51ÁÔĆć

Alumni News, October 2024

Khaled El-Ahmad (’05 MBA) has been selected by Minnesota United as its next Sporting Director and Chief Soccer Officer. El-Ahmad has over 15 years of experience in soccer, working in both the United States and Europe as well as Scandinavia. Prior to his role at Minnesota United, El-Ahmad served as the Concacaf and Scandinavia Scouting Lead for City Football Group.

Richard Verthein (’07 BA-Accounting) was named the 2023 Freeman Citizen of the Year for his involvement in giving back to Waukesha County. Verthein has been Volunteering for the Various Waukesha community organizations since 2013, including the Waukesha Rotary Club, the Adaptive Community Approach Program, and the Waukesha County Community Foundation. Verthein has held many leadership positions across each organization and will be the president of the Waukesha Rotary Club for the ’24-’25 fiscal year. Verthein credits the passion he has for volunteering to his time in the Delta Sigma Pi fraternity at 51ÁÔĆć.

Delta Sigma Pi Chapter Wins National Awards

Delta Sigma Pi National Awards

The UW-Milwaukee’s Delta Sigma Pi chapter, Xi-Chi, continues to demonstrate its excellence nationally, securing three prominent awards that highlight their leadership, service, and alumni network connections. Competing with over 300 chapters nationwide, Xi-Chi received these awards at the October National Delta Sigma Pi LEAD Conference: Outstanding Service Award, Outstanding Alumni Relations Award, and the highly regarded R. Nelson Mitchell Outstanding Collegiate Chapter Award.

“It’s an absolute honor to see our chapter receive national recognition for the hard work, passion, and dedication that every member has contributed,” said chapter President Juan Lopez. “This achievement reflects the countless hours of collaboration and the shared vision that have fueled our success. Every member, past and present, has played a vital role in this milestone, and I couldn’t be more proud of what we’ve built together.”

One of the chapter’s standout achievements was their service to the community. From organizing beach clean-ups to assisting with events like Make a Difference Day, chapter members consistently stepped up to help those in need. For the Ronald McDonald House, 12 members volunteered to assist with housekeeping, cooking, and other projects, while the chapter initiated a pop-tab competition to support the charity’s mission. Members also packed over 5,500 pounds of food for Feeding America, resulting in over 4,600 meals for local families.

Delta Sigma Pi members 2023-24
2023-24 Delta Sigma Pi members.

“In my time with Delta Sigma Pi, I’ve witnessed the incredible strength that comes from building on a solid foundation,” said Senior VP Julian Balboa. “What truly stands out is the support we receive both within the organization and from the broader community, all of which helps us grow together and achieve our goals as one united team.”

The chapter’s commitment to building strong ties with their alumni also played a critical role in their success. A new mentorship program paired chapter members with alumni, fostering connections that offered professional guidance and career development. These relationships have proven invaluable, helping members navigate their futures with the advice and support of those who walked the same path before them. In addition, the chapter celebrated its 21st anniversary with a formal event that brought together alumni and current members for a night of reflection and celebration.

“Joining Delta Sigma Pi my freshman year was the best choice I made throughout my college career. It was an environment to build my professional skills and leadership positions that would prepare me for internships and life post-graduation,” said Past President Lexi Kossow. “The friends I made in DSP are for life and have stuck with me even after graduation.”

Beyond community service and alumni engagement, the chapter distinguished itself with professional development initiatives. Members represented 51ÁÔĆć at the Provincial Conference in St. Paul, Spring 2024, where they and alumni shared insights on topics ranging from artificial intelligence in the workplace to recruitment strategies for collegiate chapters.

These combined efforts earned Xi-Chi the coveted R. Nelson Mitchell Outstanding Collegiate Chapter Award, which recognizes the chapter that best embodies Delta Sigma Pi’s core values of professionalism, service, and brotherhood.

As the chapter looks ahead, the recognition from these national awards serves as a reminder of the impact they can make—not only within Delta Sigma Pi but in their community and beyond.

Angela (’02) and Greg Quigley (’97) – Building Community Through Weddings and Entrepreneurship

Greg and Angela Quigley

Angela and Greg Quigley, proud alumni of the Lubar College of Business, are the dynamic duo & married couple behind Married in Milwaukee, a thriving online wedding platform that has made waves in the Milwaukee wedding scene. Their story is not only one of business success but also a testament to the power of entrepreneurship, creativity, and community-building. 

From Lubar Classrooms to Milwaukee Weddings

Both first generation graduates, Angela and Greg credit their time at the Lubar College for laying the groundwork for their entrepreneurial journey. Angela earned her degree in accounting (’02 BBA), while Greg studied marketing (’97 BS). These complementary fields equipped them with the skills needed to build and run their successful online business. 

Angela recalls the lessons she learned, particularly from Dr. Chuck Konkol’s tax courses, continue to influence her work today. “I remember Professor Konkol’s real-world examples from his own tax business. I still leverage what I learned in those classes when doing the finances for Married in Milwaukee,” she said.

The Birth of Married in Milwaukee

The inspiration for Married in Milwaukee came from the Quigleys’ own wedding planning experience. The couple, who met online, became engaged in 2005. As they researched venues and vendors, they found that national sites like The Knot were showing them options far outside of Milwaukee—places like Green Bay and Beloit—which were of no use to a couple wanting to marry in the city.

“We saw a need and decided to fill it,” Angela said. “Back then, there wasn’t a centralized online resource for Milwaukee couples to find local vendors and get inspiration for their weddings. That’s where we came in.”

In 2012, they launched Married in Milwaukee as a local online wedding publication. The site connects couples with local wedding vendors, offers real wedding budgets and articles for inspiration. “Everything we do is digital, from vendor listings to articles and social media, because online is where engaged couples are researching their wedding,” said Greg.

Building a Community and Beating the Giants

What sets Married in Milwaukee apart from larger national competitors is its hyper-local focus. “We only sell advertising to local vendors. Couples know and trust that when they come to our site, they’re getting real local options,” Greg said. 

This focus has paid off. Over the years, Married in Milwaukee has grown to become the top wedding planning resource in the region, even outpacing its national competitors. “It’s pretty fun to say that we’ve beaten the national guys, at least in our local market,” Greg said.

The couple also attributes their success to the authenticity and diversity they strive to maintain on their site. Angela noted, “We really try to showcase all couples in love—no matter their ethnicity, gender, size or who they love. We want every couple to feel represented in our work.”

The Future of Married in Milwaukee

Angela and Greg have started exploring opportunities to take their business model to other cities. They’ve already launched Married in Palm Beach and are seeking additional markets to expand into. “Our goal is to bring the same local focus and community-building to other cities,” Angela said. However, finding the right people to run these local branches has been a challenge. “We’re always looking for partners in other cities who share our vision and can carry it forward.”

Advice for Aspiring Entrepreneurs

Preparation and persistence are crucial. “Run the numbers first, even if it’s high-level revenue / costs / time estimates on the back of a napkin.” Angela advises. “It’s also important to remember that starting a business doesn’t have to happen all at once. Side hustles are a great way to start. We didn’t think Married in Milwaukee would be our full-time job at first—it started as a side project, and we grew it from there.”

For the Quigleys, one of the keys to their success has been putting consistent time and effort into the business. “When building the business, we carved out time every week to write articles and meet with vendors. It’s about being dedicated and consistently working toward your goal,” Angela said.

As they look toward the future, Angela and Greg are excited about expanding their brand while continuing to support local Milwaukee couples and vendors. Their journey from Lubar College students to successful entrepreneurs is a shining example of how passion, hard work, and strategy can lead to incredible results.

Navigating the Trade-Offs: Proprietary Costs and Equity Financing

Yianni Floros

In the world of finance, companies are constantly faced with decisions that involve balancing risk, competition, and growth. One such decision revolves around equity financing, where businesses must choose how and when to raise money by selling shares. This choice may seem straightforward, but it’s more complicated than it appears.

Research by Associate Professor of Finance, Dr. Yianni Floros, co-authored with Dr. Konduru Sivaramakrishnan (Rice University) and Dr. Rustam Zufarov (University of Illinois Chicago), uncovers the hidden challenges companies face when deciding how to raise capital, particularly in protecting their competitive edge while accessing necessary funds.

The Challenge of Protecting Sensitive Information

At the heart of the research is the concept of proprietary costs—these are the risks a company faces when it reveals confidential information to the public. When companies seek to raise money by issuing shares to the public, they often need to disclose information that might give them a competitive advantage, like future business strategies, product innovations, or market insights. Their goal is to disclose information to lower their issuance costs. But there’s a catch: the more information a company discloses, the more vulnerable it becomes to competitors who can use that information against them. This leads to a tough decision—how much to share with potential investors without giving away too much to the competition. Potential investors want to know more about the issuing firm’s growth prospects, but competitors may use this revealed information causing.

Dr. Floros and his co-authors found that firms are often caught in a balancing act. They want to reduce the costs of issuing shares by being as transparent as possible with investors, but they also need to protect their sensitive, proprietary information. Sharing too much could hurt their competitive position, especially in industries where small details can make a big difference. The challenge becomes even more complex because the costs of revealing proprietary information vary from firm to firm. Some companies may feel more pressure to protect their secrets, while others can afford to be more transparent.

Measuring Proprietary Costs at the Firm Level

Until now, researchers have primarily measured proprietary costs at the industry level, assuming that all companies within the same industry face similar risks. However, Dr. Floros’ research takes an innovative approach by developing a method to measure proprietary costs at the firm level. This is significant because it acknowledges that companies—even within the same industry—can have vastly different strategies, market positions, and levels of competition. By capturing these differences, the model provides a more accurate picture of the risks firms face when choosing between public and private equity offerings.

For example, a tech company on the verge of launching a new product may have much higher proprietary costs compared to a company in the same industry that is less innovative. Dr. Floros’ research shows that firms with higher proprietary costs are more likely to opt for private placements when raising capital. In these private transactions, companies can share sensitive information with a select group of investors without making it available to the public. This way, they can protect their competitive edge while still raising the money they need to grow.

Why It Matters to the Average Investor

So, what does all this mean for the average person interested in finance or business? The research provides valuable insights into the decision-making process of companies when they raise capital. For investors, understanding the trade-offs companies make between transparency and competitiveness can shed light on why some firms choose private placements over public offerings. It also helps investors appreciate the delicate balance companies must strike to remain competitive while still attracting investment.

Additionally, Dr. Floros’ research opens new avenues for evaluating companies. Investors and analysts can use his firm-level proprietary cost measure to better understand the risks companies face when raising equity. This could lead to more informed investment decisions, as investors will have a clearer picture of which companies are protecting their competitive advantage and which are more revealing with the proprietary information they disclose.

In a world where information is power, Dr. Floros’ work helps to illuminate how companies can strategically navigate the challenges of raising capital without compromising their edge in the market. His research not only advances our understanding of proprietary costs but also gives both companies and investors new tools to make smarter, more informed decisions.

This research is featured in Review of Accounting Studies, “Proprietary Costs and the Equity Financing Choice,” Yianni Floros, Konduru Sivaramakrishnan, and Rustam Zufarov.


Research@Lubar Faculty scholarship in the Lubar College of Business spans the business fields and beyond through both theoretical and applied research that is published in leading journals.  Here are some of our faculty’s most recent publications:
Litigation and Information Effects on Private Sales of Securities
ScienceDirect
Authors: Onur Bayar, Ioannis V. Floros, Yini Liu, Juan Mao
Ontology-Based Intelligent Interface Personalization for Protection Against Phishing Attacks
Information Systems Research
Authors: Fatemeh Mariam Zahedi, Yan Chen, Huimin Zhao
Allyship, Authenticity and Agency: The Triple A Model of Social Justice Mentoring
ScienceDirect
Author: Belle Rose Ragins 
Authenticity Lessons From the Craft Beer Industry
Entrepreneur & Innovation Exchange
´ˇłÜłŮłó´Ç°ů˛ő:ĚýStanislav Dobrev & Cameron Verhaal 
Click here to see more faculty research

Reimagining Development: Possible Lessons from India

Raghuram Rajan

Dr. Raghuram G. Rajan, the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business and former Governor of the Reserve Bank of India, recently spoke at the Lubar College of Business’ Bradley Distinguished Lecture Series. His lecture, “Reimagining Development: Possible Lessons from India and Implications for the U.S.,” provided an insightful exploration of global development pathways and the future of economic growth.

India, the world’s most populous country, has emerged as the fifth-largest economy, and its unique challenges provide valuable lessons for other developing nations, Dr. Rajan said. His analysis offered a roadmap for development that contrasts with the traditional paths followed by countries like China and the “East Asian Tigers.”

The Challenges of Development in a Globalized World

Dr. Rajan opened his lecture by framing the current global context for development, focusing on the difficulties countries like India face in replicating the traditional manufacturing-led development model. He noted, “The world today is different. The traditional development path through low-skill, labor-intensive manufacturing is much harder.” Global supply chains, the rise of automation, and the competitive pressures from countries like China have made it more challenging for emerging economies to follow the same path.

He emphasized that while China liberalized its economy earlier and succeeded through its focus on manufacturing, India’s path has been more complex. “China liberalized 10 years earlier than India and captured much of the global manufacturing market, but India missed that bus,” Dr. Rajan said. Instead, India’s strengths lie in services, including IT and back-office operations, but this has left gaps in employment opportunities for the country’s growing population.

The Shift to a Service-Based Economy

Bradley Lecture attendees view Dr. Raghuram Rajan's presentation.
Bradley Lecture attendees. Photo by Troye Fox.

One of the most critical points of Dr. Rajan’s lecture was India’s unique reliance on services rather than manufacturing as a driver of economic growth. This shift presents both opportunities and challenges. He said, “India has skipped the manufacturing stage, moving directly from agriculture to services.” This has been beneficial for sectors like IT, but a lack of broader industrial development has led to high levels of underemployment, particularly among the unskilled labor force.

“Jobs are India’s biggest problem,” he stated, emphasizing that millions of young people enter the workforce each year, but many are underemployed in low-skill, low-wage jobs. According to Dr. Rajan, India needs to create more high-quality jobs across the spectrum, from low-skill to high-skill roles, to maintain economic growth and address social challenges.

Lessons for the U.S.

Dr. Rajan also drew connections between India’s experiences and broader lessons for the United States. As automation and advanced technologies reshape industries, both countries must focus on creating opportunities across all skill levels.

One of the most provocative ideas he presented was the need for a “new development path” that considers the changing nature of work. “We’re entering an era where creativity, intellectual property, and services will generate most of the value. India must embrace this shift, and so should the U.S.,” Dr. Rajan said.

A Call for Policy Innovation

Throughout his lecture, Dr. Rajan stressed the importance of government policy in shaping development outcomes. He expressed concern over the trend of governments subsidizing industries that are unlikely to be globally competitive in the long run. Instead, he argued that both India and the U.S. should focus on building human capital, improving education, and fostering innovation.

“I am not against industrial policy,” Dr. Rajan said, “but I believe governments should focus on enabling people to succeed, not picking winning industries.” For India, this means investing in education, healthcare, and infrastructure. For the U.S., it means creating policies that encourage innovation while ensuring workers are equipped to thrive in a rapidly changing economy. According to him, India should seek benefits from greater value addition and growth in employment in the beginning (i.e., research/design phase) and ending (i.e., sales and distribution) phases of supply chains, and from sectors where manufacturing is intertwined with services.

A Global Perspective on Economic Development

Dr. Rajan stressed that countries like India, with large and youthful populations, must find ways to grow economically before they grow old. This need also applies to other developing countries in Africa and South Asia.

“India’s success will offer lessons to many nations that are grappling with the same challenges,” he said. By rethinking traditional development models and focusing on service-based economies, there is potential to create new paths to prosperity.

From left: Lubar College of Business Dean Kaushal Chari, Sheldon B. Lubar, Dr., Raghuram Rajan, and David Lubar.
UW-Milwaukee Lubar College of Business Dean Kaushal Chari, Sheldon B. Lubar, Dr. Raghuram Rajan, and David Lubar. Photo by Troye Fox.

The Bradley Distinguished Lecture Series, sponsored by the Lubar College of Business and The Lynde and Harry Bradley Foundation, continues to provide thought-provoking discussions on global economic issues shaping the future.

51ÁÔĆć athletes winning in the classroom too

Giorgia Cavestro

51ÁÔĆć student athletes excel even when they’re not competing.

The 51ÁÔĆć women’s tennis team recently received the Horizon League’s Raise Your Sights award for 2023-2024, an honor given to the top academic women’s and men’s teams based on combined grade point average for the academic year. The women’s tennis team led the league with a GPA of 3.857. (Green Bay men’s golf was the top men’s team with a 3.8 GPA.)

While the tennis team took top honors, athletes from other sports are also competitive academically. In the spring semester of 2024, 105 51ÁÔĆć student athletes posted a GPA of 3.8 or higher, according to Amanda Braun, 51ÁÔĆć director of athletics.

Helping these athletes balance demanding sports competitions with academics is a team effort, involving coaches, advisors, campus resources and hard-working students.

Sara Simonova, a junior political science and international studies major from the Czech Republic, says that teammates are helpful with academics too. “We support each other, and 51ÁÔĆć is so helpful.” (Milwaukee Athletics photo)
“We have a lot of leaders on our team, a really mature team,” said Mark Goldin, who took over as head women’s tennis coach this year. “What I can do as a coach is make clear what my priorities are for them.”

First is mental health, then schoolwork and community, and then tennis, he said. “There’s a reason they’re called student athletes, putting the student before the athlete. If you do your job as a coach of prioritizing the first three, you allow your students to maximize their abilities on the tennis court,” Goldin said.

51ÁÔĆć team coaches have “awesome resources” to help support student athletes, he added.

The Athletics Department has a team of three advisors who work with students and faculty to help them balance academics with athletic competitions.

“Our job is really to help our students be students while also being an athlete,” said Clare Faurote, associate athletic director of academic services.

David Cox, a soccer player now in graduate school, appreciates the academic support that athletes get. “When you’re in season, you don’t have lot of free time, especially if you’re on the road.” (Milwaukee Athletics photo)
“Our work with them really starts when they’re recruited,” she said. “When the coaches bring them to campus, we meet and discuss the academic side of things. Right now, we’re working with athletes who are starting this fall who are on campus for orientation.”

During the academic year, students meet weekly or bi-weekly with the advisors as well as with their major advisors.

“The transition from high school to college is challenging for any student so we have these freshman meetings to make a good foundation,” Faurote said. First year students also take a one-semester course, Educational Psychology 102, that teaches them time management and study skills. Advisors can also introduce them to tutoring and other campus academic support resources as needed.

Giorgia Cavestro, one of the tennis team members chose 51ÁÔĆć because of the culture that focused on academics. “I knew the environment I was joining was that school comes first so I try to do my best in the classroom, as well as on the court, obviously,” said Cavestro, who came to 51ÁÔĆć from Italy.

The tennis team members support each other. “All eight girls on the team have the same mindset, so that makes it easier for us,” she said. “We study together, we help each other when needed.”

Cavestro, a senior, is majoring in IT management and accounting and was honored as one of the Lubar 25. That is an annual program that recognizes 25 undergraduate students in the Lubar College of Business who stand out for their accomplishments in academics, entrepreneurship, leadership or campus/community service.

Nadiia Konieva says that 51ÁÔĆć advisors help athletes balance their athletic and academic priorities. “It’s hard, especially if you have to travel and you have a class, but you can always talk to the professor and figure out how to do it,” she said. (Milwaukee Athletics photo)
“Clare does a really good job of helping us manage our schedules,” said David Cox, a soccer player now in graduate school. He majored in political science and English with a minor in communication. “When you’re in season, you don’t have lot of free time, especially if you’re on the road.”

Like all the athletes, he received a letter from the athletics advisors to share with his professors, letting them know of sports competitions and travel schedules. That helped make the process of balancing academics and sports easier. “I think the whole athletic academic staff does a really good job,” he added.

Good grades are important to her future career in psychology, said Nadiia Konieva, a junior who came to the team from Ukraine as a freshman. The advisors can help athletes organize their schedules around meets, work with faculty to make sure students arrange to complete exams and important papers.

“It’s hard, especially if you have to travel and you have a class, but you can always talk to the professor and figure out how to do it,” she said. “Some of it is self-motivation.”

“Mental toughness is part of being an athlete,” said Sara Simonova, a junior political science and international studies major from the Czech Republic, adding the support of her teammates and the university have helped her focus on her studies. “We support each other, and 51ÁÔĆć is so helpful.”

Written by Kathy Quirk, Communications

51ÁÔĆć to House Nation’s First Microsoft AI Lab Focused on Manufacturing

students presenting

The University of Wisconsin-Milwaukee’s Connected Systems Institute, as part of Microsoft’s $3.3 billion investment in southeast Wisconsin, will house the nation’s first manufacturing-focused AI Co-Innovation Lab. Lubar graduate students Soumya Katukam and Deepak Tandra talked with Brad Smith, Vice Chair and President of Microsoft, during a tour of the Connected Systems Institute.

The lab will strengthen 51ÁÔĆć’s education and research mission while connecting Wisconsin manufacturers and other companies with Microsoft’s artificial intelligence experts and developers.

Brad Smith, vice chair and president of Microsoft, made the announcement Wednesday at a news conference at the company’s data center complex in Racine County that featured remarks from President Joe Biden and Gov. Tony Evers. 51ÁÔĆć Chancellor Mark Mone, 51ÁÔĆć Chief Innovation and Partnership Officer Brian Thompson and CSI Director Joe Hamman were in attendance to personally receive the good news.

Microsoft’s AI experts will help design and prototype AI and cloud solutions for CSI clients, improving and accelerating their work. The goal is to serve 270 Wisconsin companies, including 135 manufacturing businesses, by 2030. The Wisconsin Economic Development Corporation has committed a $500,000 grant to assist with necessary upgrades to the CSI facility.

“We are pleased to deepen our partnership with Microsoft through the creation of the Co-Innovation Lab at the University of Wisconsin-Milwaukee’s Connected Systems Institute,” Mone said. “The focus on AI for manufacturing offers tremendous leverage toward ensuring the continued success of manufacturers in Wisconsin and nationally. We’re grateful to Microsoft and other partners, including Rockwell Automation and the Wisconsin Economic Development Corporation, for helping advance this important work.”

WEDC is also committing a $500,000 grant to assist TitletownTech with establishing a new, full-time office within the AI Co-Innovation Lab. TitletownTech is a partnership formed by Microsoft and the Green Bay Packers that includes more than 30 corporate investors. It invests capital and resources to help early-stage innovative companies, and the new office will allow TitletownTech to reach more entrepreneurs and startups.

“Microsoft’s willingness to invest not just in its data center but in businesses throughout our state is a win for the people of Wisconsin,” WEDC Secretary and CEO Missy Hughes said. “This was clearly an all-hands moment. But when the call came, we did what we do best in Wisconsin – we pulled together because we all saw the incredible opportunity in front of us, and we all wanted to make it happen.”

Written by Howie Magner, Communications

Stable Anchors and Dynamic Evolution: A Paradox Theory of Career Identity Maintenance and Change

Keimei Sugiyama

We typically assume that changes in employment or profession trigger shifts to who we think we are in relation to our career—in other words, our career identity. Indeed, if we were to constantly question our career identity, we could end up in an identity crisis, not knowing who we are or what we want to do in our careers.

We all need a common thread that pulls together various work experiences we’ve had in our career so we know who we are and so we can express our career identity to others. Yet, we also need room to grow and to explore so that our careers don’t feel stagnant.

Research by Assistant Professor of Management, Dr. Keimei Sugiyama, co-authored with Dr. Jamie Ladge (Northeastern University) and Dr. Gina Dokko (University of California-Davis), suggests that career identity serves to both stabilize and anchor our sense of self as well as change and evolve in ways that may not be immediately apparent to those around them.

For example, a journalist could look across their work experiences that include being a part-time screenwriter and novelist and weave these various roles into the career identity of a storyteller. A manager could look at their successes and promotions and see themselves as a corporate executive – and they could also think about new product areas they have developed and launched for their corporation and see themselves as an entrepreneur.

Thus, even those who seem to be well-established in their careers can see and express themselves in inconsistent ways and those who seem to have a disjointed career trajectory can thread a common theme across a diverse array of work experiences.

So how do people identify with their careers in ways that give them a sense of stability in who they are but at the same time allow them to evolve and to grow in their sense of self?

In this research, Dr. Sugiyama and colleagues provide a career identifying process that explains how people form their self-concept through a paradox of stability and change.

A paradox is when what seems to be contradictory—such as the need to anchor and the need to evolve one’s career identity—are actually mutually reinforcing forces that push and pull and create tensions in how people make sense of their experiences.

The career identifying process explains that people address these tensions through both career identity maintenance and change.  This “both … and …” paradox is what allows people to seem to be on a steady path with a clear progression but have smaller shifts that are slowly moving this trajectory in a whole new direction. That is, their career identity is slowly shifting and accumulates into a bigger change that may seem abrupt to others but has been percolating under the surface for quite some time.

What this research means for organizations and leaders is to understand that careers are inherently messy, and it benefits employers to account for this dynamism in people’s careers. That is, employees may seem like they are bouncing from position to position without a clear logic, yet have a perfectly coherent explanation for how they are threading together their work experiences.

It’s also possible for employees to be on a clear trajectory following the organizationally-defined structure for advancement, but make smaller shifts in who they are and want to be in their careers that underlie substantial changes in their future career choices.

Keeping in mind that it is natural and even productive for employees to be thinking of themselves in this way can help employers to be more flexible and responsive to their employees’ career needs, leading to better retention of top talent.

This research is featured in Academy of Management Journal, “Stable Anchors and Dynamic Evolution: A Paradox Theory of Career Identity Maintenance and Change,” Keimei Sugiyama, Jamie J. Ladge, and Gina Dokko.

Research@Lubar Faculty scholarship in the Lubar College of Business spans the business fields and beyond through both theoretical and applied research that is published in leading journals.  Here are some of our faculty’s most recent publications:
Content and Style of Firm-Generated Posts on Social Media: A Study of User Engagement on Hedonic and Utilitarian Product Pages on Facebook
Journal of the Association for Information Systems
Authors: Scott Schanke, Gautam Ray, Gediminas Adomavicius, and Mihir Wagle
Climate Action Now: How to Fuel a Social Movement
Journal of Consumer Psychology
Authors: Lama Lteif, Gia Nardini, Tracy Rank-Christman, Lauren Block, Melissa G. Bublitz, Jesse R. Catlin, Samantha N.N. Cross, Anne Hamby, and Laura A. Peracchio
Data Avatars: A Theory-Guided Design and Assessment for Multidimensional Data Visualization
Information & Management
Authors: Fatemeh Mariam Zahedi, Kurt Pflughoeft, and Yan Chen
Click here to see more faculty research

Investment Students Take Their Classroom to Wall Street

Students on trading floor of NYSE

G. Kevin Spellman, David O. Nicholas Director of Investment Management and Professor of Practice in Finance, is laser focused on providing his students in the highly-regarded Investment Management Certificate Program with a wide range of hands-on learning experiences.

Throughout the academic year, that means utilizing top flight investment analytical tools, working on significant projects that mirror those of analysts, and actively managing millions of dollars in real-money portfolios.

Spring break is no exception, marking the program’s annual trip to New York and London to meet with investment executives across all facets of the industry – buy-side, sell-side, banks, hedge funds, venture funds, and bond managers among them.

To give students a well-rounded experience, Spellman says he crafts the agenda across categories such as data science, quantitative investment analysis, investment strategy, and research, and includes all asset classes.

“Meeting with these highly successful professionals – in their environment and in the careers our students aspire to across several disciplines of investments and finance – is an invaluable learning and one-of-a-kind opportunity,” says Spellman.

This year’s trip included visits with top analysts, strategists, research directors, and other executives at Balyasny Asset Management, Capital Group (with $2.5 trillion in assets under management), Morgan Stanley, Mizuho Group, Oaktree Capital, Cantor Fitzgerald, Piper Sandler, LSEG, Province, and Left Lane Capital. Spellman taps into his extensive connections to get on the schedules of top financiers with whom the students have private meetings.

A trip to the Big Apple wouldn’t have been complete without a visit to the New York Stock Exchange, where the group scored a private tour of where the “action” happens on the trading floor and a chance to ring the opening bell.

A final stop before heading to London was a tour of the United Nations, where students were fortunate to get a “photo op” in the Security Council Chamber while the council was on a break from their working session.

In London, the group attended meetings with BlackRock, PIMCO, M&G, AXA Alts, Macquarie Bank, JP Morgan, and MSCI.

Andrew May, who earned his finance degree last May and is completing the elite investment management program this semester, called the trip the “absolute highlight” of the program.

“Having the opportunity to meet money managers and explore the financial hubs of the world is an incredible experience that I am truly grateful to receive,” he says.

Moreover, May attributes the deep knowledge he’s gained, his exposure to investment professionals throughout the program, and the professional network he has developed with giving him the confidence to start his career in the investment industry. He’ll soon be joining the investment operations team at Black Maple Capital Partners.

Alumni Profile: Northwestern Mutual’s Clarissa Ortiz

Clarissa Ortiz

Clarissa Ortiz (’11 MBA) gravitates towards business challenges that bring together technical and creative elements.

As Vice President of Risk Product Growth and Market Intelligence at Northwestern Mutual, she finds herself right at that intersection of data and strategy.

Ortiz leads Northwestern Mutual’s Risk Products sales strategy, market and competitive intelligence, insights, change management, and training and communication efforts in support of the 165-year-old company’s insurance products.

Northwestern Mutual is ranked 111th on the 2023 FORTUNE 500 and was recognized by FORTUNE as one of the “World’s Most Admired” life insurance companies in 2024. The company has over $627 billion of total assets under management, more than $36 billion in revenues, and $2.3 trillion worth of life insurance protection in force.

An Illinois native, Ortiz studied journalism and Spanish at the University of Illinois-Urbana Champaign. Through her college internship experiences, she realized that she preferred the business side of television, which led to her first job in sales, marketing and advertising as an account executive with Sinclair Broadcast Group (Channels 18 and 24) in Milwaukee.

At the same time, she enrolled in the MBA program at the Lubar College of Business to more deeply explore her interests in business and found she was drawn to a wider range of topics in accounting, finance, and data analysis.

“It really opened my world to the different paths that I could go down professionally and  gave me the confidence to tackle different sets of business challenges beyond just the industry I was in at the time,” she said.

Later, while working for the CBS affiliate in Atlanta, she attended a conference for the National Society of Hispanic MBAs and met some leaders from Northwestern Mutual.

Those chance meetings eventually led to a job offer and “a major leap of faith” when she decided to switch her career from television to the insurance and financial services industry in 2012.

Far from a stodgy life insurance company, Ortiz found Northwestern Mutual to offer an environment with wide opportunities for learning and growth. She was also drawn by the impact she could have in an area that she is passionate about – financial literacy and education.

“Both of my parents are attorneys, and my father specializes in tax and bankruptcy, so I’ve always felt connected to the importance of financial literacy and the impact it can have on others.”

Rising through the company over the last 12 years, she feels energized by the data-driven component of her role and the equally important strategic focus of “bringing it to life” from a marketing and sales strategy perspective, which allows her to also tap into her creative side.

Being in a mature industry requires the company to always be “self-disrupting,” Ortiz said, researching market trends for new products or strategies and driving relevance for each generation or market segment.

She said, “I find joy in the blending of head and heart. I’m fortunate enough to be in a role where I get to do both, while leading a very talented team that can bring very technical, complex topics to life in a compelling way that ultimately drives value and growth to the business.”

This past October, Ortiz was appointed as Strategy Lead for the Northwestern Mutual Data Science Institute, a partnership between Northwestern Mutual, the University of Wisconsin-Milwaukee, and Marquette University that is building out a technology ecosystem in the region. The institute seeks to advance southeastern Wisconsin as a national hub for technology, research, business and talent development, while creating an organic pipeline of tech talent in the area.

Here too, she said, her role sits at the intersection of business and data.

“One of the things we are advancing is a formal partnership program so that other organizations and corporations can engage with us on topics we’re all wrestling with in data science,” Ortiz shared.

Ortiz is a member of the Lubar College of Business Advisory Council, a board member for the St. Josaphat’s Basilica Foundation, and a board member of the Elm Grove Junior League, where she serves as grants chair.