Darden Welcomes MBA students from S.P. Jain for a Three Week Marketing Program


The Darden School welcomed a group of over 60 students and two faculty members from the S.P. Jain Institute of Management & Research (SPJIMR) in Mumbai, India to grounds this August. The visiting students were all second year MBA students, focusing their studies on marketing. While at Darden, they participated in a customized International Partner Program, designed to complement their own curriculum at S.P. Jain and explore marketing in the United States.

Darden Professor Rajkumar Venkatesan served as the program lead and taught many of the class sessions. He shared “We are happy to form this association with a premier business school in India.  The students from S.P. Jain are very engaged and bring a perspective informed by their experiences in a different part of the world.  The three week program aims to be an exchange of ideas among the faculty in Darden, and the students and faculty from S.P. Jain.  We hope the program will lead to exciting opportunities in case study development and global immersion experiences for our faculty and students.”

Professors Robert Carraway and Ron Wilcox also each taught approximately one-third of the class sessions, which included Stratsim simulations and project work with local entrepreneurs in the i.Lab incubator program through the Darden Batten Institute for Entrepreneurship and Innovation.

S.P. Jain student Jai Singh Banga provided the following thoughts about his experience at Darden:

I got an opportunity to be at Darden School of Business for 3 weeks for the Global Fast Track Program of S.P. Jain Institute of Management and Research (SPJIMR). Being from an entrepreneurial background, I was amazed by the facility which Darden provides to those who are inclined to start their new venture. They have an excellent incubation center called the i.Lab which catapults budding entrepreneurs, helping them direct their efforts efficiently. 

We studied and discussed a case on Relay Foods and I realized that my venture in India is similar to theirs. The Darden Center for Global Initiatives, upon request, arranged a special visit for me to Relay Foods to get an in-depth understanding of their business. This visit proved out to be very fruitful.

Overall I had a blast at Darden and got a very different perspective from what we learn at SPJIMR in India.

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Webinar: Design Thinking Pedagogy and Practice

The Global Business School Network has organized a special online webinar focused on Design Thinking Pedagogy and Practice taught by Professor Jeanne Liedtka.

September 9, 2015

9:30 AM EDT

Registration is free, but space is limited.

Register now to learn about the 15 principles of Design Thinking and gain new pedagogical skills by learning how to integrate more creative methods into courses.

Design Thinking

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Darden and Judge Entrepreneurship and Innovation Conference: 29-30 June 2015

By Sheela Linstrum

Over the course of two days, scholars from all over the world gathered in Cambridge, England, to share and discuss cutting edge research at the 6th Annual Entrepreneurship and Innovation Research Conference. The event was co-sponsored by Darden’s Batten Institute for Entrepreneurship and Innovation and the University of Cambridge Judge Business School.

This conference highlights the global value and appreciation of entrepreneurship and innovation in the diversity of its participants.  Approximately 60 scholars flew in from a wide range of countries: United States, Chile, Singapore, Russia, and many countries in between.  Despite varying degrees of jet lag, participants engaged one another in great conversations throughout the event.

This year’s conference focused on research from a variety of angles.  Scholars, such as Stephen Zhang and Nicolás Odeh from Pontifical Catholic University of Chile, shared their examination of individual behavior as it relates to innovation, studying how young entrepreneurs navigate and make decisions in uncertainty.  Others, such as Susan Cohen, Assistant Professor at the University of Richmond, discussed innovation through an organizational lens.  Cohen’s research questions whether accelerators support innovation and advance entrepreneurial ventures by evaluating the learning and success of individuals who participated in a competitive accelerator program.  Alex Whalley, a doctoral candidate at the University of California Merced, took a historical approach to examining innovation.  Whalley presented research on the relationship between the amount of innovation in a given period and its physical proximity to research hubs (e.g. Silicon Valley).

The conference format showcased how academia nurtures intellectual innovation.   Immediately following each researcher’s presentation, a discussant, who had read the paper in detail, shared his/her feedback on the research.  The discussants primarily consisted of leading scholars from the Judge School and Darden such as: Christoph Loch, Director of Cambridge Judge Business School; Mike Lenox, Samuel L. Slover Research Professor of Business at Darden, Associate Dean for Innovation Programs, and Academic Director of the Batten Institute for Entrepreneurship and Innovation; Sucheta Nadkarni, Sinyi Professor of Chinese Management at the Cambridge Judge School of Business; and Jeremy Hutchison-Krupat, Darden Assistant Professor of Business Administration.  Discussants did not hold their punches– they offered candid feedback as they questioned research methods, findings and conclusions, and the contribution of the research to the field more broadly.  Yet the tone remained collaborative, with each discussant conveying a genuine interest in helping presenters improve their research.

In addition to research, the conference hosted a panel of local entrepreneurs from the Accelerate Cambridge program and a keynote speaker from XO1, a successful biotech company.  The four panelists shared anecdotes of sleepless nights and fears of failure which served as an important reminder of the practical applications of the research that preceded their panel.  While their organizational and personal challenges were varied, their reflections centered on a few common themes: managing team dynamics, financing operations, connecting with clients or customers, and doing all this within the confines of the 24 hour day.

The keynote speaker, Richard Mason, offered a different perspective as he already developed his enterprise, which he recently sold to Johnson & Johnson.  Building on his extensive background in the pharmaceutical industry, Mason reflected on his (and his collaborators’) experience with XO1.  He shared anecdotes about the serendipitous discovery of the drug, their process, the goals and challenges in managing the enterprise, and the opportunity costs of progress.

On top of the formal programming, conference organizers created several informal opportunities for participants to engage with each other and their surroundings.  At the end of the first day, conference participants – professors, graduate students, researchers, and practitioners – reconvened in the gardens of Emmanuel College where they enjoyed a beautiful outdoor reception followed by a traditional Cambridge college dining experience.


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The Darden Report: The Global Issue

The Spring/Summer 2015 Darden Report was just published in print and online. It has an international theme and is full of global content, such as:

  • The Future of Cuban Entrepreneurship
  • Q & A with Dean Designate Scott Beardsley
  • Enhancing Online Education Globally
  • An Infographic of Darden’s Worldwide Statistics

The Darden Report_Global Issue Summer 2015

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Darden Faculty International Activity in Spring 2015

The Darden faculty brings their global perspectives and experience not only to the classroom but by also conducting research and convening thought leaders from around the globe.  Below are some of the highlights of their recent global accomplishments:


  • Saras Sarasvathy was awarded the Jubilee Professorship by the Swedish government to spend time at Chalmers University, Sweden’s premier technology university. This is a prestigious honor with four Jubilee Professorships awarded across all the sciences and social sciences in the country.


  • •This spring, Frank Warnock presented “The Two Components of International Portfolio Flows” at the CEPR’s Tenth Annual Workshop on Macroeconomics of Global Interdependence (MGI), which was held at Trinity Colege Dublin and sponsored by the Central Bank of Ireland. He also presented the sma paper at the NBER International Finance and Macro workshop as awell as at the IMF’s workshop on Capital Flows in Frontier and Emerging Markets.
  • In April, Liz Demers attended the European Accounting Association’s annual congress in Glasgow, Scotland to present her study (co-authored with Jing Chen and Baruch Lev) entitled “Oh What a Beautiful Morning! Diurnal Variations in the Tone of Conference Call Communications.”
  • In May, Jeanne Liedtka delivered a day-long session on design thinking to HSM (a private organization) in Sao Paulo, Brazil. She also offered a session for alumni and another session exclusively for faculty at IAE in Buenos Aires, Argentina. Liedtka also delivered a design thinking session in Dublin working with IRDG (the industry research and development group) and a session in Madrid at IE.
  • In May, Ed Freeman presented the 6th Henk Van Luijk Lecture “Business Ethics: A pragmatist Approach” at Nyenrode Business University in Breuklein, Netherlands. While at Nyenrode, Freeman also presented “Stakeholder Theory and the New Story of Business” to MSC students.
  • In May, Sam Bodily presented “Multiplicative Utilities for Health and Consumption (co-authored with Casey Lichtendahl) at the International Conference on Decision Support System Technology, ICDISST 2015 in Belgrade, Serbia.
  • Kieran Walsh presented “Asset Pricing and the One Percent” alongside A.A. Toda at the HEC Lausanne Macroeconomics Research Seminar at the University of Lausanne in Lausanne, Switzerland on 6 May.
  • The Department of Economics, University of Crete organized the 19th Annual International Conference on Macroeconomic Analysis and International Finance at the University of Crete in Rethymno 27-29 May 2015. Yiorgos Allayannis served as a keynote speaker at the conference and Kieran Walsh presented “Asset Pricing and the one Percent” with A.A. Toda.
  • On June 4, Darden co-sponsored and hosted “Big Data: Little Ethics?” a conference in partnership with HWZ, which took place at HWZ in Zurich. Raj Venkatesan presented “Monetizing Data Products” at the event and Ed Freeman and Bobby Parmar presented mini case discussions on the topic of ethics and big data.
  • Kieran Walsh presented “Portfolio Choice and Partial Default in Emerging Markets: A Quantitative Analysis” at the 13th INFINITI Conference on International Finance held at the University of Ljubljana in Ljubljana, Slovenia on 8-9 June.
  • Michael Lenox served as a keynote speaker at the Vienna Strategy Conference in Vienna, Austria in mid-June.
  • In June, Ed Freeman presented “Business Ethics in 2015”, a public lecture at the Hamburg School of Business Administration (HSBA) and also presented “Ethics and Human Resource Management” to Bachelors students at HSBA. While in Hamburg, Freeman also presented “Stakeholder Theory and the Humanities” to MSC Students in Sustainability at the University of Hamburg.
  • Pedro Matos presented “Are Foreign Investors ‘Locusts’? The Long-term Effects of Foreign Institutional Ownership” at Ivey Business School (Canada), at the University of Waterloo in Canada, and at the Southwest University of Finance and Economics in Chengdu, China in June.
  • Pedro Matos presented “International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions” at the Hong Kong Baptist University International Corporate Governance Conference in China in June.
  • Frank Warnock discussed “Explaining Liability Dollarization, Exchange Rate Exposure and Risk Management Policies in Latin American Companies” and served on a panel at the Inter-American Development Bank’s discussion seminar of its Research Network Project “Structure and composition of firms’ balance sheets”.
  • Frank Warnock and Veronica Warnock presented a paper at the NBER 26th Annual East Asian Seminar on Economics in San Francisco on June 18-19.
  • Beatrice Boulu-Reshef presented her paper “Organization Style, Leadership Strategy and Free-Riding” at the Rising Talents Seminar, Centre d’Economie de la Sorbonne, Universite Paris 1 Panthéon-Sorbonne.
  • Daniel Murphy presented “Welfare Consequences of Asymmetric Growth” at the Barcelona Graduate School of Economics Summer Forum workshop on Socio-economic Mobility, Inequality, and Growth.


  • “Learn or Die: Every Business Will Be in the Business of Learning” Ed Hess. The European Business Review.
  • “How Do Private Equity Investments Perform Compared to Public Equity?” ( Robert Harris, Tim Jenkinson and Steve Kaplan) forthcoming, Journal of Investment Management.
  • Burger, John, Raj Sengupta, Frank Warnock and Veronica Warnock (forthcoming). U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull. Economic Policy (working paper version is NBER WP 20571). Claessens, Stijn, Livio Stracca.
  • Frank Warnock (forthcoming). International dimensions of conventional and unconventional monetary policy. Journal of International Money and Finance. (introduction to a special issue).
  • Frank Warnock was the guest editor of the Journal of International Money and Finance special issue on the international spillovers of conventional and unconventional monetary policy.


  • Roberts, L.M., Wooten, L.P, Davidson, M.N., (Ed.) (forthcoming). Positive Organizing in a Global Society: Understanding and Engaging Differences for Capacity – Building, Taylor Francis Press.
  • Burger, John, Frank Warnock and Veronica Warnock  (forthcoming). Bond Market Development in Developing Asia. in From Stress to Growth: Strengthening Asia’s Financial Systems in a Post-Crisis World, edited by Marcus Noland and Donghyun Park. Peterson Institute for International Economics.
  • Jeanne Liedtka’s book Designing for Growth: A Design Thinking Tool Kit for Managers was published in both Russian and Portuguese.
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Korea Alumni Chapter Hosts Darden Professors

When Darden Professor Frank Warnock and Senior Lecturer and Batten Fellow Veronica Warnock traveled to Seoul this week for the 2015 Korea Development Institute (KDI) and Ministry of Strategy of Finance Global Financial Stability Conference, they prioritized spending time with alumni in Korea.

The Korea Chapter Leader, Kenneth Kim (MBA ’05), organized an evening reception to welcome the Warnocks to Seoul and provided an opportunity for them to share updates from Darden, particularly regarding the Asia Initiative.

Kim said, “It was a very meaningful event not only to discuss the Asia Initiative, but also to brainstorm a number of ideas to grow Darden’s brand and impact in the region. I hope the Initiative can create a number of opportunities to support the students and alumni through collaborative efforts such as expanding the Global Business Experiences program to the region and starting R&D projects between Darden and regional companies.”

While in Seoul, Frank Warnock also presented at the 7th Annual Financial Management Association International (FMA) Asia Meeting. Both Frank and Veronica also enjoyed a cultural visit playing traditional instruments at the newly opened www.ktcc.or.kr in Jeonju.

Frank Warnock and Veronica Warnock enjoy discussing Darden with alumni in Korea.

Frank Warnock and Veronica Warnock enjoy discussing Darden with alumni in Korea.

Darden alumni in Seoul gather to meet with Darden Professors visiting Korea to present at a conference.

Darden alumni in Seoul gather to meet with Darden Professors visiting Korea to present at a conference.

Frank and Veronica Warnock play traditional instruments in Jeonju.

Frank and Veronica Warnock play traditional instruments in Jeonju.

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Mike Soriano (MBA ’16) on the Global Leadership Ride in Normandy

Darden Student Mike Soriano (MBA ’16) shared some of his thoughts and key takeaways from Darden’s Global Leadership Ride, which took place this May.

The Global Leadership Ride was led by Gordon Rudd, Professor of Strategic Studies at the U.S. Marine Corps School of Advanced Warfighting, and Darden’s Dean, Robert F. Bruner.  The program allowed students to apply broad leadership lessons from the Normandy invasion to their own reflection on planning and leading large, complex organizations, collaboration across units within an organization, and effective, cross-cultural leadership.

Q: What leadership lessons did you learn on the Normandy Leadership Ride that would have been hard, if not impossible, to learn in another setting?

A: There was one clear lesson that I took away from the trip that will remain with me for quite some time:

Leading from the front – Business school classes discuss many different types of leadership and management styles. Many discussions and cases afford students the opportunity to analyze the benefits of different leadership styles in different management roles. A common theme through a variety of stops during the Normandy program was the impactful leadership of middle-management within the Allied forces. As men received battlefield promotions on a daily basis, they took the initiative to lead their men from the front. Similar to business, middle managers usually have the majority of staff to manage which requires a refined ability to create followership among your team. A leader’s willingness to lead a team through a stressful situation and take-on difficult tasks while backing his/her employees accelerations the degree of followership for a leader. We saw this on Utah Beach with Theodore Roosevelt, during operation cobra, and at the Mortain Counterattack.

Q: The two faculty leaders for this program were Gordon Rudd, Professor of Strategic Studies, U.S. Marine Corps School of Advanced Warfighting and Adjunct Lecturer, and Robert F. Bruner, Dean of the Darden School of Business. How did these two leaders bring their own perspectives to the program’s content?

A:  Professor Rudd brought a great deal of historical knowledge and military strategy insight to each and every stop. He is a master of his field and is able to communicate to a novice group of students analyzing military leadership the tactile actions taken at each site.

Dean Bruner contributed greatly to the educational value of our time in Normandy. He was able to draw very specific business lessons from each and every stop that we made. For example, he addressed macro concepts like the advantage of high ground and importance of positioning yourself in a growing industry.

Q: In what ways were you surprised or enlightened about the invasion’s application to modern business challenges?

A: I think one of the biggest ways that I was enlightened about the application of the invasion to modern business is the importance of creativity in both environments. Generally speaking, there are countless examples of units that we discussed during our travels that ended up in a location very different from where they had planned. Their will to win and creativity ultimately helped them succeed. Whether it was the paratroops in Operation Cobra, Theodore Roosevelt’s famous landing on Utah beach, or trying to engineer a way for tanks to float, creativity and the ability to pivot in any situation was at the forefront of the Allied forces-  much like modern business creativity and the ability to pivot in changing environments are two challenges that business leaders are faced with on a daily basis.

Darden MBA Student, Nick Joyner presents Utah Beach: VII Amphibious Assault

Darden MBA student, Nick Joyner (MBA ’16), presents Utah Beach: VII Amphibious Assault as part of the Normandy Leadership Ride

Normandy Leadership Ride 2015

Normandy Leadership Ride 2015

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Darden and HWZ Collaborate to Host Big Data and Ethics Conference in Switzerland

By Sheela Linstrum

Within the sleek concrete auditorium of Hochschule für Wirtschaft Zurich’s (HWZ’s) architecturally-distinguished building, 70+ individuals from academia and industry gathered to explore the interplay of big data and ethics.  The conference tackled this theme from a range of perspectives, provoking a series of questions: why should we care about big data?; how do we obtain it?; how can we use big data to price goods and services?; is it ethical to use big data for profit?; how does big data create opportunities?; and is all this legal?

Freeman engages the Big Data: Little Ethics Conference audience.

Ed Freeman engages the Big Data: Little Ethics Conference audience.

The range of topics and dynamism of the presenters inspired much reflection amongst attendees.  The format allowed participants to ask questions and challenge assumptions, both of the presenters and of each other.  Engagement reached its peak during Darden Professors Ed Freeman’s and Bobby Parmar’s presentation.  Relying on Darden’s case method teaching style, Freeman and Parmar presented the audience with a series of plausible and ethically-ambiguous mini cases to provoke discussion and challenge audience members.

In addition to serious reflection on big data, there were also plenty of laughs.  To highlight the implications of spurious correlations – or data correlations that identify data trends which are not actually linked – HWZ Professor Karl Schmedders jocosely accused the audience of causing the financial crisis in Greece because of a spurious correlation between Greece’s economic behavior and Facebook usage trends over time. Darden Professor Raj Venkatesan joked about being a slow runner and his complete disinterest in publicizing his running stats on Facebook (a joke later seized upon by Darden Professors Freeman and Parmar in what became an enjoyable running gag).  And HWZ Professor Marcel Blattner, at the end of his talk, ended his presentation with a slide that simply said “Wake up J.”

Co-hosted by HWZ and Darden, this event represents a shared effort between the two schools and highlights the value of collaboration across international borders.  The format, which included faculty presenters from both Darden and HWZ as well as industry leaders, resulted in a particularly stimulating series of presentations and actionable ideas.  While this event was co-hosted by the two business schools, this conference was also generously sponsored by Accenture and the Swiss Association for Marketing (GFM).  HWZ’s media partner, Handelszeitung, also supported this event by providing local media coverage.

For more information about this event, please see the Darden press release.

Bobby Parmar, Michael Grund, Raj Venkatesan, and Ed Freeman at the Big Data: Little Ethics networking reception.

Bobby Parmar, Michael Grund, Raj Venkatesan, and Ed Freeman at the Big Data: Little Ethics networking reception.

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Darden Professors Share Insights on Finance in Asia at Two Conferences This June

This month, Darden’s James C. Wheat Jr. Professor of Business Administration Frank E. Warnock and Senior Lecturer and Batten Institute Fellow Veronica Cacdac Warnock will share their research at two major conferences focused on finance in Asia.

The Warnocks will present work jointly conducted with John Burger of Loyola University and Rajeswari Sengupta of IGIDR at the National Bureau of Economic Research (NBER) 26th Annual East Asian Seminar on Economics, June 18-19, at the Federal Reserve Bank of San Francisco. Their discussion will draw insights from the NBER working paper “U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull”, which is forthcoming in the CEPR journal Economic Policy.

A few days later, the Warnocks will travel to Seoul, South Korea for the 2015 Korea Development Institute (KDI) and Society for the Study of Emerging Markets (SSEM) Global Financial Stability Conference. Professor Warnock will sit on a panel, moderated by Hakan Tokak (Director General of the Ministry of Finance in Turkey) on the topic of Financial Spillovers and Capital Flow Management Measures.

“The two conferences are important in different ways,“ said Frank. “The NBER East Asia conference is an opportunity for US-based researchers affiliated with NBER to interact with researchers from eight institutions in East Asia on a topic—this year its Financial Stability—of common interest. The Korea conference is an opportunity for experts from international organizations (such as the IMF and Asian Development Bank) and academia to present alongside G20 policy makers on topics the policy makers are currently confronting.”

Faculty engagement and research is one of the primarily pillars of Darden’s Asia Initiative, which provides a leading forum to shape thinking and education regarding Asia and its relationship with the rest of the world.

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Global MBA for Executives Residency in China 2015

For the first two weeks in May, Darden’s Global MBA for Executives Class of 2016 students visited Shanghai and Beijing. Their residency included classes taught by Darden faculty members Elizabeth DemersMarc ModicaElliott Weiss, and Dennis Yang and explored topics ranging from China’s economic growth to real estate markets to negotiations. The program also included several company visits, allowing students to learn actively about China and its markets from insider perspectives. In Shanghai, the students visited a Wal-Mart Super Center in Pudong, the Lotte-Hershey factory, and local Shanghai market,  as well as attending the Darden Shanghai Investing Summit.  After taking the high speed train to Beijing, the group continued classes, including a session with Tony Black, Otis China’s CEO.  Site visits, such as Tiananmen Square, the Forbidden City, and the Great Wall were woven amongst classes and visits to both the Li-Ning sportswear and equipment company as well as an entrepreneurial venture in a local hutong.

David Maruna, GEMBA Class of 2016, shared, “We had some great cultural experiences while in Shanghai and Beijing! We did everything alongside some amazing professors who utilized site visits, guest lecturers and regular classes to invigorate our core coursework in accounting, operations, and leadership. The learning was intense and the memories were epic!”

Class of 2016 MBA for Global Executives students work on a project together during a class session in Shanghai this May.

Class of 2016 MBA for Global Executives students work on a project together during a class session in Shanghai this May.

GEMBA students enjoy the Shanghai Investing Summit networking reception.

GEMBA students enjoy the Shanghai Investing Summit networking reception.

GEMBA students with Darden Professor Dennis Yang at the Great Wall

GEMBA students stand with Darden Professor Dennis Yang at the Great Wall (photo courtesy of David Maruna GEMBA Class of 2016) .

GEMBA students learn about the Great Wall before heading off to explore it during their China residency.

GEMBA students learn about the Great Wall before heading off to explore it during their China residency (photo courtesy of David Maruna GEMBA Class of 2016).

One of the many scenic views on the Great Wall of China (photo courtesy of David Maruna GEMBA Class of 2016

One of the many scenic views on the Great Wall of China (photo courtesy of David Maruna GEMBA Class of 2016).

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