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2016 Hagan/Iona – CIBER/UConn Summer Symposium

Global Economy and the Politics of Energy

Saturday, July 30, 2016

Program

Saturday, July 30
8:30 - 9 a.m. Continental Breakfast & Registration Robert V. LaPenta Student Union
8:50 - 9 a.m. Welcoming Remarks

Conference Co-Chairs
  • Charles Cante, Ph.D., Dean of the Hagan School of Business, Iona College
  • Jay Kang, Professor, San Francisco State University   

Program Co-Chairs
  • John Manley, Ph.D., Department Chair, Hagan School of Business, Iona College
  • Anand Shetty, Professor, Iona College
Robert V. LaPenta Student Union
9 - 10 a.m. Session One
Session Chair: Anand Shetty, Iona College
  • Plenary: Passive House Design: Success Record and Cost Differentials
    Marty Rowland, Passive House Designer, USA
Robert V. LaPenta Student Union
10 - 10:15 a.m. Coffee Break Robert V. LaPenta Student Union
10:15 - 11:45 a.m. Session Two
Session Chair: Anand Shetty, Iona College
 
  • Future Economic Growth in the G-20 AND G-25
    Lawrence G. Bridwell, Pace University, USA
  • Power, Politics, Protocol of the International Olympic Committee: Organization Theory Case
    Donald Grunewald and George DeFeis, Iona College, USA
  • Operating Risk & Return Equilibrium in Fixed-Cost Spending
    Jay Kang, San Francisco State University, USA
Robert V. LaPenta Student Union
Noon - 1:30 p.m. Lunch Robert V. LaPenta Student Union
12:30 - 2 p.m. Luncheon Panel: Current Issues in Sustainability
Session Chair: John Cusack, Gifford Park Associates, USA
 
Panel Discussion: Can “Non-financial Data” Be Material in the Legal (SEC) Definition of Materiality? Climate Change is a Very Material Financial and Political Issue for the Global Energy Sector
  • Francis Byrd, CEO, Byrd Governance Advisory Services, has worked for the Connecticut, NYC and TIAA-CREF pension plans on corporate governance & ESG, before starting his own governance advisory firm.
  • Gregg Sgambati, managing director, S-Network Global Indexes, has created investable ESG indexes and ratings for S-Networks, worked at AXA and UBS, and teaches CSR as an adjunct at Ramapo College in New Jersey.
  • Henry Shilling, senior vice president, Moody's Investors Services, head of the Social Performance Group (SPG), part of Moody’s Analytics, has a broad mandate to explore the sustainable and responsible investing (SRI) sphere and leads the effort to integrate ESG into Moody's credit analysis & bond ratings.
  • Kristen Sullivan, partner, Deloitte Sustainability Services, is head of Deloitte's Sustainability Reporting, Assurance & Compliance Practice, and manages Deloitte's social impact efforts, including the firm's support of the Global Impact Investment Ratings System (GIIRS).
Robert V. LaPenta Student Union
2 -  3 p.m. Session Three
Session Chair: Eleni Mariola, Iona College
 
Plenary: History of Globalization Infused with Universal Humanism: Course Development
Athar Murtuza, Seton Hall University
 
  • Doing Business in Luca Pacioli’s Neighborhood
  • Doing Business Alongside the British East India Company
  • Bollywood as a Global Business
  • Venture of Islam: A Muqaddimah
Robert V. LaPenta Student Union
3 - 3:15 p.m. Coffee Break Robert V. LaPenta Student Union
3:15 - 5 p.m. Session Four
Session Chair: Eleni Mariola, Iona College
 
  • The Federal Reserve System (FED) Policies and Objectives in an Era of Globalization
    Pellegrino Manfra, City University New York
  • Development of an Automobile Safety Recall Index
    Robert J. Richardson and Dana Andrea, Iona College, USA
  • Director’s and Actor’s Strategies in Energy Companies at U.S. and Polish Markets
    Piotr F. Borowski, Warsaw University, Poland, and Jay Nathan, St. John’s University, USA
  • Reserve Currencies and Changing Composition of Reserves
    Anand Shetty, Iona College, USA
Robert V. LaPenta Student Union
5 - 6 p.m. Thank You Reception Robert V. LaPenta Student Union

Abstracts for Presentations

Plenary: Passive House Design: success record and cost differentials
Marty Rowland, Ph.D., P.E., Passive House Designer
Marty Rowland has 40 years of experience in the environmental engineering industry as regulator, corporate expert, hazardous waste landfill site manager, construction manager, chemical remediation scientist, adjunct professor, social equity advocate, and common property/resource management economist. Registered as professional engineer in NYS and Louisiana, his doctorate is in urban studies, having studied the evolution of water management institutions in Tampa and Baton Rouge. He completed certification as a Passive House Designer in 2011.

Abstract
In the evolution of constructed shelter, we’ve just entered a period as revolutionary as mankind’s move from caves to wooden/leaf-sheltered huts.  With the tidal wave of Passive House construction throughout Europe and now the U.S., it is clear that LEED certification belongs to an expired paradigm where low fuel costs stymied advances in construction techniques and higher air quality for living and work spaces. The concept of “value” is no longer captured in dollars and cents, but now includes quality of life and climate change resiliency. Simple “cost-benefit” ratios that advantage status quo benefactors are losing relevance. The presentation identifies the technical aspect of Passive House design and what the occupant of such a structure gains, including energy bills 10 percent of what they are in comparable buildings that are not of that design, higher air quality, and buildings much safer in terms of explosions (flammable fuels are not needed). There is a description of a RFP for the largest Passive House development in the U.S., to be located in East Harlem, NYC. The selection criteria is weighed to favor not only those who build higher quality buildings, but also to those seeking to build them for low income to middle class people.

Plenary: History of Globalization Infused with Universal Humanism
Athar Murtuza, Seton Hall University, USA
Course Development: explore the cultural wealth provided by the greater New York, its museums, cultural richness, ethnic enclaves, media resources such  BBC,  PBS, NPR, and the world wide web. In addition, explore textual material pertaining to the country/region they are visiting, spread over an entire semester. Lastly they would be linked to a topic/theme pertaining to Global Business. The four courses are:
  1. “Doing Business in Luca Pacioli’s neighborhood” 15th-16th centuries of the Venetian Republic & Mediterranean Islamic Spain - the true neighbor of Venetian Republic was the Muslim world.
  2. “Doing Business alongside the British East India Company” the Indian-subcontinent from 17th to 20th century of the global corporation, the British East India Company.
  3. “Bollywood as a Global Business” 20th and 21st century studying the movie industry of India as a case study of what is global business and the rise of capitalism in India.
  4. “Merchants And Faith: Islam in South East Asia” how trade brought Islam to countries located in the Indian Ocean as a comparison with the British East India Company).  
  5. “Venture of Islam: A Muqaddimah” introduction to Islamic prescriptions to the pursuits of wealth, commerce, culture, and lives lived mindfully. The presentation is taking a look at the long history of globalization, seeking to infuse it with a Universal Humanism.        
Plenary: Can “Non-financial Data” Be Material in the Legal (SEC) Definition of Materiality?
John Cusack
Climate change is a very material financial and political issue for the global energy sector. This discussion will focus on how ESG information can meet SEC's materiality standard requirement, and thus requires disclosure by companies.  NGOs such as SASB and CDP have designed frameworks for structuring non-financial data and information into the environmental, social, and governance pillars of ESG. This panel will ask: Can non-financial metrics be material under the legal, SEC definition?  The panel will also address efforts to integrate ESG issues into both bond ratings and credit analysis at Moody's.
 
Future Economic Growth in the G-20 AND G-25
Larry Bridwell, Pace University
Europe, the USA and Japan have had slow economic growth since the Great Recession which began in 2007.  In contrast, many developing countries have witnessed growing prosperity.  In the future, continued stagnation in advanced economies may continue while many developing countries will have very high growth among the lowest income populations which will cause a world-wide expansion of the middle class in G-20 and G-25 countries.

Power, Politics, Protocol of the International Olympic Committee: An Organization Theory Case Study
George L. De Feis and Donald Grunewald, Iona College
The IOC is here to stay, but it must organize itself more consistently with the changing needs of a growing and more globalized world.  The IOC ethics issues continue to grow: 2014 Winter Olympics (Georgia’s boycott of the game, Human Rights Watch, oppressive homophobic issues); 2006 (doping charges/positive drug tests); 2002 Olympic bid scandal/“gifts” accepted for selecting Salt Lake City.  Authority and control must be changed to reflect the changing needs of a decentralized organization.  The IOC must be aware that there are different types of power one can utilize: fairer forms of power (legitimate and expert) and unfair forms of power (reward, coercive, and referent).

Operating Risk and Return Equilibrium in Fixed-Cost Spending
Jay Kang, San Francisco State University
In a survey of 15 American managerial accounting textbooks, the cost-volume-profit analysis chapters (1) offer the operating leverage (OL) and the safety margin ratios (SMR) of a business firm or project as quantitative expressions of operating risk, but (2) fail to fully elaborate on the mathematical properties of these measures, and (3) also fail to integrate these risk measures in operating decisions. Then, examining the quantitative dimensions of operating risk, one finds (a) these two operating risk measures are mathematical inverse to each other; (b) a firm’s ratio of total fixed cost (TFC) to its total contribution margin (TCM) is the degree of operating loss exposure (DOLE) due to fixed cost spending; and (c) A firm’s risk integrated decision and performance evaluations on the level of TFC spending need to compare its DOLE and profit return on the TFC spending. The DOLE and profit return on fixed cost are in their long-term equilibrium at 0.618033956.

Director’s and Actor’s Strategies in Energy Companies at U.S. and Polish Markets
Piotr F. Borowski, Warsaw University of Life Sciences, Poland, and Jay Nathan, St. John’s University, USA
When we speak about macro-environment, we think about legal and political components, ecological and social components - which play in firms’ management the most important role in XXI century. In this research we examined the influence of factors mentioned above on energy enterprises, and we elaborate the matrix of adaptation for the firms' existing energy market. This research contributes to the understanding of how different strategies of adaptation are related to uncertainty of macro-environment. Another aspect of this research is to bring to focus the relevance of Politics, Government, Technology, and Leadership—and how they impact “adaptation” and “uncertainty.” In European countries we can observe different political regulatory regime, while in democratic system legal environment depends on relative political power of Prime Minister vs. President.

The Federal Reserve System (FED): Policies and Objectives in an Era of Globalization
Pellegrino Manfra, City University New York
This article examines the Federal Reserve System (FED) and recent decisions to adopt a globalized view on monetary policy. The FED has three policy goals: “maximum employment, stable prices and moderate long-term interest rates.” Clearly, the policymakers of the FED must assign at least an implicit ranking to these goals; in the long-run all three goals are compatible. Up to date the Fed equations have tended to ignore the globalized economy.  Monetary Policy is changing and incorporating international monetary models towards interest rate changes. Last year Janet Yellen surprised investors that the turmoil in Chinese financial market was one of the factor why the Fed committee decided not to increase interest rate. Early this year after the turmoil and hysteria in globalized markets the Fed restrained from increase interest rate a second time (after raising them 25 basis points late last year). This time it seems that a non-American market issue has shaped the Fed debate again to leave interest rate unchanged again - this time in relation to Brexit. Thus, the Fed monetary policy has been implicitly incorporating world issues towards policy objectives.

Development of an Automobile Safety Recall Index
Robert J. Richardson and Dana Andrea, Iona College, USA
The J. D. Power automotive initial quality and dependability surveys provide measures that rank cars based on several factors. The purpose of this research is to determine if these rankings are independent measures for the consumer to use in evaluating the purchase of an auto. In addition to these surveys, it is beneficial for the consumer to have information on the recalls issued on a car. By using sales and recall data from 2005 to 2010, a Safety Recall Index is created that reflects the safety of a vehicle. Then, a comparison is made between the Safety Recall Index rankings and the J. D. Power rankings. Since J. D. Power’s rankings are not highly correlated with the Safety Recall Index, the newly created index provides additional, useful information for consumers to use when buying a car.