Haas NewsWire

Haas NewsWire, April 12, 2004

Professor Janet Yellen Appointed President and CEO of San Francisco's Federal Reserve Bank
Haas School Team Takes Second Place in Lehman Brothers Financial Engineering Case Competition
Chairman of Deloitte & Touche USA to Lecture at UC Berkeley on the Importance of Diversity in Business
Sixth Annual UC Berkeley Business Plan Competition Announces Finalists
The Haas School Celebrates Reunions with Alumni, Students, Faculty, and Staff
Making the Right Choices: State and Federal Prosecutors Speak on Corporate Crime, April 26
Non-Business Majors Gain Competitive Edge in Haas School's Summer Program
Berkeley MBA Student Team Takes First Place at National Case Competition
Faculty News
Staff News
Haas in the News
Happening at Haas

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Janet L. Yellen, the Eugene E. and Catherine M. Trefethen Professor of Business, has been appointed president and chief executive officer of the Federal Reserve Bank of San Francisco, according to George M. Scalise, chairman of its board of directors.

Yellen will assume her new position on June 14, succeeding current president and CEO Robert T. Parry, who announced his intention to retire at mid-year after serving 18 years. The Federal Reserve Bank of San Francisco is the head office for the Twelfth District covering nine western states, which makes it the largest district within the Federal Reserve System. Professor Janet Yellen

"The Haas School of Business could not be more proud of this appointment," said Haas School Dean Tom Campbell. "Janet Yellen has long been one of our most distinguished professors, renowned for her careful research and her exceptionally effective teaching. Her willingness to serve in this most important position speaks well of her dedication to sound economics and desire to give back to our country. Janet Yellen has the intellectual ability and interpersonal skill to be a tremendous success in this most important post."

Yellen has previous experience with the Federal Reserve System, having served on its Board of Governors in Washington, DC from 1994 to 1997. She subsequently was named chair of President Clinton's Council of Economic Advisers from 1997 to 1999.

"I'm honored to have been chosen for this key position," Yellen said. "It will be a pleasure to return to Washington for monetary policy meetings representing the critical economic forces embodied in the Federal Reserve Bank of San Francisco's Twelfth District."
Federal Reserve Chairman Alan Greenspan said, "I am pleased to welcome Dr. Yellen back to the Federal Reserve System. She has distinguished herself through consistently incisive analysis, impressive skill and unwavering integrity. We benefited greatly from her exceptional service as a Federal Reserve Board governor and I look forward to the many contributions she will bring in her new role, to both the San Francisco Bank and the Federal Open Market Committee."

Since 1980 Yellen has been on the Haas School's Economic Analysis and Policy Group and teaching macroeconomics to full-time and part-time MBA students, for which she has twice been awarded the school's outstanding teaching award. She holds a joint appointment with the Department of Economics.

She serves as president of the Western Economics Association and vice president of the American Economic Association. She is a fellow of the Yale Corporation. She is also the recipient of numerous honors and awards, and her research has been widely published. She has collaborated professionally with her husband, George Akerlof, a Nobel prize-winning economist at UC Berkeley, on topics ranging from labor market, income, wage, and employment issues to variety of socio-economic issues.

The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through its head office in San Francisco, branch offices in Los Angeles, Portland, Salt Lake City, and Seattle, and a cash processing office in Phoenix.

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Haas School Team Takes Second Place in Lehman Brothers Financial Engineering Case Competition

A team of Haas MFE and MBA students took second place at the 6th annual Financial Engineering Case Competition in New York last week by pulling together a persuasive response to a complicated derivatives case in just six hours.

The competition was hosted by sponsored by the Tepper School of Business of Carnegie Mellon University and sponsored by Lehman Brothers. The event took place at Lehman Brothers' office in New York.

The Haas School team included Liran Amrany, Ambika Bisla, Khalid Khan, Boris Albul (all MFE 04) and
Veneta Ilieva (MBA 04). The faculty advisors were Nancy Wallace, professor and chair of the Real Estate Group, and Richard Stanton, associate professor and chair of the Finance Group.

For the competition, teams from Columbia, MIT, Wharton, University of Chicago, Carnegie Mellon and the Haas School were given just six hours to analyze, prepare, and present their solution to a case that reflected recent developments in a selected derivatives market. This year's case was about a hybrid credit derivative involving country-party default risk on a foreign exchange forward contract with a random future mark-to-market linked to the Euro.

"Overall, the Haas performance was extremely impressive," says Wallace. "The team particularly excelled in its ability to answer difficult questions from the judges, the quality of its business presentation, and the structure of its solution to the client's problem."

The winner this year was the team from the University of Chicago.

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Chairman of Deloitte & Touche USA to Lecture at UC Berkeley on the Importance of Diversity in Business

Sharon Allen, the first woman to be named chairman of the board of directors at Deloitte & Touche USA and the highest ranking woman in the firm's history, will speak on the importance of diversity in business at a special lecture on Wednesday, May 5, in the Wells Fargo Room at the Haas School of Business at 5:00 p.m.

The event, which is co-sponsored by UC Berkeley's Student Achievement Guided by Experience (SAGE) Scholars Program and the Haas School of Business Dean's Speakers Series, is free and open to the entire UC Berkeley community. A reception will be held after the talk.

Prior to being named chairman, Allen was a member of the Deloitte & Touche board of directors and managing partner of the Pacific Southwest practice, based in Los Angeles. In her role as leader of the firm's second-largest regional practice, she was also responsible for offices in San Diego, Costa Mesa, Phoenix, Las Vegas, and Reno. Previously, she was in charge of the firm's office in Portland. She has over 30 years of experience in auditing and consulting at the firm. She served on the firm's Client Service Standards Task Force, on the Partner Admissions Committee, and in many other committee capacities.

The SAGE Scholars Program is an academically rigorous program that combines workplace experience with the professional skills needed to succeed in a competitive economy. The program works with highly motivated UC Berkeley students from low income and diverse backgrounds to promote quality professional leadership and career development training through internships, mentoring, and education.

For more information on this event, contact Marjorie Weingrow, director of the SAGE Scholars Program at 642-2203.

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Sixth Annual UC Berkeley Business Plan Competition Announces Finalists

The sixth annual UC Berkeley Business Plan Competition today announced the finalists, who will compete for $45,000 in prizes in the final round on April 28 and present their plans to the public at the final awards ceremony at the UC Berkeley Entrepreneurs Forum at on April 29.

New this year is the Best of Berkeley/UCSF Technology Prize for the team that best uses current UC Berkeley or UCSF research as an integral part of its business plan and will deliver a high benefit to society, either now or in the future.

The competition is organized by Berkeley MBA students and hosted by the Haas School's Lester Center for Entrepreneurship and Innovation in collaboration with the College of Engineering, the School of Information Management and Systems, and the University of California, San Francisco.

Each participating venture must have at least one student, alumnus/a, or faculty member from UC Berkeley or UC San Francisco's Life Sciences campus on its management team.

Seven finalists were culled from 43 entrants this year. They are:

This year's prizes include $25,000 for first place, $10,000 for second place, and a $5,000 third-place prize. The People's Choice Award of $5,000 will be voted on by the public audience attending the April 29 event.

More than 40 judges from leading venture capital firms and donations from 14 sponsors supported this year's competition. The sponsors include: Gold Sponsor: Sevin Rosen Funds (also sponsor of the Technology Prize); Silver Sponsors: Allegis Capital and Intel Capital; Bronze Sponsors: Foundation Capital, Hummer Winblad Venture Partners, New Path Ventures, Pillsbury Winthrop, Qualcomm, Reed Smith, Ritchey Fisher Whitman & Klein, Sirenza Microdevices, Versant Ventures; In Kind Sponsor: PaloAlto Software; Other Contributors: Kevin Warnock of Silveroffice and Silicon Valley Bank.

The public team presentations and award ceremony will take place on April 29 as part of the Berkeley Entrepreneurs Forum at the Haas School at 6:00 pm. The event is open to the public. Student admission is $5. Regular tickets are $35 for pre-registration and $45 at the door. Please register at http://entrepreneurship.berkeley.edu/apr04.asp.

More information on the competition can be found at http://bplan.berkeley.edu/.

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The Haas School Celebrates Reunions with Alumni, Students, Faculty, and Staff

Alumni and friends are invited to revisit their college years at the Haas School's new tradition -- spring Reunions, May 7 and 8, followed by the second annual Haaski Open Golf Tournament on Monday, May 10.

The weekend kicks-off with class reunion dinners for the classes of 1999, 1994, 1989, 1984, 1979, and 1974 the evening of Friday, May 7, at the Doubletree Hotel at Berkeley Marina.

All alumni are then invited to a day of "Perspectives on the World Economy" at the Haas School, beginning at 9:30 a.m. with a morning keynote on "Economic Challenges for the US and the World" by
Robert Heller, Ph.D. 65, former governor of the Federal Reserve Board and former president and CEO of VISA.

The day's events also include:

A full roster of events and speaker can be found at http://www.haas.berkeley.edu/alumni/reunions/index.html.

Current students in all programs, faculty, and staff are welcome to attend the public events over the weekend. Please contact the Alumni Affairs office to reserve space.

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Making the Right Choices: State and Federal Prosecutors Speak on Corporate Crime, April 26

A fourth prosecutor has been added to the special panel presentation on corporate crime titled "Making the Right Choices: Prosecutors Speak on Corporate Crime" on Monday April 26, at 4:00 p.m. in the Wells Fargo Room.

Ben Wagner, chief of the Special Prosecutions Unit in the US Attorney's Office for the Eastern District of California, which covers the 34 inland counties, has generously agreed to take part in the event. His unit prosecutes corporate crime, financial frauds, political corruption, bank frauds, and federal tax evasion. He is currently prosecuting several cases that involve defendants with MBA degrees from very prestigious schools.

The previously announced panelists are Patrick Robbins, chief of securities fraud in the US Attorney's office for the Northern District of California; Damon Connolly, prosecutor in the California Attorney General's office; and Chris Crook, prosecutor in the California Attorney General's office. Dean Tom Campbell will moderate the panel. For more information on these panelists, please visit http://www.haas.berkeley.edu/groups/newspubs/haasnews/archives/hn032904.html#8.

Seating will be first-come, first-served for this event. Please arrive early to get a space. For more information contact Sarah Benson at benson@haas.berkeley.edu.

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Non-Business Majors Gain Competitive Edge in Haas School's Summer Program

The Business for Arts, Sciences, and Engineering (BASE) program, will again teach fundamental business skills to non-business majors from across the nation this summer at the Haas School.

BASE is run by the Haas Undergraduate Program and helps non-business students to develop the skills necessary to operate in an increasingly complex global environment. In the BASE program, students earn academic credit from UC Berkeley while developing top-notch business savvy. The program draws the best and brightest from some of the most elite universities in the US.

"The BASE program is extremely successful at assisting undergraduate students from around the country in gaining a competitive edge in the marketplace," notes Dan Himelstein, executive director of the undergraduate program. "The integration of classroom learning with activities outside the classroom provides the BASE students with a rich academic experience."

This six-week intensive program gives students the opportunity to learn business fundamentals from Haas School faculty. All students take courses in Finance and Financial Accounting, Marketing, and Human Resource Management.

For more information regarding the BASE program, visit http://haas.berkeley.edu/Undergrad/BASE.html or e-mail BASE@haas.berkeley.edu.

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Berkeley MBA Student Team Takes First Place at National Case Competition

Evening and Weekend MBA student Niko Letunic, MBA 05, was a member of the winning team at the first-ever national gay and lesbian business case competition held in conjunction with the sixth annual "Reaching Out MBA" conference for lesbian, gay, bisexual and transgendered (LGBT) MBA students on Friday, April 2.

The other members of the winning team were Pietro Binchi (University of Michigan) and Blake Howard and Mark Mitchell (both Cornell University). The other schools in the competition were the University of North Carolina, Northwestern (Kellogg), Thunderbird, and York University/Ohio State University (as a joint team).

Each team was given ten days to prepare a case analysis of a regional bank's decision to explore the LGBT community as a potential target market for banking services and the teams were asked to provide recommendations on the strategic direction that the regional bank should take. The judging panel included management consultants from Deloitte, McKinsey, and Booz Allen Hamilton and a professor from New York University's Stern School. The case competition itself was sponsored by Booz Allen Hamilton.

For more information, visit www.reachingoutmba.org.

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Faculty News

John O'Brien Named to a National Investment Curriculum Advisory Board

John O'Brien, adjunct professor and executive director of the Master's in Financial Engineering (MFE) program, has been named to the Investment Management Consultants Association Curriculum Advisory Board for the association's educational programs.

IMCA is the principal professional association of the investment consulting industry, ensuring quality service to the public by developing and encouraging the highest of standards. During 2004, the board will oversee the development of the IMCA Alternative Investments Certificate and the IMCA Endowments and Foundations Consulting Certificate programs. During 2005, the board will advise on the creation of the IMCA Institutional Consulting Certificate and the IMCA Retirement Plan Design Certificate programs. IMCA educational programs are graduate-level studies.

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Staff News

New Staff Join the Haas School

Britta Narum

Britta Narum has joined the Haas School as assistant director of custom strategic solutions in the Center for Executive Development. Narum comes to Haas after five years in Strategic Marketing for KPN (Royal Dutch Telecom). She has a bachelor's degree in economics & international affairs from the University of Colorado, Boulder, and an MBA from the University of Washington.

Narum has lived in Germany and The Netherlands. She spent two months in East Africa last summer and climbed Mount Kilimanjaro. "I just ran my first marathon (Napa - March 7) with Team in Training to benefit the Leukemia & Lymphoma Society," says Narum. Narum's office is in S460. She can be reached via e-mail at britta@haas.berkeley.edu or phone at 510-643-8149

Elizabeth Peele

Elizabeth Peele, alumni assistant in the Alumni Relations Department, comes to the Haas School after a decade at Backroads, a Berkeley-based active travel company. She holds a bachelor's degree in Studio Art from Pomona College. "I enjoy bike riding, hiking, and bowling with my 15-year-old son Jonah," says Peele. "We are both currently studying Japanese through the UC Extension program."

Peele's desk is in the Dean's Suite (S520). She can be reached at elipeele@haas.berkeley.edu or 510-642-7790.

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Severin Borenstein, the E.T. Grether Professor in Public Policy and Business Administration, gave several television and radio interviews in the past week:

The passing of Dow Votaw, former dean and professor emeritus at the Haas School of Business, was mentioned in the San Francisco Chronicle on April 9 in an article titled "Dow Votaw: Former Business Dean at Cal." The same article quoted former dean Raymond Miles who commented on Dow Votaw's knowledge and scholarship with anti-trust laws. For full text: http://www.sfgate.com/cgi-bin/article.cgi? file=/chronicle/archive/2004/04/09/BAGHL62N1R1.DTL&type=printable

Hal Varian, professor in the Operations and Information Technology Management Group, wrote an article published on April 8 titled "Economic Scene." For full text: http://www.nytimes.com/2004/04/08/business/08scene.html? pagewanted=print&position= (requires registration)

David Aaker, professor emeritus of Marketing, was interviewed at length in the Financial Times on April 8. The article was titled "Why it Pays to Jump on the Brand-Wagon."

The study on international job outsourcing by Ashok Deo Bardhan and Cynthia Kroll, both researchers at the Fisher Center for Real Estate and Urban Economics, was mentioned in:

Terrance Odean, associate professor in the Finance Group, was mentioned in the Charleston Gazette on April 4 in an article titled "Despite Funds Study Results, Most Investors Aren't Stupid."

The Haas School of Business's ranking in UN News and World Report as one the top 10 business schools in the nation and the highest-ranked public university on the business school list was mentioned in:

The "Bridging the Divide" conference which is to be held at the Haas School of Business was mentioned in

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Alumni Events

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