department of finance white 


Greetings from the Department of Finance at the beginning of a new decade! It’s my honor and pleasure to present our 2020 Annual Department Newsletter and reflect upon the year of 2019. 

There has been no “break” but only “up” in the growth of our programs over the last decade! This past fall semester enrolled a total of 315 Finance students, consisting of 298 in the specialization and 17 in the minor. This sets another 20+ year record and the first time of enrolling over 300 for the Finance program. Launched in Fall 2015 with 15 students, Insurance program had 34 program students with 49 enrollment in the insurance courses.

This past academic year, we graduated sixty-five Finance students and six insurance students out of 463 college graduates. As of the end of Spring 2019, we placed 79% and 86% of Finance and Insurance graduates, respectively, at graduation, exceeding the college average of 77%. You will see the new work places of our recent graduates in this newsletter.

Thanks to your continuing support, we awarded $24,250 to 38 Finance students and $20,000 to 19 Insurance students in scholarships as well as two Graduating Senior Awards in Finance and Insurance, each with $500 prize this past year. Our heartfelt appreciation goes to all our donors including Insurance & Risk Management Institute members, alumni, friends, and department colleagues for their support. We are delighted to recognize the donors as well as the scholarship and award winners in this newsletter.

As in past years, the Department held the annual joint meeting of Finance and Insurance & Risk Management Advisory Boards last September with eight FAB members and ten IRMAB members. The boards also welcomed new members: Perry Cabean (‘94) and Peter Bahner (‘14) for FAB; and Tomas Hogan (’93) for IAB. The 2020 joint board meeting is scheduled on Friday, October 2, 2020 during the Homecoming week. Group photos of the boards are in the Newsletter.  

Curriculum wise, we have a new CFA Concentration program this spring, which is designed to prepare our students to become successful investment professionals with a CFA professional designation (see the program description in this newsletter). In conjunction with this program, we are also working to register our CFA program to the University Affiliated Program (UAP) of the CFA Institute for recognition and CFA scholarships. In addition, since last fall, department faculty have been developing a new Real Estate Program, focusing on real estate valuation and portfolio analysis & management. We target Fall 2021 for the launch of the new program. Your inputs, comments, and support for these programs are greatly appreciated.

This past summer, we welcomed a new administrative staff, Kristin Forman. Kristin replaced Sheri Eddington, who moved to Salt Lake City, Utah with her family last May. Dr. Liuling Liu got tenured and promoted to Associate Professor in May 2019. The Department also welcomed Hochoon Lee as a department’s visiting scholar from South Korea.

What and how have you been doing? We would love hearing from you and sharing your exciting stories with our faculty and students. Simply link to the questionnaires at the end of my message. Furthermore, whenever you come to campus or are interested in talking to our students, please let us know. The Department faculty, staff, and students are looking forward to another exciting year of progress and continuous improvement. We invite you all to be a part of this endeavor.

Go Falcons! 

Sung Bae 2020
Sung Bae
Chair, Department of Finance




We enjoy hearing from our alumni. Please let us know what you have been doing, suggest information you would like for us to share and help us keep our mailing list up to date. If desired, you may enclose a donation to the Department with your submission.

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Fin Specialization graph 

Finance Specializations by Class Fall 2019

Finance Specialization class FALL 2019

Finance Minors Fall 15 Fall 19 

Finance Graduates graph 

Ins Specialization graph 

Insurance Course Enrollment 

Insurance Minors Fall 15 19 

Insurance Graduates 16 19 

Spring 2019 and Fall 2019 graduates job placements

21st Century Financial​​​
AXA Advisors​​​​
Affinity Mutual Insurance Company​ 
Akron Baseball LLC​​​
Andersons, Inc.​​​​
Cincinnati Insurance Companies​​ 
Clark Schaefer Hackett​​​
Cleveland Clinic
Cooper Tire & Rubber Company​​
Copper Beech Townhomes​​
Dana, Inc. ​​​
Ernst & Young​​​​
First American Equipment Fin​​

Hantz Financial
Hylant Group
Medical Mutual of Ohio
Owens Corning
Ohio Mutual Insurance Group
Plante Moran
Quicken Loans
Tech Data
Westfield Insurance
William Vaughan


Schmidthorst College of Business announces new CFA Concentration Program

The Chartered Financial Analyst (CFA) Concentration is designed for business students to prepare them to become successful investment professionals with CFA professional designation. The program offers the academic and professional levels of education covering a significant portion of the CFA Program Candidate Body of Knowledge (CBOK). Upon completion of program requirements, students can sit for Level I Exam of the CFA Institute, the first step to become a CFA holder. Based on students’ progress toward the completion of program requirements, students may apply for CFA scholarships which will partially subsidize the registration fee for the CFA Level I Exam. 

Program Requirements: 

The CFA Concentration requires students to complete the following one Economics course (3 credits) as part of BSBA Business Core and seven Finance courses (21 credit hours) beyond the general degree requirements for a BSBA degree: 

  1. ECON 3030 (3 credits) Intermediate Macroeconomic Theory 
  2. ​Required seven Finance Specialization courses (21 credits)
  • FIN 3400 (3 credits) Financial Markets 
  • FIN 3500 (3 credits) Corporate Finance 
  • FIN 4350 (3 credits) Investment Analysis 
  • FIN 4130 (3 credits) Personal Financial Planning 
  • FIN 4360 (3 credits) Portfolio Management 
  • FIN 4450 (3 credits) Financial Institutions & Risk Management 
  • FIN 4550 (3 credits) Financial Management with Excel Applications


Faculty Updates on Major Activities, Achievements, and Awards

Drs. Sung Bae and Mingsheng Li were invited to a special seminar titled “Seminar on Automotive Industry in Global Environments” organized by the Center for Research and Postgraduate Studies at Universidad Autόnoma de San Luis Potosí (UASLP) in San Luis, Mexico last November. This was their second visit to UASLP. The invitation was initiated by Dr. Guadalupe Briano, who was a visiting scholar of finance three years ago. Established in 1923 as the first Mexican university to have autonomy granted, UASLP is the largest, oldest, and most comprehensive public university in the state of San Luis Potosí, as well as one of the most important ones in Mexico. Dr. Bae delivered a lecture on the overview of enterprise risk management in global automotive industry, and Dr. Li’s lecture was on the foreign exchange risk and hedging with derivatives. Drs. Bae and Li also discussed with UASLP faculty about ways to further enhance collaboration between BGSU and UALSP.  

Starks Faculty AwardProfessor Roc Starks won the BGSU Schmidthorst College of Business Marie R. Hodge Advising Award.

Faculty Tenure and Promotion

Dr. Liuling Liu was tenured and promoted to Associate Professor in May 2019. Dr. Liu joined BGSU as Assistant Professor in August 2013. She received her Ph.D. in Finance from Rensselaer Polytechnic Institute and a M.S. in Actuarial Science from the University of Kent in the U.K. Before joining BGSU, she served as a visiting scholar at the Stern School of Business of New York University and Fordham University. Dr. Liu’s area of teaching and research include financial markets and institutions, corporate finance, and international finance. Since joining BGSU, Dr. Liu has published 16 refereed research articles and one book chapter. Of these 16 papers, ten are ranked “A-level” according to the Finance Department’s journal-rating list. Of these ten “A-level” publications, two are in the Financial Times Top 50 journal list, which is now widely adopted by leading business schools as a list of premier journals. Dr. Liu was also the recipient of Leadership Council Faculty Excellence Award in Research and Robert A. Patton Scholarly Achievement Award at BGSU in 2019. Dr. Liu stated that “I count myself very lucky to work in a department with such caring colleagues. The senior faculty have been great mentors and role models to me. They have been working very hard to create active research and teaching environment”.

Liu Faculty AwardDr. Liuling Liu won the BGSU Schmidthorst College of Business Robert A. Patton Scholarly Achievement Award.

Faculty Publications (2019 Year)

  • Bae, Sung C., Hyeon Sook Kim, Taek Ho Kwon, Foreign currency borrowing surrounding the global financial crisis: evidence from Korea.” Journal of Business Finance and Accounting, forthcoming.
  • Li, M. Does news travel slowly before a market crash? The role of margin traders. Accounting and Finance, forthcoming.
  • Li, M. Should Financial Gatekeepers be publicly traded? Journal of Business Ethics(Financial Time Top 50), forthcoming.
  • Li, M. The impact of family-CEOs and their demographic characteristics on dividend payouts: evidence from Latin America. Research in International Business and Finance, forthcoming.
  • Deli, Y., Delis, M., Hasan, I., & Liu, L. (2019). Bank enforcement actions and the terms of lending. Journal of Banking & Finance, 101, 147-160.
  • Francis, B., Hasan, I., Liu, L., & Wang, H. (2019). Senior debt and market discipline: Evidence from bank-to-bank loans. Journal of Banking & Finance, 98, 170-182
  • Renzis, T., Schmiedel, H., Liu, L., Zhang, G., & Zhang, Y. (2019). Retail payments and the real economy. Journal of Financial Stability, 44, 100690.
  • Jin, D., Liu, L., Ma, J., Wang, H., & Yin, D. (2019). How have green companies fared in transactions with banks? A stakeholder management perspective. Journal of Applied Corporate Finance, 30, 89-107.

Finance and Insurance & Risk Management Advisory Board Joint Meeting

Members of the Finance Advisory Board and the Insurance & Risk Management Advisory Board held the annual joint board meeting on campus in September 2019. 

Finance Advisory Board 6779

Finance Advisory BoardFront row (from left): Matthew Garrow, Mark Kangas, Perry Cabean, Bruce Misamore.
Back row (from left): Peter Bahner, Jr., Brendan Foley, David Kailbourne, Dennis Adams.

Insurance Risk Management Advisory Board

Insurance and Risk Management Advisory BoardFront row (from left): Diane Keil-Hipp, Claire Nelson, Janet Gerken, Brian Bowerman, Thomas Hogan, Sarah Hercules.
Back row (from left): Peter Bahner, Sr., Connor Mutchler, Sylvia Chandler, Drew Gunn.

Maurer Center Tour
Members of Finance and IRM Advisory Boards on a tour of the new Robert W. and Patricia A. Maurer Center with Dr. Sung Bae. 

Visiting Scholar and New Staff

Hochoon LeeMr. Hochoon Lee is a visiting scholar of finance since August 2019. He holds B.A. and M.A. degrees in Economics from Korea University in Seoul, Korea. In 2001 he joined the Korea Maritime Institute (KMI) and is now serving as an Associate Research Fellow of maritime industry & safety division in KMI. He has been studying on various subjects in shipping and maritime industry, including database construction in maritime transportation, green logistics and maritime safety. He has participated in various projects including one related to the economic feasibility of LNG-fueled ships in Korea and recently began to study the development of international standards for risk management of autonomous ships. During his stay at BGSU, he plans to conduct a new research project that deals with the impact of IMO Sulphur regulations on the performance and management of shipping companies. His research will involve the comparison of financial performances among shipping companies with the installation of scrubber and with the adoption of Low Sulphur fuel oil.

Kristin Forman

Ms. Kristin Forman joined the department in July 2019 as the department administrative assistant. She previously worked as a school counselor. She is, “happy to be a part of BGSU.”


Financial Management Society Update

FMS had a short, but rather strong semester this fall. Our group hosted three speakers, whose professions ranged throughout the finance world. This includes two North-eastern Ohio Financial Advisors and an Assistant Vice President from 5/3rd Bank. Each and every speaker was also a BGSU alum, who spoke on their time here, what they learned, gained and loved, and how this university has prepared them for the current roles they are in today. Each speaker had very inspirational stories about who they were before coming to college and what has become of them since. In addition, each speaker personally invited FMS members to reach out to them, including their resume and cover letter, if seeking a potential full time or even internship opportunity. All in all, I feel that each student who attended our meetings could take this back with them and help in their self-reflection when they think about who they are and who they would like to become. FMS is excited to get the ball rolling next semester for more great alumni to spread their knowledge and help fellow falcons soar into their careers!

By: Cameron Rufus, FMS President

Gamma Iota Sigma Update

This past semester Gamma Iota Sigma has seen and done many things to help not only the organization grow, but, the members within it as well. This past September four executive members had the opportunity to travel to Dallas, Texas to attend the Gamma Iota Sigma National Conference. This was a phenomenal opportunity to network with other chapters along with professionals in the field, and also learn and expand knowledge about the industry as a whole. In October four members also had the opportunity to travel to Columbus, Ohio to participate in the Mapfre Case Competition where we placed top five in the state. In November we had the opportunity to host the Toledo RIMS chapter meeting and attend as well. This was a great experience as we again got to network with professionals in the field, as well as, some Bowling Green State University Alum. Our organization is continuing to focus on growth, bringing in speakers to every meeting, and working towards an increase in members. We are all excited for this next semester and what it will bring for our organization. 

By: Anna Gehring, GIS President

2019 Top Graduating Senior Honors

The department hosted our annual Graduating Senior Reception on Thursday, May 9, 2019. This event honored all students graduating in Spring 2019, Summer 2019, and Fall 2019. Two alumni, Perry Cabean (’94) and Peter Bahner (’14), joined us for the event to deliver congratulatory messages to the graduates. Two students were awarded the 2019 Top Graduating Senior Honors. 

GSR Group

Peter Bahner PhotoPerry Cabean Photo

Nicholas Hanby

Finance – Nicholas M. Hanby

  • Specialized in Finance and Business Analytics
  • Interned at Cincinnati Insurance for two semesters
  • Worked as a CoB Student Ambassador
  • Served as FMS President
  • Served on Hall Council as both President and Director of Budget and Finance
  • 2017 Finance Case Competition Winner
Hervin Singh

Insurance – Hervin Singh

  • Specialized in Finance and Insurance
  • Interned at Sumitomo Mitsui Banking Corporation in NY, NY
  • Worked at a BGSU tutor in economics, mathematics, and statistics
  • Served as Treasurer for India Student Association
  • Served as Vice President of Gamma Iota Sigma
  • Served as Treasurer of Alpha Lambda Delta-Phi Eta Sigma

Scholarship Information

Finance and Insurance students were honored at the annual Schmidthorst College of Business Honors and Awards Ceremony that was held on Friday, September 20, 2019.
FIN INS scholarship winners

Finance awarded $24,250 in scholarships for the 2019-2020 school year. Scholarship winners are listed below:

  • Avery Dennison Annual Scholarship​​ - Janelle Bollheimer
  • John & Deborah Bowen Scholarship​​ - Victoria Deam
  • John & Deborah Bowen Rising Junior Award -​ Michael Houle
  • Darwin B. Close Scholarship​​​ - No Winner
  • Mary Jane Little Dorais Scholarships in Finance​ - Wade Howell, Sarah Kerr, Chandler Stillings, and Christopher Sullivan
  • William H. & Muriel A. Fichthorn Scholarships - Grace Blandin, Corey Frank, Michael Houle, Elise
  • Leverenz, and Rodrigue Pierre Andre Vie
  • Emery S. Gielow Scholarship​​ - Gabriel Sayer
  • J. Warren Hall Scholarships -​​ Jared Hollar and Casey Linkenheld
  • Kenneth H. Harger Scholarships - Janelle Bollheimer, Jordan Brackman, Nicholas Buettner, and Tony Gossett
  • Key Bank Scholarships​​​​ - Victoria Iacobelli, Frederic Letourneau
  • Bruce and Janet Misamore Scholarships​ -​ Zachary Durliat and Cory Foster
  • North Star Scholarship​​​​ - Nicole Manning
  • Thomas Pemberton Scholarships -​​ Joseph Lewis and Benjamin Tuttle
  • Geoffrey & Linda Radbill Scholarships-Finance -​ Janae Johnson and Paige Redlin
  • Donald L. Speck Scholarships -​ Matthew Carroll
  • John & Inge Bowyer Book Awards -​ Erica Brickner and Mitchell Hogrefe
  • Louis & Adelyne Klein Book Awards​ - Alexis Noll 
  • Finance Faculty Book Awards - Benjamin Baldridge, Emilee Davis, Harrison Dean and Connor Ford
Insurance awarded $20,000 in scholarships for the 2019-2020 school year. Scholarship winners are listed below:
  • IRMI Charter Member Scholarships -​ Brady Dunigan, Mitchell Fink, Anna Gehring, Zachary Hoban, Jordan Jensen, Evan Kaufman, Austin Marcinowski, Anthony Mwembia, Collin Reynolds, Grant Tinnerman, Kari Tobak, Allison, Abigail Whaley, and Rachel Wingate
  • Geoffrey & Linda Radbill Scholarships-Insurance - Donovan Bland, Amanda Lively, and Ashley Wiedbusch
  • RIMS Scholarships -​ Donovan Bland, Brady Dunigan, Amanda Lively, Austin Marcinowski, Nathan Poiry, Cody Rieman, Kari Tobak, and Ashley Wiedbush

Caitlyn McNulty

Student Success Story: 
Caitlyn McNulty

It is our honor to congratulate Bowling Green State University Senior, Caitlyn McNulty, on being selected as an Anita Benedetti Student Involvement Program (ABSIP) Scholar for the Risk and Insurance Management Society (RIMS) 2020 Annual Conference in Denver, CO. Caitlyn is pursuing a specialization in Risk Management and Insurance and is a valuable contributor to the BGSU program. 

A sincere thank you to RIMS for their support. We appreciate all that they are doing to support the next generation of risk management talent.


2019 Annual Insurance & Risk Management Institute Symposium

The 2019 Annual Insurance & Risk management Institute (IRMI) Symposium was held on October 10, 2019 in BTSU, followed by reception. The theme of the 2019 Symposium was “Launching Insurance and Risk Management Careers”.

IRMI symposium 2019 keynote

Ms. Heather Lee Allred, Associate Vice President of Risk Management & Insurance, ProMedica, delivered the keynote speech at the Symposium.

IRMI Symposium Panel

The panel featured young alumni: from left, Kyle Lamb, Jessica Mecklenburg, Hannah Decker, Gabrielle Yarbrough, Philip Zitko, and Elizabeth Howard with Professor Roc Starks standing.

At the Annual IRMI Dinner event on the evening of October 10, 2019, IRMI members were recognized for their generous contributions to the program, and scholarship winners were honored. After dinner, student presenters spoke about their internships, and GIS officers spoke about their trip to the National GIS Conference in Dallas, Texas.

IRMI dinner 1
IRMI dinner 2IRMI dinner 3

Donor Information

Special thanks to our donors for scholarships, gifts, and other contributions:

Andrew and Kimberly Fichthorn
Avery Dennison Corporation
Brendan and Kimberly Foley
Brett Newman
Brown and Brown Insurance
Bruce and Janet Misamore
Charles and Deborah Lynn Schaan
Daniel P. Klein and Linda Bowyer
David Day and Jose Rodrigues
Donald L. and Suzanne Speck
Emery S. Gielow
Fern Harger
Finance faculty
Geoffrey Radbill
Hylant Group
Jared Poff
Jeffrey Born
John and Deborah Bowen
KeyBank of Northwest Ohio
MacArthur Plumart
Margaret P. Close
Mark Kangas
Mary Jane Little Dorais
Maryana Hall
Matt and Jennifer Wey
Matthew & Jane Garrow
Maureen and Christopher Conroy
Maurice E. Miller, Jr.
Medical Mutual of Ohio
Michael and Julia Mitchell
Michael G. Romanello
Neil Roache
Norman Fichthorn
Paramount Insurance
Prudential Insurance
Rachel Wingate
Raj and Kausalya Padmaraj
RIMS of Toledo
Robert and Laura Wolverton
Steven Rado
Thomas and Cynthia Pemberton
Timothy Egloff
Western & Southern Life
Westfield Insurance

Finance Speaker Series

Berman 2019BIn April the department held the Finance Speaker Series; alumnus Mark Berman J.D. (’74, ’76) was the presenter. Mark advises and conducts training programs for hedge funds, investment managers, issuers, regulators and multi-national banks and brokers in Europe and Asia on SEC practices. 

He has written several books regarding SEC regulations outside of the United States. Mark is a member of the Law Society of England & Wales, the New York State Bar and the US Supreme Court Bar.


GSR Photo 1 

GSR Photo 2 

GSR Photo 3 

GSR Photo 4 

Students and faculty enjoying the 2019 Graduating Senior Reception. 

RIMS Photo 1Students and Professor Roc Starks attended a RIMS Chapter meeting held at BGSU in November 2019.

All Campus Picnic

At All Campus Picnic, September 2019

JBMDr. Bae addresses the members of the Finance and Insurance & Risk Management Board at their September meeting.