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Destination Johnson Feature App Unlocks the Ties that BindA guide to Ithaca Housing, where Johnson students live, and Ithaca Eats, where Johnson students dine...pg 3

Cornell Connections is a geo-location based mobile application that connects entrepreneurship-minded Cornellians to the alumni, students, professors, events, and information that are relevant to their personal and professional goals....pg 3

Vol. LXXVIII Samuel Curtis Johnson Graduate School of Management April 13th, 2012

Dean Designate Soumitra Dutta Presents Early Vision for JohnsonBy Sanjeev Goluguri

MBA ‘13

Soumitra Dutta, who will succeed Dean Joe Thomas as the eleventh Dean of Johnson on July 1, 2012, was formally introduced to the Johnson community last week. Dutta met with students while on a week-long trip from INSEAD in Fontainebleau, France, where he is currently a Professor of Business and Technology and founding director of the eLab. In an exclusive meeting with the Johnson Student Council, Dutta addressed topics of interest to the community and offered his early vision for the school.

CornellNYC Tech

Dutta called CornellNYC Tech, the XQLYHUVLW\·V�WHFK�FDPSXV�LQ�1HZ�<RUN�City, a potential “game changer” that would open new possibilities for Johnson. In his view, Johnson is not a single discipline school, but rather one with multiple strengths. The tech campus, he VDLG��ZRXOG�VWUHQJWKHQ�-RKQVRQ·V�RYHUDOO�offerings and particularly deepen its entrepreneurship program.

CornellNYC Tech “gives great space for innovation, and stimulates a catalyst for change”, Dutta said. Plans are under way to offer the 1-year Accelerated MBA

(AMBA) in the NYC campus, possibly by 2013, contingent upon approval by New York State government. This program would allow students pursuing a 1-year Master of Engineering to also pursue a business degree.

In addition to the AMBA program, he listed other possibilities including an executive MBA program and offering 2nd year MBA students the opportunity to study for a semester or half a semester in NYC.

Dutta warned that Johnson would need to retain a strong base in Ithaca. While KDYLQJ�D�JOREDO�SHUVSHFWLYH�LQ�WRGD\·V�world is critical, being global “begins at KRPH�µ�7KXV��ÀQGLQJ�D�EDODQFH�EHWZHHQ�a strong base in Ithaca and the NYC campus will be crucial.

Program Structure

When asked for his thoughts on the duration of the MBA program, Dutta acknowledged that the 2-year MBA program still dominates as the classical model within the United States. However, he pointed out that several top U.S. business schools are evaluating the possibility of reducing the size of their 2-year MBA programs while growing their 1-year programs. The 1-year MBA is already the default in many countries, and Dutta predicts acceptance into 1-year programs will rise in the future.

Welcome toDestination Johnson

Ranking Johnson

'XWWD�ZHLJKHG�LQ�RQ�-RKQVRQ·V�SRVLWLRQ�LQ�business school rankings, explaining that the methodologies used by media outlets are generally imperfect and designed by journalists without an MBA themselves. While it would not be his policy to “manage towards the rankings,” he acknowledged WKH�LPSRUWDQFH�RI�WKHLU�UROH�LQ�LQÁXHQFLQJ�

prospective students, recruiters, and the general public. He said it would be important to learn from the rankings and look for opportunities to improve.

When asked how he would rank Johnson, Dutta said that he views it as a “hidden gem”. Globally, Johnson is already D�ZHOO�UHVSHFWHG�LQVWLWXWLRQ�ZLWK�ÀUVW�FODVV�faculty and students; but it would do well to strengthen its public relations machine, and project a stronger external image.

“I believe that Cornell is a shy school, and less aggressive in PR compared to Harvard, which uses a big megaphone. Cornell now has a wonderful opportunity to do that with the NYC Tech Campus, which is one of the most exciting things happening in higher education world-wide.”

Dutta also pointed to increasing faculty media attention, which he said was H[WUHPHO\�LPSRUWDQW�IRU�-RKQVRQ·V�SXEOLF�image. “Nothing is fundamentally broken, but we need to polish the jewel even more.”

Global Impact

,Q�KLV�ÀQDO�UHPDUNV��'XWWD�VWDWHG�WKDW�his top priority would be to seek a higher global impact for Johnson, and he reminded students that they are WKH�VFKRRO·V�EHVW�EUDQG�DPEDVVDGRUV��He welcomed feedback on issues of importance to students, and expressed his excitement in joining the Johnson community this summer as the new Dean.

Learn more about Soumitra Dutta at

http://bit.ly/DeanDutta

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Soumitra Dutta speaks with

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2 April 13th, 2012 Samuel Curtis Johnson Graduate School of Management - News Vol. LXXVIII

Ahead of the CurveRecent Media Highlights

By Daniel Sternberg

JD/MBA ‘13

By Natalie Lin

MBA ‘13

In the last issue, I began a series exploring the idea of equity ÀQDQFLQJ�IRU�LQGLYLGXDOV��which would allow the sale of shares of oneself in exchange for a percentage of future net income. As a threshold question, I determined that a contract to sell shares of oneself was not, on the surface, illegal. In this article, I will begin to explore the details of what requirements of self-incorporation would be. For convenience, I will use the Delaware Corporate Code, as the majority of corporations are established in Delaware. In practice, the rules governing self-incorporation would likely be the state in which a person is a resident. When articles of incorporation DUH�ÀOHG��D�FRPSDQ\�LV�HVVHQWLDOO\�ERUQ��Since people are not incorporated at birth, it stands to reason that the place of their residency should govern the rules of self-incorporation.

According to Delaware law, a corporation must have at least one or more members of a board of directors. For a person, this translates quite easily. If I were to incorporate, my board would consist of one member—me. I would then, as the board, make all decisions regarding my personal behavior. This is optimal since the Thirteenth Amendment may come into play if a board of others tells me what I may or may not do.

As a director of my own corporation, I ZRXOG�RZH�D�VHW�RI�ÀGXFLDU\�GXWLHV�WR�P\�shareholders and the corporation (myself). These are duties of loyalty, care, and obedience. The duty of loyalty would be VLPSOH�WR�IXOÀOO��$V�D�GLUHFWRU��,�FRXOG�QRW�engage in behavior that would harm me. As an individual, this is natural. The duty

Culture

Zeitgeist

The zeitgeist, as captured by trending Google

search queries, was abuzz in March 2012 with the following matters of interest: ÀJ���

Business

Finance

Former Goldman Sachs employee Greg 6PLWK·V�ZLGHO\�UHDG�op-ed in The New

York Times incited controversy and caused Goldman to lose $2.15B in market value on WKH�GD\·V�WUDGLQJ��

Marketing

Brand and business pages were pushed to Facebook Timeline on March 31. New features include the visual aggregation of activity, cover photos, redesigned navigation, and publicized analytics data.

Popular $SULO�)RROV· brand hoaxes: Virgin announced that Tom Hanks would accompany Richard Branson on a journey to the center of the Earth; Honda launched Anti-Theft Negotiator for adjudicating with thieves; Google-NASCAR launched Google Racing, a self-driving car.

“Larry,”�3HSVL&R·V�4XDNHU�2DWV man, received a healthy makeover. Designers shaved 5 pounds off of him, removed his double chin, and trimmed his silver locks.

Media & Entertainment

James Murdoch resigned the chairmanship of BSkyB amid the ongoing

scandal over phone hacking practices at UK tabloid 1HZV�RI�WKH�:RUOG. News Corp. dominates the UK newspaper market, with 40% of share.

A Nielsen survey shows that 88% of U.S. tablet owners and 86% of U.S. smartphone

owners use their devices while watching

TV. Evidence suggests that U.S. consumers increasingly use mobile devices to further explore commercial messaging.

Sustainability

In observance of Earth Hour 2012, organized by WWF, 772 million sq. ft. of commercial property turned off non-essential lights for one hour to raise awareness for sustainability issues.

The EPA cleared 20 companies to produce E15, a new grade of ethanol fuel. Distribution to 10,000 pumps over 5 years is

to be enabled by grants from the Recovery Act and the 2008 Farm Bill. Technology

Congress passed the “Jumpstart Our Business Start-ups” �-2%6��$FW, legislation that aims to ease the regulatory burden on small companies seeking to raise investment capital.

Facebook acquired Instagram for $1B LQ�FDVK�DQG�VWRFN��=XFNHUEHUJ�DIÀUPV�that the brand will remain independent, but development will be integrated into Facebook engineering and infrastructure. On April 3, Instagram for Andorid released with ��PLOOLRQ�GRZQORDGV�RQ�WKH�ÀUVW�GD\��

#TwitterToDetroit: Twitter announced SODQV�WR�RSHQ�DQ�RIÀFH�DW�:(%:DUG�$YH���the Detroit tech corridor. The move will improve its ability to capture share of sizable automotive industry ad budgets.

A2/ sold over 800 patents and other assets to Microsoft for $1.06B, retaining license to those patents sold. Microsoft also received OLFHQVH�WR�$2/·V�UHPDLQLQJ�����SDWHQWV�

University

Johnson The SGE Center at Johnson has partnered with S.C. Johnson to launch WOW®, a product designed to stem the spread of malaria in Ghana.

U.S. News & World Report ranked Johnson number 16 among the best U.S. business schools. In a ranking of best MBA Career Management Centers, Poets &

4XDQWV ranked Johnson number 12.

Cornell

Big Red Bikes, a university bike share program, launched on April 2. Students may borrow and return bikes from stations throughout campus for up to 25 hours per week at no charge.

Undergraduate applications totaled 37,812 with 16.2% of applicants selected for admission in 2012 (compared with 18% in 2011). Of the 6,123 admitted students, 52% are women and 24% are minorities.

The CIS department hosted %220, an annual showcase of interdisciplinary student research in digital technology. Projects ranged from autonomous robots to animated ÀOP�VKRUWV�WR�PRELOH�DSSV��ZLWK�DZDUGV�JLYHQ�by corporate sponsors Google, Cisco, GE, and Goldman Sachs.

TEDxCornellUniversity was held on March 28. The event theme, “Progress ZLWK�SDVVLRQ�µ�ZDV�UHÁHFWHG�LQ�7('7DONV�delivered by speakers including professors Jeffrey Hancock, George Hudler, and Shawkat Toorawa.

RI�FDUH�VWDWHV�WKDW�,�VKRXOG�IXOÀOO�P\�GXWLHV�as chief decision-maker in a non-negligent manner. Again, as an individual, this maps very well onto my normal behavior. The duty of obedience simply states that I will act in a manner consistent with my articles of organization and by-laws. Again, this is QRW�GLIÀFXOW�

On the surface, it appears that as long as I own a controlling interest in myself, there would be no problem with the scheme of self-incorporation. There LV��KRZHYHU��D�VLJQLÀFDQW�ZULQNOH��WKH�shareholder derivative suit. This provision of the Delaware code allows an individual shareholder, even someone with only one VKDUH�RI�VWRFN��WR�ÀOH�VXLW�WR�SUHYHQW�WKH�corporation (me) from taking action that might be harmful to shareholder interests. In other words, if I am a high-priced consultant and choose to give it up in favor RI�OLYLQJ�LQ�DQ�DUWLVWV·�FRORQ\��D�VKDUHKROGHU�may attempt to prevent me from taking such action, as a violation of my duty of care or duty of loyalty. The shareholder would allege (rightfully) that my actions harm the long-term value of myself and my VKDUH�SULFH��&RQVXOWDQWV�HDUQ�VLJQLÀFDQWO\�more money than budding artists. +RZHYHU��SUHYHQWLQJ�PH�IURP�IXOÀOOLQJ�P\�

OLIH·V�JRDO�ZRXOG�UXQ�DIRXO�RI�WKH�7KLUWHHQWK�Amendment and be tantamount to slavery. In the alternative, my shareholders would need to be compensated through money damages, possibly through the sale of my assets. Alternatively, public policy might dictate that shareholder derivative suits should be unavailable in cases of self-incorporation. In this case, shareholders would simply have to live with a higher level of risk than in a normal stock setting. This would affect the share price, and create a potential moral hazard problem for me as a director. The optimal approach remains an open question.

Next issue: Valuation.

Rising Google Searches, March 2012 ÀJ���Location: United States Search Term Growth Rate (MoM)1. A marvel in online social activism, the “Kony 2012” viral video campaign generated over 100M views and is fueling the manhunt for Ugandan militia leader Joseph Kony2. “Trayvon Martin”, the unarmed black teen slain by self-ap-pointed neighborhood watch captain George Zimmerman3. “NCAA Tournament 2012”, the college basketball series ZKHUH�.HQWXFN\�DQG�%D\ORU�HPHUJHG�DV�0HQ·V�DQG�:RPHQ·V�champions, respectively4. The record-breaking “Mega Millions” jackpot of $656M will be split between three winning ticket holders���/LRQVJDWH·V�´7KH�+XQJHU�*DPHVµ�HDUQHG�����0�LQ�LWV�ÀUVW����GD\V��PDNLQJ�LW�WKH�WKLUG�ELJJHVW�ER[�RIÀFH�RSHQHU�LQ�KLVWRU\6. “Easter 2012” was celebrated on April 87. “iPad 3” sales topped 3 million during debut weekend

Breakout > 5,000%

Breakout> 5,000%> 3,500%

2,000%

> 350%

> 170%> 150%

People are Corporations tooPart two in a series

Vol. LXXVIII News - Samuel Curtis Johnson Graduate School of Management April 13th, 2012 3

Business Simulation Lab Offers Students Unique Opportunities By Margaret B. Shackell

Lecturer, Accounting

A team from Johnson placed second in the Eighth Annual Healthcare Forum and National Healthcare Case Competition, hosted by the Goizueta School of Business at Emory University on February 10. Johnson was represented by MBA candidates Krupa Gohil, Dale He, Mohamad Hamade, Natalie Lin, and Viraj Mehta, who presented their strategic recommendations on investments in telehealth technology to executives and practitioners from the healthcare provider industry.

Competitors were asked to crack a Harvard Business School case, “Telemonitoring at Visiting Nurse Health System”, which focused on home KHDOWKFDUH�SURYLGHU�91+6·V�HIIRUWV�WR�improve the quality of care provided for at-risk patients who were discharged from hospitals and in need of home care7KH�-RKQVRQ�WHDP·V�UHFRPPHQGDWLRQV�

focused on three dimensions: (Strategy) investments in telehealth and strategic alliances; (Operations) restructuring human capital to maximize productivity in the short-term while managing long-term, upstream pressures from impending shortages in the nurse workforce and amid the burgeoning population of aging baby boomers suffering from chronic illnesses; (Marketing) repositioning the health care provider at the forefront of preventative care – a key trend in the industry – as a specialty clinic with the most advanced health care technology.

“I had a lot of fun working with the team and learned a lot about healthcare and the directions the industry is taking at WKH�PRPHQW�µ�VDLG�.UXSD�*RKLO��0%$�·����

,I�\RX·YH�HYHU�ZRQGHUHG�how people make certain purchasing decisions at the grocery store or how relationships between superiors and subordinates affect group decision-making, look no further than the research being conducted in the Business Simulation Laboratory (BSL) at Johnson. Housed in Sage Hall, the BSL offers many unique opportunities for students to participate in, and affect research that not only captures headlines but also makes a real difference in ways organizations conduct business. &ULWLFDO�TXHVWLRQV�LQ�DFFRXQWLQJ��ÀQDQFH��

economics, management, marketing, and operations are continuously examined by Johnson faculty members and Ph.D. students. Students play an important part in the research because they serve as study participants. MBA students in the strategic marketing immersion and consulting focus may also use the lab to ÀQG�SDUWLFLSDQWV�IRU�IRFXV�JURXSV��VWXGLHV��or other research. Using the BSL, students are also able to conduct primary research. Understanding how to set up and utilize this form of research before entering the workplace further distinguishes Johnson students.

“During the marketing immersion, my immersion project team and I were looking to solicit input from undergraduates, and were able to set up a focus group through WKH�%6/�µ�VDLG�$DURQ�6HDEURQ��0%$�¶����who has participated in numerous BSL studies.

BR Consulting President Rishi Sood, 0%$�¶����QRWHV�KRZ�WKH�VWXGHQW�UXQ�FOXE��which provides business consulting to real start-ups, has used the BSL to conduct research for clients who were looking to tap college-aged individuals.

“Before coming to Johnson, I looked at the research being conducted,” Sood said. “I knew I wanted to attend a research-IRFXVHG�LQVWLWXWLRQ«DQG�,·YH�KDG�D�JUHDW�time here.”

MBA students and undergraduates alike participate in studies to earn cash or extra credit points in classes as compensation; but they also value their ability to impact research results and, ultimately, the way businesses unlock consumer insights, market their products, and more. Students also help design and run studies, serving as research assistants for faculty members

and Ph.D. students.´,·P�DOZD\V�WU\LQJ�WR�DFTXLUH�QHZ�

knowledge and reading the latest business bestsellers, so I value the research FRQGXFWHG�LQ�WKH�ODE�WKDW·V�DGYDQFLQJ�WKH�world of business,” Seabron said. “Our professors also support the advancement of research by allowing us to participate in studies and gain extra credit points.”

The BSL is equipped with sophisticated software that allows researchers to present participants with realistic business situations and analyze their behavior in light of psychological and economic models. Using cutting-edge technology in the lab, researchers can also use Q-sensors to measure emotional arousal via skin conductance and physiological responses to stimuli.

Manoj Thomas, BSL director and assistant professor of marketing, recently conducted a study on judgment and decision making that asked participants to answer several simple questionnaires on everyday judgments and decision. His study piloted the use of a Skin Conductance Measurement device to collect physiological responses.

In a study by doctoral student Christin Munsch, participants took a variety of surveys, created an avatar using the Nintendo Wii and then played a game so the researcher could utilize an immersive virtual environment to simulate realistic situations that allowed for subjects to engage in violent actions toward a target without actually endangering the target. 'XULQJ�WKH�ÀJKW��DFFHOHURPHWHUV�ZHUH�utilized to track participant movement.

While the primary target for most faculty and doctoral student research is peer-reviewed journal publications, some research has direct implications for MBA student careers. A wide range of research is conducted in the lab, generating interest within Johnson as well as outside the VFKRRO·V�KDOORZHG�KDOOV��(QWHULQJ�WKH�ÀHOG�of consumer packaged goods (CPG) marketing upon graduation, Seabron plans to stay connected to marketing faculty and abreast of their research conducted on consumer behavior in the lab.

“So much of marketing is about unlocking consumer insights,” he said. “Having access to new consumer insights and its implications will allow me to leverage that knowledge, stand out in my job, and develop unique opportunities to grow the business.”

TeleMonitoring at Visiting Nurse Health SystemJohnson at Goizueta Healthcare Competition

ZKHQ�UHÁHFWLQJ�XSRQ�WKH�FRPSHWLWLRQ���ThH�WHDP·V�H[SHULHQFH�XQGHUVFRUHG�

hallmarks of the Johnson culture: teamwork and experiential learning. “Collectively [my teammates and I] created a case solution that was not possible to achieve if we were to contribute as LQGLYLGXDOV�µ�VDLG�'DOH�+H��$0%$�·����´-RKQVRQ·V�IRFXV�RQ�H[SHULHQWLDO�OHDUQLQJ�helped us to think strategically and creatively, allowing us to gain an edge at the competition.” 0RKDPDG�+DPDGH��0'�·����$0%$�·����

HFKRHG�+H·V�VHQWLPHQWV��FLWLQJ�´G\QDPLF�communication and [team support]” as keys to enabling success at representing &RUQHOO�´LQ�D�ZD\�WKDW�UHÁHFWV�LWV�OHJDF\�IRU�outstanding teamwork.”

Unique among MBA programs, case competitions make up an integral part of the Core curriculum at Johnson. As part RI�ÀUVW�\HDU�0%$�FRXUVHZRUN��-RKQVRQ�students engage not only in a marketing competition sponsored by S.C. Johnson but also in a Citi-sponsored competition WKDW�LQWHJUDWHV�VWUDWHJ\�DQG�ÀQDQFH��

“The Healthcare Forum experience PDGH�PH�UHDOL]H�KRZ�IDU�,·YH�FRPH�LQ�the past several months in critically analyzing and understanding business SUREOHPV�µ�VDLG�9LUDM�0HKWD��$0%$�·����0'�·����´,�FDPH�WR�EXVLQHVV�VFKRRO�ZLWK�no background in business. Yet, when we tackled this case, I was able to combine my background in health care with everything learned at Johnson to develop a thorough solution and present it at an executive-worthy level. It really is a credit to Johnson and its faculty because I felt very prepared to tackle this business challenge.”

By Sandeep Thalapaneni

and Natalie Lin, MBA ‘13

Exhibit: Johnson team technology assessment

4 April 13th, 2012 Samuel Curtis Johnson Graduate School of Management - Finance Vol. LXXVIII

By Jenny G. Liu JD ‘13Milson C. Yu JD/MBA ‘13

After joining the euro, Greece has found itself in increasingly stormy waters as its national economic condition deteriorates at an alarming rate. In early March 2012, the Greek government managed to convince most of its private debt-holders to accept another debt reduction deal that would effectively force a portion of its debt-holders—comprised primarily of private banks and hedge funds—to take a 75% loss on their holdings in immediate payout.

Each investor, whose individual stake and say in the matter is likely fairly small, fears that to “hold out” would be to receive zero rather than 25%. Thus, over 86% of private bondholders ultimately accepted the deal. Greece avoids default (for now), the investors get something rather than nothing, and the International Monetary Fund now holds the bulk of *UHHFH·V�VRYHUHLJQ�GHEW�IROORZLQJ�D�bailout injection.

The Greek debt crisis was not entered into blindly. The private investors that purchased these bonds were not oblivious to their impending toxicity, nor ZHUH�WKH\�EOLQG�WR�*UHHFH·V�ÀQDQFLDO�troubles. Indeed, the credit default swap (“CDS”) aided market entry by acting as both a hedging tool and a speculation GHYLFH���$V�*UHHFH·V�HFRQRPLF�FRQGLWLRQ�ZRUVHQHG��WKH�SULFH�RI�WKH�&'6·V�RQ�LWV�debt unsurprisingly increased, rewarding certain speculators. Additionally, investors themselves believed in the worst-case scenario of a complete sovereign default because it would trigger the CDS payouts.

Consequently, tensions ran high when (XURSHDQ�RIÀFLDOV�LQLWLDOO\�GHFLGHG�WR�FRQÀJXUH�*UHHFH·V�GHEW�UHVWUXFWXULQJ�as a debt exchange. This begged the question: will the CDS payouts fail to happen because of a semantic circumvention of contractual terms? The International Swaps & Derivatives Association (“ISDA”) initially answered LQ�WKH�DIÀUPDWLYH�LQ�IHDU�RI�WULJJHULQJ�D�QHJDWLYH�VSLUDO�LQ�WKH�JOREDO�ÀQDQFLDO�system. However, it ultimately reversed course. 2Q�0DUFK�����WKH�,6'$�GHFODUHG�

that the reduced payout on the bonds

VLJQLÀHG�D�FRQWUDFWXDO�FUHGLW�HYHQW��activating settlement of the CDSs written on the bonds. In addition to defusing WKLV�SDUWLFXODU�*UHHN�VWRU\��WKH�,6'$·V�move helped strengthen recovering LQWHUQDWLRQDO�ÀQDQFLDO�PDUNHWV³HVSHFLDOO\�in the derivative sphere—by signaling adherence to legal and binding contracts.

Yet, there is subtlety lurking below the surface here. The Greek debt case represents a microcosm of the potential effects of congregated but unseen risk LQ�WKH�ÀQDQFLDO�V\VWHP��SDUWLFXODUO\�LQ�WKH�over-the-counter derivatives markets. Though subject to recent reform, the CDS markets have traditionally been conducted wholly over-the-counter, meaning much of this leverage—especially in the “speculation” side of things—was veiled from regulator view. The ISDA in this situation was required to make a snap judgment with little anterior information that could have easily resulted in it not GLFWDWLQJ�D�FUHGLW�HYHQW�RQ�WKH�&'6·V���

In hindsight, this would have resulted in fairly disastrous consequences. Furthermore, what would the consequences have been for future CDS usage had the ISDA decided the other way? (Or for that matter, what will they be now?) Will legal terms, drafted deliberately between cool minds, be circumvented by regulators precisely when they are most needed? And what of the over-the-counter markets in general?

While congregated risk through heightened leverage can easily result in systemically relevant default risk realization, it is far from evident that the CDS markets should be curtailed with brute force. Indeed, many in DFDGHPLD�DWWHVW�WR�WKH�QXPHURXV�EHQHÀWV�HQJHQGHUHG�E\�ÀQDQFLDO�LQQRYDWLRQ��7KLV�HQFRPSDVVHV�EHQHÀWV�LQ�WKH�GHULYDWLYHV�sector such as innovation that may SRWHQWLDOO\�EH�VWLÁHG�WKURXJK�WKH�HIIHFWV�of enhanced disclosure in the exotic derivatives and structured products markets. In addition to “softer touch” regulation, future research might explore WKH�LQWHUQDWLRQDO�UDPLÀFDWLRQV�RI�DQ�expanded derivatives market, particularly as they arise from an ever globalized ÀQDQFLDO�V\VWHP��_________________________________* Note: a CDS is a derivative contract between two parties in which one party agrees to insure the other against some event happening (the “credit event”) and, in turn, receives a fee.

Insurance Againstthe Sovereign

By Anthony Brough

EFII Fellow, MBA ‘13

By Murat Sen

MBA ‘13

In January 2012, the Johnson Center for Sustainable Global Enterprise, in conjunction with the Cornell Institute of Public Affairs (CIPA), launched the Environmental Finance and Impact Investing (EFII) Fellows program. 7KH�SURJUDP�LV�WKH�ÀUVW�RI�LWV�NLQG�WR�EH�jointly offered by a graduate school of business and graduate program in public affairs.Through a series of courses and applied

projects, EFII Fellows are trained to invest in, manage, and regulate ventures SXUVXLQJ�ÀQDQFLDO��HQYLURQPHQWDO��RU�VRFLDO�goals. Fellows gain experience in a range RI�DUHDV��LQFOXGLQJ�ÀQDQFH�DQG�DQDO\WLFV��markets and regulation, science and technology, and economic and political analysis.As part of the program, EFII Fellows

enroll in the Finance + Sustainable Global Enterprise Colloquium. The course was created to provide Cornell students an opportunity to engage in interactive sessions with private, public, DQG�QRQ�SURÀW�VHFWRU�OHDGHUV�RQ�WKH�FXWWLQJ�HGJH�RI�WKH�ÀQDQFH�VXVWDLQDELOLW\�domain. Speakers this term will cover HQYLURQPHQWDO�ÀQDQFH��LPSDFW�LQYHVWLQJ��

China is preparing for a U-turn characterized by greater dependence on domestic demand, slower growth, carrying a smaller trade surplus, and striving to become a stronger military force. A change in the strategic policies set by the Communist Party of China (CPC) might be closer than expected.

After rising to the top post at the Chinese 1DWLRQDO�3&&�LQ�WKH�ODWH�����V��'HQJ�Xiaoping began to work on economic development. His strategy for “four modernizations” - economy, agriculture, technological development, and national defense - has performed well thus far. Today, Deng is dubbed as the architect of Chinese economic reforms. Yet, the SURJUDP·V�SHUIRUPDQFH�KDV�FUHDWHG�several imbalances.

According to World Data Bank, investment spending is around 55% RI�&KLQD·V�*'3��%\�DQ\�LQWHUQDWLRQDO�economic standards, allocating more than half of the GDP to investment OHDGV�WR�LQÁDWLRQ��(YHQ�SRVW�ZDU�-DSDQ·V�investment spending/GDP ratio was around 40% whereas Korea spent only 25% of its GPD on investment. With this much investment, there are concerns about the return on investments and the balance sheets of the creditor institutions. Indeed, most of these investments are in the “gray-zone” in that they are funded outside of the regulated banking system.

Another hot spot is gross domestic savings, which account for over 50% of GDP. An oversupply of unskilled labor is driving down real wages. Consequently, a domestic spending model/market that corresponds to the geography and demography of China has yet to develop. While China consumes less than half of its output, other BRIC nations consume 65 to 75%. This imbalance leads to two concerns: (1) the banking system is not VXIÀFLHQWO\�VRSKLVWLFDWHG�WR�GLVWULEXWH�

socially responsible investing, capital EXGJHWLQJ��SURMHFW�ÀQDQFLQJ��DQG�RWKHU�DUHDV�UHOHYDQW�WR�VXVWDLQDEOH�ÀQDQFH��

The inaugural cohort of EFII Fellows candidates was selected through a competitive process based on their academic standing, experience, and career interests; each fellow from Johnson is enrolled in a different immersion program. The 2013 cohort includes Greg Allen, Anthony Brough, Min Chen, Mandy Chu, DQG�:LOO\�:DQJ��DOO�0%$�·����DQG�&KULV�6PLWK��03$�·���

Reviews from the current candidates have been positive. “The MBA curriculum does a great job of teaching you the KDUG�>ÀQDQFH@�VNLOOV�µ�VDLG�&KX��´EXW�WKH�EFII program gives you the context and contacts that are critical in a nascent space like this.” This summer, Chu will work as an intern at Lux Capital, a seed-stage venture FDSLWDO�ÀUP�IRFXVHG�RQ�HQHUJ\��WHFKQRORJ\�and healthcare investments.

According to Smith, ”The EFII program has provided … a source of creative tension and helped me to reach beyond the normal set of courses I might have taken. Meeting with professionals who are actually working at the intersection of the HQYLURQPHQW�DQG�ÀQDQFH�KDV�IRUFHG�PH�WR�rethink my career options.”$SSOLFDWLRQV�IRU�QH[W�\HDU·V�FRKRUW�RI�(),,�

Fellows candidates will be accepted in Fall 2013.

VDYLQJV�LQ�DQ�HIÀFLHQW�ZD\������WKLV�abundance of liquidity might conceal problems in the industrial sector.

As for the value added to the GDP from ,QGXVWULDO�SURGXFWLRQ��LW·V�DURXQG�������D�KXJH�ÀJXUH��,QGLD�LV�DURXQG������0H[LFR�26%, Japan 30%, and Korea below 40%. Although it is possible that the share of economic services is being understated by RIÀFLDO�UHFRUGV��LQGXVWU\·V�VKDUH�UHPDLQV�too high for a vigorous economic structure.

Chinese exports makeup approximately 40% of GDP; but China is a big importer too. Its trade ratio of 55% [(Imports+Exports)*(100/GDP)] is well over that of the United States and Japan (both around 30%), but its GDP contribution is small because of low value added from goods sold. This might very well be a reason for income inequality among different districts of China, since the value added from different geographies and goods necessarily differs. $QRWKHU�SRZHUIXO�ÀJXUH�LV�&KLQD·V�

current account surplus: approximately 5% to 7% of GDP. While the United 6WDWHV�DQG�(XURSH�FRQWLQXH�WR�ÀJKW�RYHU�DFFRXQW�GHÀFLWV��&KLQD�KDV�PDLQWDLQHG�D�surplus. Typically, a high-growth economy maintains a sizable amount of current DFFRXQW�´GHÀFLWµ�DQG�ÀQDQFHV�LW�WKURXJK�D�FDSLWDO�DFFRXQW��+RZHYHU��&KLQD·V�FDSLWDO�account is closed. With no liberalized trade of Renminbi, the surplus maintained in the Central Bank reserves was eventually used to buy U.S. Treasuries. But the increase in the reserves is so high that even investing in Treasuries alone was not enough to sterilize the surplus. Subsequently, the Central Bank constantly XVHV�LWV�UHVHUYH�UHTXLUHPHQW�UDWLR�WR�ÀJKW�over liquidity.7KHVH�SHDN�ÀJXUHV�KDYH�FDXVHG�

VLJQLÀFDQW�LQFRPH�LQHTXDOLW\��$OWKRXJK�the average income for Chinese citizens KDV�LQFUHDVHG�VLQFH�'HQJ·V�ULVH��WKDW�WKH�theoretical statistic for income inequality �*LQL�FRHIÀFLHQW��KDV�ZRUVHQHG�IURP������LQ������WR������WRGD\��&KLQD�LV�SUREDEO\�at the peak of the famous Solow growth model, and it may be time to switch to a different growth model.

China by the NumbersExploring a New Growth Model

Environmental Finance and Impact Investing Program žÄÉÅÄ����ų��ÅÈÄ»ÂÂ��ÄÉÊ¿ÊËÊ»�ż��Ë Â̧¿¹��Ů·¿ÈÉ��·ÈÊÄ»È�¿Ä��·ËĹ¾

Vol. LXXVIII Entrepreneurship - Samuel Curtis Johnson Graduate School of Management April 13th, 2012 5

By Aritra Bandyopadhyay

MBA ‘13

0LFURVRIW·V�)LUHQ]H�BXT is an annual innovation competition with multidisciplinary student teams from select top universities. As in the previous year, Cornellians stole the show with not just victories but also full-time job offers.

BXT in Firenze stands for Business, Experience (Design, Art) and Technology. While there are left-brain designers, right-brain engineers, and right-brain MBAs, the stereotypes for these disciplines are usually the opposite of those that lend themselves to deep challenges in generating the next idea that will transform the world.

The ideas raised at BXT target problems RI�VLJQLÀFDQW�VWUDWHJLF�YDOXH�DQG�FXUUHQW�focus to Microsoft. Through this competition, Microsoft encourages teams to explore key challenges, tackle problems, and learn together. Each discipline at BXT has its own methodologies, languages, taxonomies, and processes that are requisite for success. Much of the evaluation criteria at Firenze BXT is designed to encourage collaboration.

The Johnson High Tech Club hosted the initial screening rounds of the competition that was attended by over 50 Cornell students. A team-forming social that ran

Cornellians Rock Microsoft Firenze BXTInterdisciplinary collaboration in action

like a speed dating event kicked off the competition. This was followed by an innovation workshop hosted by Pradeep U.N., an executive producer at Microsoft. 0LFKDHO�'H]XEH��·����2SHUDWLRQV�

Research and Information Engineering), &ROLQ�%XGG��·����)LQH�$UWV��,QIR�6FLHQFHV���7KDR�/\�%XL�7UDQ��¶����0DQDJHPHQW�LQ�+RVSLWDOLW\���DQG�<RQJ�-LDQJ��·����-RKQVRQ�Graduate School of Management) were VHOHFWHG�WR�UHSUHVHQW�&RUQHOO�LQ�WKH�ÀQDO�URXQG�RI�WKH�FRPSHWLWLRQ�KHOG�DW�0LFURVRIW·V�headquarters in Redmond, WA. 2QFH�WKH�ÀQDOLVWV�UHDFKHG�5HGPRQG�WR�

present their ideas, they were divided into different teams comprised of students from other schools and given a new challenge to address in 24 hours. 5HÁHFWLQJ�RQ�WKH�YDOXH�RI�KLV�H[SHULHQFH�

at Firenze BXT, Colin Budd observed that “[the competition] taught ... a very important lesson: there is always another solution to a problem. It is only a matter of asking the right question.” Budd continued to say that Pradeep pushed his team to “dream bigger, design better, and approach challenges from unconventional perspectives.”

Thao Ly Bui Tran compared the competition to a real world situation, if not tougher. “In a day and a half, we had to get WR�NQRZ�HDFK�RWKHU��GHDO�ZLWK�FRQÁLFWV��DQG�motivate each other when we had only 4 or 5 hours of sleep for 2 days,” said Tran. “We ZHUH�OLWHUDOO\�¶6OHHSOHVV�LQ�6HDWWOH�·µ

Michael Dezube, whose team ultimately

won the competition, explained that he was assigned to a team with students from Ohio State and Carnegie Mellon. “My experience at Redmond was awesome!” said Dezube. “I had no functional familiarity with these people, and initially no shared experiences, but ... we were under a serious time crunch and thus we quickly adapted and began working as a team. It forced us to go for the low hanging fruits -- that is, to see what

ideas were not only good but also feasible WR�IXOO\�Áesh out in the small amount of time we had.”

Dezube noted that working with students from different majors from other schools was a unique and rewarding experience. “I had never really worked with a designer before,” said Dezube, “and it was quite different as their ideas are different and the tools/methods they are familiar with are also quite different.”

App to Unlock the Ties that BindCornell Connections

By Sandeep Thalapaneni

MBA ‘13

Cornell Connections is a geo-location based mobile application that connects entrepreneurship-minded Cornellians to the alumni, students, professors, events, and information that are relevant to their personal and professional goals. The application is valuable for conceptualizing applied science and start-up business ideas, alerting users of nearby events, and aggregating social media news on entrepreneurship.

For years, universities have failed to fully leverage the wide-reaching potential of their networks, allowing disjointed communication channels to undermine their robust communities of thought leaders, entrepreneurs, and investors. Cornell Connections addresses this problem by facilitating opportunities for new and relevant relationships to emerge.

The current version, which is in beta testing, begins by connecting Cornellians worldwide who are interested in entrepreneurship, the commercialization RI�&RUQHOO·V�LQWHOOHFWXDO�SURSHUW\��YHQWXUH�capital, and private equity. However, the creators are looking to expand the scope of the application, envisioning that it will eventually connect alumni worldwide whose interests span different industry verticals and world topics.

The Seed of an Idea

John Jaquette, director of Entrepreneurship @ Cornell, and his team, were perplexed by the lack of FROODERUDWLRQ�DPRQJVW�&RUQHOO·V�QLQH�world-renowned schools: College of Arts and Sciences, ILR (Industrial Labor Relations) School, College of Engineering, Law School, AAP (Architecture, Art and Planning), Agriculture and Life Sciences, School of Hotel Administration, College of Human Ecology, and Johnson School for business.

Less than a combined eight-tenths RI�D�PLOH�VHSDUDWHV�&RUQHOO�8QLYHUVLW\·V�Engineering School, Hotel School

(Statler), and Graduate School of Management (Johnson). Yet the brick-and-mortar structures that daily give way WR�VFRUHV�RI�WKH�ZRUOG·V�EULJKWHVW�PLQGV�and strongest academic programs tacitly REVWUXFW�WKH�FUHDWLRQ�RI�WKH�ZRUOG·V�QH[W�Apple – one that might emerge from an opportune connection between the business and technically inclined.

Armed with the knowledge that ZLWKLQ�WKHVH�SURJUDPV�DQG�&RUQHOO·V�vast alumni network lies dormant yet incredible potential for the inception and commercialization of new businesses, Jaquette sought Aaron Holiday, MBA ¶����WR�KHOS�GHYLVH�D�ZHE�EDVHG�VROXWLRQ�that would connect entrepreneurs across the university to one another. With the KHOS�RI�*HQ�)XUXNDZD��0%$�¶����WKH�pair conceived and developed Cornell Connections, which they envision will help Cornellians worldwide to identify the experts and events necessary to facilitate the inception of high growth businesses.

“I am doing this to change social behavior, “ said Holiday. “Privacy is changing and individuals within exclusive networks will be willing to share location, personal interests, and knowledge to catalyze ideas and business creation. We are designing a product for the new world.”

Product Development and Launch

Emboldened by the dream to launch a geo-location based mobile application that would change social behavior, Holiday recruited Furukawa, who likewise came to Johnson with the belief that social mobile technology would change how people and institutions regard privacy and manage relationships with one another. +ROLGD\·V�WHFKQLFDO�H[SHUWLVH�DV�D�IRUPHU�FRPSXWHU�SURJUDPPHU�DQG�)XUXNDZD·V�complementary network were a perfect match, allowing the two to exchange ideas and recruit mobile application developers to create a prototype.

In April 2011, Holiday and Furukawa presented their idea before the Entrepreneurship @ Cornell Advisory Council in order to gain buy-in from key stakeholders and raise seed capital. Throughout the summer, while pursuing full-time internships at startups, Holiday

and Furukawa managed the development of the alpha version of the Cornell Connections, which is now in beta testing for release in April of 2012.

Holiday and Furukawa recently selected their successor, Jenny Delaney, who will lead the Cornell Connections initiative in �����������'HODQH\�LV�D�ÀUVW�\HDU�0%$�

candidate with experience in the mobile industry. After graduating from Stanford in ������VKH�ZRUNHG�DV�D�SURGXFW�PDUNHWLQJ�manager at Shopkick, a location-based rewards app.

Cornell Connections will be available on iPhone and Android during Celebration 2012.

6 April 13th, 2012 Samuel Curtis Johnson Graduate School of Management - Entrepreneurship Vol. LXXVIII

A Startup for StartupsEntrepreneurship and Innovation Institute

By Nichole Grossman

Institute Coordinator - EII

The Entrepreneurship and Innovation Institute (EII) is -RKQVRQ·V�QHZ�KXE�IRU�education, research, FROODERUDWLRQ��DQG�SURJUDPV�LQ�WKH�ÀHOGV�of entrepreneurship and innovation. (,,·V�PLVVLRQ�LV�WR�IRVWHU�WKH�ÀHOG·V�WKUHH�most critical components: knowledge, networking, and opportunity.

Together, the components form a robust, comprehensive menu for engagement among current and aspiring stakeholders LQ�-RKQVRQ·V�HQWUHSUHQHXUVKLS�DQG�innovation ecosystem: students, faculty, alumni, entrepreneurs, business leaders, inventors, technologists, investors, advisors, mentors, and researchers. Organizations under the EII umbrella include the “BR Suite” – BR Venture Fund, BR Consulting, BR Advisory, and BR MicroCapital – and Innovation Interface. (,,·V�FRUH�WHDP�LQFOXGHV�5KHWW�:HLVV��

Executive Director, Zach Shulman, Associate Director, Wes Sine, Academic Director, Nichole Grossman, Institute Coordinator, plus 16 Fellows Candidates representing all four MBA programs in the EII Fellows Program.

In addition to relevant coursework, VWXGHQWV�DUH�LQYROYHG�LQ�(,,·V�GDLO\�business, including consulting engagements, strategic alliances, internship programs, and major capstone projects. One of the initiatives is the EII Startup Mentors Program (SMP). SMP

places current full-time MBA students with startup project teams in undergraduate engineering classes. Each mentor guides a team to focus on the most critical business issues in tech commercialization and company formation.

“For me, the EII Fellows Program is a chance to create and lead new entrepreneurial initiatives at Johnson. I am excited to work with students across -RKQVRQ·V�YDULRXV�0%$�SURJUDPV�ZKLOH�also developing opportunities for MBA students to collaborate with other schools DW�&RUQHOO�µ�VDLG�9LQD\�%DGDPL��0%$�·�������%LOO�&XOOH\��$0%$�·����LV�ZRUNLQJ�RQ�

a bridge between EII and the Cornell Center for Technology Enterprise and Commercialization (CCTEC). “EII has made it a priority to grow the spirit of entrepreneurship at Cornell. By partnering ZLWK�&&7(&��(,,·V�JRDO�LV�WR�FRPPHUFLDOL]H�PRUH�RI�&RUQHOO·V�FXWWLQJ�HGJH�WHFKQRORJ\�faster, and to encourage entrepreneurs on campus to take the reins in forming new companies,” Culley states.

Other students are working with RXWVLGH�ÀUPV�WR�FRQGXFW�UHVHDUFK�on the entrepreneurial marketplace. “EII has afforded me the opportunity to simultaneously augment my MBA experience and create lasting value for Johnson,” said SRS team lead Ryan %DUULQJHU��&4(0%$�·����´2XU�FRQVXOWLQJ�project with Shareholder Representative Services, for example, has enabled me to get some direct experience in shareholder equity analysis, while being able to work alongside other grad students and faculty outside of my program -- all while helping to generate revenue for EII.”

(,,�LV�EXLOGLQJ�RQ�-RKQVRQ·V�FRPPLWPHQW�to provide leading-edge business education by launching or growing several initiatives. To this end, EII has launched an internship program with Greenstart, a clean tech business accelerator in San Francisco. Other internship programs and strategic partnerships are in the works, including one with Plug and Play in Silicon Valley.In addition, EII has expandedparticipation by local, national, and international speakers in the Innovation Seminar Series and Entrepreneurship Seminar Series.5KHWW�:HLVV�EHFDPH�(,,·V�ÀUVW�([HFXWLYH�

Director in July 2011. His efforts range from forming new relationships and programs, expanding on current ones, and creating opportunities for student LQYROYHPHQW��WR�ÀQGLQJ�QHZ�UHYHQXH�streams, presenting at professional conferences, and judging at business plan competitions and pitch fests. A serial entrepreneur and patent holder himself, he also serves as a mentor to student, faculty, and alumni entrepreneurs and innovators and advisor to startups.

According to Weiss, “we have tremendous potential here with our assets – among them, talented and energetic students, popular programming, growing number of valuable relationships, YLEUDQW�ÁRZ�RI�QHZ�&RUQHOO�WHFKQRORJ\��vast Cornell alumni network, exciting prospects of CornellNYC Tech, and key organizations like those in the BR Suite. EII will leverage these assets, with our creativity and action, to help make Cornell a clear go-to leader in entrepreneurship and innovation.”

Cornell

Business

Editors in Chief

Natalie Lin,Sandeep Thalapaneni

Managing Editor

Sanjeev Goluguri

VP of Advertising

Karlin Keller

VPs of Marketing

Piya Dey, Maggie Gu

Contributing Editors

AB Bandyopadhyay, Anthony Brough,Murat Sen, Daniel Sternberg,

and Milson Yu

Creative Director

Michael Beck

Senior Staff Writers

Evan Charles, Anvar Varadaraj

Contributors

Selina Ang, Roberto Cusato,Robert Frisch, Nicole Grossman,

Nora Hansanugrum,Vince Lee, Jenny G. Liu,

Margaret Shackell, and Kevin Wang

Vol. LXXVIII Destination Johnson - Samuel Curtis Johnson Graduate School of Management April 13th, 2012 7

By Evan Charles

MBA ‘13

By Natalie Lin

MBA ‘13

One of the paramount considerations facing new admits during Destination Johnson weekend is where to ÀQG�KRXVLQJ�IRU�WKH�coming academic year. While there are various locations from which to choose, students will hear the phrase “the sooner the better” numerous times with regard to locking up housing for the fall. Luckily, Destination Johnson provides a great opportunity to grab prime real estate.

Perhaps the most popular area for Johnson students is Collegetown. Where Dryden Road and College Avenue intersect (A) is undoubtedly the late night epicenter of this neighborhood, with numerous popular restaurants and bars lining the street. If you choose to live in or around this location you will never be far from the action. Another great aspect of this neighborhood is its proximity to Sage Hall (B). With no more than a 10 minute walk from bed to campus, this location is simply indispensable to many VWXGHQWV���,I�WKHUH�LV�D�GRZQVLGH��LW·V�WKDW�this area tends to have higher rents and a limited supply of parking spaces. It is also noteworthy that this location is considered the antithesis of a quiet neighborhood come the weekend. Away from the noise on the eastern edge of Collegetown, but still a short walk to Sage, is The Fairview Apartments (C), a place that is considered a safe bet for affordable housing and where many Johnson students are known to live.

If you desire a more urban area, slightly further from campus, then downtown Ithaca, or The Commons (D) as it is referred to, is worth exploring. With a multitude of restaurants, shops, and more

'2:172:1�

�$��*LPPH��&RIIHHCoffee & Tea | 131 E. Green St.

)RRG��:LQH named Gimme! Coffee one of the best U.S. coffee bars, and in recent years new locations have sprouted in Williamsburg and NoHo, NYC. But *LPPH�·V�URRWV�DUH�LQ�,WKDFD��ZKHUH�LWV�fair-trade, organic beans are artisan roasted in small batches. Try a cup of the SRXU�RYHU�FRIIHH����PDJQLÀFHQWO\�VLON\�DQG�ULFK�ZLWK�FRQFHQWUDWHG�ÁDYRUV�H[WUDFWHG�by the award-winning baristas -- and accompany it with a pastry (the vegan FKRFRODWH�FDNH�LV�VR�JRRG��\RX�ZRQ·W�miss the butter and eggs).

Ithaca HousingWhere Johnson students live

Ithaca EatsWhere Johnson students dine

View the interactive Ithaca Housing map at http://bit.ly/IthacaHousing

View the interactive Ithaca Eats map at http://bit.ly/IthacaEats

�%��0RRVHZRRGNew American, Vegetarian | 215 N. Cayuga St.

Winner of the James Beard “American Classic” award, Moosewood is a collectively owned restaurant that serves delightfully simple vegetarian dishes with EULJKW�ÁDYRUV�DFKLHYHG�WKURXJK�WKH�XVH�of local, organic ingredients. Founded in ������0RRVHZRRG�ZDV�QDPHG�RQH�RI�WKH�PRVW�LQÁXHQWLDO�UHVWDXUDQWV�RI�WKH���WK�century by Bon Appetit ���DQG�LW�MXVWLÀDEO\�remains a local favorite today.

�&��6DLJRQ�.LWFKHQVietnamese | 526 W. State St.

Comfort food in a bowl: the most authentic pho in town is served at this casual eatery, with options ranging from traditional beef noodle soup to vegetarian pho chay. Other home-style staples include spring roll vermicelli and Vietnamese-style coffee.

&2//(*(72:1

�'��7KH�&KDSWHU�+RXVHBar | 400 Stewart Ave.

Generations of Cornell grad students have imbibed at this storied brew pub. Chapter +RXVH�LV�DQ�,WKDFD�LQVWLWXWLRQ�ZLWK����EHHUV�on tap, unlimited free popcorn, pool tables, live music, and [photoshopped] portraits of Johnson alumni gracing its wood paneled walls.

�(��&DUULDJH�+RXVH�&DIHBrunch | 305 Stewart Ave.

On weekends, the wait for a table is alarmingly reminiscent of that to be experienced at popular Manhattan cafés. %XW�\RX·OO�LW�ZRUWK�\RXU�ZKLOH�DW�WKH�WDVWH�RI�&,$�WUDLQHG�FKHI�.ULVWLDQ�:RRGDOO·V�EULH�stuffed french toast or textbook perfect strata. Tip: grab a cup of Gimme! coffee

and snack to go, or drop by on a Friday, to avoid the lines.

�)��&ROOHJHWRZQ�%DJHOV�Coffee, Sandwiches | 415 College Ave.

Collegetown Bagels, or “CTB”, serves everything from bagel sandwiches to ready-made entrees, coffee, and pastries. With beer on tap, plenty of outdoor seating, and close proximity to campus, LW·V�DOVo a favorite post-exam watering hole and a frequented late-night destination.

�*��.R.R�.RUHDQ�5HVWDXUDQW�Korean | 321 College Ave.

KoKo attracts on the basis of its generously portioned bowls of bibimap and platters of sizzling bool go gi -- both of which are especially enticing during lunch, when the menu boasts a sizable selection of lunch box specials priced at under $10.

of a city feel, many Johnson students go this route�WR�IXOÀOO�WKHLU�KRXVLQJ�needs. TCAT buses that run relatively often provide reliable transportation and, should you choose to walk to campus, it is no more than a 30 minute trek. The only downside: the steep hill students must climb to reach campus. According to the latest Johnson survey, over 50% of respondents lived in Collegetown, Fairview, or The Commons.

Although these two neighborhoods are the most popular, there are plenty of other locations that students point to as great places to reside. Maplewood (E) and Summerhill Apartments (F) are slightly east of campus, while Casa Roma, Boiler Works, and Quarry Arms Apartments (G) are slightly south of Collegetown. Towards the northern end of campus, closer to the Cayuga Heights area, Westview (H) and Hasbrouk Apartments (I) are common places for students to live and provide

relatively quick access to facilities such as the campus golf course and Jessup Fields. Lastly, a few students always tend to live west of campus around the Gunhill Apartments (J) or far north of campus towards the Lansing area.

Overall, Johnson students live everywhere in and around Ithaca and no matter where anyone chooses to reside, DOO�DJUHH�WKH\·OO�Hnjoy a great sense a community at Johnson.

© 2011 Google.

© 2011 Google.

8 April 13th, 2012 Samuel Curtis Johnson Graduate School of Management - Opinion Vol. LXXVIII

By Roberto Cusato

MBA ‘12

Israel: land of mysteries, of conquerors, of religious strife; a land that has captured, throughout the centuries, the imagination of countless travelers and pilgrims, of mighty Arab Caliphs and bloody Crusader Kings. From David to Herod the Great, from Sal-ad-Din to 6XOHLPDQ�WKH�0DJQLÀFHQW��IURP�0DUN�Twain to the modern tourist, Israel has EHHQ�D�GLIÀFXOW�²�RIWHQ�PLVXQGHUVWRRG�²�Promised Land.

Johnson visited the country during the last Spring Break. Twenty-six students and three TAs ventured there to explore the business landscape as well as the cultural and natural beauty of this disputed land. Students met with business and political leaders, mingled with the locals, and heard different stories about Israel, its UROH�LQ�WKH�ZRUOG��LWV�GLIÀFXOW�UHODWLRQVKLS�between Israeli and Arab neighbors, and its ambivalent cooperation with the United States and Europe.

I am not going to talk politics here. There is too much going on in this sacred land to explain it all in one, short article. Yet, this has been the single, most important lesson that my fellow travelers and I feel we took home from this trip: Israelis have many GLIIHUHQW opinions. For one, not all Israelis are Jews. Druze, Muslim, Christian minorities comprise 1/6 of the 7 million people inhabiting the country. Even in the Jewish community, diversity FRXOGQ·W�EH�PRUH�PDUNHG�²�IURP�XOWUD�orthodox families (where only women can work while men are entirely dedicated to studying the Torah and to praying) to VHFXODU�-HZV��ZKR�GRQ·W�FDUH�WKDW�PXFK�about religion altogether) to utopian, Marxist-minded kibbutzim dwellers (completely atheist) the country is a

Thoughts from the Holy LandA Johnson Trek to Israel

My Journey fromBanking to BrandingPursuing your passion

By Anvar Varadaraj

MBA ‘13

Tasked with an article for the “Destination Johnson” edition of the Cornell Business Journal where many readers would be prospective students, I racked my mind for possible topics. As an aspiring marketer, should I expound upon the growing private label threat facing CPG companies? Or, should I channel my LQQHU�FRQVXOWDQW�ZLWK�D�FULWLTXH�RI�3*·V�emerging markets strategy? After many Word documents closed in frustration, I UHDOL]HG�WKDW�D�SHUVRQDO�UHÁHFWLRQ�ZRXOG�best serve future MBAs.

Recruitment season is a paroxysm of joy and sadness; a mix of “Rockstars” with the luxury of multiple offers, and those frantically reaching out to pre-MBA contacts to secure something noteworthy for the summer. It saddened me to see talented peers undergoing multiple failures before realizing that their selected career path was not appropriate for them. There were signs aplenty throughout the recruitment process that should have indicated that they were on the wrong path, yet many chose to ignore those signs.

I ignored such signs myself when I was convinced that I wanted to be an investment banker as an undergraduate. With an aptitude and interest for ÀQDQFH�WKDW�FRXOG�EH�EHst described as optimistic, I suffered through numerous banking interviews, emerging with sweaty shirts and a battered ego. As ,�UHÁHFW�XSRQ�WKH�UHFUXLWPHQW�SURFHVV�leading to those interviews, I realize the signs were evident. I found myself in uncomfortable crop circles regurgitating banking topics gleaned from the “Vault Guide to Investment Banking” and awkwardly asking analysts for their business cards, so I could thank them for listening to my drivel and request more time to share yet more Vault Guide gems.

Sociability and impressionability were

not my problems as ironically, I was doing quite well as an amateur stand-up comedian. My problem was that I was not interested in banking. I had no interest in learning about the latest deals or sharpening my spreadsheet modeling skills. Instead, I surrounded myself with aspiring bankers and without a passion of my own; I found it convenient to mirror theirs. I slipped deeper into this façade as I envisioned pinstriped suits, big bonuses, and Wall Street cred. However, since I was unwilling to voluntarily recognize my lack of passion for banking, it had to take humbling interviews for me to confront my ego and realize that my interests lay elsewhere.

The transition process was painful but liberating. I faced the shame of telling my friends and family of my disinterest in banking and I fretted that they would question my competence. I had to dispose of the caricature of myself that I embodied as I interacted with my banking friends. My false vision of my life in banking prevented me from seeking out a true passion.

As recruiting season in Michigan drew to a close, I attended a recruiting event for Target Corporation, a company held in little regard among my banking IULHQGV��)RU�WKH�ÀUVW�WLPH�LQ�P\�FDUHHU��despite uncertainty about my passion, I felt comfortable interacting with recruiters because I was honest about my interests. Before long, I found myself in an internal consultant role at Target, which exposed me to different business areas and instilled a passion for marketing.

Restricted by a two-year program, 0%$V�GRQ·W�KDYH�WKH�OX[XU\�RI�WLPH�WR�embark on such life lessons. Thus, my hope is that you are honest with yourselves about your interests. Use your time to explore career options, but free your mind of stereotypes, peer pressure, and even your application HVVD\V�ZLWK�ÁRZHU\�H[SRVHV�RI�\RXU�post MBA career plans. Be aware that \RX�FKRVH�WR�VDFULÀFH�WLPH�DQG�PRQH\�to identify and pursue your passion following your MBA, and it would be a gross injustice to not have ownership of your future.

melting-pot of ideas. &XOWXUDOO\��WKH�FRXQWU\�FRXOGQ·W�EH�PRUH�

diverse either: immigration from around the world made Israel a concoction of Sephardites (Jewish from Southern Europe), Ashkenazis (Jews from Eastern Europe), Ethiopians, Americans, Middle Easterners… a huge internal diversity for such a small land (the size of New Jersey), but a diversity that helped the country grow and succeed, leveraging RQH�DQRWKHU·V�GLIIHUHQFH�DV�D�SRVLWLYH�enhancer of innovation (high-tech is everywhere in Israel – sometimes it seems to be in Silicon Valley and not by the beautiful Mediterranean Sea shore).

What keeps it all together is a common language (Hebrew, resurrected after the creation of the State of Israel with a huge cultural effort) and – for most – the Jewish identity, stronger than anything I have seen and witnessed before. What these people accomplished, against all odds, in the last 60 years is quite extraordinary, no one can deny it.

Going to Israel I carried with me many prejudices about the country and its inhabitants. Yet, this trip helped me better understand the land, its people, and its problems. I learned to admire the strong QDWLRQDOLVP�RI�,VUDHOLV��DV�ZHOO�DV�WKH�ÀJKW�of Palestinians for what they consider their land as well. I have more questions now than before landing in Tel Aviv. Yet, I JXHVV�LW·V�VXSSRVHG�WR�EH�WKLV�ZD\��LI�QRW�even sultans and prophets could solve WKH�SUREOHPV�DIÁLFWLQJ�WKH�+RO\�/DQG�throughout the millennia.

One thing is for sure: the narrow streets of Old Jerusalem, the fortress of Masada, the Judean Desert with its former Bedouin ZDUULRUV��7KH�%DKD·L�*DUGHQV�RI�+DLID�will now always be a part of whom I am. This beautiful country, so troubled yet so beautiful, made us all think about the SUREOHPV�DIÁLFWLQJ�LW��6LPSO\�EHFDXVH�LW�made us UHÁHFW on such important topics, I deem this trip a success.

Vol. LXXVIII Opinion - Samuel Curtis Johnson Graduate School of Management April 13th, 2012 9

10 Tips for a Successful Summer InternshipAdvice from 2nd Year MBAs on How to Maximize the Summer Internship Experience

By Sanjeev Goluguri

MBA ‘13

For many MBA students a summer internship is an opportunity to explore a new industry, job function or career path, with the goal of converting it into a full-time offer. CBJ caught up with a few current 2nd year Johnson MBA students to understand what made their internships successful, how they set themselves apart from peers representing other top business schools, and their lessons learned.

As expected, a few common themes emerged: 1) networking inside the company, 2) proactively asking for feedback, and 3) crafting a work plan and sticking to it. In addition, a few students offered tactical advice and tips that could be applied in a summer internship and beyond. Here are a few quotes from -RKQVRQ�·���0%$V�

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“To differentiate myself from other interns from top schools, I came to meetings

with well thought out solutions, not

just problems to discuss with my

team. Asking for feedback early and incorporating it in the day-to-day activities was critical to show my employer that I was excited and able to learn quickly. Finally, meeting people from different SUDFWLFHV�ZLWKLQ�WKH�ÀUP�QRW�RQO\�DOORZHG�me to get my name out there but also learn whether this is the right opportunity for me.”– 0LFKHO�(O�.KRXU\��'HORLWWH�&RQVXOWLQJ (Summer Associate), New York City

“If you are interning in a larger organization, LW·V�DEVROXWHO\�HVVHQWLDO�

you reach out and meet different people

across the organization. All you have to do is write someone an email, tell him RU�KHU�\RX·UH�DQ�0%$�VWXGHQW�LQWHUQ�DQG�WKDW�\RX·G�ORYH�WR�OHDUQ�PRUH�DERXW�KLV�RU�KHU�SRVLWLRQ�DQG�SHUVSHFWLYHV�RQ�WKH�ÀUP��<RX·G�EH�VXUSULVHG�KRZ�PDQ\�SHRSOH�ZLOO�want to have lunch or coffee with you. I ZLVK�,�KDG�VWDUWHG�WKLV�IURP�WKH�ÀUVW�ZHHN�µ�– Ingrid Jensen, NPR (Corporate Business Development), Washington, D.C.

“Beware a steep learning curve on your LQWHUQVKLS��'RQ·W�JHW�IUXVWUDWHG�DQG�remember that using your network, both ZLWKLQ�WKH�ÀUP�DQG�IURP�-RKQVRQ��ZLOO�KHOS�\RX�ÀJXUH�WKLQJV�RXW�µ– Adam Edwards, American Express (Finance Manager), New York City

“Internship is a 10 week interview process. You are interviewing the company, the role and the industry just as much as the FRPSDQ\�LV�LQWHUYLHZLQJ�\RX�IRU�D�¶ÀW·��You have the golden opportunity to have candid conversations with everyone at the ÀUP��-XPS�RQ�LW��DVN�WKH�GLIÀFXOW�TXHVWLRQV��understand the challenges and the skills needed to succeed.”– Shobhit Varshney, Bain & Co. (Summer Associate), New York City

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“In my view, the key to summer

internship success has very little to do

with technical competence, it has to

do with “likeability”. The majority of the required skills for your summer internship will either be taught to you on the job or come from common sense. Therefore, if people like you, they will be more inclined to spend time working with (and teaching) you to ensure that you succeed. To maximize your “likeability” you should ensure you are: friendly, eager, easy to get along with, and most importantly willing

to do ALL tasks with a smile (regardless of how basic and meaningless they may seem).”– Andrew Schwartz, RBC Capital

Markets (Investment Banking Associate), New York City

“The summer internship is a great UHDOLW\�FKHFN�IRU�EXVLQHVV�VFKRRO��,W·V�DQ�RSSRUWXQLW\�WR�JDXJH�RQH·V�SURJUHVV�ERWK�technically and managerially. 2YHU�WKH�summer, gather as much formal and

informal feedback as possible. When you return to Johnson in the fall, use the VHFRQG�\HDU�WR�UHÀQH�VNLOOV�WKDW�QHHG�improvement.”– Jason Nyrop, Accenture (Management Consulting Intern), New York City

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“I had the opportunity to be seated in an intern “bullpen” with MBA interns from other schools such as Columbia, NYU, and Wharton. We created a wonderfully supportive community - not only did we help one another in checking our projects, we also kept in touch afterwards. I would highly recommend developing

relationships with the other MBA

interns during your summer so that

they become a part of your larger

network.”

– .D\�)RN��$PHULcan Express (MBA Marketing Intern), New York City

21�0$1$*,1*�(;3(&7$,7216�«�

“I would have re-adjusted my expectations from the outset. You hear stories from those who have gone before you about what their experiences were like and \RX�H[SHFW�WKH�VDPH���:KHQ�P\�ÀUVW�month was chaotic & unorganized I was frustrated, but once I realized it was

incumbent upon me to create value in my experience, I was able to re-frame it and really engage. You have to be ready to take initiative the minute you show up - no one in the Fortune 500 is paid to hold an LQWHUQ·V�KDQG��2QFH�,�VWDUWHG�VHHNLQJ�RXW�my own challenges beyond the scope of

D�WUDGLWLRQDO�LQWHUQ�SURMHFW��WKH�52,�RQ�P\�H[SHULHQFH�ZDV�WUHPHQGRXV«�%H�willing to leave your comfort zone, be

ZLOOLQJ�WR�WDNH�ULVNV�DQG�EH�FRQÀGHQW�LQ�what you bring to the table - be proud

to represent Johnson to the “real”

ZRUOG�µ�– Jen Baker, Intel (ALP Intern - Strategy Analyst), Santa Clara, CA

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“To bring the most amount of value in a short amount of time, you have to start before you technically start. Get to know your team before you start and understand what its goals are. By identifying the goals of your organization DQG�\RXU�WHDP�PHPEHUV·�LQGLYLGXDO�JRDOV��you can craft a plan to drive value. Set a

list of personal goals before you start,

revisit that list ever 2-3 weeks and work

towards milestones.”

– Carlos Castro, Agora Partnerships (Associate), Nicaragua

“I found that volunteering for responsibilities was the key. JP Morgan being a large bank, there was tremendous potential to meet senior employees and Johnson school alums. Being involved in a large set of activities enabled me to broaden my professional network and KDYH�FRQYHUVDWLRQV�WKDW�LQÁXHQFHG�P\�career aspirations greatly.”– 9DUXQ�.KXUDQD��-3�0RUJDQ (Summer Associate), New York City

10 April 13th, 2012 Samuel Curtis Johnson Graduate School of Management - Lifestyle & Entertainment Vol. LXXVIII

The Best of JSMisc, 2011 - 2012Curated by Anthony Brough

MBA ‘13

WARNING: Any views or opinions presented in these emails are solely those of the authors and do not necessarily represent those of the Samuel Curtis Johnson Graduate School of Management at Cornell University (“Johnson”).

CBJ presented you with 13 candidates for The Best of JSMisc (http://on.fb.

PH�-0,6&�$�, and you weighed in with 130 votes. Without further ado, we hereby present The Best of JSMisc, academic year 2011-2012.

1st Place��´5LQJV�IRXQG�LQ�:RPDQ·V�EDWKURRP�LQ�WKH�DWULXPµ

From: Nikolai Pereira Sent: Saturday, February 11, 2012 1:54 PMTo: Johnson Student Misc Distribution List6XEMHFW��5(��5LQJV�IRXQG�LQ�:RPDQ·V�EDWKURRP�LQ�WKH�DWULXP

You should probably start looking for an active volcano to throw them in. The ODVW�WLPH�VRPHRQH�IRXQG�D�ULQJ��LW�GLGQ·W�ZRUN�RXW�YHU\�ZHOO�IRU�KLP�

http://en.wikipedia.org/wiki/Smeagol

Nikolai Philip Pereira | MBA 2012Johnson at Cornell University

*****

From: Dale He Sent: Friday, February 10, 2012 11:03 PMTo: Johnson Student Misc Distribution List6XEMHFW��5LQJV�IRXQG�LQ�:RPDQ·V�EDWKURRP�LQ�WKH�DWULXP

Posting for a friend, please contact her directly.

Hi,

,�IRXQG�WKUHH�ULQJV�LQ�WKH�ZRPHQ·V�EDWKURRP�LQ�WKH�DWULXP���,I�WKH\·UH�\RXUV��please describe them so I can return them to you.

Thanks,

Karen

2nd Place: “Haricut [sic] for Asian guys?”

From: Junghyun Kim [mailto:jk2435@cornell.edu] Sent: Friday, September 16, 2011 12:43 PMTo: Anthony S BroughCc: Emile Gerard Ho-Sing Chin-Dickey; Johnson Student Misc Distribution ListSubject: Re: Haricut for Asian guys?

Have a white person cut the front half and a asian person cut the other half. <RX·OO�EH�JROGHQ�

*****

On Friday, September 16, 2011, Anthony S Brough <asb335@cornell.edu> wrote:!�,�GRQ·W�KDYH�D�JRRG�UHFRPPHQGDWLRQ�IRU�\RX���3HUKDSV�VRPHRQH�HOVH�ZLWK�JRUJHRXV�ÁRZLQJ�$ODVNDQ�ORFNV�FDQ�FKLPH�LQ"

*****

> From: Emile Gerard Ho-Sing Chin-Dickey> Sent: Friday, September 16, 2011 12:24 PM> To: Anthony S Brough; Johnson Student Misc Distribution List> Subject: RE: Haricut for Asian guys?>> I have half-asian hair. Any recommendations there?

*****

> Anthony S Brough <asb335@cornell.edu> wrote:>> Vince,>!�,·P�QRW�$VLDQ��EXW�,�KDYH�KDLU�VLPLODU�WR�\RXU�SHRSOH��VR�,�XQGHUVWDQG�\RXU�plight. I went to Sartori Salon (www.satoridayspasalon.com), which is near 7ULSKDPPHU��+DQVKDZ���1RUWK�RI�&DPSXV��EXW�DFFHVVLEOH�E\�EXV�LI�\RX�GRQ·W�KDYH�D�FDU���7KH�JLUO�ZKR�FXW�P\�KDLU�ZDV�$OLFLD�RU�$O\VVD«�VXIÀFH�LW�WR�VD\�KHU�QDPH�LV�VRPHWKLQJ�WKDW�VDWLVÀHV�$ D���&RVW�ZDV������EXW�ZRUWK�LW��>> Anthony

*****

> From: Vincent Lee> Sent: Thursday, September 15, 2011 5:04 PM> To: Johnson Student Misc Distribution List> Subject: Haricut for Asian guys?>> Does anyone know of a place in Ithaca for an Asian guy to get a decent KDLUFXW""""�,�GRQ·W�PLQG�SD\LQJ��������LI�WKH\�DFWXDOO\�NQRZ�KRZ�WR�FXW�$VLDQ�KDLU���,�GRQ·W�ZDQW�WR�JR�WR�1<&�RU�7RURQWR�HYHU\�����ZHHNV���+HOS�>> Vince Lee

4th Place: “Jewish Business Association” aka “Rural Cambodian”

From: Adam S Burke Sent: Sunday, September 11, 2011 12:42 PMTo: Johnson Events List; Johnson Student Misc Distribution ListSubject: RE: Jewish Business Association

After some feedback from my last email, I feel compelled to mention that many people at Johnson are working hard to improve the technology situation so WKDW�IXWXUH�-RKQVRQ�VWXGHQWV�GRQ·W�H[SHULHQFH�DQ\�GLIÀFXOW\���,�WKLQN�,�VSHDN�for everyone when I say that we recognize and appreciate the work that these people are doing.AB

*****

From: Adam S Burke 6HQW��6DWXUGD\��6HSWHPEHU���������������30To: Johnson Events List; Johnson Student Misc Distribution ListSubject: Jewish Business Association

,�DSRORJL]H�IRU�VHQGLQJ�WKLV�WR�HYHU\ERG\�EXW��VLQFH�WKH�-RKQVRQ�6FKRRO·V�WHFKQRORJ\�LQIUDVWUXFWXUH�LV�RQ�SDU�ZLWK�ZKDW�,�ZRXOG�H[SHFW�WR�ÀQG�LQ�UXUDO�Cambodia, I am left with no choice.

The Jewish Business Association will be holding a Town Hall style meeting for old and new members on Monday from 5-6pm in room TBD. Please try to attend even if you can only make it for a few minutes to meet the group. We have been planning events for the next couple months and all of the details are posted on CampusGroups. Please use the CampusGroups website (https://johnson.campusgroups.com/student_community?club_id=6684) to stay up-to-date with all of the happenings in the club.

Regards,Adam Burke

3rd Place: “Re: FIREFIGHTER costume?”

From: Lani Shufelt Sent: Monday, October 03, 2011 10:25 PMTo: Lani ShufeltCc: Laura X. Wang; Selina C. Ang;Johnson Student Misc Distribution ListSubject: Re: FIREFIGHTER costume?

Shit. That was meant for Laura and Selina

Sent from my iPhone

*****

2Q�2FW����������DW�������30��´/DQL�6KXIHOWµ��DOV���#FRUQHOO�HGX!�ZURWH�

,·YH�JRW�)UHQFK�ÁLJKW�DWWHQGDQW��FRS��DQG�IHPDOH�(GZDUG�VFLVVRUKDQGV

Sent from my iPhone

*****

2Q�2FW����������DW������30��´/DXUD�;��:DQJµ��O[Z�#FRUQHOO�HGX!�ZURWH�

&KDQJLQJ�WKH�ZDQWHG�LWHP��ORRNLQJ�IRU�ÀUHÀJKWHU�FRVWXPH��1R��WKH�ORFDO�ÀUHKRXVH�ZRQ·W�OHQG�PH�RQH��<HV��LW·V�D�VHULRXV�UHTXHVW��7KDQNV�

*****

From: Selina C. Ang Sent: Sunday, October 02, 2011 11:40 AMTo: Johnson Student Misc Distribution ListSubject: Cow costume? JS Misc World – This is a random/long shot question, but does anyone have a cow costume or cow-inspired clothing to borrow this week? Will give it back Tuesday evening. Thanks!

2

3 4

1

Vol. LXXVIII Lifestyle & Entertainment - Samuel Curtis Johnson Graduate School of Management April 13th, 2012 11

Recipes from the Iron Chef Sage SocialBy Selina Ang, MBA ‘12; Robert Frisch, MBA ‘13; Nora Hansanugrum, MBA ‘13; and (PPD�.LUZDQ, Joint Ventures ‘13

The Iron Chef competition, an annual tradition, was held at Sage Social on 0DUFK����LQ�SDUWQHUVKLS�ZLWK�2XW�IRU�%XVLQHVV�DQG�&RRNLQ·�7KH�%RRNV��“We know that everyone at Johnson –

faculty, staff and students – is always busy. The Iron Chef competition provides much needed respite … and allows everyone WKH�RSSRUWXQLW\�WR�WDVWH�VWXGHQWV·�FUHDWLYH�dishes,” said Tony Tao, President of &RRNLQ·�7KH�%RRNV��The following recipes appear courtesy

of the winning team, The Johnson Curryculum: Selina Ang, Robert Frisch, Nora Hansanugrum, and Emma Kirwan.

Curried Mushroom Puffs Recipe

Ingredients:

1 tablespoon extra-virgin olive oil1 10 ounce package organic white button mushrooms1 10 ounce package organic cremini mushrooms½ cup vegetable stock (used quarter cube of Rapunzel Vegan Vegetable Bouillon with Sea Salt)2 teaspoons curry powder1 package frozen puff pastry, thawed for 45 minutes Flour, for dusting surface 1 egg, lightly beaten Splash of milk

Instructions:

Prepare mushrooms: Wash, de-stem, and cut into eighths, and coarsely chop. In a large skillet, heat oil over medium high heat. Sauté mushrooms until juices emerge, about 10 minutes. Lightly season with salt and coarsely ground black pepper. Add in vegetable stock and cook down until partially evaporated. Add curry powder, lower heat to medium, and sauté IRU�DQRWKHU���PLQXWHV�WR�EOHQG�LQ�ÁDYRUV��

Remove from heat and set aside to cool.Prepare pastry: While mushrooms

cook, unfold puff pastry sheets onto D�ÁRXUHG�VXUIDFH��8VLQJ�WZR�VL]HV�RI�round cookie cutters (2 ½ inch and 2 ¼ inch), cut 12 circles of each size. Preheat oven to 325 degrees.Stuff and seal: Spoon a heaping

teaspoon of curried mushrooms onto the smaller pastry circles. Place larger pastry circles on top of each smaller circle with mushrooms, and use the back of a fork to press down on the rim of the pastry to seal. Gently cut a slit with a knife in the top of the pastry to allow the steam to escape during cooking. Combine beaten egg and milk; brush each pastry with a light coating of egg wash.Bake: Place pastries on baking tray

lined with parchment paper and bake for 10-12 minutes until puffy and golden brown.

Romaine Salad with Shaved Celery,

Curry Spiced Walnuts, and Curry-

Citrus Yogurt Dressing Recipe

Ingredients:

1 bag Finger Lakes Fresh romaine lettuce, chiffonade1 stalk celery, chiffonade1 watermelon radish, thinly slicedLemon zest, for garnishCurry spiced walnuts (see below)Curry-citrus yogurt dressing (see below)

Curry Spiced Walnuts Recipe

�FRXUWHV\�RI�&D\XJD�6W��.LWFKHQ�%ORJ��www.cayugastkitchen.com�

Ingredients:

1/2 cup walnut pieces1 teaspoon cumin 1 teaspoon curry powder

1 tsp. coconut oilDash of salt

Instructions:

Preheat oven, or toaster oven, on to 300 degrees. Mix ingredients and spread on a cookie sheet. Bake for approx. 15 minutes or until golden brown. Check repeatedly and stir.

Curry-Citrus Yogurt Dressing Recipe

Ingredients:

1 cup plain yogurt1/3 cup extra virgin olive oil1 tablespoon cumin1 tablespoon turmeric1.5 teaspoon ground corianderFreshly squeezed juice of 1 lemon1 teaspoon sea salt1 tablespoon plus 1 teaspoon pure maple syrup

Instructions:

Whisk all ingredients together until well blended.Salad: Toss romaine lettuce and celery with several tablespoons of dressing until well coated. Top with walnuts, radish, and lemon zest. Sweet Curry Roasted Butternut Squash

Mash Recipe

Ingredients:

1 butternut squash1/2 cup pure maple syrup1 tablespoon curry powder1 teaspoon salt

Instructions:

Peel squash, cut in half lengthwise, and remove seeds. Roast in preheated 350 degree oven for 1 hour. Coarsely chop squash into smaller pieces and puree in food processor.Stir in remaining ingredients.

Red Wine and Masala Braised Beef

Recipe

Ingredients:

2 pounds beef chuck, cut into 3-4 inch piecesCanola oil for browning beef2 small yellow onions roughly diced4-5 stalks of celery, roughly diced4 cloves of garlic3 tablespoons tomato paste1 cup of dry red wine1 1/2 cup beef broth1 cup of water1/3 cup of curry mix (see below)2 bay leavesSalt and pepper for seasoning1/4 cup of heavy cream

Curry Mix Ingredients: 3 parts garam masala1 part curry powder1 tablespoon of cumin

Toast spices over small skillet over medium-low heat until fragrant (about 5 PLQXWHV���,QWHQVLW\�RI�FXUU\�ÁDYRU�FDQ�EH�DW�discretion of cook.

Main Preparation:

In a large dutch oven, heat oil over medium high heat and brown meat on all sides. Brown in batches to avoid crowding. Reserve beef on a side plate.Using the same dutch oven, immediately

sauté onion, celery, and garlic until softened over medium heat, about 5 minutes. Add tomato paste and stir. Deglaze with red wine; reduce liquid by 2/3. Add broth, water, and curry mix, bay leaves, salt, and pepper. Bring to a boil.Return meat to broth (meat should be

covered 2/3, but not fully submerged). Line top with parchment paper and cover with lid. Place in oven at 325 degrees for 1 hour; reduce to 300 degrees for 2 additional hours.7R�ÀQLVK�VDXFH��GHSRXLOODJH�WR�UHPRYH�

excess fat. Add water if needed to reduce intensity of stock. Using an immersion blender, puree vegetables to thicken sauce. Finish with cream.

12 April 13th, 2012 Samuel Curtis Johnson Graduate School of Management Vol. LXXVIII

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