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Student Research: How Corporate Messages Influence Trust in Uncertain Times

Woman standing in front of a large blue sign

Doctoral student Pouneh “Penny” Sadeghi studies a question that affects more people than they might realize. When companies speak to the public during moments of uncertainty, how do investors, customers, and communities respond?

Penny is a graduate assistant and instructor at the Lubar College whose research examines how corporate messages influence investor reactions and firm value. She looks at real-world events, including trade wars and company announcements about adopting generative artificial intelligence. Using market data, she studies how investors respond in real time and why some messages build confidence while others raise concern.

“At its core, my research is driven by a simple question,” Penny said. “Why do some messages signal strength while others create uncertainty?”

Her findings are meaningful far beyond Wall Street. For everyday citizens, investor reactions can affect retirement accounts, job stability, and even the price of goods and services. When companies communicate clearly and thoughtfully, markets tend to respond more positively. When they remain silent or send mixed signals, uncertainty can grow.

One surprising insight from Penny’s research is that silence can be just as powerful as speaking. “Trade wars and generative AI adoption may seem very different,” she said. “But they both force companies to make high-stakes decisions under uncertainty, with the whole world watching.”

Penny’s path to marketing research began in engineering, where she co-authored a book on automotive engine design. Over time, she became curious about why strong products sometimes fail. “I realized that a great product alone does not guarantee success,” she said. “How it is communicated and perceived matters just as much.”

That curiosity led her to pursue marketing, where she found a balance between analytics, storytelling and human behavior. Her multilingual and cross-cultural background also shapes her work. “It helps me ask better questions and stay open to complexity,” Penny said.

At Lubar, Penny credits faculty mentors and classroom experiences with helping her refine her research voice. She also brings her work into her teaching, connecting course discussions to current market events and emerging technologies.

“The classroom keeps my research grounded in real-world relevance,” she said. “And my research brings fresh insight back to my teaching.”

Penny hopes her work encourages people to think more critically about the messages they see from companies every day. “Our work has the power to inform and influence the world around us,” she said. “That is what motivates me.”

Alumni News, December 2025

Mara Lord (‘08 MBA), Chief Strategy and Growth Officer, Senior Vice President at the Medical College of Wisconsin, was included in the Wisconsin 275 – a BizTimesMedia special publication recognizing the state’s most influential business leaders in 2025.

Ganesh Ramaswamy (’06 EMBA), has been named President and CEO of the Southwire Company.

Faculty and Staff Kudos, November 2025

Small group of women and men holding international advocate certificates and a sign
From left: Kalia Vang, Odai Khasawneh, Sam Girard, Morgan Baranczyk, and Dean Kaushal Chari.

Congratulations to the Lubar College staff and faculty members who were recognized for their advocacy of international students at 51’s International Advocate Recognition Ceremony. Morgan Baranczyk, Amit Bhatnagar, Sam Girard, Odai Khasawneh and Kalia Vangwere lauded for significantly impacting the lives of 51 international students and study abroad participants. This recognition comes directly from 51 students, who were asked to nominate those faculty and staff members who showed them exceptional support and assistance. The ceremony is presented by the Center for International Education.

Alumni News, November 2025

Nathan Miller (’23 MBA) of Acuity Insurance was promoted to director – property and casualty claims. He holds the Associate in Claims (AIC) and Associate in Insurance Services (AINS) professional designations.

Dawn Peterson (’91 BBA, Accounting and ’94 MS, Management) has been named the new president and chief executive officer of the commercial real estate brokerage firm, Cushman & Wakefield | Boerke.

Michael Wolaver (’03 MBA), founder and owner of Magellan Productions, has been named a 2026 Wisconsin Titan 100 honoree. The Titan 100 recognizes Wisconsin’s top CEOs and executives for exceptional leadership, vision and passion. 

Alyssa Geisler (’12 BBA, minor), managing director, investor relations at Midloch Investment Partners, is among those recognized in the BizTimes’ 2025 Notable Leaders in Commercial Real Estate.

Gale Klappa’s Lessons in Energy, Leadership, and Lifelong Growth

Gale Klappa teaching in front of a class of investment students

When Gale Klappa, chairman of the board of and proud University of Wisconsin–Milwaukee alumnus, speaks to students, his wisdom carries the weight of decades of leadership — and the humor of someone who has never forgotten where he started.

He told Lubar College investment management students that his journey began not at Notre Dame, as he had once planned, but at 51 — a choice made for personal reasons that ended up shaping his career. “It was a very good decision,” he said with a smile.

Klappa, who grew up in Wisconsin Rapids and began his career at Southern Company in Atlanta, shared stories that spanned decades of leadership in the energy industry. He built a career that has made him one of Wisconsin’s most respected executives. He spent nearly 29 years at Southern Company before returning to his home state to lead Wisconsin Energy and, later, oversee its acquisition of Integrys Energy Group in 2015. The merger created WEC Energy Group, now the Midwest’s largest utility system, serving more than 4.7 million customers in Wisconsin, Illinois, Michigan, and Minnesota.

There are three rules Klappa lives by when it comes to mergers and acquisitions: “Make sure you don’t overpay, don’t trash your balance sheet, and always ask whether your projected growth is at least as strong as your organic rate.” Those principles, he said, continue to guide WEC Energy Group’s success as it invests heavily in clean energy and reliability.

Klappa continues to look far ahead. “Electricity is the new oil,” he told the class. “Electricity is what will fuel AI.” He described how the company’s investments, from wind and solar to natural gas and nuclear, are positioning Wisconsin to power a new generation of innovation.

His focus on strategy is matched by a deep commitment to customers and communities. “You can’t over-communicate,” he said. “We have a fanatical focus on customer service. If you’re providing a service to people, you’ve got to be the kind of organization they want to do business with.”

For Lubar students, access to leaders like Klappa is one of the advantages of studying in Milwaukee, the state’s economic hub and headquarters for many of its most influential companies. There are six Fortune 500 companies in the metro area.

“The greatest satisfaction any of us who’ve led companies can have,” Klappa said, “is seeing your colleagues, and the next generation, reach their full potential.”

Alumni News, October 2025

Mary Ellen Stanek (’84 MBA), CFA, spoke about “A Finance Pioneer’s Take on Education, Inclusion and Opportunity” on The . She is the Founder and Managing Director Chief Investment Officer Emeritus, Baird Asset Management.

Lubar College Rises 18 Spots in National Business School Rankings

Lubar College in the top 20% of undergraduate business degree programs nationally.

The Lubar College of Business is celebrating a significant rise in the 2026 U.S. News & World Report rankings of undergraduate business programs. The College advanced 18 spots to 109th nationally, placing it among the top 20% of business schools. Among public universities only, the ranking is even higher at 65th.

“This strong upward movement reflects the excellence of our faculty, the dedication of our staff, the drive of our students, and the success of our alumni,” said Dean Kaushal Chari. “It’s an affirmation of the Lubar College’s momentum as we prepare the next generation of business experts for a rapidly-changing marketplace.”

Lubar College Strategic Plan Moves Into Action

Kaushal Chari

The Lubar College of Business is moving forward with its 2025–2030 strategic plan, a five-year roadmap shaped by input from faculty, staff, students, alumni, and business leaders. The plan is designed to position the College for greater impact in the current environment.

With the new plan as a roadmap, the College is not only strengthening its internal operations but also reaffirming its promise to prepare graduates who are ready to succeed—and to contribute to the economic vitality of the region.

Over the summer, a team created the first-year administrative assessment plan. This framework translates strategies into measurable outcomes, ensuring the plan is both actionable and accountable. Staff members who are closest to the College’s operations played a key role in shaping the tactics and metrics, reinforcing the importance of collaboration in driving progress.

Implementation is now underway for the 2025–26 academic year. Faculty and staff will receive two progress reports—one mid-year and one at year’s end—providing transparency and regular updates on milestones achieved.

By aligning strategies with clear measures of success, the College is reaffirming its promise to prepare graduates who are ready to thrive in a rapidly changing business environment and to strengthen the economic vitality of the region. With this new plan, the Lubar College is charting a confident course toward a stronger future.

Student Success: From Finance to Real Estate: How Zach Spellman Found His Passion

Zach Spellman

Zach Spellman knew he wanted a career in finance. What he didn’t expect was to discover a passion for real estate that would shape his career goals.

“I didn’t realize I had an interest in real estate until I took my first class with Professor Chad Venne,” Zach said. “His passion for real estate management inspired me, and that’s when I knew this was a field I wanted to pursue.”

To prepare for that future, Zach, now a senior, is busy earning both the Real Estate Certificate and the Investment Management Certificate. He said the combination gives him valuable skills for analyzing investments, understanding financial models, and learning how to effectively manage residential and commercial properties.

Hands-on projects have made the lessons come alive. In one class, Zach’s group used CoStar to identify land in Wisconsin and design a new development plan. Working alongside architecture students added depth to the project.

“Having a master’s architecture student in our group made a huge difference,” he said. “His floor plans and renderings enhanced our entire proposal.”

Outside the classroom, Zach has built experience through internships in both private equity and property management. As an M&A Analyst, he sharpened his ability to assess company financials. At Colliers, he learned the day-to-day realities of managing properties and developed ideas for adding value.

Zach said, “Each internship gave me insights that prepared me for what I want to do long term—underwriting real estate deals and eventually owning multifamily residential properties.”

He is also president of the Panther Real Estate Club, where he enjoys connecting students with opportunities in Milwaukee’s competitive real estate market. “The club has helped me build my interpersonal skills and given me the chance to help other students discover their passion.” For Zach, success comes down to one simple principle: “What you put in is what you will get out. I try to give 100% in everything I do, because that’s how you succeed.”

Student Research: Rethinking Knowledge Flows in Global Firms: Sarthak Singh’s Doctoral Journey

Sarthak Singh sitting near window

What makes some organizations thrive while others struggle? Since childhood, that is a question that has guided Sarthak Singh, a Ph.D. candidate at the Lubar College of Business.

“All this started with my desire to win a soccer match in my first grade,” Singh recalls. “As a child, I wondered why some people, teams, or organizations perform better than others and what I could do differently so that my team wins.”

At Lubar, Singh’s curiosity has evolved into research that tackles how businesses build sustainable competitive advantages. His projects span topics like reverse knowledge flows within multinational corporations, cultural distance, and the role of Big Four auditors in driving innovation. While these subjects may sound technical, his findings carry real-world meaning.

Take his work on reverse knowledge flows within global firms. Recent studies have shown that subsidiaries can serve as important sources of new ideas for headquarters, a process known as reverse knowledge flows. Singh builds on this perspective by examining not just whether subsidiaries contribute knowledge, but how the cultural distance between a subsidiary’s host country and headquarters home country shapes the speed and effectiveness of that transfer.

“Subsidiaries are no longer just absorbing knowledge; they are creating novel knowledge themselves,” he said. “My research shows that when cultural distance is high, slower transfers actually enhance the value of that knowledge. The additional time allows headquarters to better absorb and reframe diverse perspectives, ultimately leading to more impactful innovations.”

That emphasis on innovation, Singh believes, is central to progress. “Human civilization thrives on innovation,” he said. “From the first wheel to the advent of AI, innovation has always helped us move forward. Businesses are at the forefront of innovation and will always stay there.”

Singh has shared his findings at leading conferences, including the Academy of Management and Southern Management Association. He said the experience has been invaluable. “You can be the best in your game in your town, but you will never know how good you are until you compete against the best in the world.”

Alongside research, Singh is a celebrated teacher at Lubar, earning multiple Gold Star Teaching Awards for his work in Strategic Management and Organizational Behavior. He credits his teaching philosophy — “based on empathy and purpose” — for helping students see both the challenges and opportunities in their own journeys. Upon completion of his PhD, Singh hopes to secure a tenure-track position and contribute to both research and industry. His goal is to help both scholars and businesses think about innovation in more sustainable ways. “My hope is that my research on innovation strategy can guide future work toward creating lasting value.”