Fall 2006


Assets

Published quarterly by UCLA Anderson School of Management

Sample features provided here. Please click to download the entire Fall Issue (PDF).

Q and Anderson

Professor Antonio Bernardo

Mention the name J. Fred Weston in the halls at UCLA Anderson and you will hear the words "father of finance" soon after. A member of the UCLA faculty since 1949, this renowned scholar led Anderson's finance area or business economics area for 28 years, from the late 1950s to the mid 1980s. Complete article>

UCLA Anderson Thought Leaders School of Thought

UCLA Anderson is a hub for global thought leaders, attracting premier scholars whose groundbreaking work impacts industry on a daily basis. Complete article>

Jeff Henley ('67)

Jeff Henley ('67) Supports Student Fellowships

Jeff Henley ('67) may be chairman of Oracle Corp., the world's largest enterprise software company, but he did not grow up in a privileged family. When he was four years old, Henley's father was killed while serving as a pilot in the United States Air Force. His mother worked full-time to support her three young children, and as the eldest, Henley knew that his desire to attend college would come with a hefty financial struggle. Complete article>

 

Q & Anderson: Professor Antonio Bernardo

On July 1, 2006, Professor Antonio Bernardo assumed the role of faculty chair at UCLA Anderson. In addition to serving as chair, Bernardo will continue in his role as a professor of finance, an appointment he has held since 1994 . Bernardo's research interests are in the areas of corporate finance, information in financial markets, and valuation; he has published papers in numerous leading academic journals and he is currently associate editor of the Review of Financial Studies. Bernardo also is an award-winning teacher. Recently, he sat down with Anderson Assets to discuss the myriad issues he faces as new chair of the faculty.

Anderson Assets: What are your responsibilities as chairman of the faculty?

Tony Bernardo: My main responsibility as chairman is to enhance the quality of the faculty. It's recruitment, retention and promotion, as well as creating an environment where the faculty can be productive.

AA: What are some of the greatest challenges you face in recruiting?

TB: We do very well hiring young faculty, for whom things like housing and education for their kids are not as big a factor. But we are not as competitive when it comes to hiring mid-level faculty because the cost of living is high, the quality of public schools is low, and UCLA Anderson lags behind peer schools when it comes to compensation, which makes recruitment and retention a real challenge. The positives at UCLA Anderson are that the quality of our faculty and students is extremely high and we have a reputation for enabling younger faculty to have successful research and teaching careers. We recruit the same people recruited by schools like Stanford, University of Chicago and Northwestern. Our faculty success and our ability to foster young scholars is a difference maker. Many of our top faculty started here when they were young.

AA: What are the qualities you are looking for in new faculty? Is it research, teaching ability or both?

TB: Research is the most important factor. Then we look for success in the classroom.

AA: What is the strategy when it comes to hiring new faculty?

TB: The dean and the chair consult with faculty in each academic area on their hiring needs. From there, we put together a long-range plan based on the input from the different areas and allocate the hiring slots. The chair is involved in slot allocations across the areas, but most of the work required to hire specific individuals is delegated to each area because each has its own standards and norms for hiring. For example, in my area, finance, there is a meeting every January of the American Finance Association attended by all of the new Ph.D.s. We conduct interviews with roughly 25 candidates at these meetings and then put together a short list of five or so candidates who will make campus visits. At the campus visits, the faculty learn more about the candidate and decide whether or not to make a job offer. In other areas, there are different norms.

AA: UCLA Anderson has relatively few women on the faculty. Do factors such as diversity come into play when you decide on whom to pursue?

TB: We consider a lot of issues, including diversity, in hiring decisions. Mainly, we try to be as inclusive as possible. We advertise extensively and tap into our network of faculty contacts to get the biggest applicant pool we possibly can. We recently formed a committee to study the issue of gender representation on the faculty. Interestingly, the committee found that we do a pretty good job hiring women faculty but we don't do a good job retaining them. It is an important strategic imperative for the school to improve on this.

AA: Does the chair have time for other things, like research and teaching? Do you have any Development responsibilities?

TB: Development is a minor area for the chair; Dean Olian and (Senior Associate Dean) Al (Osborne) handle that, though I might get involved in some small way. My teaching load will go down as I take on more administrative responsibilities. It's very important that I maintain my research career, so I'm certainly going to need to get more organized.

School of Thought

Research Transforms Education, Investing and Business Practice

UCLA Anderson is a hub for global thought leaders, attracting premier scholars whose groundbreaking work impacts industry on a daily basis. Whether one's calling is in education or accounting, managing portfolios or personnel, it is likely that lessons from the Anderson school of thought are changing the way business is being done in that arena. The following stories showcase four Anderson professors - and how their work may well be transforming yours.

RESEARCH AND REFORM: Making the Grade with Public Schools

Since its publication in 2003, Making Schools Work by Professor William Ouchi has proved revolutionary. The book's recommendations for management reform in public education have been implemented by numerous school districts nationwide, illuminating ways in which management principles may be applied in a setting as far from the private sector as possible: the redtaped bureaucratic milieu of a public board of education.

Most recently, The Academy of Management Journal convened its All-Academy Symposium at its 65th annual meeting in Honolulu. The topic came straight off of Ouchi's page: "Making Schools Work: Management Reform as the Key." It could be said that Ouchi's work at UCLA Anderson not only closes the gap between the tenets of management and the formation of public policy - it has helped construct the actual bridge.

"I don't do anything unless it has the potential to influence institutions on a national level," says Ouchi, who holds the Sanford and Betty Sigoloff Chair in Corporate Renewal at Anderson. "I'm a chaired professor at a renowned management school. I'm not interested in writing articles that nobody reads. That's the whole point of having tenure and a chair. I can take five or six years doing research before showing results. If I don't do that, what's the point of having tenure?"

School of Thought
Ouchi has focused on education policy for many years. In Los Angeles, his involvement dates back to the "LEARN" program, a plan that advocated decentralization in public schools. Though the policy was adopted, it never was implemented formally or fully in the Los Angeles Unified School District (LAUSD). Ironically, when Ouchi decided to devote serious research to education, his proposals were rejected by traditional education foundations. The initial work eventually was funded in part by a pair of benefactors - Peter Bing and Frank Baxter - and foundation funding finally followed. The papers that emerged from the research, as well as Making Schools Work, detail practical principles that seem incredibly obvious from a management perspective. And yet they are anathema to the way many school districts are run.

Asked to distill and (reduce) the numerous lessons to the few essential "must-dos," Ouchi responds with what he calls "the four freedoms that must be given to every school."

The Four Freedoms
The first is the freedom for every school to control its own budget "with strong accountability." Typically, budgets are centrally controlled by school boards and boards of education.

Second, give school principals the ability to staff their institution as they see fit.

Third, give schools - principals and their faculty - the freedom to control curriculum, provided they conform to state standards. In other words, leave it up to each school to determine how its students learn the material state legislators deem essential.

And, fourth, give school administrators the freedom to customize a schedule according to the needs of the individual school, with class periods as long or short as necessary, and with teachers' meetings built into the process.

Simply implementing these four freedoms produces two critical results, Ouchi says. "One metric, we have found, is more important than any other in determining school success," he notes, "and that's ‘student load.' One of the benefits of implementation is the resulting reduction in this metric."

Student load is the number of students assigned to each teacher. In New York City, the typical high school teacher has five courses of 37 students each; in Los Angeles, it's 40. As Ouchi points out, no teacher can grade 200 reports or tests and produce substantive comments on each one. "Teachers with that many students simply can't engage in a productive way with each student," he says.

But schools (and districts) that offer principals the autonomy to budget their own money and hire their own staff see significant reductions in student load. Typically, the reduction is drastic, down to between 55-60 students, a total that mirrors numbers at elite private high schools. The second critical result follows: the lower the student load, the more students stay in school and the higher test scores rise; over time they climb 30 to 50 percent.

By Ouchi's calculation, six of the largest 10 school districts in the country are implementing - or are attempting to implement - programs that include his research tenets. These districts include New York, Chicago, Houston, Los Angeles, Clark County, Nev., and the state of Hawaii.

Big Changes in the Big Apple
Chancellor Joel I. Klein, head of the New York City public school system, is no stranger to challenge. As assistant attorney general in charge of the U.S. Department of Justice's antitrust division, he led landmark cases against Microsoft, WorldCom/Sprint, Visa/Mastercard and General Electric. His mandate as chancellor was to reform the largest public school district in the nation. His tenure began in July 2002 and his reforms have been largely successful.

Since coming on the job, Klein has utilized Ouchi's research, and relied on the Anderson professor as a trusted consultant.

"When I was appointed chancellor, I started doing a lot of reading in the field, including some articles Bill had done," Klein explains. "I found that he was focused on school autonomy and the leadership of principals. Once we started doing the work on our first overhaul, I met with Bill about how to improve our schools.

"Bill understands organizational theory and the alignment of incentives - and the effect of those on human resources and on an organization's culture. This was critical to me, because, in my view, if you have the wrong organizational culture you're not going to succeed. What Bill deals with goes to the heart of reform."

Klein's efforts in New York focus on three principles: leadership, empowerment and accountability. He offers principals performance agreements with measurable targets and then gives them the authority to meet their goals. School leaders control their own budgets, choose which administrators they work with and decide which other schools comprise their "network."

It's all designed to move authority from a behind-the-lines central administrative source to the educators in the field. And it's all straight out of the Bill Ouchi handbook.

"Bill understands how to align organizational structures in ways that lead to innovation and differentiation, and that begins with more authority at the school level," Klein says. "Organizations that succeed have an alignment between authority and accountability."

The New York chancellor's relationship with Ouchi is ongoing. Most recently, Klein asked the professor to look at how dollars follow students through the school system.

"Right now, budgets go to the schools," he says. "We're now starting to look at whether or not dollars actually flow in an equitable fashion based on individual student need."

To that end, Klein has appointed Ouchi to his advisory committee on Weighted Student Formula, the next phase of his reform. It should be noted, meanwhile, that all of the work Ouchi does for Klein is pro bono.

Closer to Home
In Los Angeles, Anderson alumnus Marcus Castain (‘98) says he also sees how Ouchi's research has informed the public debate on school reform. Castain is the associate director for education, youth and families for Los Angeles Mayor Antonio Villaraigosa, whose term kicked off with a controversial pledge to take over and reform the Los Angeles Unified School District.

The LAUSD is fighting the effort, but Villaraigosa's office continues to move forward.

"We would like to see more decisions move from the central bureaucracy down to the school site," Castain says. "Resource and staffing decisions should be decided by a strong principal who is working in concert with teachers and parents."

Castain cites the LEARN movement, which Ouchi chaired, and the Los Angeles Annenberg Metropolitan Project (which also featured involvement by Ouchi) as reform efforts whose principles still resonate to many educators and parents in Los Angeles.

Running With It
Ouchi can be - and often is - critical of the politicians and bureaucrats whose thinking he hopes to transform. But he is gratified to see school reformers apply theories he introduced, whether he is credited with or involved in their implementation.

"I help anyone who is serious," Ouchi says. "But when an idea gets traction, I lose control of it. It becomes an idea that people run with and they don't necessarily need me. I just hope the fundamental concepts withstand the variations that will be brought into the implementation."

At the most fundamental level, Ouchi's provocative work is raising questions. The August 2005 All-Academy Symposium presented in Hawaii by The Academy of Management Journal explored two key issues. First, do management scholars have something to contribute to the subject of school reform? And second, have management scholars done enough - not only in the area of public education, but regarding public policy issues in general? On hand to discuss were Ouchi; Richard Riordan, former mayor of Los Angeles and former secretary of education for California; and Hawaii Governor Linda Lingle, among others.

Subsequent to the forum, The Academy of Management Journal commissioned a series of papers on the subject, noting that "Professor Ouchi's work is so unusual and raises so many pertinent questions about the role of management research in contemporary society" that the AMJ editorial team asked 15 scholars to comment on the panel discussion. Each was asked if management scholars should become more involved in public policy and how this would best be accomplished. The scholars' work was published and summarized in a special issue of the journal.

As of now, Ouchi is planning a new treatise on schools. Then, he says, he'll close the book on that subject. He's not sure what's next ... but if you're concerned about health care policy in this country, rest assured that a certain chaired professor at a topranked school of management is looking into it.

FAIR GAME: Bendersky Scores Win for Paper on Management Style

It is the exceptional manager who creates an environment in which subordinates feel they are being treated fairly. And while it sounds simple, the challenge comes in defining the word "fairly" and understanding the context in which it is used.

"Lying in the Bed You Make: How Subordinates Monitor their Supervisor's Efforts to Promote Fairness" is the title of an award-winning paper researched and co-authored by UCLA Anderson Assistant Professor Corinne Bendersky. It investigates the relationship between managerial styles and the perceptions of managerial fairness held by subordinates. These perceptions are based on such things as rewards, managerial decision-making and interpersonal treatment of subordinates by managers.

"Managers need to realize that the way they manage focuses their subordinates' attention on certain aspects of fairness," says Bendersky, whose research targets include organizational conflict management and negotiation. "Attending appropriately to those concerns can generate high levels of employee performance. And violating them can be extremely costly."

Eye of the Beholder
Bendersky and her collaborators - Olin School of Business Assistant Professor Chris Long and Professor Calvin Morrill of UC Irvine - started with a basic understanding of how employees perceived fairness by their bosses, as found in existing research. One naturally would assume that each subordinate comes to his or her own conclusions regarding the fairness of the manager, with each focusing on his or her own perception of fairness. But the research demonstrated otherwise, and it all came down to context.

"We found that people who were managed in different ways focused on different types of fairness," Bendersky says. "But that perception was systematic across all people managed by the same person." In other words, perception of fairness is a reaction to the style in which you are being managed.

"We argue that subordinates develop expectations about specific types of fairness commensurate with the managerial controls they encounter, and engage in particular fairness monitoring behaviors to evaluate whether their managers fulfill or violate their fairness expectations," Bendersky reports in the paper's abstract. "We observe that subordinates who encounter market controls conduct ‘distributive fairness monitoring' (focused on rewards) and subordinates who encounter bureaucratic controls conduct ‘procedural and interactional fairness monitoring' (focused on decision-making processes and interpersonal treatment)."

Fair Play
Not surprisingly, the paper goes on to state: "We also observe that managers who effectively attend to their subordinates' fairness expectations enjoy higher levels of aggregate subordinate organizational commitment and collective esteem than those who do not."

Presented at the Academy of Management's annual conference in the conflict management division, the work was awarded the prestigious Best Empirical Paper prize. Reviewers at the conference unanimously agreed it was the best paper they had read this year and it was subsequently nominated for the Best New Directions paper award as well.

"I'm absolutely thrilled and encouraged," Bendersky says. "It's a strong signal that the paper eventually will be published in a high-visibility outlet and will make a contribution to the field. I think there are already applicable lessons to be shared in the classroom and in the workplace."

REAL ESTATE: Staking a Claim in Portfolio Management

Real estate has long been considered an "alternative asset" among portfolio managers. Tagged by the industry as "illiquid," and thus "undesirable," it's been sorely underutilized to date. But the landscape is changing and new opportunities to optimize asset allocation have appeared on the horizon, say leading scholars at the Richard S. Ziman Center for Real Estate.

Recent research out of the Ziman Center examines asset allocation and the significance of liquidity in fund management. Results reveal that an "illiquid" asset, such as real estate, actually can be a viable asset class, despite popular thinking by pension funds and insurance companies.

"These institutions have very little money invested in real estate, which seems strange to us as economists," says Professor Steve Cauley, who explored the topic with Ziman Center Director Eduardo Schwartz and Andrey Pavlov (Ph.D. ‘99), an assistant professor at Canada's Simon Fraser University and a visiting professor at Wharton. "They perceive of it as a highly ‘illiquid' asset. What we decided to explore is ‘how much illiquidity can your portfolio afford?'"

More than fund managers initially realized, according to the study, which emphasizes the relationship between fund contributions, distribution of benefits and asset allocation. The team explicitly incorporated the "illiquidity" of real estate investments in asset allocation decisions. And they explored, through the use of a numerical model, the optimal asset allocation for a defined benefits pension fund.

Liquid Hunch
"It became very clear that you could have a great deal more illiquidity - and not just that you could - but that it would be optimal if you did," Cauley says of pension fund management. He emphasizes the interconnected and relational aspect of assets under one umbrella. "The key is to realize that the ‘relevant' measure of liquidity of an asset, such as real estate, is not its liquidity in isolation but its contribution to the ‘illiquidity' of an entire portfolio."

Real estate responds to different types of economic conditions than other asset classes, Cauley points out. Inflation is bad for stocks and bonds, for example, but may not be so bad for real estate. And all assets don't go up and down together; they have different rates of return. Even within the real estate class, liquidity varies, depending on the size and type of the asset, the location and market conditions.

The research suggests that fund managers would be wise to transform their thinking from a focus on asset liquidity to one on portfolio liquidity. The study contends that a portfolio can be very liquid even with substantial investments in very illiquid assets.

"Allocations to real estate in excess of 15 percent appear to be desirable for a wide range of cases," Cauley says of the recent findings.

Nice Assets
While the bulk of research has focused on pension funds to date, the Ziman Center next will turn its attention to life insurance and casualty companies. Cauley is confident the group's thesis will bear out in this case, as well, even though liquidity is top of mind in that arena.

"Let's assume you're an insurance company and 50 percent of your portfolio is in U.S. government treasury securities that can instantly be turned into cash," Cauley contends. "The other is in assets that you can't unlock for 10 years. If the largest claim you can have on an insurance policy represents 10 percent of your portfolio, that illiquidity doesn't matter very much."

Cauley says the team's main goal is to get institutions to think about asset allocation in a new way, for their own benefit and that of their constituents.

"If companies manage their funds better it should ultimately benefit the consumer," he says. "The ideal would be that consumers contribute less in the future - or even contribute the same - but get more benefits as a result."

Strength in Numbers: How Transparency Impacts Integrity

Some of the best collaborations are the result of an unexpected coincidence.

Late one night last November, as Professor Carla Hayn prepared to "close shop" after a long day of teaching and research work, she decided to give one last shot at searching the web with the keyword "transparency." Professor Hayn, like many of her colleagues, has struggled with ways to operationalize the notion of financial transparency for empirical testing purposes. She had a specific question in mind: Are stock prices affected by the requirement of the new accounting standard (SFAS No. 123R) to expense the estimated value of stock options granted to employees? If so, are they affected differently as a function of the company's transparency? A good measure of transparency was badly needed for this research to proceed.

As she was about to "google out" for the night, Professor Hayn's last search result turned up "Audit Integrity LLC," a company located next door in West LA. The company claimed to have a measure of financial statement transparency. It was obviously too late to call, but when she did contact the company the next morning, they were as eager as she was to meet and discuss her research interests. After a number of meetings with the company's top management, Hayn began using Audit Integrity's measure (known as the Accounting and Governance Risk Rating or AGR®) in her research.

"We established a good working relationship," Hayn says about her contacts with Audit Integrity. "I've had the opportunity to sit in on a couple of strategic meetings and consulted with management on various applications of their product." . . . the more open and transparent a company was, the less likely they were to have an SEC investigation.

After Enron
Mike Walter ('93) is responsible for marketing Audit Integrity's services to institutional investors, including various money managers and hedge fund managers. As explained by Walter, Audit Integrity has developed and refined a proprietary database of approximately 1,000 companies that have had a Securities and Exchange Commission (SEC) enforcement action against them in the last 15 years. The company analyzed the accounting and governance practices of these companies and found the relationship between these firm characteristics and the likelihood of SEC action. What they found was that the more open and transparent a company was, the less likely they were to have an SEC investigation.

In a post-Enron world, confirmation of this correlation proved very valuable. Audit Integrity tracks more than 9,000 public companies based on their accounting and governance practices, assigning a rating to each. Beginning with a score of 100 and subtracting points when companies' financial statements are more aggressive relative to their past reporting practices and industry peers, conservative companies might have a score as high as 88, while aggressive companies that lack transparency could score down in the teens.

According to Walter, the first clients Audit Integrity attracted were insurance companies offering director and officer insurance. Being able to identify which companies were more likely to be investigated impacted rates. The next clients to come on board were the big accounting firms that were interested in determining which firms were more likely to have to restate their earnings.

Risk Ratings and Returns
As time went on and Audit Integrity grew, Walter says they began to wonder if the risk rating (which is associated with the level of reporting transparency, disclosure practices and corporate governance attributes) was associated with the firms' stock returns.

"That's where Carla (Hayn) came into the picture," Walter says. "She has done research on accounting disclosures and stock returns."

Hayn says, "Audit Integrity's leaders were curious as to whether their product was related to future stock prices. I did some testing on portfolios formed on the basis of Audit Integrity's transparency measure. The results were surprising. Portfolios of firms with more transparent financial statements performed better over the following one- and two-quarter periods than did their counterparts with less transparent financial statements. This difference was particularly pronounced for smaller firms for which there is less publicly available information."

The relationship between Hayn and Audit Integrity has evolved over time. It allows for collaboration on research topics of interest to both parties. Occasionally, Hayn is called upon to test some aspect of the models developed by Audit Integrity. She often receives calls from potential clients of the company with questions about the quality of Audit Integrity's Accounting- Governance measure. "I explain to them that while I have found the measure highly correlated with past returns, I have no guarantee that it would perform as well in the future," says Hayn.

Transparency is Paramount
One of the by-products of the collaboration between Professor Hayn and Audit Integrity is that the company is now one of the sponsors for UCLA Anderson's Directors' Training and Certification Program, which is offered to corporate directors. "Audit Integrity's participation in the program gets board members thinking more about accounting issues and the relative transparency of their own firms' financial statement disclosures," Hayn says.

Enron and the many other accounting scandals of recent history have brought accounting issues and the need for clear financial statements into the limelight.

"Transparency is paramount now," Hayn says. "A quantitative measure that effectively encompasses all of the ingredients that are part of what we conceive of as ‘transparency' is a big step forward.

"Investors appear to be paying attention to transparency and to reward it," she concludes, based on her research results. "This is an interesting finding and good news for a company like Audit Integrity that has worked hard to develop and validate a measure to gauge the phenomenon."

Jeff Henley ('67) Supports Student Fellowships

Annual Gifts Enable Quality Education

Jeff Henley ('67) may be chairman of Oracle Corp., the world's largest enterprise software company, but he did not grow up in a privileged family. When he was four years old, Henley's father was killed while serving as a pilot in the United States Air Force. His mother worked full-time to support her three young children, and as the eldest, Henley knew that his desire to attend college would come with a hefty financial struggle. Thanks to a tenacious work ethic and support from the Veterans Affairs (VA) program, Henley acquired the funding to attend the University of California at Santa Barbara. He went on to receive his MBA at UCLA Anderson in 1967, and today he supports students at several schools, including Anderson.

"Since I didn't have the money growing up, I like the idea of not just putting the Henley name on a building, but helping students through fellowship support," he says. Along with wife Judy, Henley has provided four deserving Anderson students with two-year fellowships through annual gifts. "If Judy and I don't reach out to students," he notes, "they may not have the same opportunity I did to receive a quality education."

Last year, Christopher Arnwine ('07) and Aaron M. Greeno (JD/MBA '07) received the first two Jeff Henley Fellowships. Because student fees have more than doubled since Arnwine and Greeno were accepted to UCLA Anderson, the two-year Henley Fellowship has provided muchneeded tuition relief.

"Thanks to the Henleys' generosity," says Arnwine, "a lot of stress has been relieved in terms of wondering how I am going to pay back an overwhelming amount of debt."

Greeno, who is also a JD candidate, echoes this sentiment. "When I chose UCLA, the decision was based on both the culture of the business school and academic excellence at a great value (then $11,500 a year). Soon after, tuition more than doubled, but the Henley Fellowship made the dual degree program a realistic possibility," he says.

Cutbacks in state resources for public higher education can affect UCLA Anderson's potential to attract high-quality students like Arnwine and Greeno. Today, student fees are close to that of a private institution. Residents are paying $26,944 per year and non-residents are paying $36,094. Many private schools are able to offer leading MBA candidates guaranteed two-year fellowship support. However, UCLA Anderson lacks sufficient resources to assure substantial financial aid to top students. The Henleys' gift allows UCLA Anderson to award students with $12,000 for two years of study. It is also in alignment with the UCLA campus-wide initiative, Ensuring Academic Excellence. This effort aims to raise $50 million for student fellowships in the professional schools and $100 million for endowed faculty chaired positions.

In addition to delivering financial assistance, fellowships can provide students with the flexibility to participate in career-building activities that augment or influence future vocation options.

"The Henley Fellowship has freed me to explore a wider range of opportunities," says Arnwine. "I took an internship during the school year that provided me with a great experience in an industry that I may not have approached had money been my biggest concern. That, combined with my summer internship, has put me in a strong position for my full-time job hunt. Going into my second year, I have more clarity about what I want to do and where I want to be upon graduation."

"The Henleys' support has gone a long way to lessen the burden of debt that comes with financing my own education," agrees Greeno. "It has allowed me to spend time focusing on my long-term goals and studies rather than working part-time to make ends meet."

Named fellowships, such as the Jeff Henley Fellowship, help UCLA Anderson secure a diverse and talented group of students by ensuring a world-class education felat an affordable price. A minimum gift of $200,000 provides one student with a $10,000 fellowship for both years of study. Endowed fellowships can be established with a gift of $250,000. Both types of fellowships may be named in the honor of the donor or someone of the donor's choosing. Smaller gifts to support students also are appreciated. These gifts may be directed into the general fellowship fund, which is distributed annually based on need and/or academic excellence.

"I hope we will establish a relationship that will last," says Henley. "If I can be helpful to Anderson MBAs in their careers, I'd be happy to be of assistance. Interacting with the recipients makes you feel good about giving the fellowship."

"It says a lot about the pride that Mr. Henley has for UCLA Anderson, that he's willing to give back and help current students so much," says Arnwine. "I can't emphasize enough how significant his gift has been for me."

For information about how you can help support UCLA Anderson's best and brightest students, contact Roe Fellows in the Office of Development at 310- 825-7853 or roe.fellows@anderson.ucla.edu.

Anderson Assets welcomes input from alumni and the UCLA Anderson community for letters to the editor, articles, or ideas on themes.