan P. Sprung ’81
Theodore T. Thompson ’81
Caryn H. Tuckman ’75
Andrew J. Turchin ’78
*Nancy A. Olsen Verhey ’90
*Sophia C. Vouzianas ’09
James N. Walser ’73
Beth Waring
Michael F. Waring ’95
Bruce Watson
M. Susan Avera Watson ’79
Kurt V. Wojdat ’80
*Andrew J. Wolf ’82
Christine M. Palermo Wood ’00
The Albany Club ($100 to $249)
**Aetna Foundation, Inc.
Mohammad K. Ali ’05
*Walter Andersook ’74
Binnie Davidson Antolowitz ’72
*Lauren M. Arato ’09
Donald F. Arnold, Ph.D. ’66
Avon Foundation
Norman E. Bagley, III ’70
Myrna Balais
Neil B. Becourtney ’82
Diane M. Aubrey Begg ’88
*Margaret K. Begley ’93
*Diana M. Belardo
*Salvatore Belardo, Ph.D. ’71
Anthony Benenati
Marisa B. Berley, CPA ’05
Jeffrey B. Besselman ’83
Rita Biswas, Ph.D.
Charles V. Blanchard ’71
Connie Blanchard
David J. Blesy ’76
Eric S. Block ’80
George Bossis ’77
*Alfred P. Boudreau ’04
*James C. Boughton ’81
Sandra J. Brokaw ’82
Ivan C. Brown ’70
Janet A. Novok Brown ’71
*Pasquale F. Buffolino ’96
Johanna Burkhartt
Frederic Buse
Maria T. Caban-Garcia ’79
Joan E. Cacaci
Stefano Cambareri ’86
James D. Cameron ’74
Dennis Caplan, Ph.D
Jennifer R. Casabonne ’94
Amie J. Cennamo ’93
Uday Chandra
Taro Chellaram ’79
Kangguo Cheng
Jay H. Cookingham ’77
Caroline Cookingham
*Helen Moran Courtney ’82
R. James Cromwell ’66
*John R. Cully ’85
Na Dai, Ph.D
James C. David ’98
Josh Davidson
*Lisa Saroff Davidson ’86
*Beth Kravietz Davis ’79
*Mitchell K. Davis ’79
Jeffery A. Davis ’93
Sharon J. Goedegebuure Davis ’93
*Walter M. Demczar ’79
Norma Deminno
Larry G. Denniston ’70
Denise M. Sheridan DeVoto ’82
John J. DeVoto ’82
*Jeffrey C. Dickert ’88
Nicholas P. Dileone ’96
*Michael J. Dulin ’77
Michael Dunn
Barbara Cappoli Eberlein ’76
Robert N. Eberlein ’76
*Lynn Ellenberg ’83
*Larry Eng ’94
Kwaku K. Essel ’06
Cecilia M. Falbe, Ph.D.
Robert C. Farquharson ’71
Christophe Faugere, Ph.D
Albert Fennes
Louis Ferrante
James W. Follette, II ’02
Alissa R. Fox ’92
Mark E. Fronk ’88
James R. Galarneau ’00
Ellen D. Wasserman Galvan ’76
Stuart B. Ganes ’83
*Regina Ramos Gerard
*Scott C. Gerard ’86
Bonnie L. Goldmacher
*William A. Graham ’76
Kate Graham
*Lauren D. Tschinkel Grams ’00
John T. Griffi n ’73
*George A. Gucker ’87
Randy Hadden ’97
Bruce R. Hafner, Esq.
Terrance D. Harps ’76
Jack D. Hartung ’74
Mary E. Havens ’61
Brian W. Hoffman ’96
Jennifer A. Manttari Hoffman ’95
Kay L. Hoiby-Griep ’80
*John F. Hollner, III ’69
*Valerie R. Hughes ’00
Marianne Hurley
Thomas A. Hutson ’87
Kristy L. Ackert Illuzzi ’98
Lois B. Jacobson
*Umesh C. Jain ’91
Adela Stelzer Kahn ’79
Mitchell G. Kahn ’79
Lori G. Wasserman Karbel ’82
Kenneth R. Kasper ’86
*James F. Keahon ’80
Kevin D. Kempner ’77
*Elise R. Knaus ’05
Jeffrey D. Kolmer ’74
Nina L. Konar ’09
Kristen Krikorian
Paul E. Landman ’92
Dominic J. Lemma ’77
Gayle M. Schonbaum Leonard ’91
Timothy F. Leonard ’91
Catherine M. Hlawatsch Lepone ’77
Raymond M. Lepone
Jahn D. Levin ’89
I. Robert Levine
Mathew Levy ’85
Nicolle A. Legendre Lewis ’88
Todd M. Lewis
Jean Libonati
Bonnie Lieberman
Paul E. Lieberman ’70
*Carl Lind ’09
Richard M. Lipman ’74
Craig S. Lowenthal ’85
Donald J. Lutt ’87
*Joseph J. Maiorano ’77
*Jean Maiorano
*Charles F. Makarsky ’82
Susan Spencer Maloney ’84
Patricia Ketchoyian Manko ’78
Clifford Manko
Dr. William Danko with Angela Razzano, B.S. Acc ’13,
the 2011 recipient of the Milton & Mary M. Danko
Golden Rule Award presented at the annual SofB
awards ceremony in May 2011.
Richard T. Marini ’80
Rebecca Mazza Stafford ’95
Francis O. McDaniels ’64
Dennis W. McEvoy ’80
Mary Somers McEvoy ’80
*Moira J. McGrane ’78
Sandra L. McGregor ’90
Mirril M. McMullen ’81
Amy E. Jason Merkle ’93
Paul Miesing, Ph.D.
John I. Mitchell ’72
Lori H. Rosen Monaco ’85
Lynn M. Krasner Montag ’83
Paul V. Morgan, Jr.
Richard Morris
Erik I. Morton ’00
*Deborah A. Moshier-Dunn ’93
Robert Muller
Deborah Muller
Judith F. Nichter-Morris ’76
Heather J. Nowicki ’05
Leo F. O’Connor, Jr. ’73
Lorraine A. Oddo ’85
David I. Pankin ’90
Marni J. Gindi Pankin ’91
Vincent A. Parisi ’73
*Marcie J. Fier Passarella ’86
**PepsiCo Foundation Inc.
Eric Perlman ’75
Paul D. Piccininni ’77
Marie Piccininni
Lynn K. Sher Pickus ’92
Robert B. Pickus ’91
*Michael J. Polesnak ’71
David J. Pollock ’84
Patricia E. Dagliolo Pollock ’84
James M. Porreca ’77
Marian Davis Porter ’45
Leonard N. Priscott ’69
Progressive Insurance Foundation
Sanjay Putrevu, Ph.D.
Venkata Putrevu
Paul A. Racioppo ’77
*Roman S. Radomyslsky ’04
*Kathleen Lynch Rainey ’68
*Michael R. Rainey ’66
*Rajalaks Ramanujam ’89
Michelle N. Rancic ’04
*Kim D. Rosenthal Regan ’92
Matthew P. Reiner ’93
*Steven A. Reiss ’78
Yisheng Ren
Jennifer L. Monteverd Rhodes ’06
Rocco Ricchiuti
Eliot H. Rich, Ph.D. ’02
*Dennis A. Richardson ’67
*Jean M. Rico ’85
*Milton R. Rico ’90
Cathy Robertson
Paul B. Robertson
Isabel Rodrigues
Gregory O. Rose ’08
*Tina F. Kravitz Rosen ’82
Barry Rosen
Marjorie S. Gruberg Rovereto ’82
Mitchell J. Rubin ’77
David T. Ryan ’86
Eileen M. Ryan ’01
Bahram Safa ’76
Steven J. Sanders ’83
Cecilia K. Backlin Schaffer ’97
*Elyse Geschwind Schulman ’83
*Jeffrey L. Schulman ’83
Andre E. Scipio ’94
David R. Siemens ’79
Jeremy Silver ’97
Judi L. Heitner Silverstein ’78
Courtney M. Smith ’93
R. Douglas Smith ’76
Sheryl Sobel
William S. Sobel ’79
David M. Sperber ’02
Bonita Spiegel ’93
Mitchell Spiegel
Scott J. Stafford ’94
***Dixon Stevens ’67
Judith M. Stevens ’69
Bethany Suminguit
Abel J. Sussman ’96
Deirdre F. Sweeney
Kinsun Tam
*Joseph F. Taylor
*Karen J. Goldman Taylor ’76
Lewis H. Titterton ’74
Pat Titterton
Charles M. Titus ’73
*Aliki Apostolides Valsamakis ’53
*Emmanuel Valsamakis
Dianne J. Waldman ’86
*Diane J. Baist Walton ’83
*Karen L. Preczep Wandner ’91
*Richard A. Wandner ’91
Deborah Voigtlander Waterson ’80
John Waterson
Thomas J. Weber ’76
Mark D. Wells ’83
Angela Wen ’98
Linda E. Lieberman Wetchler ’85
*Todd A. Whitestone ’78
John T. Wickline ’79
Max Wild
Curtis W. Williams ’74
Margaret Hosking Winne ’50
Wei Zhang, Ph.D
* Individuals whose employers
generously matched their gifts
** Employers who have generous
matched gifts of their employees
***Deceased
Fall 2011 13

ALUMNI PROFILE
In 2006, Bob Matza was recognized for Excellence
in Business by the University at Albany Alumni Association.
That same year, Matza, never content to
rest on his accomplishments, decided to do something
“more entrepreneurial.” He accepted GoldenTree Asset
Management’s offer (a $14 Billion asset manager/
hedge fund) to become their president and partner,
but not before spending a couple of months getting
to know the people who worked there and ‘kicking the
Robert Matza ’77
Partner and President,
GoldenTree Asset Management
14
UAlbany Business
tires.” It was the fi rst time he had made a job change
to a place with colleagues he hadn’t worked closely
with previously. Matza said, “In many of the positions
that I held, I was rejoining people I worked with in the
past, most of them in my early years at Shearson Loeb
Rhoades. Advice I’d leave to students is, ‘It is important
to leave a good impression.’”
His fi rst job was the standard
auditing job at a public accounting
fi rm. Matza stayed
at Coopers & Lybrand for
what he determined to be the
requisite three years, earned a
CPA and then went to work
for a client, Shearson Loeb
Rhoades (Lehman Brothers
predecessor). He left in 1996
after holding the title of Chief
Financial Offi cer for six years.
He spent three years at Travelers
Group as a Treasurer,
and emerged from a merger
with Citicorp, “a large and
complicated transaction,” as
deputy treasurer. After being
courted by Neuberger Berman,
Matza accepted their
job offer. He led the
team that completed
the IPO of Neuberger
Berman in 1999
and negotiated the $3
billion merger with
Lehman Brothers in
2003. He said, “From
In many of the positions
that I held, I was rejoining
people I worked
with in the past, most
of them in my early
years at Shearson Loeb
Rhoades. Advice I’d
leave to students is, “It
is important to leave
a good impression.”
1977 to 1999 I worked in senior fi nancial positions and
then completely entered a management role that
incorporated everything I learned throughout
my career.” At Neuberger, Bob hired one of his
Albany classmates, Kevin Handwerker ’77, to be
his general counsel and he bought a hedge fund
business managed by another Albany classmate
and friend Rick Meckler ’76.
The accounting graduate has contributed to the
school in many ways. He was one of the fi rst to
contribute to the new building, is a member of the
Dean’s Advisory Board and serves on the board of the
School of Business Center for Institutional Investment
Management.
Matza grew up in Brooklyn and currently lives in
Scarsdale with his wife Dorothy Dankner ’78. The
couple met through Delta Sigma Pi, but did not start
dating until years later.
Their two sons are in college.
Jason has an interest
in technology and is attending
American University.
Scott began studies at
the University of Michigan
this fall, and like his dad,
has a talent for business.
Besides investing, Matza
plays golf and texas hold
‘em poker, once stunningly
beating Michael Milken at
the latter. He is a member
of the Advisory Board of
Moelis & Company Holdings
LLC and an Advisory
Director of SkyBridge
Capital, LLC.

Professor Sal Belardo connected Howard Weinstein
with University at Albany alumnus, Rich Maroney ’82,
for his fi rst job, as a systems analyst for AT&T. One
aspect of his job perplexed Weinstein- the strict separation
of people who created business requirements and developers
who wrote the computer code.
He said, “In school we learned that
business and technology worked
together. So, I asked my boss if I
could work both sides.” His request
granted, Weinstein began to build
a reputation and was quickly promoted
and then tapped to produce
fi nancial analytics for corporate
headquarters.
His early success was satisfying, but
Weinstein was always drawn towards
a career in consulting since
Dr. Belardo had talked about it in
one of his fi rst MSI classes. “I found
it fascinating to go from project to
project, and to get unique and varied
experiences,” said Weinstein.
So when a consulting opportunity
at Ernst & Young presented itself
he jumped at it.
Howard T. Weinstein ’89
Founder, Managing Partner FinServ Consulting
He had found a career doing
something he was truly passionate
about. Weinstein said, “Working
at E&Y was a special time as I was
surrounded by top quality people.
There were MBAs from Ivy League
schools, but I was able to excel with
the pragmatic hands-on approach
I was taught at Albany.” While at
E&Y, he worked in the performance improvement practice,
focusing on business process reengineering.
A few years later Weinstein joined KPMG Consulting fi nancial
services practice. There he deepened his fi nancial services
experience working with banks and fi nancial institutions
ALUMNI PROFILE
worldwide. In 1999, while consulting for Deutsche Bank, was
Weinstein’s fi rst exposure to alternative asset management. In
2004 opportunity struck again, as one of his former clients
became the CFO of Fortress Investment Group, and encouraged
Weinstein to create his own management consulting
fi rm. In 2005, Weinstein established
FinServ Consulting
with two partners and four employees,
with a focus on systems
integration, systems development
and business consulting to
alternative asset managers and
their service providers. In three
years, FinServ helped Fortress
build the infrastructure to support
growth from $9 billion to
$40 billion assets under management,
and from 99 to 600+
employees. FinServ also assisted
Fortress in becoming one of the
fi rst hedge funds to go public on
the New York Stock Exchange.
Working at E&Y was a special time as I was
surrounded by top quality people. There were
MBAs from Ivy League schools, but I was
able to excel with the pragmatic hands-on
approach I was taught at Albany.
Today, FinServ stands at 26 employees
(after beginning with
seven) and its client base boasts
over 15 of the top hedge funds
and private equity funds in the
world. Weinstein said, “I never
thought of myself as a great
salesperson, but I knew how to
get things done, it turns out that
is exactly what our clients wanted
from their consultant.”
Weinstein is an active member
of both the entrepreneurial
community as a member of the Entrepeneur’s Organization
and the alternative investment community as a member of the
Managed Fund Association.
He lives in Cranbury, New Jersey with his wife Sasha and
their children, Alex, age eight and Evan age four.
Fall 2011
15

Research & Accomplishments
Congratulations to Professor Gary
Yukl, Who Received the Network of
Leadership Scholars ‘Eminent Leadership
Scholar Award’ for 2011 In receiving
this prestigious award. Dr. Yukl joins an
illustrious group of past winners including
Bernard Bass (Binghamton), Robert
House (Wharton), and Edwin Fleishman
(Yale and George Mason). Professor
Yukl received his award at a special
ceremony at the Academy of Management
Meetings in San Antonio in August,
where he delivered a lecture outlining
his numerous seminal contributions to
the fi eld of leadership. Many of Gary’s
current and former students, along with
his colleagues (including Dean Siegel
and his Department Chair, Professor
Janet Marler), attended this event. Such
accolades are nothing new for Gary,
who is one of the few academics in the
world who is a Fellow of the American
Psychological Association, the American
Psychological Society, the Society for
Industrial-Organizational Psychology,
and the Academy of Management. Not
one to rest on his laurels, Professor Yukl
also co-authored three articles in recent
months: “Human Capital, Effi ciency,
and Innovative Adaptation as Strategic
Determinants of Firm Performance” and
“Using Coaching to Enhance the Effects
of Behavioral Feedback to Managers,”
which both appeared in the Journal of
Dean’s DEAN’S Advisory ADVISORY BOARD Board
Dean Backer ’88
BS Business Admin.
Managing Director
Goldman, Sachs & Co.
Stacy E. Bash-Polley ’89
BS Business Admin.
Managing Director
Goldman, Sachs & Co.
William A. Battino ’81
BS Business Admin.
Partner
IBM Global Business
Services
Jeffrey Black ’76
BS Accounting
Vice Chairman
Deloitte & Touche, LLP
16
Michael Borys ’78, ’79
BS Business Admin./Economics
MBA Business Admin.
Vice President
Goldman, Sachs & Co.
David Buzen ’81
BS Business Admin./Economics
President and CFO/COO
CIFG
Patricia Caldwell ’75
MBA
Partner
Gordian Group, LLP
Michael Carmen ’84
BS Accounting
Partner
Wellington Management
Co. LLP
Saul Curtis ’81
BS Accounting
Partner
PricewaterhouseCoopers, LLP
Leadership and Organizational Studies,
along with “Leader Empathy, Ethical
Leadership, and Relations-oriented Behaviors
as Antecedents of Leader-Member
Exchange Quality,” in the Journal of
Managerial Psychology (Social Science
Citation Index Impact Factor of 2.15).
Congratulations to Professor Saggi
Nevo, who had two articles accepted
for publication. The fi rst was “Firm-Level
Benefi ts of IT-Enabled Resources: A
Conceptual Extension and an Empirical
Assessment,” which will appear in the
Journal of Strategic Information Systems
(Social Science Citation Index Impact
Factor of 2.90). A second paper, “From
Recreational Applications to Workplace
Technologies: An Empirical Study of
Cross-Context IS Continuance in the
Case of Virtual Worlds,” will be published
in the Journal of Information Technology
(Social Science Citation Index Impact
Factor of 2.91).
Congratulations to Professor Na Dai,
who had two articles accepted for publication.
The fi rst is “Cross-Border Venture
Capital Investments in Asia: Selection
and Exit Performance”, which will appear
in the Journal of Business Venturing
(Social Science Citation Index Impact
Factor of 2.260). Her second publication
is “Monitoring via Staging? Evidence
from Private Investment in Public Equity,”
James M. DePonte ’84
BS Accounting
Partner
PricewaterhouseCoopers, LLP
Neil J. Flanagan ’87
BS Business Admin.
Managing Director
Jefferies & Company, Inc.
Michele Fleckenstein ’81
BS Accounting
VP, Internal Audit
W.R. Berkley Corporation
Salvatore Gentile ’85
BS Accounting
Robert Hansen ’77
BS Accounting
Principal
Deloitte & Touche, LLP
which will be published in the Journal
of Banking and Finance (Social Science
Citation Index Impact Factor of 1.908).
Congratulations to Professor Sanjay
Goel, who had two articles published in
recent months. The fi rst is “Cyber Warfare:
The Next Frontier of Global Confl ict”
in Communications of the ACM (Social
Science Citation Index Impact Factor of
2.353). The second paper (co-authored
with Professor InduShobha Chengalur-Smith,
Chair of the Department of
Information Technology Management)
is “Metrics for Characterizing the Form
of Security Policies,” published in the
Journal of Strategic Information Systems
(Social Science Citation Index Impact
Factor of 2.90).
Congratulations to Professor Rich
Johnson and Professor Hal Gueutal,
who published “Transforming HR
Through Technology: The Use of E-HR
and HRIS in Organizations” for the
Society for Human Resource Management
(SHRM) in their “Effective Practice
Guidelines” series. SHRM is the leading
society for HR professionals and has over
250,000 members. The project sponsor,
ADP, is distributing 5000 copies of
Professor Johnson and Gueutal’s article
to their clients.
Dean Donald Siegel published three
co-authored articles in recent months:
Stacy J. Kanter ’79
BS Business Admin.
Partner
Skadden, Arps, Slate,
Meagher & Flom, LLP
Joseph Kasper ’85
BS Business Admin./French
Managing Director
Morgan Stanley
Richelle Konian ’95
BS Business Admin.
CEO
Careers On The Move
Roanne M. Kulakoff ’81
BS Business Admin./Economics
Evan J. Maltese ’90
BS Accounting
Partner
Ernst & Young, LLP
Alan Mantel ’85
BS Accounting
Partner
Snow Phipps Group, LLC
Robert Matza ’77
BS Accounting
President
GoldenTree Asset
Management, LP
“30 Years After Bayh-Dole: Reassessing
Academic Entrepreneurship” and “Public
Science and Public Innovation: Assessing
the Relationship between Patenting
at U.S. National Laboratories and the
Bayh-Dole Act,” which both appeared
in Research Policy (Social Science
Citation Index Impact Factor of 2.508)
and “Creating and Capturing Value:
Strategic Corporate Social Responsibility,
Resource Based Theory, and Sustainable
Competitive Advantage,” which was
published in the Journal of Management
(Social Science Citation Index Impact
Factor of 3.747). Dean Siegel also
delivered a keynote lecture on “The Rise
of Academic Entrepreneurship” at the
New Jersey Institute of Technology’s
Technology and Society Forum on April
20, 2011. This fall, he will be serving on
the Committee of Visitors for the National
Science Foundation’s Science of Science
and Innovation Policy Program. On March
31, 2011, Dean Siegel testifi ed before
the House Committee on Science, Space,
and Technology regarding re-authorization
of the Small Business Innovation
Research (SBIR) Program. On the local
front, he was re-elected to the Board of
Directors of the New York State Industries
for the Disabled, Inc.
Christopher Montclare ’93
BS Accounting
COO
Fintan Partners
Joan Rosenthal ’76
BS Accounting
Director
University at Albany
Foundation
Steven Samuels ’85
BS Business Admin.
Managing Director, Global
Advisor Communications
Solutions & Practice Mgmt
Merrill Lynch
Frank T. Thoelen ’71
BS Accounting
Vice President
Tower Group Companies
Michael Weilheimer ’83
BS Business Admin.
Vice President
Eaton Vance Management
Howard T. Weinstein ’89
BS Business Admin.
Founder and Managing
Partner
FinServ Consulting
Jan T. Woodcock ’86, ’91
BS Econ. and MBA
Partner
Wipro Consulting
Telecom and Media
Steven Zelin ’84
BS Accounting
Senior Managing Director
The Blackstone Group, LP

Chris Reddy, BS BUS ’86, is chief
administration offi cer at Principal
Global Investors in New York City.
Michael Solomon, BS BUS ’87, is
managing director at Ramirez & Co.
in New York City.
Robert Kaplan, BS ACC ’88, is the
chief investment offi cer at Permal
Asset Management Inc. in New York
City and was recently interviewed by
Opalesque TV.
David Simonds, BS ACC ’89, is a
partner at Akin Gump Strauss Hauer
& Feld LLP and is the head of the
fi nancial restructuring practice group
in Los Angeles, CA.
David Amigo, BS BUS ’91, is
president of Carolina Country Homes
in Lancaster, South Carolina.
Richelle Konian, BS BUS ’95, is
the CEO of Careers On The Move in
New York City was recently quoted
in the article “What’s An Online MBA
Degree Really Worth?”
Dominic Varrialle, BS ACC ’91,
is the chief fi nancial offi cer at JANA
Partners LLC in New York City.
Daniel Laddin, BS ACC ’93, is a
partner at Compensation Advisory
Partners in New York City.
Alexis Impressia and Jessica Signorelli,
two very happy MS tax graduates.
Both received their BS Accounting
degrees in May 2010.
Marguerite (Nguyen) Dugan, BS
BUS ’94, is an executive director of
fi nancial planning, OTC derivatives
client clearing at Morgan Stanley in
New York City.
Adrienne Bull, BS BUS ’97, is vice
president at Credit Suisse in New
York City.
Timothy Kelly, BS BUS ’99, is a
senior vice president at Piper Jaffray
& Co. in Saratoga Springs, NY.
Holly Reilly, MS ACC ’02, is a state
programmer examiner II at the NYS
Offi ce of the State Comptroller in
Albany, NY.
David Brooks, BS BUS ’04, is an
executive of project management for
drilling and production systems at
GE Oil & Gas in Aberdeen, UK.
Diane Wasileski, BS BUS ’04,
is the fi nance manager at Verdeo
Sindicatum Corp in Washington, DC.
Alana D’Angelica, BS BUS ’05,
is the client services team lead at
Indeed in New York City.
Raymond Andrews, BS ACC ’06,
became Associate II at General
Electric.
Jim Adams, MBA ’07, is president
of North American Operations at
Natural Power in Saratoga, NY.
Matthew Alfi eri, BS BUS ’08,
works in the securities division of
the principal strategic investment
team at Goldman Sachs International
in London.
Vincent Cisternino, BS BUS ’08,
is a senior underwriter for the fi nancial
lines division of Starr Indemnity
and Liability in New York City.
Alyse Landers, BS BUS ’08, is a
business development manager at
Innovate CV in New York City.
Spencer Kasner, BS ACC ’09, is
a staff accountant in business tax
services at Ernst & Young LLP in
New York City.
Roopa Bhopale, BS BUS ’10, is
continuing her education in graphic
design at Pratt Institute’s School of
Visual Arts in New York City.
Daniel Nealon, MS ACC ’10, and
BS ACC and BUS ’09, is a staff accountant
at Hedley & Co.
Michael Turnyanszki, BS BUS
’10, is employed at Buckman, Buckman
& Reid. Inc. in New York City.
Michael Benison, MS ACC ’11,
and BS ACC ’09, is employed at
Ernst & Young in New York City and
is working in tax.
Jacqueline Goggin, BS ACC ’11,
is pursuing a MS in Accounting at
UAlbany and has a job offer from
KPMG.
Alexis Imprescia, MS ACC ’11,
and BS ACC ’10, is employed at
Ernst & Young in New York City
and is working in tax.
CONNECTIONS
Laura R. Delucia, BS BUS ’11 degree recipient,
displayed talents beyond her academics by singing
the National Anthem at the School of Business ceremony.
Katie Kardas, BS ACC ’11, is
pursuing a MS in Accounting at
UAlbany and has a job offer from
Ernst & Young.
Frank Morano, BS ACC ’11, is
pursuing a MS in Accounting at
UAlbany and has a job offer from
Ernst & Young.
Nicole Reichert, BS ACC ’11, is
pursuing a MS in Accounting at
UAlbany and has a job offer from
Ernst & Young.
Jessica Signorelli, MS ACC ’11,
and BS ACC ’10, is employed at
PricewaterhouseCoopers in New
York City and is working in tax.
Kimberly Sumcizk, BS BUS ’11, is
a corporate buyer for Bloomingdales.
Justin Zajac, BS ACC ’11, is
pursuing a MS in Accounting at
UAlbany and has a job offer from
Ernst & Young.
Fall 2011 17

University at Albany
School of Business Dean’s Offi ce
Business Administration 364
Albany, New York 12222
Non Profi t Org.
U.S. Postage
PAID
Albany, NY
Permit No. 205
School of Business Beta Alpha Psi undergraduates
celebrate receiving their B.S. degrees.