2008 Annual Report for Academic Unit Administrators Department of Finance and General Business By: Kent P. Ragan, Department Head I. Academic Programs (Undergraduate and Graduate) A. Course and Curriculum Changes/Additions 1. The Financial Planning option on the finance major took effect fall 2008. At the end of 2008 we had 18 financial planning majors. 2. A financial planning minor was passed through COBA Council and approved by Faculty Senate and the President in early 2009. It should appear in the 2009 – 2010 catalog. Prior to that formalization several students filed personalized minors in financial planning. 3. Catalog descriptions and prerequisites were changed on several courses to maintain currency. 4. The General Business, Finance, and Risk Management/Insurance Majors were changed slightly to replace QBA 337 with FGB 390 or 487. FGB 495 and 599 were added into the finance major – finance option curriculum. 5. In concert with the West Plains campus, the General Business program in China was streamlined so that students may complete the program with the minimum graduation hours of 125. Enrollments continue to rise, and multiple-section offers may be in the near future. 6. RIL 350 has been substituted into the Entrepreneurship major on a test basis. Hopefully the MGT department will include it as a choice against FGB 390 permanently. 7. FGB 150 was offered via dual credit at several area high schools. 8. The financial planning program is in the process of being submitted to the CFP board for possible board approval. Offering a program approved by the CFP Board will allow our students to sit for the CFP exam upon successful completion of our financial planning program. B. Accreditation, Licensure, Certification and Other Outcome Measures We continue to support the College of Business Administration’s AACSB maintenance of accreditation efforts. We created a program and are in the process of submitting it for possible approved by the CFP Board that would allow our students to sit for the CFP exam upon successful completion of our CFP program. We continue to offer the CFA University Scholars Program. C. Access 1) Technology We continue to offer FGB 500 online. We began offering FGB 381 and RIL 211 online during 2008. We offer a variety of courses via interactive television, primarily to our General Business majors who can earn a bachelor’s degree at West Plains and Neosho (at Crowder College). 2) Off Campus programs We have a General Business program in Neosho at Crowder Community College. The General Business degree continues to be offered at our West Plains campus, and through our campus in Dalian, China. We offered FGB 680 Advanced Financial Management to our Joplin MBA cohort in SP08. 3) Other The General Business major and minor, the finance major, and Legal Studies in Business minor are able to be completed at night. We continue to approve qualified high school teachers for dual credit offerings of FGB 150. The high school personal finance requirement will certainly lead to further dual credit offerings in the future. Dual credit offerings of FGB 135 need to be enhanced, and will be explored. We are investigating ways to offer the General Business degree through innovative evening scheduling. D. Faculty and Student Awards and Recognition– Teaching, Advising, etc. Dr. Stanley Leasure earned the College of Business Administration’s 2007—2008 Outstanding Paper Award—Theoretical Category for his article Arbitration of Nursing Home Claims: Oklahoma Goes Its Own Way, which recently appeared in the Oklahoma Law Review. Dr. Stephen Haggard earned the College of Business Administration’s 2007—2008 Outstanding Paper Award—Empirical Category for his article “Does Voluntary Disclosure Improve Stock Price Informativeness?” This paper was co-authored with Xiumin Martin of Washington University in St. Louis and Raynolde Pereira of the University of Missouri. The paper was recently accepted by Financial Management, E. Undergraduate Initiatives - Honors, International and Undergraduate Research, Service Learning, Diversity and Inclusiveness We continue to offer FGB 307 Business in Community service learning course. FGB co-sponsors the GEP 397 Cultural Diversity course that is taught every semester. F. Graduate Initiatives – Co-Authorships, Theses, Research Professor James Scott presented or submitted the following papers with current or former graduate students: “Proposed Study of the Impact of Corporate Spin-Offs”, at the International MBAA 43nd Annual Meeting, April 2-4, 2008, Chicago, IL, with Shweta Agarwal, Andrea Thurmond. “Binomial Lattice Approach to Health Care Administration Expansion Decisions: An Integration of the Quality Chasm and Real Option Models”, at the SWFA meeting, February 25-28, 2009, Oklahoma City, OK, with Ashley Newton. G. Enrollment – Majors and Credit Hours As of Fall 2008 FGB had the following numbers of majors: Finance: 433 Gen. Bus: 420 Insurance and Risk Mgt.: 45 Total: 898 (China students not included.) During 2008 the following number of FGB degrees were conferred: Finance: 129 Gen. Bus: 79 Insurance and Risk Mgt.: 18 Total: 226 During 2008 the credit hour production for FGB courses was: Lower Division 7,194 Upper Division 10,345 Grad. Division 1,080 Total: 18,619 H. Assessment updates During 2008 FGB continued to assess FGB 380 and RIL 231, and began to examine how to assess major programs. We also updated our portion of the COBA publications database. Dr. Kent Ragan along with Dean Bottin, and Dr. Pete Richardson (MGT), Dr. John Kent (MKT), and Dr. Dick Williams (ACC) presented “Success and Challenges in the Development and Implementation of an Integrated Assessment Program: The COBA Experience” at the August Showcase on Teaching and Learning on the MSU Campus. II. Research and Scholarship A. Publications in refereed journals (national; international; other) Thirty-four faculty publications were completed during 2008. When co-authorships within the department are removed, we see 24 unique faculty publications, which exceeds the COBA goal of one refereed publication per faculty member per year. Given the diverse disciplines within FGB it is no surprise that a significant number of different journals (21) are represented. B. Presentations - (invited; national; international; other) Forth-four faculty presentations (39 when avoiding double- counting within the department) were made at 11 different conferences. Those include the Financial Management Association, Academy of Finance, Academy of Legal Studies in Business, IABPAD, and several regional finance and legal studies conferences. C. Efforts to support and promote research In addition to the COBA Dean’s generous support of travel to academic conferences, the FGB Dept. supports faculty travel up to $500 per faculty member. The COBA Dean also provides a financial incentive of $500 per publication to encourage faculty research. The FGB merit guidelines have begun to stress journal quality in addition to quantity. D. Faculty and Student Awards and Recognition Drs. Bowdidge, Pettijohn, and Ragan were named Dean’s Distinguished Research Fellows in recognition of their publication of 15 or more refereed articles in the preceding five- year period. Professor Carol Miller was one of two faculty members campus- wide to receive a Foundation Award in Research. Dr. Ragan continued his Dean’s Professorship. E. Other Significant research activities are all reported above. III. Public Affairs and Community Outreach A. Technical Assistance – Program Evaluation, Strategic Planning, etc. Drs. Pettijohn and Philpot provide personal finance seminars at their churches, and prepared a workshop for high school teachers of personal finance to be delivered in Feb. 2009. Our FGB 307 students provide significant outreach efforts into the community. Our faculty are also frequent contributors to local media outlets when they feature financial matters. Our law faculty are also active the in various Bar Associations that provide “technical assistance” to the community. B. Alumni Activities FGB faculty were actively involved in homecoming and the graduation receptions held prior to commencement. We developed an FGB advisory board during 2008 and had our first meeting at the Tower Club. That committee draws from alumni and other community leaders. We also have a Baker Chair Advisory Committee consisting of insurance professionals. C. Community Programs and Partnerships We added to our record number of grants (11 and counting) from the Spencer Foundation in support of our “Risk Manager in Residence” series. D. Faculty and Student Awards Drs. Ragan, Pettijohn, and Bowdidge were named Dean’s Distinguised Research Fellows. E. Statewide Initiatives As a portion of our State Farm Good Neighbor Citizenship Grant, we are preparing to host high school teachers from across the state at our upcoming training workshops for teachers of the high school personal finance course. The first of these workshops will be offered in February 2009. IV. Resource Development, Allocation, Effective and Efficient Management A. Faculty – 1) Recruiting, Hiring, Mentoring, Faculty Assignments, Tenure and Promotion, Career Paths, etc. Dr. Stan Adamson was named to the Baker Chair of Insurance Assistant Professors Zhang, Haggard, and Witte were reappointed for the 2009-2010 academic year. Dr. James Pettijohn’s request to return to full-time faculty status as a tenured Professor was approved by the Board of Governors at their December 19, 2008 meeting. B. Fiscal 1) Fundraising and Contracts In addition to our numerous scholarships, and the foundation’s fundraising activities, BKD Wealth Advisors began two new scholarships during 2008. 2) Budget Allocation and Management The discretionary portion of the departmental budget is relatively small, but it does provide some ability to fund faculty travel, support research, and support teaching. 3) Cost Benchmarking - Delaware and other models The student credit hours per faculty member in FGB exceeds 400 per semester, which is twice our “Delaware Ratio.” This indicates a high degree of faculty productivity, and a need for additional faculty. We filled The Baker Chair of Insurance position internally, thus we need to fill our vacant insurance position. Law faculty continue to be needed. C. Equipment, Space, etc. The college Dean has replaced many faculty computers. The Baker Chair purchased new technology for the John E. Patton Classroom (Glass 346) – the primary insurance teaching classroom. FGB has upgraded some printers. Our space utilization has remained quite effective, with some classes being moved to the larger Glass 102. Most major courses are taught in our third-floor classrooms. V. Leadership and Management: Challenges and Opportunities A. Promoting Initiatives and Avoiding Problems I have supported the revision of the departmental merit guidelines. I have been integral in the curricular proposals that have been submitted . B. Faculty Relations – Governance and Consultation I have involved many faculty members in the governance process as we proposed numerous curricular changes. We have had several “track meetings” as we have adopted new prerequisites for various courses. I have interacted with other departments as we choose the course offerings for our China classes. I have taken a keen interest in our newer faculty, including visiting their classes, and providing feedback. I have encouraged them to get involved in University and community service activities. C. Working with Staff Academic Administrative Assistants Kim Callahan and Teresa Carl both continue to be willing to help me institute some changes in FGB, and both show tremendous initiative. VI. Individual Professional Accomplishments (Kent P. Ragan – 2008) Teaching: My 2008 teaching evaluations were: Spring: 4.67 Fall: 4.32 2008 mean: 4.50 I attended the Academic Impressions Teaching Evaluation conference in Charlotte, NC, in June I conducted numerous planning sessions for the January Showcase on Teaching and Learning session presented by the Academic Impressions attendees (Charlotte, NC) Two teaching-related publications are listed in the “Research” section below. Research: I received my third Dean’s Distinguished Research Fellow designation for the five-year period ended April 30, 2008. I had the following papers published or accepted: Published: “An investigation of board-certified CFP® programs at universities with insurance/risk management programs,” with Stanley R. Adamson and James Philpot was published in Journal of the Academy of Finance Volume 6, Summer 2008, pp. 23-31. Accepted: “Arbitration of Medical Malpractice Claims: Patient’s Dilemma and Doctor’s Delight?” with Stanley A. Leasure was accepted for publication in Mississippi College Law Review Volume 28, 2008 – 2009, pp. 51 – 66. Reprinted: “University Finance Faculty in the Middle School Classroom: Using A Portfolio Management Project to Integrate Teaching, Research, and Service,” with David R. Goodwin, Pamela Herd, Gay A. Ragan, and Kent P. Ragan. Reprinted in Financial Literacy for Children and Youth, Editors: Thomas A Lucey and Kathleen S. Cooter, Publisher: Digital Textbooks (2008). I made two presentations: “Overseas Studies on the Cheap: Online Tours of the Global Financial World for the Basic Financial Management Course,” 2008 Annual Meeting of the Financial/Business Education Association, Hilton Head, SC, with James B. Pettijohn and Gay A. Ragan, September 2008. “An investigation of board-certified CFP® programs at universities with insurance/risk management programs,” with Stanley R. Adamson and James Philpot was presented at the Academy of Finance meeting, March 2008, in Chicago, IL. I submitted one paper for conference presentation: “A Chapter-by-Chapter, Web-based Project for the Introductory Personal Finance Class,” with James B. Pettijohn and Gay A. Ragan was submitted to the International Academy of Business and Public Administration Disciplines, January 2009, Orlando, FL. Service: University Service: I was COBA’s representative to the teaching-improvement conference attendees (Charlotte, NC, June, 2008). College Service: I served on the COBA Administrative Team Departmental Service: I interviewed insurance candidates at the ARIA meeting in Portland, OR I chaired the personal finance general education committee. I formed the FGB Advisory Committee, and we held our first meeting this year. I chaired the Baker Chair Advisory Committee Significant Departmental Goals achieved with me as Department Head: Numerous curricular changes were completed. RIL 350 was enhanced with new role plays, and was incorporated throughout the departmental curriculum. I recruited 15 students for the New York Study in May, 2009 (not held since 2000) FGB is reaching out to other programs (entrepreneurship, MHA) where we can play a significant role. FGB 688 was launched for the MHA, and may go online (I think that there is more opportunity there). FGB 150 dual credit was launched at several additional high schools. Denise Dickmann filled our ongoing internship position at BKD Wealth Advisors. Andrea Thurmond received the first BKD Wealth Advisors Aspiring Financial Analyst Scholarship. I have commitments from faculty to serve as internship coordinators for various areas (e.g. banking, insurance, corporate finance, CFP, CFA) and will encourage more internship opportunities in the future. One of my goals is to boost faculty-student interaction. That was furthered this year by a faculty/student picnic sponsored by FMA and efforts spearheaded by Walt Nelson to establish the Real Estate Society. Walt held a recruiting event and hosted a Christmas party in his home. Jim Pettijohn and Jim Philpot agreed to conduct the teacher workshop for the personal finance course to be held in February, 2009. This was funded by the State Farm Good Neighbor Grant. I encouraged FMA to apply for a University grant to host a finance competition for students on campus. While that initiative was not funded, we are seeking funding from other sources so that we can launch the competition. I am exploring ways to deliver the evening program more efficiently, primarily for transfer students from OTC. I continue to work with David Meinert to reexamine the China curriculum.
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